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Debt Management Plan: How to Create One?

Whether or not you accept it as true, being snowed under debt is not a matter of life and death. Every night for you may be wasted just fretting on how to break even yet you actually don’t need to. The key is to set up a debt management plan and take control of your life. While there are many companies that offer this service, it is something you can do yourself.

With only 3 steps, you can already craft a debt management plan.

1. Primarily, put together a list of creditors and figure up the total balance due. In doing so, you will be able to gauge precisely how much the sum you are compelled to settle. Under such circumstances when money is loaned from more than a few various creditors with variable interest rates on every amount, the ultimate amount can be hard to determine. N  Nevertheless, with the intention of generating a solid tactic to do away with your debts figuring out the entirety of the duty-bound money owing is very important.

   Don’t overlook the fact that several arrears cannot be roped in debt management programs. Tena

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Tags: Debt, Debt Management

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5 Tips for Successfully Selling Your Home in a Short Sale

Selling your home in a short sale is one way to avoid foreclosure. If you’re considering a short sale, then you’re working out an arrangement with your lender to sell the home for less than the amount you owe on the mortgage. Since you’re unlikely an expert at conducting a short sale, there are some tips you should follow to ensure its success:

Know the Mortgage Balance(s)

First, you need to know the total balance of any mortgages or liens you have on the property. Each lender that has a stake in the home has to approve a short sale. If you only have one mortgage or your mortgages are with the same lender, then you only need that lender’s approval. The lender will set the amount it’s willing to let the home sell for because it’s the one that will be losing money on the payoff amount.

Assemble a Short Sale Team

When you sell your home in a short sale, you should assemble a team of professionals to help walk you through the process. First, hire

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Tags: Sale, Short Sale

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Spotting Fake Reviews on the Web

I just did a google search to find auto repair shops in my home town.    I was pleasantly surprised when the google results had two shops which both had pretty good reviews with >4 out of 5 stars average.   But then I read some of the reviews and they just seemed … suspicious.   

Almost all of the reviews were 5 star reviews, they had a first name but no last name given and the comments were very positive but usually pretty generic in nature.   I clicked on a couple of the reviewers and noticed that two of the reviewers both reviewed mostly the same set of companies.     Then I noticed that most of the reviewers had submitted reviews for various businesses in multiple states shortly after one another.     If you believe the reviews then one reviewer went to a Moms fitness club in California, had a car towed on Colorado, hired a plumber in Toledo Ohio and then got their office AC fixed in Australia and finally got some keys replaced in New York, NY all within a 7 day period.    I think not.

Unfortunately there are folks out there that pay for fake reviews.  This article at Trak.in captured an image of an ad hiring people to write reviews.    I think that most of the reviews on the internet are legitimate but you do have to be on guard for some fakes.  

Some red flags to look for :

1. Lots of 100% positive revi

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Tags: Reviews, Reviews Web

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Beware of Debt Collectors Bearing Gifts

Imagine that you have unpaid credit card debt. Thats the bad news. The good news is that the statute of limitations on the debt has expired, so you are not legally obligated to pay. But your credit score has taken a dive, so getting more credit seems impossible. And then comes along a subprime credit card with a twist.

The Wall Street Journal is reporting on a new push by debt collectors to convince consumers to pay expired debt. The pitch is simpleagree to pay some portion of your old debt, and you will be approved for a new credit card. According to the WSJ article, a lot of people are taking this deal.

And they are making a big mistake. Let me explain

Debt collectors use a lot of strategies to collect debts. When it comes to expired debt, they often try to convince consumers that its their moral obligation to pay the debt, even if the statute of limitations has run. Ill leave it to you to decide what your moral obligations are, but its laughable that debt collectors take this approach.

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Tags: Debt, Debt Collectors

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Ask Creditnet: Do Lenders Use PRBC Credit Reports & Scores?

December 19th, 2011

Dear Creditnet: I just read Creditnets article about the credit bureau, PRBC, and it sounds like a great thinglong overdue. My question is, when applying for a loan or credit cards, do most (or any) lenders check with PRBC along with the 3 major credit bureaus?

Also, does the PRBC report information to any of the big 3, and if not, can we request that they do so?

Answer: Since the PRBC, which now stands for Payment Reporting Builds Credit, is another credit reporting agency, they dont actually report any information to the other big 3 credit bureaus- Equifax, Experian, and TU. What the PRBC is doing is independently verifying nontraditional payment data, such as rent and cell phone bills, and then providing this information in their own separate credit report that lenders can use to supplement the underwriting process when applicants have otherwise thin credit reports.

The PRBC does, however, have a partnership with FICO to generate a credit score called the Expansion Score.

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Tags: Credit, Credit Reports

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