Payoff balance - help to pay off credit card balances.
Need help to payoff balances of credit cards? Solutions to pay off credit card debt, either with credit counseling, debt settlement or debt consolidation.
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1. Pay more than the minimum payment each month, if you ever hope to pay off your credit card debt. You must also pay on time or a finance charge will be added onto the total, creating a larger minimum payment for the next month -- and a larger finance charge added to the total again if you don't pay it.
2. Calculate how long it will take you to payoff balances, and try to reduce the time by making additional payments whenever you have spare money.
3. If you still can't fully payoff balances, negotiate with credit card companies. The amount of credit card debt in this country has made creditors realize that if they don't want people backing down from their obligations completely (in other words, if they want to get any money back), they have to make deals, such as reducing the interest rate, waiving late or over limit fees, or settling on a payoff balance.
Low interest solution to payoff balances of credit cards... Get a cash loan using your auto as collateral - auto refinancing.
Or, you can obtain a small personal loan to pay on credit cards. Granted, it won't be enough to payoff credit cards, but it can at least help you make a payment that may be overdue.
Balance Payoff Trap
Your credit-card debt is always higher than the statement says it is if you're one of the millions of Americans who carry a balance every month.
This truth starts to matter when you decide to pay off all your debt and realize that it's harder to get to zero than you thought.
Even if you pay off your entire balance, as listed in plain black print on your statement, you may still be socked with interest in the month after you supposedly got rid of your debt.
Know the terms. The credit-card issuer has pertinent advice for consumers -- read the terms.
If you are assessed interest after you pay off a balance, call the issuer to see if it can possibly be lifted.
If you pay online, you still have to be careful to get the exact amount you owe. A quick check of a few credit-card sites revealed that the online "payoff balance" isn't totally correct, either. You still have to make the call and ask for a calculation to get your up-to-the-minute balance.
Other traps
Sometimes, it's not just residual interest that's making it hard to payoff your balance, even when you think you're writing a check for the full amount.
The double billing cycle. In other words, the cycle is 60 days, not 30 days. Credit card companies are doing this to, in essence, penalize those that repay and to garner greater interest over a greater period.
Credit card companies are changing the terms of credit agreements to increase their ability to collect interest. The bottom line is that it's all legal if they tell you. And the last thing those tiny letters want to do is make it easy for you to payoff the balance in full.
Your best defense, according to both issuers and personal finance experts, is to read very carefully -- and call with pointed questions -- to make sure zero really means zero.
Can't payoff credit card balances?
Living paycheck-to-paycheck? Creditor harassment?
Need help to lower
balances or to reduce bill payments?
A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. If the debtor's current monthly income is less than the applicable state median, the plan will be for three years unless the court approves a longer period "for cause." (1) If the debtor's current monthly income is greater than the applicable state median, the plan generally must be for five years. In no case may a plan provide for payments over a period longer than five years. 11 U.S.C. §1322(d). During this time the law forbids creditors from starting or continuing collection efforts.
This chapter discusses six aspects of a chapter 13 proceeding: the advantages of choosing chapter 13, the chapter 13 eligibility requirements, how a chapter 13 proceeding works, making the plan work, and the special chapter 13 discharge.
Advantages of Chapter 13
Chapter 13 offers individuals a number of advantages over liquidation under chapter 7. Perhaps most significantly, chapter 13 offers individuals an opportunity to save their homes from foreclosure. By filing under this chapter, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time. Nevertheless, they must still make all mortgage payments that come due during the chapter 13 plan on time. Another advantage of chapter 13 is that it allows individuals to reschedule secured debts (other than a mortgage for their primary residence) and extend them over the life of the chapter 13 plan. Doing this may lower the payments. Chapter 13 also has a special provision that protects third parties who are liable with the debtor on "consumer debts." This provision may protect co-signers. Finally, chapter 13 acts like a consolidation loan under which the individual makes the plan payments to a chapter 13 trustee who then distributes payments to creditors. Individuals will have no direct contact with creditors while under chapter 13 protection.
