Ignore The Recession and Fight Back With Business Growth

By Christina Helwig

All over the country people are turning paranoid. They are hiding in their homes and waiting for "spring." They are passing up great opportunities in order to conserve what little they have "left" because they do not want to have nothing at all when the economy turns around. This is absolutely the wrong thing to be doing right now. While of course people should be shoring up their money situation; they should not be ducking their heads in the sand and hiding money in their mattresses.

The first thing you should do is form a clear and concise plan of what your goals and objectives are for the next three years. Your plan should include a very precise snapshot of where you are financially right NOW! If you have not been keeping careful track on your monthly expenses and income you have some work to do. You cannot change anything until you first know where you are. Once you have that baseline you can decide where you would like to be in three years. Start off with thinking of the amount of income you would like to have and the different things you would like to have in your life: a new car, home, toys, charitable giving, money for your child's school etc. Once you have thought about these things then figure out how much each of these things will cost you. With your current financial snapshot and your "dream" list completed you then are in a position to figure out how much you need to earn to accomplish those goals in three years. The more income you want, the higher level of service or "effort" will be required on your part.

You will want to build into your plan both a way to reduce your debt and a way to build up your wealth. Take your current income and apportion it in a way you feel comfortable to accomplish these goals. Make sure to include a reoccurring monthly amount for starting a business or investment account. If you solely focus on eliminating debt you will freeze yourself into not being able to act on business opportunities until you have all your debt paid off. This cycle gets you no where. You will have no savings and never be able to act on your goals and dreams. We all know the debt cycle. Somehow just when you are almost finished paying everything off... boom the car breaks down or someone needs braces. By having a monthly wealth building account you have money set aside to invest and grow a business.

While your wealth building account grows you want to keep an eye out for bargains and potential ways to either grow your business or start a new business. An example right now would be consultants for people looking for jobs. As the job market shrinks more and more people need help to differentiate themselves from other job seekers. There are countless ways an entrepreneur could help people get and find jobs. You should also be on the lookout for innovative ways to improve things you use all the time. New and improved products always have a place in the market. Also start to pay careful attention to the way millionaires and more importantly billionaires are behaving in the market place. If you watch closely, they will give very big clues on stable companies and markets that it is wise to think about investing in. Many people make massive fortunes in troubled economic times. Its all a function of the way you think and how well you prepare yourself to meet challenges head on.

One of the most important things you can do to improve your earning capacity is to increase your knowledge and more importantly your self-confidence. Simply reading a book a week or watching a motivational video can help give you the confidence to take action on your goals and dreams. Nothing happens while you are sitting around complaining about the economy. The prizes in this new era will go to the people who are not afraid to invest in themselves and take action even when others are hiding from the world.

About the Author:

When you change your habits, actions and attitudes, your whole life will change. Set aside a few moments each day to work on your goals. Click on http://www.GlobalSuccessILG.com to learn about how to increase your income and create wealth. This site covers topics from tax strategies, to growing your business and many more. Christina Helwig is an attorney and Vice-President of Wealth Expressions, Inc.

Continental Finance Credit Card - Review

By Dan Moskel

The Continental Finance MasterCard is an unsecured sub prime credit card. This means that this card is designed specifically for individuals with a low credit score.

Your card will be issued with an initial credit limit of $300. However you will be able to received semi-annual credit limit increases, with a maximum limit of $2000.

This card does report monthly to all three credit bureaus. It is frequently used as a second chance credit card.

This card can help your credit score because by paying your monthly bill you will create a positive payment history. In addition by opening this account it will improve your ratio of credit to debt.

If you can improve these two factors you will improve your score. This is because these two factors are weighted almost as much as derogatory items on your credit report.

Your card is unsecured and that means that you do not have to put any money down to be extended this credit line. However you will be charged an annual fee, unfortunately with a damaged score every card that is available will have some fees.

It does offer 9.75% APR, which is well below the standard 19% APR that most sub prime credit cards offer. It is accepted at millions of locations worldwide.

