6 Questions To Answer Before Settling Your Debts

6 Questions To Answer Before Settling

I get dozens of questions each day from potential clients, but the top question when it comes to bankruptcy is this: Isn't it a better idea to settle my debts instead of filing for bankruptcy? Sadly, there's no right or wrong answer to that question. For some people, filing for bankruptcy makes the most sense. For others, debt settlement is the weapon of choice. Here are some of the considerations you should take into account when making the decision between filing for bankruptcy and ...

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How To Deal With Private Student Loans When You Fall Behind

deal with private student loans

If you've got private student loans, you're more likely to fall behind on them than on your credit card debt. Given the way private student loans are structured, that shouldn't be a surprise. Balances on private student loans tend to be in tens of thousands of dollars, and the notes often carry interest rates approaching those of a standard Visa or MasterCard. But with private student loans given out to people with little or no income and years of low earnings before they hit their ...

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Midland Funding – What You Need To Know About This Debt Buyer

Midland Funding

Midland Funding is a company that buys old credit card debts. But that's just the tip of the iceberg. If you go past due on a credit card debt, it's going to be sold to another company. That's how credit card companies make their money - by selling old debts that they can't collect on their own. The companies who buy old debts usually pay far less than face value for the account, so your $5,000 debt may be sold for as little as $500 depending on the exact nature of the account. Once the ...

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7 Reasons Why You May Not Want To Settle Old Debts

settle old debts

When you're behind on your bills, you can expect debt collection calls and letters. Depending on how far behind you are, those calls and letters range from the innocuous (hey, it looks like this one slipped your mind ... maybe send some money?) to the downright scary (if you don't pay us right now, we're going to sue you!). If you've got the ability to do so, you want to settle the debt either by paying in full or negotiating a lower balance. Not so fast. Sending payment may, in fact, be ...

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New York To Roll Out Tough New Debt Collection Regulations

New York debt collection regulations 2015

  On December 3, 2014 New York State Governor Andrew M. Cuomo announced a series of new regulations aimed at curbing debt collection abuse in the state. “Here in New York we will not tolerate debt collectors who wrongfully take advantage of consumers,” Governor Cuomo said. “That’s why we’re rolling out tough new regulations that protect borrowers and help crack down on illegitimate debt collection practices. These new tools and disclosures will protect New Yorkers across the ...

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Two Student Loan Debt Relief Companies Sued By CFPB

Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau, the government consumer protection watchdog, is taking action against two companies that allegedly scammed student loan borrowers. According to lawsuits filed on December 11, 2014 against College Education Services LLC and Student Loan Processing.US, the companies deceived people into paying upfront fees for federal student loan repayment benefits that are available for free. College Education Services LLC, claims the lawsuit filed by CFPB and the ...

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