Some Of The Reasons Why Debt Settlement Is So Popular

Among various debt relief options available to people these days, debt settlement is one of the most popular alternatives. The major reason why it is so popular is because it gives debt ridden people an alternative to bankruptcy. In most cases, person that turned for help to debt settlement services can actually revamp his or her debt situation and besides that, it will help that person to avoid unpleasant and harassing collection calls and written warnings from creditors.

Of course, the major advantage of getting on track with a debt settlement plan is because, eventually, it will get you out of credit card debt and, along the way, settlement services will be of great assistance in dealing with your utility bills, credit card bills, medical bills, etc. Besides that, debt relief company representative will negotiate with all of your creditors, that is, if you have more than one, and will try to manage your finances, so you can focus on making money in order to pay off your debts instead of trying to figure out what amount to pay and when.

Customers that have applied for help to a debt settlement company found it effective not only in terms of getting out of debt, but also in terms of improving their credit history, and making them eligible to apply for loans in the future. Credit history suffers significantly when you get into a bad unsecured debt and if you will not deal with your financial situation, you will not be able to get any loan like a car loan, a second mortgage, etc. At the same time, anyone who has agreed on debt settlement and provides timely payments on a month-to-month basis, is able to build back his or her credibility and be eligible for future loans. As opposed to that, if you will file for bankruptcy, your credit history will be ruined permanently and you will not be eligible for any financial help.

There is a lot of information online about debt relief companies and debt settlement programs, so if you are facing even slightest difficulties concerning any kind of debt, you should not hesitate to search the Web and read as much information as you can find. This way you will get necessary knowledge and support to start getting our of your debt hole, especially if you are in a deep debt hole. Seek professional debt relief help and stay away from debt in the future.

Among various debt relief options available to people these days, debt settlement is one of the most popular alternatives. The major reason why it is so popular is because it gives debt ridden people an alternative to bankruptcy. In most cases, person that turned for help to debt settlement services can actually revamp his or her debt situation and besides that, it will help that person to avoid unpleasant and harassing collection calls and written warnings from creditors.

Of course, the major advantage of getting on track with a debt settlement plan is because, eventually, it will get you out of credit card debt and, along the way, settlement services will be of great assistance in dealing with your utility bills, credit card bills, medical bills, etc. Besides that, debt relief company representative will negotiate with all of your creditors, that is, if you have more than one, and will try to manage your finances, so you can focus on making money in order to pay off your debts instead of trying to figure out what amount to pay and when.

Customers that have applied for help to a debt settlement company found it effective not only in terms of getting out of debt, but also in terms of improving their credit history, and making them eligible to apply for loans in the future. Credit history suffers significantly when you get into a bad unsecured debt and if you will not deal with your financial situation, you will not be able to get any loan like a car loan, a second mortgage, etc. At the same time, anyone who has agreed on debt settlement and provides timely payments on a month-to-month basis, is able to build back his or her credibility and be eligible for future loans. As opposed to that, if you will file for bankruptcy, your credit history will be ruined permanently and you will not be eligible for any financial help.

There is a lot of information online about debt relief companies and debt settlement programs, so if you are facing even slightest difficulties concerning any kind of debt, you should not hesitate to search the Web and read as much information as you can find. This way you will get necessary knowledge and support to start getting our of your debt hole, especially if you are in a deep debt hole. Seek professional debt relief help and stay away from debt in the future.

SBA Loan Default Why Is My Banker So Mean To Me

When dealing with an SBA loan workout, as in life, there is a chance that you might come across one or more individuals who have completely abandoned that whole thing about treating others as you'd like to be treated (I'm sure their mothers would NOT approve!). On more than one occasion, I've been engaged to deal with cranky bankers who seem bent on giving my client a hard time. Based on my time as a banker, and my time as a consultant, I've accumulated a few theories about why some bankers just can't seem to play nice in the sandbox. Here are the most common:

1) The borrower did something to make them mad.

In some cases, the borrower did something they were not supposed to do, either by accident or on purpose. Did you sell your business assets without telling the bank? Did you repeatedly break promises to send payments or paperwork? Did you go on the offensive and put them in a position to have to bare their teeth? Did you whine about how banks got bailouts and you are being treated like dirt?

No matter what you did, if you did something to make them mad, it's quite possible that they took it personally (most will, although they'll never admit to it) and are emotionally invested in your file (in a bad way). Once they are against you, it only makes the fight that much harder. They'll scrutinize your information, probing for a reason to reject your offer.

