Has anyone, in a bid to get rid of their debt, applied for an 0% balance transfer credit card?
November 28, 2008
I did it, it was the biggest mistake i ever made, cause when i got it i relaxed, and gave a big sigh of relief and ended up running up both my credit cards, 7 years later i owe nearly 6k.
my advice, don’t do it, you will regret iti am a original credit card tart! all my card have 0% balance transferes
and yes there are good deals out there however now you get charged for the Transfer but still it's better than paying all that percentage each month at least you have a chance to pay off your debt.
if you have not finished your debt by the time it ends the just change it to another card but you have to remember not to spend on the card or you are back to square one againYes, my husband did. It’s a good idea if you are disciplined.
But there is one thing you need to watch. With some deals, your balance transfer is at 0%, but any subsequent purchases have interest charged on them. If you put your debt onto the card (say £3000) and then buy some things with the card (say £200-worth), the small print may indicate that the £3000 must be paid off first.
In other words, you will be charged interest on the £200 every month until the £3000 has been paid off.
You have to be disciplined to use these cards. Even though you are not responsible for paying the interest for the promotional period, your account will still accrue interest as normal.
At the end of the promotion, if you are not done paying the balance, you are responsible for all of the interest that accumulated. If you pay before the deadline, you don’t have to pay that interest.
Make sure there are no annual fees and no transfer fees with the promotion and you should be ok.
If you just want to pay down your debt, also look into a personal loan that guarantees you will be done paying in a fixed term as long as you make your scheduled minimum payments.
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Debt Collection Company – Credit Card ?
November 26, 2008
Is this card has been charged-off and sold to a debt collector…the main damage to your credit has already been done. Charge-offs can stay on your credit report for 7 years….paid or unpaid…per the Fair Credit Reporting Act.
DO NOT write a letter to this debt collector admitting that you owe the debt…never give a debt collector any ammunition that they can use against you.
If you're going to pay off charged-off debt, then you might as well negotiate the lowest settlement you can possibly get, being that the negative charge-off notation is going to stay for 7 years on your credit report anyway. You have to be VERY careful in this effort…Start the settlement at 25% and to up from there. Mail them a vaguely worded statement like:
I am willing to settle this matter for X% of the original amount. Your firm must send me a written agreement on your company's letterhead that you will accept this amount as "payment in full" and that is issue will be settled. Upon receipt of this agreement, I will mail you a money order for this amount.
————————————————See Heres the Thing, I understand your job loss and the problem you are going through. First you need to bring your account current meaning paying off any past dues. Once you do that call the credit card company to negotiate the APR (The interest rate) to a lower rate because I am sure your paying at least 29.99%. Rediculous I know! Debt collection companies are horrible to deal with they can harrass you at all costs, get rid of them work out a payment plan with the credit card company . COLLECTION COMPANIES will call non stop for payment and its bad, you need to work with the creditor fix the apr and if not dont worry at least make your minimum payment until you have some sort of extra pay, or something. But this can hurt your credit significantly DONT GET behind, Ive seen it happen before its not pretty. It will not affect your partners rating or give u a lien against your house. Its just constant harrassment. Please do the right thing and pay it cause otherwise you are in for more late fees, deliquceny fees, overlimit fees, transaction fees, debt collector fees, raised interest, addition of payments, huge past due, lower credit score meaning higher interest and less aproval so please pay at least the minimum and dont let paymetns accrue, just pay the interest or whatever you need to do to get by without being harrased or batheres and call the creditor negotiate i know you can do it.!Good advice from slimick, BUT were your credit cards taken out before 1 April 2007? If so you may be able to get them (and any personal loans) WIPED OUT ALTOGETHER.
Don’t do anything else until you have checked out these details. This website will help you. It doesn’t matter that Egg have sold your debt on, the debt collection company will have no legal right to carry on claiming money from you if this is the case. Also, your credit rating will be brought back to where it was before you missed payments.Good luck. First things first. If Egg have sold your debt, you’re stuck with the collections agency. So you can no longer have any dealings with Egg. If you’ve any other similar debts, try and make an arrangement with the company before it gets to the collections agency – it will cost you afr less.
