The Federal Fair Debt Collection Practices Act: What You Should Know!

There’s a deep emotional and psychological toll that dealing with constant calls, letters, and emails from debt collectors can take. Studies have found that most people are simply too frightened to answer these calls or even read collection letters.

The reason for this is obvious: A large number of creditors tend to use scare tactics in order to collect a debt. However, you should know that you do have rights under the Federal Fair Debt Collection Practices Act.

Knowing what the terms of that Act are will arm you with the ammunition you need to speak with debt collectors from an informed and empowered stance. Here are some of the things that you should know about the Federal Fair Debt Practices Act before you pick up the phone to negotiate with a your creditors.

Defining Debt Collectors

Debt collection companies are usually hired by banks and credit card companies on a commission basis to collect certain debts. Some debt collection companies also purchase bad debts (including student loans) from financial institutions and lenders. In either case, the people that will call you to collect debt usually work on a commission basis (meaning that they are only paid when they successfully collect a full or partial debt).

As with most people that work on a commission basis, debt collectors will try almost every trick in the book to get you to agree to a debt repayment. The problem with this tactic is that there are some things a debt collector cannot say, threaten, or do to try and obtain that payment from you.

What are those things? Take a look at the following details:

Threats of violence. A debt collector can never threaten to use violence of any kind in order to obtain payment.

Excessive phone calls: this law is a bit tricky to navigate, since there is no real meaning to the term “excessive” in this case (an attorney can determine whether or not calls are in excess, but it’s hard to do on your own).

Calling your place of employment after you have explicitly noted that you cannot receive calls at work.

Calling someone in your family and discussing your debt with that person in any way. Unless the person that a collector is calling has co-signed on a loan, your debts are your business.

A creditor cannot call you before 8am or after 9pm.

The best way to get a debt collector off of your back is to speak with a qualified attorney, and allow your attorney to stop those calls for you.

Loans for Life – A Guide to Common Types of Loans

Before taking any action that involves the loaning of funds, you need understand the level of responsibility that comes with paying them back. If you’re considering taking out a loan for college, to buy a car or home, or to start a business, read this article first. This guide reviews the pros and cons of common types of loans and can help you make your decision.

Car Loans

The first thing to consider is the source of your funds. Most car dealers offer on-site financing through a lender at signing, or you can borrow money from a bank or credit union. No matter where you borrow from, pay attention to how long you’ll be paying and the interest rate. You should also inquire about different options and possible rebates. Research and compare several different financing options, and request quotes from a minimum of three lenders. Some financing options allow zero percent financing, but no-interest agreements come with hefty monthly payment and can be too expensive for many people. Low monthly payments typically indicate a high interest rate and will cost you more in the long run. Finally, you’re going to want to size up your down payment as much as possible. The more cash you’re able to put down on your vehicle, the better. Making a large down payment keeps you from becoming upside down, or going “underwater”, on your loan.

Student Loans

Before even applying, you need to review your eligibility. Your eligibility refers to your ability to meet the minimum requirements for qualification. For the credit portion, most students need a cosigner, usually a parent. Now, consider who will be responsible for paying funds back. Unless you default, you or your parents will have this responsibility. Next, think about interest rates. Repayment terms are terms outlining your payment plan, and should be carefully reviewed and understood. Most lenders require a promissory note, which is a contract promising that you will repay all of the borrowed funds. Finally, be aware of loan limits that define your boundaries and restrict the amount of money you are eligible to receive under a single program.

Small Business Loans

Another common reason for borrowing is to start a small business. The first thing to think about is the state of your credit. Look up your FICO score, and if it’s unsatisfactory take time to build better credit for attempting to borrow. It’s even helpful to offer your own credit score for review. Prove to lenders that you have the discipline to repay them. You also need a solid business plan and a strategic marketing plan by giving the lender a clear picture of your prospective business. If you’ve never made a business plan, there are online tools available that can help. In addition to a profile of your business, give potential lenders a profile of yourself in the form of a strong personal resume. Sell your business, but also sell yourself as an owner. Finally, before attempting a loan, make sure all personal and professional financial statements are accounted for and available.

Borrowing money for any venture is a serious decision. Do not borrow funds unless you are financially stable enough to repay them, and review all financing options before jumping into a lending agreement. Good luck with all your financial endeavors!

What To Consider Before Taking A Loan

Almost everyone requires a loan at some or the other point in their life. Whether it is to buy a house or vehicle, start a small business, or for education, loans make it easier to get things when cash is short.