The lesson here, of course, is try not to make your banker mad. Debt Settlement 101 calls for you to be polite and cooperative, so as to avoid the dreaded Cranky Banker.

2) They are new at their job.

At some point in our lives, we have all been "the new guy" (or gal). I always hated being the new guy because it meant that I'd often be asked questions by borrowers that I didn't know the answer to but was supposed to. What is a reasonable settlement offer? Do I have to pay interest on the settlement? How long of a period can I make payments over?

I never had an ego that prevented me from saying "I'm not sure. I'll check and get back to you." Unfortunately, not everyone is like that. Some bankers do have egos, and rather than admit that they are not sure about their own institutions philosophies and regulations, they'll try to cover the fact that they are as clueless as you are by stonewalling you. They won't respond to emails or voicemails, and when you can get them on the phone, they are evasive and leave you feeling frustrated because you are getting no direction or feedback about the settlement or modification process that you are attempting to navigate.

3) They are incompetent.

A close cousin to the "new guy" is the incompetent guy. I find the incompetent guy the hardest to deal with because unlike the new guy, the incompetent guy will never learn and will ruin lives until management has the good sense to fire him. Incompetent guy is hard to deal with because he is not knowledgeable, unresponsive and uncooperative. I worked with a guy like this, and got to hear about how poorly he treated people after he was fired and I took over his accounts. He wasn't a mean spirited person, he just honestly was overwhelmed by the job, and on certain days he would take it out on his customers who were just trying to get their situation rectified

4) They got picked on as a child.

This person is just mean in general, and it's their mission to spread their misery to as many folks as possible. They almost get joy out of tormenting you. They love to threaten to take your home, shut your business down, and sue you despite the fact that you are dealing in good faith. I used to have to foreclose on people, but there is a tactful way to explain the bank's position without demeaning or threatening a person. Some bankers enjoy being in a position of power, and will use their power to make your life unnecessarily uncomfortable.

For the record, I have worked with many more nice bankers than mean bankers, and I'm thankful for that. Most bankers I deal with are knowledgeable and responsive, and understand that my clients are not bad people, but rather they are just caught in a difficult financial situation. But I have to say, I always cringe when I realize that I'm dealing with the dreaded Cranky Banker.

When dealing with an SBA loan workout, as in life, there is a chance that you might come across one or more individuals who have completely abandoned that whole thing about treating others as you'd like to be treated (I'm sure their mothers would NOT approve!). On more than one occasion, I've been engaged to deal with cranky bankers who seem bent on giving my client a hard time. Based on my time as a banker, and my time as a consultant, I've accumulated a few theories about why some bankers just can't seem to play nice in the sandbox. Here are the most common:

1) The borrower did something to make them mad.

In some cases, the borrower did something they were not supposed to do, either by accident or on purpose. Did you sell your business assets without telling the bank? Did you repeatedly break promises to send payments or paperwork? Did you go on the offensive and put them in a position to have to bare their teeth? Did you whine about how banks got bailouts and you are being treated like dirt?

No matter what you did, if you did something to make them mad, it's quite possible that they took it personally (most will, although they'll never admit to it) and are emotionally invested in your file (in a bad way). Once they are against you, it only makes the fight that much harder. They'll scrutinize your information, probing for a reason to reject your offer.

The lesson here, of course, is try not to make your banker mad. Debt Settlement 101 calls for you to be polite and cooperative, so as to avoid the dreaded Cranky Banker.

2) They are new at their job.

At some point in our lives, we have all been "the new guy" (or gal). I always hated being the new guy because it meant that I'd often be asked questions by borrowers that I didn't know the answer to but was supposed to. What is a reasonable settlement offer? Do I have to pay interest on the settlement? How long of a period can I make payments over?

I never had an ego that prevented me from saying "I'm not sure. I'll check and get back to you." Unfortunately, not everyone is like that. Some bankers do have egos, and rather than admit that they are not sure about their own institutions philosophies and regulations, they'll try to cover the fact that they are as clueless as you are by stonewalling you. They won't respond to emails or voicemails, and when you can get them on the phone, they are evasive and leave you feeling frustrated because you are getting no direction or feedback about the settlement or modification process that you are attempting to navigate.

3) They are incompetent.

A close cousin to the "new guy" is the incompetent guy. I find the incompetent guy the hardest to deal with because unlike the new guy, the incompetent guy will never learn and will ruin lives until management has the good sense to fire him. Incompetent guy is hard to deal with because he is not knowledgeable, unresponsive and uncooperative. I worked with a guy like this, and got to hear about how poorly he treated people after he was fired and I took over his accounts. He wasn't a mean spirited person, he just honestly was overwhelmed by the job, and on certain days he would take it out on his customers who were just trying to get their situation rectified

4) They got picked on as a child.