If the debt has been sold already, there’s not much you can do with Egg. But if not, if you’ve been notified that it will happen, get in touch with them IMMEDIATELY. Today. If it’s possible, deal with them openly and honestly, try and make a repayment agreement with them. If you were made redundant, you may be able to set up a hardship agreement whereby interest is suspended and you can make payments. When you do sell your house, if you can afford it approach Egg and tell them you may be able to repay some of the debt immediately (say 50%) but that if they refuse the offer then you have to pay someone else off. This is called a short-settlement. It does work, I recommended this to a friend and he managed to get
a) a credit card reduced from £1,600 to £900
b) a loan reduced from £9,500 to £4,500
both of which he paid off and is now debt free.
You may have to negotiate over the amount repayable, but hold your nerve, mcall several times. Depending on the time of the month and whether they have met targets they may be more amenable to a lower short-settlement.
Second, the collections agency. Their job is to collect as much money as they can. They buy the debt off Egg. If you think Egg were bad, you’ll find the collections agency much worse at hassling you.
However, on the positive side, be aware that the collections agency bought the debt off Egg. They probably paid about 1/8th of the amount you owe. So if you pay them 20% of the debt, they make money. if you can, when you have some money offer to settle the debt for a lot less than it is, try 20-30% say. It’s worth a try! But make sure that again you let them know that if they don’t take the offer, you have to pay the money of elsewhere.
Your other points:
1) The lack of payments to Egg will appear on your credit record. The agreement (if you can make one) won’t appear on your credit record as such; all that will appear is a new debt and the payments record for that debt. You may be flagged as an IVR (which is like bankruptcy but it’s an agreement to pay off a bad debt). This will hamper your debt rating seriously, but not as bad as a CCJ (and nowhere near as bad as bankruptcy)
2) the debt is registered against you, not the address. The debt collections agency won’t have any legal right to claim proceeds from the sale, that only happens in bankruptcy. But DON’T let the debt collections agency know you have the money, they will pester you mercilessly.
3) The debt against you will reflect on his record if you have any combined financial arrangements. If you have ever taken out a joint bank account, or mortgage, or credit cards or a loan, they are classed as a ‘linked name’. When someone does a check against him, they can see you’re linked to him and may check on you.
If you can manage to make a short-settlement with either Egg or the agency, that won’t affect your credit record. The chap I mentioned about who has cleared his debt now has a good rating, he paid all his monthly payments for a year before short-settling, and was able to get a 0% balance transfer card immediately after, and that is only possible with a good credit record.
Good luck. And if ever this happens again, as soon as you can’t make a payment get in touch and try and sort it out. The longer you leave it the harder it gets, and believe it or not the card companies would much rather deal with you and recover some of their money than sell your debt.
One final thing – don’t whatever you do be tempted by these companies who offer to clear your debts by getting small payment agreements. Not only do they not clear your debts, they charge you £1,500 upwards. They are scamsters, even the ‘reputable’ ones who have TV adverts in the daytime. You can only ever clear your debts with the company or a collections agency directly, third parties who claim to be able to make arrangements are lying.
If you want more help, there are a few debt charities who will give you good, honest advice – look online. They won’t charge you, anyone who does try and charge you is a scamster.1, Yes it will as you have defaulted on payments.
2, Yes, they can , but as long as you are sticking to your payment plan don’t worry.However if the debt recovery company learns that you are selling your house, they may refuse to set up a payment plan and will request the full amount from your house proceeds.
3.It will affect your partner’s credit rating as his name will be linked to yours on the file.
best thing is to get a copy of your file from Experian to see what they’ve recorded.
You need to act really quickly as the debt recovery charges go up every day as does the interest…you are not free from it now.., you are not in a good bargaining position, so, sort it soon…you may find that the debt recovery company are not reasonable.
you cant go back to Egg if they’ve sold the debt on as it is not theirs anymore.
