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New Year’s Resolution: Avoid Holiday Debt by Starting a Christmas Club Today

January 7, 2012 By admin

Posted on 1/4/2012 by

Did the holidays leave you in the hole for the new year? Did January’s bills ruin your holiday spirit? Are you determined that next year you won’t blow your Christmas budget?

Now is the time to plan ahead so the 2012 holidays are merry and bright, not overshadowed by looming debt. Starting a Christmas Club account might be the perfect way to get your finances off to the right start this new year. Better Business Bureau is advising consumers to plan ahead and make the upcoming year’s holiday season easier on the family finances by setting up a Christmas Club account now.

Traditionally, Christmas Club accounts have been offered at credit unions and most banks. Customers can set aside a small amount of money every month into a savings account until the fall, when they can then start making withdrawals to pay for holiday expenses. According to the Credit Union National Association, nearly 72 percent of credit unions run Christmas Clubs, and consumer interest in these clubs is holding steady.

Some retailers are also offering their own form of a Christmas Club that pays interest on the money you set aside with them throughout the year. However, unlike setting up an account with a bank or credit union, the money must be spent with that retailer.

“Along with taking the time to shop around for the best interest rate, it’s also important to read all of the fine print that accompanies such an account,” said Katherine Hutt, spokesperson for the Council of Better Business Bureaus. “A Christmas Club account is a great savings tool throughout the year and the perfect way for families to get a hold of their holiday spending.”

BBB recommends that it’s never too early to consider budgeting for next year’s holiday season and offers the following advice on setting up a Christmas Club account:

Build a budget and stick to it. Consider how much you spent in the previous holiday season to help anticipate how much you will want to set aside every month. To help you budget for the holidays, BBB, along with ClearPoint Financial Solutions, has developed an interactive budget tool that includes a holiday spending calculator.

Start saving now. The sooner you start setting aside money every month, the better. By setting up a Christmas Club account in January or February you’ll benefit more from the interest rate and start the year off on the right foot.

Shop around and ask around. While the interest rate on Christmas Club accounts is not typically very high, it can vary, so shop around for the best deal.

Read the fine print. Christmas Clubs are essentially short term savings accounts, but there are a few details that make them different. In some cases, there might be a minimum required deposit to open the account, or a minimum amount you must deposit every month. In addition, there is often a financial penalty for withdrawing the funds before the holiday shopping season arrives.

Automate the process. Most Christmas Club accounts allow for monthly automatic deductions from your bank account or paycheck. This helps lessen the pinch. Just make sure that you don’t set aside so much that you run the risk of overdrawing on your accounts.

Know the deal with retailer Christmas Clubs. Some stores are now offering their own Christmas Clubs. The money socked away with the business all year long can only be used at their stores, so evaluate your holiday shopping needs before signing up with a specific retailer.

For more consumer tips you can trust, visit www.bbb.org/us/bbb-news.

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Filed Under: Consumer Economic News Tagged With: Avoid, Christmas, Club, Debt, Holiday, Resolution, Starting, today, Year’s

Portuguese families struggle to meet debt repayments

January 3, 2012 By admin

Portugal’s economy is strapped for cash – but so too are its citizens. With unemployment at a 30-year high, millions of families are struggling with debt, and an increasing number are defaulting on their loans. Duration: 02:13

The heavy load of consumer debt today poses significant risks to organizations. Even those that dont sell to the consumer market likely have customers who do, creating indirect risk. And even a small rise in consumer defaults could cripple many enterprises that heavily depend on debt transactions. In this short video prepared by Knowledge@Wharton, Ian C. MacMillan, Wharton professor of innovation and director of the Sol C. Snider Entrepreneurial Research Center, offers a simple analytical tool to help managers segment customers into key consumer risk categories just as they segment by demographics, for example — in order to contain potential losses. The concern is about assessing exposure to credit risk and thats what this tool is all about, MacMillan says. The tool is easy to use and will help enterprises of all kinds to anticipate something that is likely coming down the road fairly soon. This tool can be downloaded free below, or by going to the Discovery Driven Growth website discoverydrivengrowth.com and signing up for the software from the free resources offered there.
Video Rating: 4 / 5

Filed Under: Consumer Economic News Tagged With: Debt, Families, meet, Portuguese, repayments, Struggle

Student debt bubble about to explode

December 16, 2011 By admin

RT’s Anastasia Churkina reports on the record-high college loan debts that American graduates are faced with, exploring the real faces behind official statistics. What do you do if you owe over 100000 dollars, but don’t have a job?

