Debt Elimination, New Age Rip Offs
If you have lived long enough and took the time to pay close attention you’ll notice that trends often appear in cycles. What’s cool now will probably be cool once again 10 years from now. Just look at all of the new fashions people are wearing these days. You may recognize many of them from your own youth, or the youth of your parents. This is the natural order of things. Individuals become crazed with something until it eventually burns itself out, but once enough time has passed somebody decides to bring back those old trends to go for one more round on a fresh set of faces.
This procedure of cycles doesn’t limit itself to just fashion. It may also be observed in other facets such as debt relief. To understand this, you’ll need to understand the different varieties of credit card debt relief. The oldest of those forms is Bankruptcy. This was developed as a way for people who fell on challenging times to steer clear of being shot, hung or going to debtors’ prison. As time continued however people realized that this became a tool that might be used and exploited. Individuals would purposely overextend themselves and once they hit their max capacity, they’d seek bankruptcy relief and get it all wiped away.
For years financial institutions lobbied to get this changed. About 1995 the bankruptcy abuse act was established. This put tougher rules on who could and couldn’t be able to get a chapter 7 bankruptcy. It put a bigger emphasis on a chapter 13 bankruptcy, which is really a repayment program where people could end up paying eighty percent or far more back to the lenders.
To offset the deficits they had been seeing because of the increase in bankruptcies, the banks started to increase interest rates. After some time the interest rate caps raised to as much as 30 % or more. This put a lot of people who had been still paying their debts either on a perpetual cycle of paying minimum payments and getting nowhere fast, or on the verge of falling behind. Out of this the consumer credit counseling program came into being. In most situations these agencies were run, or at the least backed by the lenders themselves. What this permitted people to do is to stop making use of their credit cards and put them into this program. The agency would try to lower all of the interest rates then you would make one monthly payment to the agency who would disperse that out to the creditors every month.
The good part regarding this program is that you were capable of paying down the debt in five to six years. That is obviously a lot better than taking thirty or more years. But, the negative effects was that the payment you had been doing was usually the exact same as your minimum payments in the very first place, so in the event you had been in a situation where you had been about to fall behind, then this would not prevent this.
Again with most things, people became greedy and as a growing number of people chose to ring up their credit cards then enter them into a Consumer Credit Counseling program hoping for 0 % interest forever, the credit card issuers changed several of their procedures. Several of them did away with 0 % interest rates or limited them to a single year. Additionally they began to reevaluate people after six months to a year, to see if they still qualified for the program.
Next came the debt consolidation loan boom. As property values started to rise, lenders found a growing number of people with equity within their houses that might be utilized. Therefore began the home loan boom. A large amount of people started to make use of their houses equity and consolidate their debt into one low monthly payment. But once again greed started to take over. As the pool of prospective people who qualified for traditional loans dwindled, the industry started to create new adjustable rate loans for people who would not have typically been able to receive a loan. This became the beginning of the housing collapse. Just like any bubble, if you keep on inflating and blowing it up eventually, it is likely to pop. This is what happened. As these adjustable rate loans started to change, several of them tripled the interest rates forcing the house owner to get behind and in many situations lose their houses.
As you may know there are always likely to be those people who will benefit from people who are in dire straits. We commonly call these people “snake oil salesmen” coined from the early years when people would sell fake potions to cure every little thing from thinning hair to arthritis. These get rich quick type of people would sell this tonic to people eager for a cure. Often times quite quickly, people would realize that this was a scam, but not prior to a lot of people would have become victim to them. If the salesperson was not hanged, he would lay low, going from town to town until people forgot about him as well as the reality he was a sham, then he would pop his head up once again selling his snake oil to people who did not know it was a scam.
Just as these snake oil salesmen, you can find people in the credit card debt relief industry that try to benefit from people in desperate circumstances. One type of this get rich scam is what is known as debt elimination. The concept of this is that you simply hire an attorney who will attempt to sue the collectors saying that the debt isn’t valid. They try to make use of old loopholes in the law proclaiming that it’s unlawful how they calculate interest rates, or forcing them to “prove” that is is your debt. No matter what these people tell you, ask yourself this one question. Did you charge the debt? Did you benefit from making use of the charge card by making purchases for items which you owned? Unless somebody stole your card and made purchases you didn’t find out about, or the bank added charges to your bill that belongs to another individual, in almost all situations the answer to that question is going to be yes. That being stated, you’re likely to be hard pressed to convince a judge that the debt isn’t yours and that you don’t owe it.
The final form of debt consolidation program is debt negotiations. There are essentially two kinds of debt negotiations. The very first is referred to as Debt resolution. This is where you hire a lawyer to negotiate with your collectors, in your stead, in an attempt to get them to agree to accept less than your full balances. The major problem with this form of debt relief, it that in most situations the debt settlement lawyer will charge a retainer in addition to a monthly legal fee in advance before any settlements have been attained. This is usually on top of their settlement charges. Though it may well appear reasonable to pay a lawyer to legally represent you, what a lot of people do not understand is that the attorney will not represent you in court. In reality, several of them will not even help with answering the summons. All they’re representing you for is to negotiate your debt and that’s it. So essentially you’re paying them extra to do absolutely nothing.
The next form of debt negation is referred to as debt settlement. As with the above example, this is where your debt is negotiated for less than what you presently owe by a qualified debt settlement company with a proven background. Just as with the law firms you can find those debt settlement companies which will try to take fees in advance. Be mindful, this goes against current regulations. Any reliable settlement company will in no way charge you for their services before debt has been settled.
It actually doesn’t matter what form of debt relief you decide to go with, in the long run you’ll need to be properly informed. A reputable company will do everything they can to make sure you know all of your choices and have a clear understanding of all of them. They will not try to push you into anything and will go into great detail when looking at your case. If you are trying to find debt relief, do your research and make sure you’re dealing with a business which is willing to follow the regulations, not charge you any fees until a settlement has been reached, and who will make sure that the option they offer you is truly the best option for you.
Immortal Serpent – Morgana (2006)
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