This person is just mean in general, and it's their mission to spread their misery to as many folks as possible. They almost get joy out of tormenting you. They love to threaten to take your home, shut your business down, and sue you despite the fact that you are dealing in good faith. I used to have to foreclose on people, but there is a tactful way to explain the bank's position without demeaning or threatening a person. Some bankers enjoy being in a position of power, and will use their power to make your life unnecessarily uncomfortable.

For the record, I have worked with many more nice bankers than mean bankers, and I'm thankful for that. Most bankers I deal with are knowledgeable and responsive, and understand that my clients are not bad people, but rather they are just caught in a difficult financial situation. But I have to say, I always cringe when I realize that I'm dealing with the dreaded Cranky Banker.

Is Bankruptcy Really A Way Out

Bankruptcy used to be the simplest way out of a tough situation. No matter whom it was and how much debt they had, if the judge approved a bankruptcy, the consumer would be free of all of their obligations to repay any debts. Of course, this wouldn't come completely free - liquidating all properties and assets with a seven year blemish on the credit report. But to get rid of a debt ranging from $50,000 to multi-millions, most consumers wouldn't think twice.

That is, until they changed the requirements.

Today, there are two types of bankruptcies for the average consumers. Chapter 7, the one we all know and all, and Chapter 13. This new bankruptcy was enforced during the time our recession was at its worst (about two years ago) because of all the bankruptcy applications across the nation. Our judges were completely swarmed in bankruptcy pleads while banks were losing too much money due to the amount of foreclosures and debt pardons they were issuing.

The law changed the standard of bankruptcy and made Chapter 13 the default one. Today, to be approved for Chapter 7, consumers must take a means test which compares their family's income to the median income in their state for a family of the same size. Then, there's a calculation of disposable income and unsecured debts to see if their creditors can be repaid at all. If not, Chapter 7 would be the appropriate solution. But if consumers do have the necessary means, then they will get a Chapter 13 bankruptcy. They will not be forced to liquidize their assets, but they will be making a structured repayment plan according to how the court arranges it. This type of bankruptcy will also leave a seven year blemish on the credit report and will make applying for credit virtually impossible.

Although bankruptcy used to actually pardon consumers and help them get out of debt, it seems as though it is now just another credit counseling or debt management program. And not only does it cost money to hire a bankruptcy attorney (which doesn't guarantee approval by the judge), but the damage to your credit report is many times worse than what you would get from credit counseling programs.

Debt negotiation or debt settlement programs do not show on consumer's credit reports and are able to relieve consumers within one to three years while paying only fractions of their total debts. This gives consumers another few years to rebuild their credit scores and get back on their feet and never have to worry about long term damage to their credit worthiness.

Bankruptcy used to be the simplest way out of a tough situation. No matter whom it was and how much debt they had, if the judge approved a bankruptcy, the consumer would be free of all of their obligations to repay any debts. Of course, this wouldn't come completely free - liquidating all properties and assets with a seven year blemish on the credit report. But to get rid of a debt ranging from $50,000 to multi-millions, most consumers wouldn't think twice.

That is, until they changed the requirements.

Today, there are two types of bankruptcies for the average consumers. Chapter 7, the one we all know and all, and Chapter 13. This new bankruptcy was enforced during the time our recession was at its worst (about two years ago) because of all the bankruptcy applications across the nation. Our judges were completely swarmed in bankruptcy pleads while banks were losing too much money due to the amount of foreclosures and debt pardons they were issuing.

The law changed the standard of bankruptcy and made Chapter 13 the default one. Today, to be approved for Chapter 7, consumers must take a means test which compares their family's income to the median income in their state for a family of the same size. Then, there's a calculation of disposable income and unsecured debts to see if their creditors can be repaid at all. If not, Chapter 7 would be the appropriate solution. But if consumers do have the necessary means, then they will get a Chapter 13 bankruptcy. They will not be forced to liquidize their assets, but they will be making a structured repayment plan according to how the court arranges it. This type of bankruptcy will also leave a seven year blemish on the credit report and will make applying for credit virtually impossible.

Although bankruptcy used to actually pardon consumers and help them get out of debt, it seems as though it is now just another credit counseling or debt management program. And not only does it cost money to hire a bankruptcy attorney (which doesn't guarantee approval by the judge), but the damage to your credit report is many times worse than what you would get from credit counseling programs.