Another Stompin Tom song
Video Rating: 5 / 5

Filed Under: Consumer Economic News Tagged With: About, bubble, Debt, explode, Student

Two Things To Do When the Debt Collectors Start Hassling You on the Phone

December 7, 2011 By admin

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91763771

People ask me all the time what they should do when the debt collectors constantly call and harass them. My advice is simple and straightforward. Of course debt collectors will have a problem with my advice.

Number One: If the phone calls upset or stress you then stop answering the phone. There are no laws requiring you to speak with a debt collector on the phone. They use phone calls to scare or intimidate consumers. You cannot reason with a collector, period. All they want is to extract money from you, simple as that, they could care less about your personal or financial problems. Just because the phone rings does not mean you have to answer it. If you can, block the numbers that are calling.

Number Two: If you do answer their calls record the conversations. Even if you live in a state that requires both parties consent to record the conversation you can still record the conversations without telling the collector you are recording them. In fact, the collector is probably recording you and may not advise you that they are.

The US 2nd circuit Court of Appeals has ruled that as long as your aren’t recording a conversation to commit a crime (i.e. blackmail, fraud etc.) then you have a legal right to record telephone or person-to-person conversations without having to obtain consent of all parties involved.

“We affirm, and, in so doing, hold that the exception to the one-party consent provision of 18 U.S.C. § 2511(2)(d) requires that a communication be intercepted for the purpose of a tortious or criminal act that is independent of the intentional act of recording,” the New York-based federal appeals court said. ~ Wired

In the past when collectors called I recorded the conversations (before I wised up and began to ignore the idiots), and sued several for violation the Fair Debt Collections Act. I have yet to lose and the debt collectors end up paying me, rather than the other way around.

So either ignore them and no answer the phone, or record the conversations and just maybe you’ll get paid for the harassment.

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Debt Collectors Threatening To Sue? Freeze Your Credit Right Now

ABOUT ALLEN HARKLEROAD

Allen Harkleroad is the author of the book “Stick it to Sue Happy Debt Collectors”. The book has saved countless consumer from the clutches of abusive debt collectors and shady debt collection law firms. Allen Harkleroad is a veteran of beating bad debt collectors, whether it defending himself in court or suing them for violating the law. Allen’s latest book ‘Suing Debt Collectors’, is now available book stores and online.

Allen is an avid and judicious consumer advocate who enjoys helping others. In addition to consumer advocacy he enjoys writing and blogging on various technology and business subjects.

FMD Consumer News

Filed Under: Consumer Economic News Tagged With: Collectors, Debt, Hassling, phone, start, Things

Georgia Debt Collector Nelson, Hirsch & Associates Out of Business Permanently

November 23, 2011 By admin

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Court-Building It’s about time the State of Georgia did something about bad debt collectors, too bad they won’t go after Frederick T. Hanna and Associates, Portfolio Recovery, Hollander Law, West Asset Management, Northland Lending Group, Leading Edge Recovery, Nationwide Credit of Kennesaw Georgia> They also abuse, harass and use illegal tactics to collect debts as well. I know and have evidence to prove such.

Now for the story….

