Posts Tagged ‘collections’
Debt is not always your fault… But letting it take control of your life is.
That is why we want to help you get your independence from debt this summer! It is often it is hard to pinpoint one area of debt or credit repair to start. That is why when the Credit Repair Intelligence System was created it covered multiple topics. Its just the nature of the beast. Similarly, to building or repairing credit you can’t do just one thing. You often have to try multiple strategies at the same time.
The same goes for fixing debt! There is not one strategy that will fix everything. And experts would probably agree that you often have to use several and combine some strategies to be most effective.
That is why The Debt Free Bible combines 19 different strategies and secrets that are ready for you to discover right now. The Debt Free Bible is over 280 pages of knowledge that is ready to be absorbed.
But be aware…
This is not some fly by the night system. It actually took a little over 2 years and over $25,000 to create it. Our friends at Zodiac Publishing really created something special for the country here.
Just some of the methods can start helping immediately:
• Use the ”Method Matrix” to compare 19 get out of debt methods and pick the best one (page 222)
• Discover how to get one bank pay off another bank with the ”IR Method” (page 163)
• How to use the ”Overflow Method” pay off any debt faster (page 159)
• How to pay off your bills FASTER with no extra money using the ”RR Strategy” (page 167)
• Why the ”LBF Technique” gives you a psychological advantage to become debt free (page 169)
• Why the ”HIF Method” should be used FIRST on debts over 24% interest (page 171)
• How the ”Division Method” and a calculator can get you debt free 8 YEARS SOONER (page 173)
• Pay off your mortgage in only 6 YEARS with the ”AP Strategy”
But using just The Debt Free Bible or The Credit Repair Intelligence System is sometimes not enough. Luckily we are able to provide both for the ultimate debt fighting and credit building system.
Not only that but we are there every step of the way! Our Members-Only Forum, staffed by our Credit Expert Dan Sater (Check Out his Bio), is there for you to access and ask him questions! Having some guidance through the credit building or repair process is what separates us from the other guys. And now with The Debt Free Bible you can build the debt free life that you want and deserve for you and your family.
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The FCBA is really a part of the more extensive Truth in Lending Act and it regulates how creditors are supposed to behave and allows you the right to request large amounts of information regarding your billing and payment history.
One provision of the FCBA is often not utilized because it can be confusing to understand from the general wording. This provision is actually the foundation of a great credit repair tactic.
The provision essentially states that an individual has 60 days to dispute an unauthorized charge. This seems pretty straight forward. However, in the summary of the tactic, we did not request a disputed charge. The tactic that we want to use here involves another provision of the law- the “Information Request”, and this is a broader term that is not restricted by a limited time period.
The FTC summarizes the statute’s prohibitions as: “unauthorized charges; charges that list the wrong date or amount; charges for goods and services you didn’t accept or weren’t delivered as agreed; math errors; failure to post payments and other credits, such as returns; failure to send bills to your current address — provided the creditor receives your change of address, in writing, at least 20 days before the billing period ends; and charges for which you ask for an explanation or written proof of purchase along with a claimed error or request for clarification.”
As you read the list of requirements the FCBA, just imagine the credit repair possibilities. Consider something like this…
“In compliance with the Fair Credit Billing Act you are obligated to fulfill with my request for documentation to substantiate the reporting of my account to the major credit reporting agencies. Please provide documentation on how you charged my account, how you calculated the interest rate, as well the full accounting history of where you mailed each of my bills. If you are unable to comply, then please remove your reference to this account from every reporting agency you have reported to. Your expeditious compliance is expected.”
The above example from DisputeSuite.com is considered an “information request” and is something no creditor wants to mess with. Creditors are in the business of lending money and not dealing with credit reporting information. So instead of wasting their time with finding all the requested information, they will often simply remove the marking.
