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Columbia, MD — Executives at Debt Shield, a Maryland-based debt settlement company, are alerting their clients and consumers everywhere about a recent survey demonstrating the growing success of debt settlement.
About half of all collections agencies surveyed (54 percent) responded that “more settlement-in-full offers” were being extended to debtors, according to the recent Credit & Debt Collection Industry Confidence Survey. The survey also found that 44.1 percent of debt buyers were also accepting more settlement offers.
According to Debt Shield CEO Phil Fewster, these results show that more and more collectors realize debt settlement is a smart business decision.
“Due to our country’s huge economic downslide, an increasing number of collectors have become much more open to exploring alternative solutions to recapture delinquent monies,” said Fewster.
But it isn’t internal red tape that can make the collection process slow and arduous.
“Unfortunately, the recent surge in the number of debt settlement companies to meet this growing demand by consumers for our assistance was filled by many of the same persons who helped bring down the mortgage industry,” said Fewster. “Naturally this has a lot of creditors nervous.”
Fewster explained that some new and disreputable debt settlement companies have tried to take advantage of current circumstances by enrolling consumers who could legitimately pay their bills.
“Fortunately, companies such as Debt Shield, who have been in the industry well before the boom hit, forged a great reputation and working relationship with many of these collectors,” said Fewster. “Because they know we only enroll consumers who truly cannot afford to keep up with their minimum monthly payments and likewise cannot afford a credit counseling program, the collectors can forego much of the time-consuming, high-cost research and collection tactics they would otherwise need to invest.”
Because Debt Shield can improve the profit margins and reputations of creditors, creditors in turn are more likely to offer concessions when debt settlement clients need them most.
“In essence, we are slowly converting our business from one that engages in a confrontational negotiation with our client’s creditors to one in which we can sit side-by-side with collectors to work towards a common goal, which is to return to them as much money as the consumer can legitimately afford,” said Fewster.
The survey also found that more than 85 percent of collection agencies are eager to try new collection strategies in light of declining recoveries.
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Keeping with budget this Christmas is essential to ensure that there are no additional overdraft charges in the new year, Moneynet.co.uk has advised consumers.
For those who find that they are getting paid a couple of weeks early, they should be careful that they do not overspend, as this could lead to a strain on cash in the beginning of 2010.
Any consumers who are concerned they may stray into their overdraft this holiday period should arrange an extension with their bank now, as this will avoid them receiving any extra costs.
Andrew Hagger of Moneynet.co.uk said: “Failure to check the state of your current account and adopting a worry about it later attitude could see you run out of cash and faced with some hefty bank charges come the new year.”
The decision last month by the Supreme Court not to force banks to repay overdraft charges meant that an estimated £2.6 billion in fees was not returned to consumers
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Borrowers are taking steps to pay off their unsecured debt at the moment, one industry analyst has noted.
According to Pierre Williams, head of research at MoneyExpert, people are “busily” paying off their overdrafts and loans. He noted that this shows that people are paying attention to the message that they need to live within their means, especially in the uncertain economic climate that is currently in place in the UK.
Mr Williams said that the fact that people are taking these steps is pleasing. “It’s encouraging that people are making the most of this situation as low interest rates won’t be with us forever and, when they do rise, those people who have failed to pay off debt could find themselves in hot water,” he concluded.
Mr Williams made his remarks after the Bank of England published figures which indicated that unsecured loans fell by £713 million in October.
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New Zealand firms are hurting each other and setting themselves up to be locked out of the credit market as a result of the way they are prioritising payments, according to research released yesterday.
Dun and Bradstreet (D&B), a leading credit reporting, sales and market data and debt collection company, said the research showed that eight in ten firms were prepared to miss supplier payments if they were unable to pay all their accounts.
Half of firms were settling their bills late as a result of cash flow issues or because their own customers were paying delinquently. D&B general manager John Scott said firms were hurting each other and themselves.
The research showed that many firms were unaware of the implications of paying late on their ability to access credit. Six in ten firms indicated that if they knew late payments would detrimentally impact their credit standing they would be more likely to pay on time.
The finding comes at a time when financial institutions and trade credit providers continue their stringent focus on trade reference checks as part of the credit assessment process. “Cash is absolutely critical to business survival and prosperity in an economic recovery,” said Scott.
“However, the payment habits of New Zealand firms are making cash flow management increasingly difficult.”Around half of firms admit to paying their bills late – this is causing cash flow to come under increased pressure despite improving economic conditions.”
Scott said firms were indicating they would be willing to miss payments to their suppliers – the very payments that were recorded on their credit file and assessed by lenders and trade credit providers when they applied for funds.
“This means firms could find themselves unable to access credit as lenders continue their vigilant focus on risk management.”
Scott said the likelihood that a credit provider was unaware of a firm’s poor payment behaviour was very low.
The Business Payment Priorities Study follows D&B’s latest economic and risk forecasts which show that despite renewed business optimism, it could be some time before executives’ confidence is translated into business actions that support the real economy. While cash flow issues remained prevalent, business investment and hiring intentions would continue to come under pressure. D&B was forecasting real GDP growth of 1.1 per cent in 2010.
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The holiday season seems to lure us into overindulgence. Eating too much stuffing or drinking too much eggnog is one thing. Charging too many gifts on your credit cards is another.
Although the holiday season may entice you to spend more than you can afford, a little self-discipline can help you keep your purchases to a manageable limit.
Why You Should Limit Your Holiday Card Purchases
Credit cards are only an illusion that can buy more gifts than you actually can afford. Here’s why you should limit your credit cards purchases this holiday season.