Nelson, Hirsch & Associates, Inc., a Georgia debt collections company, and its owner, Tanya Santiago, have entered into an Assurance of Voluntary Compliance with the Governor’s Office of Consumer Protection (OCP), resolving charges that the company committed multiple violations of the federal Fair Debt Collection Practices Act and the Georgia Fair Business Practices Act. OCP’s investigation stemmed from a series of reports from consumers that Nelson, Hirsch & Associates harassed and deceived them by:

Failing to disclose that it was a debt collector attempting to collect a debt;
Threatening consumers with arrest, imprisonment or charges of fraud if they did not pay the debt;
Refusing to send consumers written proof of the debt owed;
Collecting more than the amount owed or authorized;
Threatening to call the consumer’s employer and have the consumer’s wages garnished;
Falsely representing to consumers that it was affiliated with a law firm and/or that the caller was a fraud investigator;
Continuing to contact consumers even after they told the company to stop calling them;
Calling consumers at unusual hours (e.g. before 8:00am or after 9:00pm);
Calling consumers at work when they knew their employers prohibited such contact;
Speaking to consumers in a harassing and abusive manner;
Threatening consumers’ family members;
Calling repeatedly (sometimes as much as 50 times a day)

Under the Assurance, Nelson, Hirsch & Associates and Ms. Santiago are required to cease business operations. Further, Ms. Santiago must refrain from engaging in any aspect of debt collection activities in Georgia or in connection with Georgia consumers for a period of at least five years. In addition, the company and Ms. Santiago will forego collection of 5,809 consumer accounts that they had purchased from creditors who had previously written off the debts. These accounts total ,307,658. The company must also pay a ,000 civil penalty and reimburse OCP for investigative and legal expenses in the amount of ,000.

“We are sending a strong and clear message that this kind of abuse and harassment of consumers, and the egregious disregard for the law that these practices typify will not be tolerated,” says John Sours, Administrator of the Governor’s Office of Consumer Protection.

Source: Georgia Governor’s Office of Consumer Affairs

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Filed Under: Consumer Economic News Tagged With: Associates, Business, Collector, Debt, Georgia, Hirsch, Nelson, Permanently

Georgia Debt Collector Nelson, Hirsch & Associates Out of Business Permanently

November 19, 2011 By admin

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Image by David Berkowitz
Consumer Electronics Show (CES) 2011 – Las Vegas, NV
(cc) David Berkowitz www.marketersstudio.com

Now for the story….

Failing to disclose that it was a debt collector attempting to collect a debt;
Threatening consumers with arrest, imprisonment or charges of fraud if they did not pay the debt;
Refusing to send consumers written proof of the debt owed;
Collecting more than the amount owed or authorized;
Threatening to call the consumer’s employer and have the consumer’s wages garnished;
Falsely representing to consumers that it was affiliated with a law firm and/or that the caller was a fraud investigator;
Continuing to contact consumers even after they told the company to stop calling them;
Calling consumers at unusual hours (e.g. before 8:00am or after 9:00pm);
Calling consumers at work when they knew their employers prohibited such contact;
Speaking to consumers in a harassing and abusive manner;
Threatening consumers’ family members;
Calling repeatedly (sometimes as much as 50 times a day)

Source: Georgia Governor’s Office of Consumer Affairs

FMD Consumer News

Filed Under: Consumer Economic News Tagged With: Associates, Business, Collector, Debt, Georgia, Hirsch, Nelson, Permanently

Court Orders Debt Collection Operation to Stop Deceiving and Abusing Consumers

October 29, 2011 By admin

The Consumers

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Spartanburg, SC
Spring Fling 2009
Saturday, May 2

At the request of the Federal Trade Commission, a U.S. district court has halted a debt collection operation that allegedly deceived and abused consumers – making bogus threats that consumers had been sued or could be arrested over debts they often did not owe. As part of its continuing crackdown on scams that target consumers in financial distress, the FTC charged two individuals and seven companies in a Corona, California-based debt-collection operation doing business as Rincon Debt Management. The court order stops the illegal conduct, freezes the operation’s assets, and appoints a temporary receiver to take over the defendants’ business while the FTC moves forward with the case.

Operating since March 2009, the defendants have been unjustly enriched by at least .4 million, according to documents the FTC filed with the court.

“Consumers have a right to expect that debt collectors will be truthful and abide by the law,” said FTC Commissioner Edith Ramirez. “We allege that, instead, the victims in this case were subject to abusive and illegal debt-collection practices, and that cannot stand.”