While FCBA was created to assist consumers with current account disputes, it is actually very effective with older derogatory marks. No company wants to be accused of breaking the law even if it was a few years in the past. This is especially true of creditors. Creditors are highly motivated to avoid even the hint of a lawsuit or some public embarrassment.
So this is something to keep in mind when disputing with creditors. You will want to ensure all the below stipulations are met, otherwise request they stop reporting the account to the credit bureaus.
• The account was created at your request.
• Every item billed to an account was billed correctly.
• Every statement was created in a timely manner.
• Every statement was sent to the correct address.
• The creditor never ignored change of address requests.
• The creditor never ignored disputed charges.
• Ignored change of address requests, or disputed charges which weren’t facilitated correctly didn’t contribute to negative credit reporting.
• Interest and late fees were computed in accordance with federal law.
• The creditor didn’t break their contract with their customers in any way.
Remember one of the FCBA’s main credit repair uses is to allow you to request broad amounts of information from the creditor on your account history. It is not asking for verification of the account or making a claim—it is asking for a boat load of information.
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The short answer is yes. In fact, it can be a great way to avoid late penalties and taking a hit on your credit score while you are on vacation or traveling to an area that you wont have the ability to pay your credit card bills. Many companies and lenders, including Discover and Barclays will allow you to switch your due date as long as it is within that billing cycle.
How is this useful though? In the past if you were traveling you either had to have access to the internet to pay online or pre-pay your statements to avoid any late fees or score penalties. This might still be a great option though because pre-paying statements and getting those balances paid down can free up more spending power without having to worry about going over that magic 30% number we have talked about so many times.
But If you are unable to pre-pay or you know that your budget depends on a check coming in you are able to move that due date and still make on-time or early payments before, during, or after your vacation.
It is important though to stick to your budget each month and especially for your vacation. Be sure to check out 3.5 Tips To Keeping Your Wallet & Credit Safe This Summer before you plan your next summer trip.
Be sure to also grab your copy of our free e-book on 28 credit secrets that banks and credit companies don’t want you to know!
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Its almost inevitable that you will encounter at least some form of correspondence from a creditor or collection agency. Luckily there is an important piece of legislation that protects you from vicious collectors. The Fair Debt Collection Practices Act or the FDCPA was first approved in the late 70’s and there are some very specific clauses that protect you the consumer from third party debt collectors.
Read on to find out about some tactics debt collectors might use but are actually illegal…
Many debt collectors will actually resort to threatening a lawsuit against you.
Really this is a “scare tactic” if nothing else. If you’ve ever been threatened with a lawsuit it can be frightening. But did you know that it is actually unlawful under the FDCPA to threaten suit if no such action is actually intended. Under the FDCPA, the attorney cannot sue you in a state that is not your home state. Therefore, the threat is an empty one. And lucky for us these empty threats are actually punishable under the FDCPA!
Even if they are in the same state and do intend to sue you it is unlawful for such a suit letter to be sent unless the lawyer reviews the letter first. Its almost impossible for a lawyer to review the thousands of letters the debt collectors send out. So when the correspondence is not reviewed by counsel, the correspondence violates the FDCPA.
If you have ever received a collection letter threatening legal action you should go back and look at the letters. Were they signed by hand? If not, perhaps they were not reviewed by a lawyer. You may have a case under the FDCPA.
The collector’s threat to “make this go legal” or to “turn the matter over to the legal department” may also violate the FDCPA. If the collector has no designated legal department.
Do you think that the collector may be a collection operation only? If so, perhaps they have no legal department, i.e., the legal aspect is handled outside of the company. In this scenario they would be committing another violation of the FDCPA. This is easy to look into and can help build a case using the regulations found in the FDCPA.
It is also a violation to send a letter stating that the collector will “recommend litigation” or “advise the creditor to sue.” Such correspondences have been found to violate the FDCPA because it, in essence purports to give legal advice to the creditor.
The collector is not permitted to give legal advice, unless, the collector is an attorney.
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