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Credit card debt question?
November 24, 2008
Unless he agrees to or can get a credit card or loan – the debt is yours – your card, your name and your debt.
The only other way to get your money back is to take him to the small claims court and let them sort it out and possibly oreder him to pay it back – even then, he could be ordered to pay it back at a small amount per week.If he was really serious about paying his debts he would find another job. I doubt if he will pay you anytime soon, so continue to pay what you can on it. Make him sign a promissory note and consider taking him to small claims court. Considering his credit is already bad and no one will give him a credit card, there’s no way to transfer the debt to him.You will not be able to transfer the debt. It is obviously very worrying & you need some pro help with this. In the first instance try this governement agency…
http://www.adviceguide.org.uk/index/life/debt/help_with_debt.htmBe nice to him for a little while longer because you need to get him to put this loan in writing. That way you can take him to court in the next 7 years. Put the date on it, along with the reason the money was for.
Then dump his ass. You don’t want to be living the rest of your life with anyone taking business in college. They end up working as a cashier manager at best. Now a days you need a masters or doctorate in business to be considered for any real business job.
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Will the Citizen Advice Help me with my pay day advance cheques debt?
November 7, 2008
By google to collect some related information or you may try using answer engines like yahoo answer or yedda.com to get some related ideas.nonetheless,If you prefer some direct resource,here http://www.DebtFreetips.info/debt-free.htm is a good one from my own experience.
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Was thinking of studying abroad (Australia), where can i get a loan? where do start?
November 6, 2008
If you are new to the world of loans, then all the jargon and terminology can seem very confusing. There are so many different terms to understand, and unless you know some of them you will not find the best loan deal to suit your needs. If you want to know more, then here is a guide to some of the basic loan terms you might need to know.
http://www.worldbestloans.com/
The lower the APR, then the cheaper the loan interest will be. Credit scoring is a method that lenders use to determine your eligibility for a loan. They ask a series of questions about your earnings and financial situation. Each answer you give is scored, and the better your score then the more likely you are to be accepted for a loan.
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Will today’s 1.5% interest rate cut help us out of the credit crunch?
November 6, 2008
No. Lenders are not obliged to pass on any of their saving to the Consumer. Only contractual mortgage deals, like Base Rate Trackers (new deals of which are currently all being withdrawn) will see the benefits. Discounted rates from the Lender’s Standard Variable Rate may change at the discretion of the Lender. Those on Fixed Rates will not see any difference. Big deposits are needed to buy a new place and any blemish at all on people’s credit records is seen as Very, Very Serious Indeed.
Lenders are all sheep.
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What happens to credit rating if you go on a debt managment plan?
November 6, 2008
Has a former bank advisor who specialised in debt management – here is what would happen.
Firstly a mortgage is secured on your house so that if you miss sufficient payments the lending financial institute can sell it to get their money back.
Even taking the credit crunch into account there will be lots of lenders who will let you have a mortgage, the worse that happens to you is the rate of interest you will pay. Those with good credit ratings in general will pay a lower rate than someone with an adverse rating. So dont worry about the mortgage.
Also you can approach credit management authorities who explain your situation to lenders and you may find yourself with a severe credit rating for 5 years but can end up not paying anything as the credit card companies have no choice but to wipe out your debt.
Debt management also depends on the credit card companies has it shows that you have admitted a problem and are seeking to do something about it. Which can be used has a positive sign for mortgages. I worked in a bad credit area and I had many customers who got mortgages, so presently you need to speak to Citizens Advice Bureau and get all the options.
Your credit rating prevents you from getting credit for 5 years – however there are many financial institutes who will lend to individuals with bad credit. So its ironic has the high street lenders will decline you but their subsidiary companies will say yes.
I would suggest a bit of net research on the debt management companies and what they offer you. If you can get the credit card companies to agree a set amount to repay it gives you some breathing space whilst you speak to Citizens Advice and get the name of the Credit or Debt Management agency that all lenders recognise. Sorry I cant recall it but i did have customers whose entire debt was written off by banks/credit card companies/loan houses after 2 or 3 years of lower payments.