They do offer easy approval and there are no minimum income requirements. You can still be approved for this card even with a recent bankruptcy on your credit history. They offer an online application decision within seconds of submitting an application.

The card is issued by The First Bank of Delaware. This bank has been a leader in sub prime lending for years.

With this card you will have free online account access. You will be responsible to pay your monthly bill and keep your balance below your limit.

The alternative is a secured credit card. However with this card it will take you longer to rebuild your score because this card is reported to the bureaus as a secured line of credit.

The other option is a catalog card. This is a credit card that is only accepted at a specific location. Do not use these credit cards as they often come with large upfront fees and typically only report to one credit bureau.

In sum we do suggest the Continental Finance MasterCard to anyone looking to re-establish their credit rating. This card will help by improving your ratio of debt to available credit and can build you a positive payment history.

About the Author:

For more about the Continental Finance Credit Card or for a review of a suggested secured card the Orchard Bank Credit Card visit us.

What can a Collection Company do?

By JR Rooney

What is a collection company?

There are two possibilities.

Some creditors will attempt to fool a debtor by using a separate company name, address, and phone number for their internal collection departments, in order to give the impression of an "outside" agency. This strategy is should only be used when the debt is recent (under six months past due.)

However, the most successful collection activity is performed by an outside third-party collection company. Separate from the original creditors or 1st party they are able to work debts on behalf of all lenders. They, from time to time also buy bad account which have been designated as charge-offs by the original creditor.

This article will spotlight 3rd party collection companies

How do they earn money?

3rd party debt collection companies often work on 100% commission, where they only get paid when they recover funds. Collectors are usually paid a small hourly wage plus commissions and/or bonus based on results.

Many collection companies purchase substantial debt portfolios of charged-off accounts for a fraction of the total face amount (total amount outstanding) After a portfolio is sold off, the debtors now owe the entire amount to the purchasing company. The probability of collecting money decreases substantially over time, an agency might only pay 1% - 5% of face value. The agencies' profits come from the difference between the purchase price and the amounts that are hopefully collected.

How do they work?

The basic tools of a collection company are letters and phone calls.

What are the dunning notices like?

The dunning letters are computer-generated, and are often in a standardized series which starts with a non-threating, "reminder" tone, and may progress to ultimatums. The letters are pre-written and sent to many debtors; they are not personal.

The 1st demand letter must state that the recipient has the right to dispute the validity of the debt or request verification of the debt (in writing). By law the agency must send some confirmation after verifying it with the original creditor. Demand letters must also contain the statement that they come from a debt collector, and that any information obtained will be used for the purpose of collecting the debt. Collectors are forbidden to print anything on the outside of the envelope which may indicate or suggest that this is a collection attempt. The return address label must also be discreet, so many companies will just use their company's initials, or some other nondescript name.

The debtor's reaction to the letters will affect which letters the agency will select from its repertoire. Cooperation (e.g. making payment arrangements and/or partial payments) may result in letters with a gentler tone. Evasive or hostile reactions from the debtor may result in a more threatening tone.

Collectors try to create a sense of urgency, in order to collect within the shortest amount of time, and to encourage the debtor to prioritize that particular obligation. Deadlines may be set, such as, Pay this amount within ten days. There may also be threats, such as, ...Or we will proceed to further collection action. But most of the time, if a debtor fails to meet the deadline, all that will happen is that yet another form letter will arrive, making the same basic demand. The & further collection action usually just means more form letters.

Collection letters will always encourage the debtor to call the collection company on the phone. If the debtor doesn't call, then a collector will often call the debtor.

What are the phone calls like?

Individual phone collectors may be assigned a portfolio of accounts, and spend the majority of the workday, every day, collecting them. The collectors motivation is fueled by constant performance evaluations and personal commission payments. The size of a collector's own paycheck is dependent upon how much money s/he collects from debtors. Between that factor, and the relentless confrontations, this is a very high-stress job, with high employee turnover.