NOTES:
1. The "current monthly income" received by the debtor is a defined term in the Bankruptcy Code and means the average monthly income received over the six calendar months before commencement of the bankruptcy case, including regular contributions to household expenses from nondebtors and including income from the debtor's spouse if the petition is a joint petition, but not including social security income or certain payments made because the debtor is the victim of certain crimes. 11 U.S.C. § 101(10A). return to text
2. In North Carolina and Alabama, bankruptcy administrators perform similar functions that U.S. trustees perform in the remaining forty-eight states. The bankruptcy administrator program is administered by the Administrative Office of the United States Courts, while the U.S. trustee program is administered by the Department of Justice. For purposes of this publication, references to U.S. trustees are also applicable to bankruptcy administrators. return to text
3. Section 507 sets forth 10 categories of unsecured claims which Congress has, for public policy reasons, given priority of distribution over other unsecured claims. return to text
4. A fee of $25 is charged for converting a case under chapter 13 to a case under chapter 7. return to text
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At Superior Debt Services we work for you, the consumer. Many debt relief companies, especially those that are non-profit, are actually set up by creditors themselves to recover as much of the debt as possible. We won’t ensnarl you in that trap here. Here are some company highlights:
* We have over 11 years of experience learning the ins and outs of the debt settlement industry.
* We do not charge upfront fees! We do not pay ourselves until at least one of your accounts is settled. In fact, we’ve successfully operated a settlement-based fee model since 2006.
* We have an ‘A’ rating with the Better Business Bureau- you can verify this by visiting bbb.org. Just click on Check Out a Business or Charity, then type in Superior Debt Relief. The state is Colorado (CO).
* We use an FDIC insured account in order to grow funds that go toward your settlements. Clients have full access to this account 24/7, and we are authorized to view the balance when creditors call us.
* We are certified by the International Association of Professional Debt Arbitrators (IAPDA). We have been listed #1 with the IAPDA for 4 years in a row!
Credit Card Debt Relief: Credit card debt is easy to get into. Unfortunately, it has also been designed to be nearly impossible to get out of. Minimum payments can keep a consumer on the hook for 30 years or more. In this time, he/she will have typically paid back the original credit card debt - ten times! Obviously, making only the minimum payment is not an effective way to get out of debt. But when a financial hardship inevitably occurs, it gives the credit card companies a reason to increase interest rates, making even the minimum payments unaffordable. We understand how devastating this practice is. That is why we are committed to a debt settlement model designed to work for you - the consumer.
What makes Superior Debt Relief Services different? First, we are a debt negotiation company that saves you money before we get paid. Most other debt settlement companies will charge fees before settling even one of your debts. We believe such an approach is detrimental to the consumer that is already struggling to make ends meet resulting in no debt relief. We defer being paid until you see results. Don’t be mislead by the non-profit status of many companies out there, nobody works for free. These non-profit entities are typically set up by the credit card companies and have only their own best interests in mind. We are paid fees only if we save you money, and that is our incentive to get the best possible results for you. Second, we give you a full 30 days to rescind the contract if you are unhappy with our services, or decide another route is more appropriate. This is a length of time that is unheard of in the debt relief industry. We are that confident that you will be satisfied. While most debt relief companies have a sales team larger than the customer service department in order to bring new clients in faster than they drop out of the program, we take the opposite approach. We believe that client retention will make us successful. Our sales team is comprised of educated and trained financial advisors. This department accounts for only 1/6 of our total workforce. We spend relatively little on marketing; most of our business is generated by word of mouth and the positive reviews across the Internet and BBB. That is why we have one of the highest client retention rates in the debt reduction industry. Third, we really do what we say we will do. The debt settlement statistics you see on this page are not some automated program that incrementally increases these numbers with length of visitation. These are real numbers that we post every month. We include any and all settlements processed within a given month. These numbers do not include settlements for student loans, secured debt, mortgages, etc. We will tell you upfront that these are not types of debt we can work with - any company that tells you differently should be viewed with great skepticism. We get the best results with credit card debt, but all unsecured debt is negotiable
Debt Settlement: With this approach, negotiations are made with a credit card company in efforts to reduce the total amount of debt owed. With this forceful method of credit card debt relief there are many important advantages. Many consumers are able to significantly lower the total amount owed while paying off debt in 12-36 months. Making only minimum payments is not an effective way to get rid of large amounts of debt. Debt settlement clients notice a drastic reduction in their monthly payments as compared to monthly payments made to creditors. Debt settlement is a superb debt relief option for consumers who have unsecured debt of $10,000 or more, struggle to meet the minimum monthly payment, or are already behind on payments.