Debt negotiation or debt settlement programs do not show on consumer's credit reports and are able to relieve consumers within one to three years while paying only fractions of their total debts. This gives consumers another few years to rebuild their credit scores and get back on their feet and never have to worry about long term damage to their credit worthiness.

Get Out of Debt Don't Cut Up Your Credit Cards

You heard me right... Don't cut up that credit card if you want to get out of debt. I know that a lot of experts suggest that you cut up and throw away your credit cards as a deterrent to using them and as a manifestation of your desire to get out of debt, but don't you do it. There is nothing that the credit card companies would like more than for you to cut up your credit cards before you pay them off.

The problem is that most people wait until they have maxed out their cards before they decide they need to get out of debt. Then they cut up their cards and say they will never use than again. Well the fact is that the cards are maxed out and they really can't use them unless they up their maximum or pay down the card. Banks absolutely love people who have maxed out their cards and pay the minimum payment for the life of the card. This maximizes the return on the banks investment.

Your Debt Doesn't Disappear With The Card

The fact is, cutting up your card doesn't mean the debt goes away. A few years ago I remember looking at a bill from a major department store that I hadn't shopped at for more than a decade and I remember destroying my card right after using it, thinking what a mistake that was. Looking at the bill, I was surprised when I saw that the balance was still in the hundreds of dollars. Whats worse is I am sure that I had never put more than a couple of hundred dollars on the card in the first place. I had paid the minimum payment for more than 10 years and literally had paid nothing toward my debt.I had simply made an automatic payment for the minimum and forgot about it.

Is Auto Pay Such A Good Idea

Ok so now I am taking on another sacred cow, Auto payment. For your convenience, most banks now provide you the ability to set and forget payments to your creditors. This is a great idea... right? Well, that depends. Set and forget is great when you leverage it to get out of debt, but if you pay just the minimum it is keeping you in debt and the only benefit is to avoid late fees and make sure the banks get their money on time. Remember, forgetting about your debts works only in the bank's favor.

Don't Forget

The only way to get out of debt is to be mindful of it. If you ignore it you will, at best, find it hasn't changed after decades of paying on it. At worst, you will find your debt has increased beyond anything you could have imagined.

Keep the Card

Don't play into the bank's hands by cutting up your cards. Instead, try punching a hole in it and nailing it to your wall in a prominent place where you can see it every day. This way it can remind you that you are still in debt. The idea is to use it to motivate yourself to pay it off. When you have paid off the card, then you can celebrate and destroy it as a gift to yourself.

Debt Settlement Programs Have Proven To Be The Best Debt Relief

All forms of debt relief have been known to lower a consumer's credit score. But consumers have mistakenly blamed debt settlement to drastically lower their rating. They did so because of the way debt settlement programs work. Consumers save up money throughout the duration of the program and arbitrators from the debt settlement companies negotiate with creditors once there is enough money to settle for a maximum of 55% of the total debt. With this method the company eliminates each debt one by one until all of the debts are settled. The reason a debt settlement program is much more effective than debt consolidation and credit counseling and should not even be compared to bankruptcy is because comparatively its effect on a consumer's overall credit worthiness is actually very beneficial when the following factors are considered:

• The program length


• The total amount of money paid


• Its residue on the credit report after the program has been completed.

To cover the first point, the average length of debt settlement programs is about 30 months (two and a half years). The average time debt consolidation and credit counseling programs last is five years. This means that after two and half years consumers have another two and a half years to rebuild their credit scores while a stress-free and debt-free life. Regarding a financial outlook, with debt settlement consumers pay an average of 55% of their debts. With debt consolidation and credit counseling, consumers pay 100% of their debt plus an average of a 5-10% interest rate for five years. So, overall they pay in the range of 125-145% of their debt.

Lastly, debt settlement does cause consumers to go delinquent on their debts for the reason of obtaining a low settlement from their creditors, which in turn causes a decrease in the credit score. After they settle, the creditor will report the debt as "settled" or "paid as agreed". In a debt consolidation and credit counseling program the credit bureaus report that consumers are "currently enrolled in a debt management company" throughout the duration of the program and keep reporting this for another seven years. This raises a major red flag for any creditors that you will apply for lines of credit with in the future - including applications for mortgages, auto loans, credit cards, and personal loans.

Regardless of the type of debt relief option you choose to enroll in, always make sure the company is legitimate and has a strong track record. One of the best ways to verify its credibility is by visiting the Better Business Bureau to view their rating of the company and to see the company's history.