If a debt collector calls and reaches someone other than the debtor (e.g. a boy/girl friend), s/he is legally prohibited from disclosing that "this is an attempt to collect a debt." Each state has there own laws but this may or may not include the debtor's spouse. If the collector reaches an answering machine or voice mail, s/he will often leave an approved message, but is prohibited from giving details for the call, since someone besides the debtor may hear it. The basic message goes something like, "I am calling for ABC Company. It is very important that you call me back. My name is JR Rooney, and my number is 1-631-776-8109." S/he will typically sound rather apathetic and sonorous. Collection companies may be required to provide a phone number which is free for the debtor to return the call. They also may attach their toll free numbers to caller ID equipment which will instantly identifies and logs the phone number the debtor is calling from, in order to call the debtor at that number in the future.

When contacting a debtor, many collectors (especially those with very little experience) will use an approved script, which contains a pre-written introduction, demands for payment, and has various branches to follow. Based on how the debtor responds, rebuttals are also provided. If a particular debtor is wasting too much time, without agreeing to pay, the collector will be urged to move on to other accounts.

Any information that the debtor gives about his/her financial situation (e.g. income or job status, etc.) will be noted on the account record and used to estimate the chances of a recovery, the appropriateness of legal action, and so forth.

But what can they actually DO?

If they are working the debt 100% commission, they can send some more demand letters and make some more scripted phone calls.

They can also report the item to the credit bureaus. And if they are working on commission, they can recommend a lawsuit, or if they own the debt, they can sue. However, the actual chances or intentions of this are often significantly less than they try to suggest to the debtor.

Collection companies can not legally seize a debtor's assets, bank accounts, or garnish wages unless there has already been a successful lawsuit with a judgment awarded in there favor.

Collection companies can not legally make any kind of public announcements or disclosures concerning the debt, except to the credit bureaus.

Collection companies can not legally get a debtor fired from his/her job.

Collection companies can not legally engage in any type of physical violence or threats thereof.

Why does the debtor pay?

Many times the reasons include fear, guilt, intimidation, and a lack of understanding of the legal remedies available. Plus it is the right thing to do.

The debtor may feel guilty and ashamed of being a "deadbeat," and may perceive a judgment of his/her value as a person.

The debtor may have greatly exaggerated ideas about what collectors are (legally) capable of doing, and may have outdated stereotypes in mind.

The debtor may be intimidated by the relentless, confidant demands, from companies that may seem so powerful. S/he may take it personally, and assume that great individual attention is being given to this particular debt.

Customers being contacted by collection companies are usually in serious financial distress, and under emotional pressure about the general situation, so they may be confused and defenseless.

Some debtors aren't aware of their legal rights, and feel hopeless.

There are two useful tools that a collection company can actually do that a debtor should be worried about. These involve negative information being reported to the credit bureaus, and the unlikely probability of a lawsuit.

What about credit reports?

Third-party collection companies may report a debt to one or more of the credit bureaus, as a "Collection Account," including the amount, and whether it was paid or not. Paying off a collection account will not result in the item being removed from the consumer's credit reports - it will simply be marked "Paid." Agencies can report both debts that they have bought, and also debts that they are working on behalf of the actual creditor.

Also, a collection company could request a debtor's credit information, in order to get an idea of his/her general financial situation, and to get an updated address and phone number.

How long do collection accounts last?

Collection accounts are subject to the normal seven-year time limit for appearing on credit reports. As specified in Section 605 of the Fair Credit Reporting Act, this time limit is based on the date of the original delinquency.

What are the chances of a lawsuit?

If the debt was placed on contingency, the 3rd party collection company cannot file a lawsuit. If the balance is large enough and the debtor is being resistant and if there are indications that the debtor has vulnerable assets, the agency may send the account back to the creditor with a recommendation to file suit. Every creditor has its own criteria for the final decision; for example, the amount must be substantial (often $1500 or more, at the very least.)

