Stanley’s plan on Debts and Credit

If you feel that you have been treated unfairly by your lender (PDL), file complaint with as many authorities as you can. Boy, it really works.

A person borrows $275 and ends up owing over $2700 - this is not right. Illinois has become irate based on similar complaints filed by payday loan consumers.

http://www.suntimes.com/output/news/payday28.html

Lots of debates has broken up already, however, I still believe that whenever consumers feel that they have been victimized, contacting the Office of Attorney General and Consumer Protection is the best bet.

I have read this story on the US Embassy website of Stockholm: It was mid-19th century. When all became quiet after the Civil War and surviving soldiers started returning home, a drugstore owner in Waterloo got the idea of Memorial Day for the first time. He proposed that all the shops in the town remain closed for the day to honor the souls who could not return from the War. It was May 5, 1866.

During the same time, Retired Major General Jonathan A. Logan thought out another plan for those who survived the war. He guided the veterans to the cemetery to decorate comrades’ graves with flags. The day was name Decoration Day at that time.

The two ceremonies were combined in 1868 and in 1882 the name Memorial Day was coined. The day is not for celebration only; it is the time to offer our respect to those who dedicated their lives for the nation.

VantageScore is a new scoring model that credit bureaus are going to market this year, perhaps. The question is why VantageScore, why not FICO or NewGen FICO? I’m sure all of us have noticed the difference among the credit scores obtained from the three bureaus. This happens because each bureau uses different formula while calculating credit score. Bureaus anticipate that VantageScore will eliminate this difference by bringing in a sole scoring model.

VantageScore would be simple to understand and interpret too. Consumers can predict well in advance how certain financial activities will affect the score. It will be represented as Grades. If your score is in 900s, you will get A Grade, if it is in 800s you will get B Grade and so on.

The main problem with VantageScore is lenders, mortgage brokers, auto mobile dealers, banks – all have to change their system to adjust with this new model. So this is a huge process and the industry might not be willing to adopt this change. Now if your lender is not going to concentrate on your VantageScore, why would you buy this score?

Industry is saying that few lenders have shown interest towards this change, but there is no clue at all if the finance industry would accept VantageScore as the yard stick of consumers’ financial status or not.

Moreover, people are of opinion that VantageScore still depends on various factors on credit report. As all the creditors do not report to all the three bureaus, the chance of getting different score or Grade is still there; then what is the utility of a new model at this stage?

Source: ConsumerReports.org

Texas Attorney General has filed lawsuit against a loan company for their deceptive lending practices. The company used to claim themselves as an Internet company but offered loan to consumers. The story is well-known. They charged $30 biweekly for a $100 loan. Until you pay the principal amount back, they will continue charging your account.

So in a year, they collected $720 + wrap up fees for a $100 loan!!! Hence they charged 782% rate of interest, whereas Texas usury law restricts rate of interest at 10% only.

Now they lawsuit says they have to reimburse the amount collected from consumers illegally. Moreover they have to pay penalty of $20,000 per violation of Texas Deceptive Trade Practices Act and $10,000 per violation of Texas Finance Code.

Payday lenders, beware, the wheel has started turning to the opposite direction.

Source: WacoTrib.com

Citizens of Australia are scared of filing bankruptcy. The price of oil has crossed the level already. Oil is such an important commodity that controls the price of almost everything. With the existing amount of debt and the heightened rate of interest for mortgage, people are anticipating a hardship. But what is the solution?

The number of bankruptcy suits has started to increase already. Paul Leroy, a partner with chartered accountants Hall Chadwick is of opinion that people with low income group might fall behind with mortgage payments in near future. A similar trend is not impossible in the corporate world even.

Where will we end up ???
Source: The Advertiser

Dr. Satyajit Ghosh, professor of Economics at the University of Scranton has been studying the influencing factors of Gas price. He has mentioned three crucial points that are controlling the cost of Gas and oil nowadays.

1. Increasing demand of Gas from the Asian countries, like India and China.

2. The present situation of the world and what the industry anticipates about the Oils and Gas market. Obviously he pointed out the instability of Middle East here.

3. The third factor is the use of ETHANOL instead of MTBE as an additive in the oil in USA. ETHANOL is more costly, but oil refineries have been instructed to use it in place of MTBE for the sake of pollution control.

Then there are state and federal taxes. However, the economist has forecast that Gas price might go down a little once all the refineries switch over from MTBE to ETHANOL.

