Month: May 2018

How A Third Party Can Help Reduce Your Debt

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Debt Reduction

If you find yourself in a sea of debt, you might not be too optimistic about the future. If you learn about the options available, you can be optimistic about paying off your debt. One of the ways that you can use to reduce your debt is using third-party services like the Nationwide Debt Reduction Services.

The purpose of the third-party companies like Nationwide Debt Reduction Services is to negotiate the acceptable amount of payment that is less than what you owe to your creditors. The payments you are going to make are going to be on the third-party account. Once the amount is enough to pay off the negotiated amounts, Nationwide Debt Reduction Services covers it. There are various advantages that third-party debt settlement programs pose, although they also have some risks. Below are six ways in which a third-party service can help you:

Reduce your debt amount

You can reduce the amount of your debt through a third party settlement process like a credit counseling service which will ensure that you reduce your monthly payments, but not the principal amount. To manage a large debt, a different settlement company can help you to reduce it.

You tap into the industry experience of a company

If you accumulate some debt, you might not have the knowledge or experience of dealing with your credits. Working with Nationwide Debt Reduction Services can help you leverage their experience. When you tap into the resources of a debt settlement solutions, you will be advised on the amount each creditor will be able to settle for, even the terms the creditors can go for in different stages of the debt repayment. On the other hand, an average citizen will negotiate his debt but end up agreeing on a bad deal.

You will avoid paying fees

When you have a debt settlement company like Nationwide Debt Reduction Services by your side, you will not incur any fees before settling the debt, and this is prohibited by the Federal Trade Commission. It is stated that fees are only charged when the firm successfully negotiates the best terms that a customer is willing to settle for. Well established settlement companies always abide by the regulation by the FTC, and you won’t be liable for upfront fees. The fees paid are usually dependent on the results of the debt payment.

You will make one payment instead of paying several debts

There won’t be any need of making payments each month to your creditor, you will only have to pay one sum to a savings account. This will enable you to focus on a single payment on a monthly basis so that you avoid accruing payment fees because of late payments because the costs are overwhelming.

You will be helped to create a plan for debt reduction

You might have no clue on how to engage with your creditors; if you work with a successful debt settlement company, you will be given ideas on what to expect. Before agreeing to work with a third party, you will be advised of the following:

  • The offers each creditor will be offered by the company.
  • All conditions and fees for the services offered by the debt settlement company.
  • The duration that the settlement company will take to give creditors offers.
  • When the settlement company asks you to stop any payments to the creditors, you will be informed of the disadvantages of not paying penalties and interests and how your credit score will be affected.

They will help you to prevent bankruptcy

If it becomes tough to repay your debt, the only road that may seem open is filing for bankruptcy. Although there are disadvantages that are related to debt settlement, you should not jump into filing for bankruptcy because your credit score will be damaged.

Alternatives to seeking the services of debt settlement firms

Although debt settlement companies offer a way out of debt, there are also other alternatives that are at your disposal that we have mentioned like bankruptcy and negotiating the debt on your own. One other third-party service we have looked at is the credit counseling services. If you want to be in charge of your financial life, a credit counselor can help you plan on how you can pay-off your debt. The good thing about debt counseling companies is that they are non-profit companies. They help you to lower your monthly payments by stretching your debt payment period. You will work with a debt counselor to come up with a debt repayment plan.

 

6 Ways To Identify A Good Attorney

AlissaB Leave a comment

Sometimes, finding a good attorney can be frustrating and overwhelming. Most people aren’t really sure what to look for or how to identify a good attorney. The good news is that there are a few ways to tell if an attorney or firm, like Winters and Yonker, are worth it or just looking for money. These 6 ways should help you narrow down your search and find a great attorney.

1. BBB Rating
The first thing you’ll want to do is look at the attorney’s BBB rating. You want to make sure they have a decent rating. For example, Winters and Yonker has an A+ rating. While A+ is the best, you could also find a decent lawyer in some of the lower categories. The ones you want to stay away from are the ones that have D or F rating. These ones have the lowest scores and are probably not the best. While you could find a decent lawyer in the C category, these ones aren’t the greatest either. You should try to find someone who has a B or better rating.

2. Good Communication
Next, a good attorney will have great communication skills. For starters, you want to make sure they you can easily talk with them and let them know every aspect of the case. In addition, you want to ensure that they can easily talk with judges and other attorneys. If you have a lawyer who gets shy and isn’t good at communicating, then your case might be doomed from the beginning. Not only will they not be able to make any deals or pass on information, but you might not feel comfortable telling them the details of the case. Since the details are what will make you win or lose, you need to make sure you have no problem talking about it.

3. Reviews
Another thing you can do is actually look at reviews from real people who have used the attorney. There are many websites that you can look on, including: Google and Yelp. These reviews will get into actual details on how it went and the positives and negatives about hiring the attorney. You’ll be able to see information, including: how the attorney communicates, whether or not they were professional, if they did everything they could to fight for the client, and if they put time and effort into research and talking with the judge and other attorneys. If the reviews aren’t good, then you know to stay away.