Collection companies try to avoid sending too many accounts back, it gives the appearance that they aren't very good at collecting. Also, letters and phone calls are much less expensive than filing suit.

If a collection company has purchased the debt, then they have the ability to file suit, but by that time, the debt is likely to be rather old, and the agency doesn't have much invested in it.

Collectors tend to focus on fear and intimidation, since those things can work much more quickly, cheaply, and efficiently than legal action.

Suit is certainly brought against many debtors, but not as often as debtors think. There is a big difference between, "Pay up or we will continue with collection action," compared to an actual Summons And Complaint.

If the debt is substantial and recent, and the debtor appears to be a good target (e.g. reasonable assets or income), a lawsuit is a real possibility. If you are served with legal documents specifying a particular court, hearing date, etc., you should see a qualified attorney immediately. That area is beyond the scope of this FAQ.

How are collection companies regulated?

The most important law is the Fair Debt Collection Practices Act (FDCPA), which places many restrictions on collection activities. The FDCPA only covers 3rd party collection companies, not original creditors.

Each state may also have applicable laws regarding such things as telephone harassment.

Who enforces the FDCPA?

The Federal Trade Commission (FTC) oversees the debt collection community, and has the authority to impose fines or other penalties for violations. However, the FTC does not get involved with individual customer accounts. Once they receive a large number of complaints they look for patterns of violations which could then lead to action against a particular collection company.

What if a collection company has bought the debt?

The agency then becomes the creditor for most purposes. The debtor will not be able to make any negotiations with the original creditor. The agency might be technically able to file a lawsuit against the debtor, (although this is not likely.)

However, the Federal Trade Commission has issued a Staff Opinion Letter which indicates that, even if a collection company has purchased a debt, it is still covered under the Fair Debt Collection Practices Act as a "third-party debt collector."

What about the relevant time limits?

The debt does not become some kind of "new" debt just because it was sold. For example, the 7 year credit reporting time limit is still based on the original delinquency date with the original creditor. The statute of limitations for filing lawsuits is also based on that same date. These limits can not be legitimately "reset" by a collection company that has bought the debt.

However, the statute of limitations may possibly be reset if the debtor makes a specific promise to pay, or a partial payment.

Can the collection company do anything after the time limits are up?

Yes. The statute of limitations only covers the filing of lawsuits, and the credit reporting time limit only covers bureau listings. There is no time limit on letters and phone calls.

A collection company that has purchased a bundle of "out-of-statute" debts (where the SOL has already expired, or "run") is hoping that, either the debtors will feel guilty, or that they won't be aware of that "out-of-statute" status. But if a particular debtor makes it clear that s/he understands the legal situation, then the collectors are likely to give up and move on to easier targets.

Can collectors call the debtor's place of employment?

Yes, but there are limitations. For example, they can not legally tell your employer about the debt, or try to have you fired.

Is there any way to make them stop calling?

Yes. According to section 805 of the Fair Debt Collection Practices Act:

"(c) CEASING COMMUNICATION. If a consumer notifies a debt collector in writing that the consumer refuses to pay a debt or that the consumer wishes the debt collector to cease further communication with the consumer, the debt collector shall not communicate further with the consumer with respect to such debt, except --

(1) to advise the consumer that the debt collector's further efforts are being terminated;

(2) to notify the consumer that the debt collector or creditor may invoke specified remedies which are ordinarily invoked by such debt collector or creditor; or

(3) where applicable, to notify the consumer that the debt collector or creditor intends to invoke a specified remedy.

If such notice from the consumer is made by mail, notification shall be complete upon receipt."

So the consumer can just send a 3rd party collection company a written notice (preferably citing the FDCPA), ordering them to stop the collection letters and calls, and the agency is legally obligated to comply. The only permissible contact thereafter is to notify the debtor of specific "remedies," like legal action, but usually the collectors won't even bother.

If the creditor hasn't yet made a decision on whether or not to file suit, then that decision may be made at this point, rather than being delayed.