There are websites where people post their feedback on different companies, services and products. If those sites can publish negative feedbacks, then why don’t we?

http://www.my3cents.com/ is such a site that maintains a Company Review Catalogue. Needless to say there are positive and negative comments as well.

IMO, this type of feedbacks could help business houses to identify where exactly they are lacking. They can also understand how to satisfy customers in future. So instead of asking for removal of such posts they should listen to what people are saying. Hence this is a golden opportunity for Cashtoday/Heathmill, Riscuity, Wilshire Credit Corporation and many more to restructure their business and come up with a superior corporate house in their respective fields.

http://www.debtconsolidationcare.com/legal/index.html

Obviously I’m talking about legitimate companies that want to do business indeed. People intended to continue with bad practices, will suppress the voice raised against them invariably.

Now lenders will dictate us how we should speak? What a shady attitude. America is an independent country and the citizens cannot express their thoughts. Where are you going folks?

Cash Today/Heathmill has sent a legal writ to Debt Consolidation Care because they helped consumers raise their voice against what is unlawful. Don’t you think this is a sentence to the Debt Consolidation Care Community stating – keep your mouth shut and let us continue with insincere business.

Interviews of community members have already revealed lots of unethical protocols of their business. Debt Consolidation Care Community has shown the courage to disclose their true color. How are they doing business even after charging as high as 1000% interest rate?

http://www.debtconsolidationcare.com/heathmill/interview.html

http://www.debtconsolidationcare.com/heathmill/identity-theft.html

Oh, let me write it down before the other avatar yells at more people. This is a lender that offers payday loans. Payday loan industry has already been put under a big question mark. But the company I am talking about is an item indeed. They continuously monitor our forum. When anyone raises their voice against them, they try to locate the person and give them a call. Needless to say, all types of threats are started then. What a professionalism!!

http://www.debtconsolidationcare.com/forums/collecting-balance.html

Internet is like a mine of information. There are lots and lots of sites with millions of web pages, I know it look like galaxy of stars. Now with the advent of blogs it is easier to have a personal page on the web, like my own space ship through which I can land on moon.

Blogs are like personal journals where you can share your own thoughts. People can leave comments on other blogs. More the interaction higher is the popularity of your blog. More popular your blog higher is the $$ earned from Adsense. But people often do a mistake while popularizing own blog. They copy content from other sites and paste it in their blog, especially when they found something spicy.

This can drive huge traffic to your page and you can earn some revenue if visitors click on the Adsense, but Google the great does not like duplicate content. They consider it as spamming and punish the web page. So the chances of earning revenue go in vain.

Then can’t we blog on important and urgent topics that has been discussed already somewhere else?

-Yes we can. We can take the theme, but we have to write it on our own just to make it ‘My Content’.

Besides, few sites are there that maintain a strict copyright policy. If they catch one using their content, they will charge a huge toll. See what Google says on copying content-

http://www.google.com/dmca.html

But if we find great jokes, can’t we share it with our forum friends?

-Yes we can. I agree that editing a joke often makes no sense, then we can show our gratitude to the writer, so that no room is left for the thought that I tried to steal the content. People interested in writing love their creations as a girl does her virginity

It is a well-known fact that negative entries hurt credit score. Consumers should always try to prevent negatives enter credit report because once these entries are there; it will be for next 7 to 10 years.

People often try to retouch their credit file to obtain a higher score. There is nothing wrong in it. However, FCRA does not offer any room of thoughts that correct negative entries can be removed from credit report. If you have declared bankruptcy, no one can remove this from your report. It will go off automatically according to FCRA bad debt reporting time.

However, some credit repair agencies claim that they are able to remove bankruptcy from your credit file by exploiting some loop holes of law. If an item in credit report cannot be verified with the creditor/bankruptcy court, it cannot stay in the report.

Often bankruptcy court fails to verify the entry and credit repair agencies insist bureaus to remove it from credit file. But if any day, bankruptcy court verifies the case, chances are it will be re-inserted in your file. Credit bureaus should inform consumers five days in advance that the removed info is going to be inserted again.

Personally I cannot see anything bad in dealing with creditors or collection agencies and get the credit file cleaned. Charged-off accounts can be updated as ‘paid charged-off’ if debtors can make some payment arrangement. ‘Paid charged-off’ is definitely better than a ‘charged-off’. If you are a very good speaker, you can also convince your creditor to report the account more favorably like ‘paid as agreed’.

So before paying your hard-earned money, do some research and think twice. If anything seems too good to be true, be cautious.