A 5 year poor credit score is not a bad thing compared to stress – mental anxiety – problems with loved ones. Its not ideal but then you will have 5 years to manage your money and not need credit cards.
Remember a mortgage is assessed differently under a separate credit score.It will go on your credit rating, stay away from debt managing company’s after you have paid there commission you will have less than you have at present, the best thing you can do is go to your bank who will try and sort something out for youIt will effect your credit rating as you will no longer be paying the minimum as set out in your contract with the credit card company.
Be careful which company you choose as some charge you for this service. Go with a government backed one, assuming you’re in the uk use CCCS, they don’t charge they make their money off the interest they earn on your payment. Basically you pay them at the beginning of the month and they pay your creditors at the end of the month, giving them one months interest as their payment.
I’ve gone with one, it’ll still take me an age to pay off but at least I can live in the mean time and am not just earning money to give to a credit card company who are already rich anyway.Well your credit rating would go down. What I find more worrying is that you have such a big debt on your credit card and that you are only making the minimum payment. Have you tried applying for a different card (I know that’s difficult at the moment) but if you could an interest free period for say 6 months or so it would help you out for a bit and you could start actually repaying your debt. Or try talking to your bank and see if you can get a loan at a better rate. Don’t just leave this but try to make positive changes to your finances. Well debt counseling is ok as long as when you decide to purchase a home the debt has been already paid off and you have received a letter that states you no longer are in debt counseling and you no longer owe th debt. It all depends on the program amount of time to be paid off and the when you had hoped to purchase a home. To be quite honest the amount of payment you send to the company to pay your bills for you shall take out their own fee to do this service for you. If I were you I would call each credit company owed and work out the situation yourself. It show responsibility and the debt counseling shall not report to credit bureau since you did not need their help and you can argue .60 on the dollar. Or you go to an attorney if to busy some of them are better at it and fee is smaller just don’t let them convince you into bankruptcy.i work in the mortgage industry and i really wouldn’t suggest a debt management plan, this day and age makes it very difficult and expensive if you are on debt management plan!
I may be able to help you, i also own a company that specalise in getting your debts settled.
there is an 80% chance that if you took your credit cards out before april 2007 then they do not comply with the consumer credit act.
check out the website to see if we can help!
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Short sale and mortgage loan nightmare!!!?
November 6, 2008
They can pull your loan up until closing. They even commonly recheck your credit the morning of closing. Your broker did not screw up. People qualify one day and do not the next all of the time, usually because they purchased something on credit.
Since the sale was contingent on you obtaining financing, and you are unable to obtain financing the sale is canceled and you will receive your earnest money back.Your offer will serve as the written legal document in this case. Your offer clearly states that everything is contingent upon your ability to get a loan by a certain date. You weren’t able to get the loan by that date, so the sale of the house is canceled, and everyone involved gets their money back.
You will get your money back. Your real estate agent should help you. Contact whoever has your down payment money and ask that they give it back to you.
Good luck. And rest assured, you won’t loose your $30,000 because you haven’t done anything wrong. If you loan was not approved then you are fine, you will get your down payment back. They can only hold your earnest money if you don’t perform for other reasons…such as you just changed your mind.
Time to find a new broker…or go directly to the bank and stop paying extra fees for a broker that obviously wasn’t doing his job very well.
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I need a loan that i dont have 2 pay pack 4 3 months?
November 6, 2008
Higher the rate, the more it costs. Rates are calculated yearly. So if you can pay it back in a month, the rate wont matter to much. But only if you are going to pay it back in full at that time.