After a "cease and desist" notice from the consumer, the debt may then be returned to the original creditor, passed on to another 3rd party agency, or simply filed away as uncollected, depending on the circumstances. The agency may still report the account to the credit bureaus.

About the Author:

JR is an expert on debt collections with a Collection Company. He works at a Collection Agency

Real estate short sale is an unpleasant experience for an owner

By Rem

The term 'real estate short sale' is being bandied about more and more as of late. Real estate short sales serve as an alternative to foreclosures in an increasingly declining real estate market. The time it takes to sell a property is extremely high, and the prices on real estate have reached a considerable low. Throughout the country the crisis is so bad that many places are experiencing what is fair to call a market meltdown. It is because the market is so inhospitable that the need for short sale real estate has gone up so dramatically.

What is a short sale, you might ask? A real estate short sale is the name given to the process where banks allow properties to be sold for less than the amount owed to them. There are two conditions that must be met before a bank is likely to approve this: Firstly: Market values are such that the property's sale price cannot cover the outstanding mortgage balance(s). A further condition is that the owners of the property must not be able to continue making mortgage payments on the property.

As an example, suppose a property was purchased five years ago for 217,000 dollars with an adjustable rate mortgage. Let's say that two years after purchasing the property the owners took out an additional 10,000 dollars second mortgage, which means that today the owners owe 227,000 dollars on the property. Also, we have to remember that in five years, the amount of time that the mortgages have been paid off is negligible.

Remember that in five years the amount that the mortgages would have been paid off is negligible. In the same amount of time, the market values for similar properties are going for 215,000 dollars, while the adjustable rate has risen from 7 percent to 11 percent. Additionally, we end up with a real estate short sale situation once one of the owners has lost their job.

The bank may decide to save expenses and time delays that a foreclosure would cost by simply allowing a short sale. The reason is that it is far better to have a definite amount of money know and the property off the bank's books than waiting on an unknown amount of money at some unknown point in the future. If the lenders and owners do not agree on the terms of the sale, complications can result, but in general, that is how the real estate short sale works.

A real estate short sale is not a very pleasant experience, but it certainly isn't the worst experience they could have. If nothing else, it certainly beats being forced to accept a foreclosure on your credit report. These short sales can give the smart real estate investor a great buying opportunity.

About the Author:

Also have a look at Cheap Home Blog and Low Cost Home Blog

Chase Credit Card Application Status

By Louis Soul

There is no doubt that over the past years credit cards have become more important to people. Aside from being an effective way of obtaining credit, credit cards also make it easier for people to spend their money the right way.

One of the most popular brand names of credit cards in the market today is the Chase credit card. Accepted around the world, the Chase credit card is similar to many others. Aside from Chase credit card, the company also offers travel cards, Auto & Gas cards and student cards.

So there are a number of reasons to have a Chase credit card all of which will be of great benefit to the user over time. Probably the most used feature is its online capabilities used by workers and other people that have little time to go out shopping. Using the web site, secure of course means that managing your finances is only a few mouse clicks away.

For some people, the ease with which they can go online to manage their account is the only excuse they need to own a Chase credit card. If you are looking to save money then Chase offers waived membership fees along with other introductory deals including low APR's.

Some purchases you make with your Chase credit card will add points to your card account that can be used at any time. The card can be as individual as your lifestyle so if you are a travel enthusiast then there is a credit card that can give you travel miles. Once you have accumulated enough points you can cash them in as it were, for anything that is shown in the catalogue.

There is bound to be a reward just for you including trips if that is what you like. It is the customer service that makes most people stay with or leave a company and Chase credit cards are no different. For me, it is that knowledge that if I need someone to help me, there is always someone there at any time no matter where I am. Having your card stolen or even lost for example can create a trying time until a new one is delivered safely to you which is the great benefit of the customer service facility at Chase.