The FTC complaint alleges that the defendants targeted both English- and Spanish-speaking consumers. The defendants called consumers and their employers, family, friends, and neighbors, posing as process servers seeking to deliver legal papers that purportedly related to a lawsuit. In some instances, the defendants threatened that consumers would be arrested if they did not respond to the calls. The defendants also posed as attorneys or employees of a law office, and demanded that consumers pay “court costs” and “legal fees.” However, according to the FTC, the debt collectors making calls to consumers were not actually process servers, attorneys, or their employees, and the defendants did not file lawsuits against consumers. In addition, in many instances, consumers did not even owe the debt the defendants were trying to collect.

The FTC charged that the defendants’ false and misleading claims that they were process servers or attorneys who had filed – or were about to file – a lawsuit against a consumer violated the FTC Act. In addition, the FTC alleged that the defendants violated the Fair Debt Collection Practices Act by:

improperly contacting third parties about consumers’ debts;
failing to disclose the name of the company they represented, or the fact that they were attempting to collect on a debt, during telephone calls to consumers;
misrepresenting the existence of a debt, the amount, and other facts about the debt; and
failing to notify consumers of their right to dispute and obtain verification of their debts.

Last month, at the FTC’s request, a U.S. district court halted another debt collection operation that allegedly deceived and abused consumers.

For consumer information about dealing with debt collectors, see Debt Collection FAQs: A Guide for Consumers.

The Commission vote authorizing the staff to file the complaint was 4-0. The FTC filed the complaint and request for a temporary restraining order in the U.S. District Court for the Central District of California on October 11, 2011. On the same day, the court granted the FTC’s request.

The complaint names as defendants Jason R. Begley; Wayne W. Lunsford; Rincon Management Services, LLC; Prime West Management Recovery, LLC; Pacific Management Recovery, LLC; City Investment Services, LLC; Global Filing Services, LLC; National Filing Services, LLC; and Union Management Services, LLC.

Source: FTC

FMD Consumer News

Filed Under: Consumer Economic News Tagged With: Abusing, collection, Consumers, Court, Debt, Deceiving, Operation, Orders, Stop

Consumer Debt Relief – Pay a Debt Settlement You Can Afford

October 9, 2011 By admin

by Center for American Progress

Consumer Debt Relief – Pay a Debt Settlement You Can Afford

Consumer Debt Relief – Pay a Debt Settlement You Can Afford

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Home Page > Finance > Debt Consolidation > Consumer Debt Relief – Pay a Debt Settlement You Can Afford

Consumer Debt Relief – Pay a Debt Settlement You Can Afford

Posted: Jun 27, 2010 |Comments: 0
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Many people engaged in investments might be aware about wounds that have been left by the global meltdown of the economy very few days back. Not only in the USA but also business allover the world were thoroughly hurt by the unpredictable slow down of the market. Although the gloomy phase is not over altogether but the aftereffects are really awful. People swathed with enormous loan badly feel the need for debt relief programs. On the other hand, many of them who have failed to repay their loans have filed bankruptcy finding no alternative to fill up their outstanding liabilities.

Banks are in seriously critical situations too. The instance of bankruptcies is hiking with every passing day and consequently these financial organizations fell in severe crisis. There was a deep dearth of liquid cash in the market. At this juncture it was imperative for the government to intervene into the situation. Considering the above panorama, the government started encouraging the debt settlement programs in order to bring back the equilibrium of the financial posture.

Among various kinds of settlement programs, consumer liability settlement has some unique preferences. As the involved money is much higher, the preference is also dominant in case of the consumer debt relief programs. The government basically has two objectives behind catering the business groups and the individuals as well to settle their debts as early as they can. First of all, it aimed at supporting the economy on the whole. The consumers can once again stand erect on their feet if they are able to adjust their liabilities. In addition to this, there is also a possibility to cover the loss even though marginally. This in turn will fill in the vacuum of liquidity. Therefore, millions of debtors were encouraged to opt for the debt settlement programs in order to do away with their unsecured debts.

There are many reasons why liability negotiation seems to be a profitable option both for the debtors and the creditors. First of all, debt relief is a legitimate process and once the negotiation is complete, one can expect a clean chit from the creditors. Besides, the defaulters will face no trouble with their credit records in future. In case of the mortgage loaners, they get an opportunity to save their property from foreclosure if they opt for a settlement program. The adjustment program seems being acceptable to the creditors too. It is because as by dint of the same the creditors can recover at least a part of the loaned amount instead of complete non-payment.