Credit cards are good for short term financing. But you will need to pay them once a month (just a partial payment). Dont apply for loans online, most are scams. Go to a bank and ask for a personal loan, let them figure out what they can give you and at what percentage rate.Your best bet is trying your bank. Online loans and other companies such as provident etc won’t wait that long, they start collecting payments the next week usually. If you could get a meeting with the bank manager you might have some luck but to want to pay back in a few months is going to be tough to get. What about your folks? Be careful, there are many sharks out there just waiting for you..Well, you can try student loans. Being that you are a student you can get the money from a student loan site, where you don’t have to pay any money until you graduate. The interest rates are competive with each bank, but all are not too bad, especially since you would be paying it back in January. I would suggest CHASE. I received a student loan from them and I recieved the check in exactly a week from when I applied and was approved. Just make sure you pay it back in January and you wouldn’t have to pay much interest at all. Hi there.
It depends what you want the cash for. A credit card is your best bet, Halifax, Virgin and Egg all do good rates and should give you enough credit. Or get the card that your bank issues, they should be happy to help.
Good luck, Steve.Students and parents who must deal with the high cost of a college education have available to them a wide range of student loans. This article offers details on three general types of student loans. Unlike other student loans, application for a specific Stafford Loan should be preceded by the filing of a Free Application for Federal Student Aid (FAFSA). The FAFSA application should be made in the name of the aspiring student.
http://www.worldbestloans.com/student-loans.htm
Like some other student loans, application for the Signature Loan permits the use of a co-signer. In fact, there is a real advantage to applying for a Signature Loan with a co-signer. I don’t think so that you will get that king of loan which you have to pay back after 3 months, when i was searching for loan when I am unemployed and having bad credit and don’t have the security to put on, I will get loan from http://www.longdogfinance.co.uk/
You can try this site may be this will help you out.
I am Mr. Charles Nemeth (The MD Of Charles Nemeth loan company)we a registered lender that give out loans to Individual’s and companies that are in need of loan at 2% interest rate, you can reach us: E-mail : ncharlesloan@yahoo.com
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My name is Mr James Lambert and life is worth living right now for me and my family and all this is because of one man sent by GOD to help me and my family, i once had a life filled with sorrow because my first daughter needed a kidney transplant and all our savings were going towards her medications and this normally leaves us with no money to pay our bills or even put enough food on our table and our rent was due and no funds to pay these bills and life felt so unfair to me and every night my wife will cry herself to sleep every night until one day, i was browsing through yahoo answers and i saw a striking advert of a man that gives out personal loans and that the offer is opened to all and i have heard so many things about internet scams but at this point of my life, i was very desperate and ready to take any risk and at the end of the day, i applied for this loan and from one step to another, i go my loan within 48 hours through bank transfer and you know, it was all like a dream and i called Mr Paul Walters who is the GOD sent lender i found and said, i have received my loan and he smiled stating that to GOD be the glory and i was so shocked as i have never ever seen anyone with such a GOD fearing and kind heart and today, i am the happiest man on earth because by GOD’S grace, my daughters kidney transplant was successful and today she is healthy and i and my family are living very comfortable and happy and if you are in my former situation or is in serious and legitimate need of a loan, you can reach this GOD sent lender via paulwalters12@yahoo.comHi Everyone,
I am Mrs.Shelly Martins from Kansas, i was afraid aquiring a loan through this means(Internet Service).Until i got a loan of $85,000:00 from a private loan firm in Morgan George Finance.It was so easy…i thought i was dealing with one of the numerous internet scams.Until i actually got my loan.My husband was so skeptical about it,But Mr.Morgan prooved him wrong…My good fellow If you need a ligitimate loan with interest rate as low as 2%, you can contact them though their Yahoomail account:morgan_loanservice@yahoo.co.uk.
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I want to use this medium to inform you that i render reliable beneficiary assistance as I’ll be glad to offer you a loan.
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Hi, done about 2,500 body work damage to car! Looking to get a loan to cover it?
November 6, 2008
Ask your bank for a loan. Have you tried shopping around for a few quotes for repairs, if you are paying then do not go to a main dealer as there prices are absorpitant their should be plenty of smaller company`s on local industrial estates get your self 3 or 4 quotes
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