However, if you seeking a business loan, then the process won’t be that easy as there is an element of risk involved. So, it is very important that before you apply for a loan you understand how the bank will evaluate your loan application. There are various factors through which the bank will analyse the borrower. Given below are some of the factors that the bank will review and, if you satisfy the criteria, will increase your chances of bagging a loan.

Before You Apply For A Loan…

The first factor that all the banks will look into is the ability of the borrower to repay the loan. So, banks will take into account the sources of repayment. If you are taking a loan for a business then the bank will take into account the cash flow that the enterprise can generate. The banks will also take into account another source such as collateral.

The bank will also go through the borrowers past financial record. If the business has been profitable and it can cover the debt then the bank will approve the loan. In case the business has not enjoyed success in the past as the borrower needs the funds to grow, then the bank will ask for a detailed explanation on how the loan can be repaid.

Good business credit is essential as no bank will bet their resources on defaulters. Sometimes, banks will also analyse the personal credit of the borrower. That is why before applying for a loan make sure that your credit record is good.

Your credit report will carry your credit ratings which you will have to submit to the bank. The bank will evaluate and depending on it you will receive the loan. However, different banks evaluate the credit report differently. If one bank rejects your loan application you may find another bank that would evaluate the report differently.

Your credit ratings will be a combination of a number and letter. The most important is the number; the letter denotes the type of credit. If you are rated ‘1’ then you have the perfect score. This means that you have paid all your bills in time. If you are rated ‘2’ or ‘3’ then it means that you have paid your bills two to three months late. A ‘9’ rating will mean you have defaulted on the bills and it will become very difficult to obtain a loan. It is always better if you take the help of an accountant to interpret your credit report.

The bank will also check if you have a second source of repayment. This is known as collateral, which are basically all those assets that can be sold to pay back the loan. It is the collateral which secures the loan and most loan programs require some sort of collateral. If the borrower doesn’t have any collateral then he/she can use a co-signer who can pledge the collateral or the loan may not be granted.

How Forex Trading Reviews Help An Individual Generate More Profits?

Everybody wants to make money. I don’t think if there is anyone on this planet who doesn’t want to make money. It doesn’t matter if you have bank accounts full of it, you’d still want to make some more. It is more of a passion than a necessity for the rich, whereas for the poor and average earner, it is the most important necessity. There are several ways of earning money. You can do overtime at the office, use your skills and do two jobs and so on. There are some unique ways of earning as well, which doesn’t require overtime, but all you need is some bank balance and a heart to take risks.

You must have heard about the Forex trading, if not, then let me tell you what it is. Forex trading is the trading of the currencies. You must be thinking that how currencies are traded and how a person can make money out of money. The magic of trading currencies lies in the timing, if your timing is good, then you can make a huge profit by selling the currency that you have bought earlier. The free flowing currencies in the world right now is the United States Dollar. Almost 80% of the global transactions take place using the US Dollars, thus making it the most powerful currency of all time. As you might be aware of the fact that the price of the Dollar fluctuates on a daily basis.

If you live in the UK, then sometimes a Dollar would be 1.50 to 1 Pound Sterling and sometimes it’ll be 1.25. So, what you can do is, you can buy a huge amount of Dollars when they are priced low and wait till the price got high. The difference in the price would be your profit margin, which you can take and enjoy with your family and friends. But, it is not as easy as I have explained it to you because there are some information that you need to keep in your mind before investing your money in Forex trading. It is important to check out the Forex trading reviews in order to have a better idea about what this is all about.

I’m not denying the fact that it is not possible to make money within the Forex market, but it is also a fact that you need a good performance along with an equally good risk management to achieve huge success.

So, if you don’t know what Forex trading reviews are, then let me explain it to you. A Forex trading review is actually the true experiences of the people who have been trading currencies for quite some time. They have achieved a level of expertise where they can share their point of views and all the good and bad things about this technique. You can get a significant amount of ideas about the risk management within your Forex trading operation, which will help you achieve more by taking minimum risks.

If you don’t believe in the power of a review, then let me tell you what it can actually do for you. A good review is constructed in an organized and methodical way, so as to give you all the relevant information you need to evaluate the different tools designed to ensure a better Forex trading operation. You will not find such an information within the product’s website, therefore it is highly useful. Every trader has his/her own set of tools and resources, which they use to lower down the risk levels. The Forex trading reviews are the best place to consult, whether a particular tool or resource is adequate or not. You can really maximize your profits and decimate any risks with the help of these trading reviews.

Forex News Now is an online site which tells people about the different trading companies and platforms. They have a top ten page where they list the best trading brokers, so that their users are not scammed and they can reduce the risk of losing money. The Forex News Now website is very useful because it also has links to all the latest news about the industry and there is actually a learning section for users to learn the ins and outs of trading.