Debt settlement companies are widely available in just about every state however some are just flat out more experienced than others in debt negotiation. That’s why it’s so important for consumers to use debt relief networks. These networks qualify and only accept the best performing debt settlement companies.

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Clyde Archer -
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www.BestDebtElimination.com is a matchmaker in the debt settlement industry. They have paired up thousands of consumers up with debt settlement companies who are most likely to get consumers the best deal.
http://www.BestDebtElimination.com

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Filed Under: Consumer Economic News Tagged With: Afford, consumer, Debt, Relief, Settlement

Consumer Credit and Debt: Someone Owes You Money

October 3, 2011 By admin

Animation on the debt collection problems of owing money and being owed money.

Consumer Credit Counseling Service of Forsyth County Inc.(CCCS) was established in Winston-Salem in 1972 as a non-profit educational organization to help families build wealth, achieve financial self-sufficiency, attain financial stability, and handle financial crises. CCCS offers its services to the community through the Financial Management & Debt Counseling Program, the Center for Home Ownership, the Homebuyer Education Center, the Center for Financial Education, and Senior Financial Care Program. Low or no-cost services include financial assessment counseling; budget review; financial literacy education; Senior Financial Care®; a debt management program to pay off unsecured (credit card) debt; credit report review; homeownership education and counseling; and mortgage default/foreclosure prevention counseling. CCCS partners with families, schools, religious organizations, businesses, government agencies, and other non-profits, serving residents of Forsyth and surrounding counties from offices in Winston-Salem, Kernersville and Mocksville. CCCS was reaccredited in 2010 by the Council on Accreditation (COA). More information is available at www.cccsforsyth.org

Filed Under: Consumer Economic News Tagged With: consumer, Credit, Debt, money, Owes, Someone

Credit Reporting Agency Trans Union Tired of Bad Debt Collectors Sues Asset Acceptance

September 26, 2011 By admin

File-Folders After credit reporting agency Trans Union was named a defendant in a federal class action lawsuit, that originally only named Asset Acceptance LLC as a defendant, the company filed suit against Asset Acceptance for breach of contract in Illinois.

In the complaint Trans Union alleges that Asset Acceptance reported incomplete and inaccurate information on consumers credit reports.

See PDF of case below for the full details of the lawsuit against debt collector Asset Acceptance LLC.

“Charged by contract to report to Trans Union only complete and accurate information about a consumer credit accounts, Asset Acceptance nevertheless reported incomplete and inaccurate information to Trans Union. Due to Asset Acceptance’s breach of its contract with Trans Union, Trans Union was named a defendant in a federal class action lawsuit that was originally filed only against Asset Acceptance. Trans Union files this lawsuit to pursue its contractual right of indemnity from Asset Acceptance and to recoup losses that it has incurred due to Asset Acceptance’s breach of its contract with Trans Union.”

Third party debt buyers and junk debt collectors rarely have documentation proving a consumer owes a debt, and yet these debt collectors continue to file sketchy lawsuits or add improper information to consumers credit reports. Most (if not all) don’t care as their greed overwhelms their morals and may often break the law to get paid. A consumers only recourse is to fight back and force these agencies to prove a debt (in court) and to complain to credit reporting agencies that the information supplied by a debt collector may be false or inaccurate.

Perhaps consumer credit reporting agencies should stop accepting anything from debt collectors, as most of the information supplied is questionable at best.

Download the filing against Asset Acceptance (PDF)

Discuss this topic at the consumer complaint forum

ABOUT ALLEN HARKLEROAD

Allen is an avid and judicious consumer advocate who enjoys helping others. In addition to consumer advocacy he enjoys writing and blogging on various technology and business subjects.

(PDF)

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Filed Under: Consumer Economic News Tagged With: Acceptance, Agency, Asset, Collectors, Credit, Debt, reporting, sues, Tired, Trans, union

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Credit Reporting Agency Trans Union Tired of Bad Debt Collectors Sues Asset Acceptance

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