Debt Consolidation Program: Debt consolidation can be thought of as ‘many for one.’ This means that a consumer takes out one loan in order to pay off several debts. Reasons for choosing this option include securing a lower or fixed interest rate, or to make one convenient monthly payment rather than many. However, this monthly payment occurs over a longer period of time. The decision to consolidate must be weighed very carefully, as a consolidation program can severely limit the ability of a debtor to eliminate debts in bankruptcy. Further, due to the theoretical advantage that debt consolidation offers a debtor with high interest balances, companies will often charge very high fees for the debt consolidation loan. Another detrimental aside is that some companies will actually wait until a client has painted themselves into a corner and must refinance in order to consolidate and pay off debt.
Credit Counseling: This involves actually working with credit card companies in order to lower the amount of interest charged. Consumer credit counseling usually allows a debtor to eradicate debt in around 4-5 years while saving some money from the original interest charged. The dark side of this debt relief option is that many of these companies are actually set up by the credit card companies with the goal of collecting as much of the original debt as they can. Their traditional non-profit status is generally a distraction, as all their profit after operation expenses goes straight back into the credit card companies’ pockets. Another drawback is that any assistance from these companies shows up on your credit report as TPA (third party assistance), which can be just as detrimental to your credit score and rating as a bankruptcy!
Chapter 7 Bankruptcy: This is considered the final option for debt relief because of the harsh credit consequences. For debtors who owe large sums of money on their credit cards and don’t have enough income to make up the difference, this may seem like the best solution. With Chapter 7 bankruptcy, a debtor is usually forced to liquidate all non-exempt assets of value and pay the creditor money from the sale. The majority of consumers who file a chapter 7 bankruptcy will warn you that the long term consequences are really not worth it.
Superior Debt Relief
625 Redwing Road #140
Fort Collins, CO 80526
1-888-366-3414
Review Disclaimer:
Review information was gleaned from the website, and is neither an endorsement by us nor an confirmation of content nor a warranty of any promises made by the website. Use the review information at your sole discretion and sole liability.
Debt after Death - Managing Debt Following the Death of a Spouse (Husband or Wife) - Copyright 2009, Consumer Credit Counseling Service of St. Louis formerly Consumer Debt Counseling (CDC). All Rights Reserved
The last thing anyone wants to think about after the death of a spouse is dealing with their financial matters—but the reality is, it has to be done. Managing debt and other financial obligations can be a daunting task, especially if financial records are disorganized or unavailable. Taking proactive steps now to avoid an unnecessarily difficult situation from occurring can save you from experiencing added stress down the line. And if you need help with debt management, consumer credit counseling services agencies, commonly known as CCCS are available to guide you through the process of repaying debt owed to creditors, and learn ways of coping with living on one income.
Perhaps the most difficult part of this process is determining what to do first. Consumer Credit Counseling Services (CCCS) agencies like ours advise that good organizational skills are a key part of effective debt management for any situation.