Beware of Debt Collection Attorney Tactics

No one wants to be on the receiving end of a debt collection call, and nobody likes receiving past due notices in the mail. That's why, all too often, consumers who get behind in their bills also stop answering the phone and opening the mail. Unfortunately, that can lead to dire consequences - especially when debt collection attorneys enter the picture.

You see, the debt collection industry is big business, and debt collection lawyers make bundles of money when they take consumers to court. Why is that? Because the vast majority of the time (some estimates put it at 90% of the time), the lawyers are able to obtain judgments against consumers. Once they have those judgments in hand, they can relatively easily proceed to freeze consumers' bank accounts or garnish their wages.

But let's back up for a moment and explore the bigger picture. Why do debt collectors file lawsuits? Often, they do it to save money. When they file lawsuits against consumers - which they do by the hundreds and sometimes by the thousands - a collector lowers his overhead expense. After all, the taxpayer is footing the bill for the court system. All the collector has to do is have an attorney file the paperwork and show up for a quick, open-and-shut case.

To save costs even further, some debt collection attorneys don't even file the lawsuits in the jurisdiction where a consumer lives. One case that recently made the news outlined a legal firm that filed debt collection lawsuits in upstate New York, rather than New York City, because the filing costs were cheaper. It didn't seem to matter that the consumer didn't live in the area where the lawsuit was filed. Thankfully, that case is wending its way through federal court as an alleged violation of the Fair Debt Collection Practices Act.

Shady debt collectors and even shadier attorneys also engage in a practice known as "gutter service." These folks file lawsuits, but don't even bother to serve the papers to the consumer, as is required by law (proverbially throwing them in the "gutter"). Instead, they lie on official court documents and say that they served the proper papers.

As you can see, debt collectors and their attorneys engage in a range of shenanigans at taxpayers' expense and at a cost of consumers' peace of mind. What's the lesson to be learned? First, if you're contacted by a debt collector, answer the phone and open the mail. Second, understand your rights under the Fair Debt Collection Practices Act. Third, if you're served with papers that look as though they're related to a lawsuit, contact a fair debt attorney. He can help you sort things out. Fourth, if you are being sued by a debt collector, don't miss your court appearance. Often, a judge will side with the consumer when the collector or their attorney crosses the line. Lastly, remember that you deserve to be treated with dignity and respect - and the law demands it. If you've been the victim of debt collector abuse, you have the right to sue the collection agency. And, it shouldn't cost you a dime.

AmazonBasics HighSpeed HDMI Cable (98 Feet 30 Meters) Supports Ethernet 3D and Audio Return Newest Standard

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Technical Details for AmazonBasics High-Speed HDMI Cable (9.8 Feet/3.0 Meters) - Supports Ethernet, 3D, and Audio Return [Newest Standard]

• HDMI A Male to A Male Cable

Description of AmazonBasics High-Speed HDMI Cable (9.8 Feet/3.0 Meters) - Supports Ethernet, 3D, and Audio Return [Newest Standard]

The AmazonBasics High-Speed HDMI Cable with Ethernet provides a one-cable solution for many of your home entertainment needs. This versatile cable provides high-definition quality for movies, TV, and games, plus all the benefits of home entertainment networking. You can use this 9.8-foot (3.0 Meter) cable to connect your HDTV to your cable box, satellite dish, Blu-ray player, and more, and experience quality audio and video (up to 1080p) from your home theater. Additionally, the cable allows you to share an Internet connection among multiple devices without the need for a separate Ethernet cable.

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Apple TV MC572LL/A

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Technical Details for AmazonBasics High-Speed HDMI Cable (9.8 Feet/3.0 Meters) - Supports Ethernet, 3D, and Audio Return [Newest Standard]

• HDMI A Male to A Male Cable

Description of AmazonBasics High-Speed HDMI Cable (9.8 Feet/3.0 Meters) - Supports Ethernet, 3D, and Audio Return [Newest Standard]

The AmazonBasics High-Speed HDMI Cable with Ethernet provides a one-cable solution for many of your home entertainment needs. This versatile cable provides high-definition quality for movies, TV, and games, plus all the benefits of home entertainment networking. You can use this 9.8-foot (3.0 Meter) cable to connect your HDTV to your cable box, satellite dish, Blu-ray player, and more, and experience quality audio and video (up to 1080p) from your home theater. Additionally, the cable allows you to share an Internet connection among multiple devices without the need for a separate Ethernet cable.

Check its out related products of AmazonBasics High-Speed HDMI Cable (9.8 Feet/3.0 Meters) - Supports Ethernet, 3D, and Audio Return [Newest Standard]

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