If you are thinking about transferring your balance then this is the way to do it with a guaranteed six month zero percent interest rate which also incorporates current purchase balances as well. Unlike some other well known credit cards that charge you interest even when you pay it off completely, Chase credit card ensures this does not happen. Certain purchases will also qualify the card holder to apply for a cash reward alternative. Apart from these, chase credit card has no balance transfer fee for balances transferred during the introductory period and you have the privilege to apply online over a secure server.

About the Author:

You welcome to check out: Mafioso Marketing Success Review plus Your guide to video marketing for more reviewed information.

Grow Your Business And Fight The Recession With Life Coaching

By Christina Helwig

After spinning my wheels trying to accomplish some major goals in my life, I finally bit the bullet and hired a life coach. The changes I have seen lately have completely blown my mind. My coach has helped me in ways I never thought possible to expand my business and create real wealth in my life.

When we first met my coach took the time to get to know me. She did not ask me what I wanted to accomplish or what my goals were. I thought this was a little surprising at first but I now understand why she did it. Instead of rushing in to save the day, she wanted to understand what was holding me back in life. By understanding what my struggle points were, she could better craft a plan to help me move forward.

It took me awhile to find a life coach that I clicked with. One of the biggest criteria for me was personal responsibility. Would the coach call me back when they said they would? Would the coach follow up on a led that I gave them telling them that I wanted to work with them? And most importantly were these coaches demonstrating in their own life the type of results I wanted? Were they happy, healthy, wealthy, were they genuinely nice people and lastly did they have great relationships in their lives?

I had also made the choice that I personally wanted to partner with a female coach because women have unique concerns that a male coach might not always take into account or fully understand. This is in no way intended to disparage a male coach, it was just a personal choice I have at this time in my life. I have had male coaches before and they were great mentors.

After contacting a few women life coaches that met my criteria I was getting no where with finding the coach I wanted to work with. I put the thought in the back of my mind and continued working on my different projects and goals. Then on a vacation I had the good fortune to run into a acquaintance that did life coaching. I was a little scared but I asked her at lunch if she would coach me and she to my delight said yes. Earlier that week I had watched her interact with people and more importantly observed how she connected with me. She was kind, polite and had built a life for herself that I wanted to emulate. She was someone I could look up to and someone I wanted to work with deeply. Her coaching started off at my pace and was not a preset plan she led all her clients through. It was truly personalized and was built for me and for what I wanted. She was also available and responded to my questions and concerns quickly. I did not have to hunt her down and felt like I was her only client. The sessions completely focused on me and what I wanted.

You have to first know where you are and how you got there before you can really take a giant leap into real success. My coach helped me see personal traits and flaws that I did not recognize or ones that I chose to ignore. Now don't get me wrong, I am no stranger to personal growth and self-development courses, etc.. I am an avid reader, writer and I personally coach people to help them reach their goals and live their dreams. Because of this I know that to really get great results, I had to take my own advice and get myself a professional life coach.

You should really sit contemplate whether you are achieving the goals that you set for yourself. And more importantly are you merely shooting for goals you think you can achieve? Your goals should be a challenge, something to strive for and push yourself with. Not something that you can clearly see yourself doing. Your goals have to scare you a little bit and make you a tad nervous, otherwise you are not thinking grand enough. Remember that you are trading your life for the dreams that you set for yourself. Each moment you give up should be worth it. When you look back at your life you want to see great accomplishments and a truly fulfilled life, not a life that was lived in the shadows or played safe.

Think of the type of life you really want to lead and look at how you are living now. Do you think that your current habits, actions and thoughts are congruent with what you want to create in your life? What can you do to bring those three things into alignment.

About the Author:

When you start to change your habits, actions and thoughts, your whole life will change and you will be able to create the wealth your deserve in your life. Christina Helwig is an attorney and Vice-President of Wealth Expressions, Inc. Click on www.CoachingByCoral.com to learn more how a life coach can help you achieve your goals. Coral is my personal life coach and a great resource for taking quantum leaps in your personal life and business.