4. Honesty
Honesty is one of the most important qualities that a good attorney needs to have. For starters, you want to get one that has no problem being honest with you about your case. For example, if you are looking for something that has little to no chance of happening, the attorney needs to be able to tell you that. In addition, you want an attorney that will let you know whether the outlook is good or bad, based on communication with the other attorneys and the judge. You really don’t want to be kept in the dark and be completely blindsided as the case goes on.

5. Search Engine Results
Another thing that you can do is look at search engine results. The reason why this can tell you if an attorney is good or not is because a search engine will let you see any news articles relating to the attorney. This includes the good stuff and bad stuff. If you do search them and end up finding out that they were involved in something that isn’t good, then you’ve pretty much dodged a bullet. You don’t want to work with someone who has been involved in controversy. Not only could that look bad on you, but it could make or break your entire case.

6. Understanding
Finally, you want to make sure that the attorney you choose has a good understanding of you and your needs. Winters and Yonker always try their hardest to understand and you want to make sure your attorney does the same. There’s nothing worse than getting an attorney that either doesn’t understand your needs or refuses to acknowledge them and just kind of does what they want. In addition, you want to ensure that you have a good relationship with your attorney so you can let them know everything and not feel like you’re being brushed off or not taken seriously.

You want to find an attorney that has all of these qualities, such as Winters and Yonker. Not only do these point to a good attorney, but you’ll get a better idea of the kind of person you’re working with. The most important thing is to get an attorney that will fight for you and help you win.

 

How Someone With Bad Credit Can Get A Home Loan

AlissaB Leave a comment

The first thing mortgage lenders do before giving a loan is check the applicant’s credit score. Your chances of getting a home loan can be hampered by a poor credit score. The situation can worsen in a struggling economy because of underlying financial risks and history of foreclosure. Even with bad credit and unfavorable economic climate, you can still find plenty of bad credit loans. However, you will be forced to make concessions in areas like interest rate cap and costs of the home. A reputable mortgage broker or expert can help you better navigate the process. According to Dividend.com, the following ways will help you get a mortgage even with bad credit score:

1. Consider rate adjustment
The difference between getting approval for bad credit loans and denial may entirely rest on agreeing to an adjustable rate mortgage. This means paying for a loan whose fixed loan interest is much higher compared to the usual rates listed by lending institutions. As much as possible, be careful to choose a loan whose mortgage rate you can afford. The loan repayment duration should also be feasible and not run for too long. If you are unsure about the intricacies of adjustment rate mortgage speak to an unbiased mortgage expert to get the details and required qualifications.

2. Make a high down payment
The other strategy to beat the system is making a huge down payment on your mortgage. Making a resounding down payment can go a long way to save you the pain of applying for expensive private mortgage insurance and present you as a more credible borrower. Private mortgage insurance is a requirement for all borrowers making less than 20% down payment on home purchases.

3. Seek for alternative or non-traditional lenders
The dynamics of the economy, more so the rabble rousing subprime meltdown, drove many low credit lenders out of business. This has made it difficult to find a lender who caters low credit borrowers, but all is not lost. You can search for reputable lenders by checking their licensure and standing on sites like the Better Business Bureau and local chamber of commerce.

4. Get an FHA approval
Unlike the conventional mortgage loan providers that have a high bar of loan approval, the FHA or the Federal Housing Administration can be a great source of cheap loans for individuals with bad credit. It is important to note that the institution is not a direct loan provider but acts as a cushion for the lenders who agree to give bad credit loans. If the borrower defaults on payment, the FHA guarantees the repayment. The whole idea makes it less risky to lend money to low credit customers. Note that an approval from FHA doesn’t necessarily mandate the lender to approve a mortgage because other considerations may take precedence.

5. Look for a co-signer
Having a bad credit score doesn’t stop you from finding a cosigner to help you apply for a loan. In most cases, the cosigner can be a close family member, friend or co-worker. The strategy is always a win-win situation because while seeking a co-signer, you can begin to rebuild or repair your scores to make yourself more creditworthy. The risk of defaulting on payments means the co-signer may suffer the consequences of bad credit rating and other undesirable effects such as placing a damper on your long-term aspirations to own a home.

6. Boost your credit score
A good credit will definitely boost your chances of getting a home loan. In spite of the lengthy time frames, you can greatly reduce the red tape by working your way up. To begin, you need to order your current credit scores from any of the 3 national credit bureaus and perform a thorough analysis to establish the accuracy of the reports. If you find errors, make sure these are reported to the bureaus and corrected as soon as possible to earn a credit boost. Once this is done, start making down payment on the consolidated debt and ensure the debts on your current credit cards are all made on time.

The whole process of bringing your credit score to good standing takes serious work and sacrifices. According to Trulia, the credit score is calculated based on pertinent information appearing on your credit report. The key items that impact the scores are the payment history and debt to credit utilization. The lesser items in the list include the length of the credit history, credit mix and new credit. A perfect score is currently capped at 850, but only 0.5% of consumers enjoy this level of rating. On the overall, a score of 740 and above is considered safe for obtaining a mortgage while at the end of the spectrum, a score of 580 and below is considered poor credit.