Begin by making a list of all financial obligations and concerns. It is probably a good idea to separate the list by which financial matters are solely your spouse's, and to which you have a joint obligation. Having a list will help you to get a handle on the scope of the debt management and financial issues you will have to address. Your list may include the following items:
Documents to Gather:
* Copies of Will and Trust
* Insurance policies
* Birth and Death Certificates
* Retirement plan documentation (pensions, social security benefits)
* Tax documentation (related to income or property tax)
* Funeral arrangements (service and burial costs)
When you have completed your list, you will have to prioritize which items will need to be dealt with first, and from which third-party professionals you will need assistance. For example, you may need the assistance of an attorney to arrange the will and trust, or an investment advisor to address your long-term investments. When it comes to debt management, a Consumer Credit Counseling Services agency like ours can help you with ways to keep up your payments to creditors and learning how to budget effectively.
Our CCCS Agency Says Know Your Rights and Obligations: To manage debt most effectively, you need to be educated about your legal rights and obligations as a consumer. It is important to understand what your financial obligations are beforehand so that you know what you could encounter should your spouse pass away. An attorney can advise you on the legal details and a consumer credit counseling service can assist with debt management concerns. Some questions to consider are:
1. Have I co-signed on any outstanding loans or credit cards? If your deceased spouse carried a credit card solely in his/her name, many creditors will write-off the debt owed then. On the other hand, if you have co-signed on a credit card that has outstanding debt, you will be responsible for managing and paying back that debt.
2. Is my state of residence considered a community property state? If you live in any of the following states, your property and assets are considered to be jointly owned.
* Arizona
* California
* Idaho
* Louisiana
* Nevada
* New Mexico
* Texas
* Washington
* Wisconsin
Credit accounts opened by a married couple are also considered to be joint accounts in community property states.
3. Did my spouse have assets that could be subject to probate? The term "probate" refers to the legal process of determining the validity of a will and estate. Creditors have the right to submit claims on debt that is probated. This process varies from state to state so it is important to have an attorney explain the process since it could affect the value of assets a surviving spouse is entitled to.
Chargeoff credit card - How to charge off credit card balances yourself, or get professional help from a debt settlement company.
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Need help making a loan payment? Many people are finding it difficult to make mortgage, credit card and other payments. If you're having financial difficulties; such as due to a job loss, a higher mortgage payment because of an interest rate reset or any other reason, it's important to take action, preferably as soon as you think you may not be able to afford your expenses. Consider moves that can enable you to make your payments. Look for ways to cut expenses (see Good Ways to Get Started Cutting Back). If possible, pay your bills using funds in your bank and brokerage accounts, and avoid withdrawing or borrowing money from your retirement savings. Keeping current on loan, credit card and other bill payments also will help minimize damage to your credit score (see Your Credit Score) which is especially important if your financial difficulties are because of a job loss. Why? Because as you apply for new jobs, employers may review your credit report. Contact your lenders if you anticipate payment problems. "Don't wait until after you can't make your mortgage payment or the minimum payment due on your credit card, because by then, you may have damaged your credit rating and you may have fewer options available for getting help," said Kathleen Nagle, FDIC Associate Director for Consumer Protection. Immediately contact your creditors and attempt to work out a solution. Be proactive if your payment problems have already begun. Remember, if you can't make your mortgage payments, you risk losing your home to foreclosure. You need to seek help...and do so fast... by discussing your options with your lender or loan servicer (the company that collects payments and performs other work for the lender, including negotiating new payment plans with borrowers who are late or delinquent on their loan payments). Or, you may first want to seek help from a trained, reputable housing counselor. To find one, start by contacting groups such as NeighborWorks America (www.nw.org) or by calling 1-888-995-HOPE (4673). You also can find a housing counseling agency certified by the U.S. Department of Housing and Urban Development (HUD) by going to www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm or calling 1-800-569-4287. (Also see President Announces Aid for Millions of Distressed Mortgage Borrowers.) Likewise, if you're having problems paying your credit card, student loan or other debt, contact your lender to work out a solution. And if you need help negotiating with a lender or otherwise getting a debt problem under control, consider asking an attorney, accountant or another trusted advisor to refer you to a reliable credit counselor who, at little or no cost, can help you develop a recovery plan. Many communities have free legal-assistance programs that can provide advice and referrals.