Gifts bought on credit end up costing more. Add in months of finance charges and you’ll ultimately pay more for your gifts than you would if you’d used cash.
Credit scores fall from high balances. Spending more than 30% of your credit limit will cause your credit score to drop.
The best laid plans…. Unexpected post-holiday expenses might postpone your credit card payment plan, lengthening your credit card debt.
By sticking to a few spending principles, you can keep your holiday spending to a minimum and avoid paying for holiday gifts until the next holiday season.
How To Avoid Holiday Debt
When you’ve made the decision to keep your credit card purchases within a reasonable limit, here’s how to put it into practice.
1.Save up. Spending cash instead of using credit for your holiday purchases allows you to avoid holiday debt all together. If you haven’t started saving, put aside something each paycheck starting now and use that to finance your holiday purchases.
2.Set a budget before you shop. Setting a spending limit and sticking to it will keep you from overspending. Be disciplined and don’t go over your budget, no matter what.
3.Make a list. Santa makes a list and checks it twice, so should you. Even though you might feel compelled to splurge on everyone in your life, you don’t have to. People appreciate simple and meaningful over expensive and useless.
4.Don’t shop for yourself. Avoid the “one for you, one for me” shopping mindset. You’ll end up spending double what you would had you shopped only for the loved ones in your life.
5.Ignore “big” sales. More often than not, they’re not really sales at all. Those “Buy 2, Get 1 Half Off” deals only trick you into buying more than you would otherwise. Remember, stick to your list.
6.Shop online first. The internet makes it easy to shop around. It also makes it harder to buy on impulse. Since most retailers have inventory on their websites, you can decide exactly what you want to buy before going to the mall.
7.Leave your credit cards at home. Without your credit cards, you’ll have a hard time charging them up. If you must use credit for your purchases, pick one credit card and stick to your spending budget.
8.Don’t buy if you can’t afford to pay. Keep in mind that when you use credit, you’re borrowing from your future income. You know your finances better than anyone. Only charge what you can afford and you’ll avoid paying on your holiday debt until the next holiday season.
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NZ Herald reports
A big chunk of the surviving finance company sector is unlikely to outlive the retail deposit guarantee, the Reserve Bank indicated yesterday.
In its twice yearly report on the stability of New Zealand’s financial system, the RBNZ noted that the local banks and their Australian parents had “withstood the crisis better than most” overseas, although they remained overly dependent on offshore money markets and asset quality had deteriorated as reflected in recent results.
However, Deputy Governor and head of financial stability Grant Spencer said the non-bank finance sector, “remains under pressure”.
“Strains are particularly evident in the deposit taking finance company sector where a substantial number of companies are in moratorium or receivership.”
The RBNZ said the same underlying economic issues that were driving surviving finance companies to the wall were also negatively affecting those companies that have secured moratoriums from investors, already driving one into receivership.
The comments come just a day after Hanover Finance said ongoing property market weakness meant it would be unable to make full repayment to debenture investors, as forecast when it sought their approval for a moratorium last year.
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For those consumers who can no longer to afford minimum credit card payments, Ethan Ewing, president of Bills.com offers tips to help consumers understand their odebt relief ptions for help, including: “Now that credit card reform legislation has passed, it’s a great time for consumers to take control of their debt,” said Ewing . “To do so, consumers need to understand the available debt relief options.”
Debt settlement. A debt settlement company works on consumers’ behalf to lower principal balances due, often obtaining savings of 50 percent of the total debt. The firm does not make monthly payments to creditors, but rather negotiates with the consumer’s creditors while the consumer accumulates funds for the settlement. Debt settlement firms charge consumers a fee for their services, typically a percentage of the debt enrolled or a percentage of the debt reduced.
Consumers who persist with a debt settlement plan can resolve their debts in two to three years at significantly lower cost than that of a debt management plan. Debt settlement typically provides better repayment terms than a Chapter 13 bankruptcy filing and does not leave a permanent bankruptcy judgment on one’s record.
Debt settlement may have a negative impact on credit ratings and profiles and is best suited for consumers in serious financial hardship who cannot afford to make minimum payments on bills and who cannot afford the higher monthly obligation typical debt management programs require.
Debt management. Debt management companies, also known as credit counseling agencies, maintain pre-arranged agreements with credit card companies to lower interest rates on a consumer’s existing debt to a creditor-issued “concession rate.” Debt management companies collect a monthly fee from consumers, as well as revenue from the credit card companies called “Fair Share” payments.
In debt management plans, monthly payments decrease, but principal amounts owed do not. Consumers who are able to continue with the payment plans typically can pay off debt in approximately five years. Debt management plans also require higher monthly payments than debt settlement programs, and are best suited for individuals who are facing a less-severe financial hardship than a typical debt settlement customer.
Bankruptcy. Bankruptcy Attorneys concur that BK’s can leave a severe negative impact on a filer’s credit rating for many years. Credit repair is not as easy as some debt counselors may lead you to believe. Under bankruptcy reform enacted in 2005, it is harder and more expensive to obtain than it used to be. Under the new law, fewer people can eliminate most consumer debt by filing Chapter 7 bankruptcy, taking more people to Chapter 13 filings. Chapter 13 requires consumers to pay back debt on a repayment plan (which can take up to five years), while still suffering the negative repercussions of a bankruptcy on their credit reports and public records. Generally considered a last resort, consumers considering a bankruptcy filing should speak to a bankruptcy attorney licensed in their state.
Read the complete press release online at http://www.emediawire.com/releases/debt/credit/prweb2493574.htm
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