Easy Debt Settlement

Receiving a call or letter from a debt collector can be frightening for individuals who are already stressed and financially burdened by medical, student loan or credit card debt. To add to this anxiety, some debt collectors engage in strategies that are not only unorthodox, but in some cases, illegal. Its important to understand that regardless of how much debt individuals hold, they have rights and can fight criminal debt collection tactics.

Debt collectors are within their rights to contact consumers whose accounts are in collections. However, they are not allowed to make threats, harass them before or after business hours or divulge personal debt information to friends and family members. Oftentimes, however, these are the types of prohibited strategies some collectors use to intimidate borrowers. Read more…

Tags: Debt, Debt Collection

The high-cost lender Wonga is launching a business loans service, promising to make funds available within 15 minutes of an application.

Wonga was reluctant to quote a typical annual percentage rate, or APR, for loans, saying the measure was inappropriate as they could be taken out for as little as a week. The firm has been heavily criticised for lending to individuals at an APR of 4,214%, but claims business loans will be at rates starting at 17% APR.

Loans of £3,000 to £10,000 will be available for terms of between one and 52 weeks. The cost, including a variable application fee and interest, starts at 0.3% a week and the loans must be repaid in weekly instalments.

Wonga is entering the business loan market at a time when firms are struggling to raise funding.

Read more…

Tags: Business Loans, Business Loans Service, Loans Service, Service

Talking about money with family, friends and professionals can be difficult. It can be even harder when adults are struggling or facing significant financial problems, such as foreclosure, credit card debt or depleted retirement savings. However, speaking with people who may be affected by the crisis or a professional who is trained to help, such as a credit counselor, can help individuals develop a plan for dealing with these types of issues.

A recent survey conducted by Ameriprise reveals that many families are uncomfortable discussing money-related topics, such as retirement savings, debt and their personal finances, despite the fact that they may all be affected. Read more…

Tags: Financial Problems, Problems

The Lending Well touts itself as the UK’s first peer-to-peer lender.

The UK’s first peer-to-peer payday lender will charge its borrowers an interest rate of 2,464.8% APR, but is paying those lending the money just 12%.

The Lending Well will charge borrowers £1 a day for every £100 borrowed, and a loan for £150 over 26 days will cost £39 in interest, provided the borrower pays it back by the agreed date.

Although lenders carry the risk of losing some money if the borrower defaults, they will receive just £1.28 in interest on the same loan. Money waiting to be lent will earn no interest at all.

A company spokesman said: “One of the main reasons that payday lending can seem expensive is that the cost of customer acquisition, credit checking and so forth is fixed and high.

“The Lending Well aims to reduce the overall cost of borrowing and believes that as the business scales, charges will reduce.

Read more…

Tags: Lender, Payday Lender

Credit Card debt is a problem that is the cause of suffering for many all across the world. Though still a lot of people have kept themselves aloof from this credit card, still though who use them always carry a financial balance. The interest rate for any credit card is usually quite high which makes it difficult for most of the people to pay the debts even if it is paying the minimum payment. In reality, just making minimum payments can make even the smallest balance take a lot of time to pay off and a lot of money is spent in the course. Thus, it is quite understandable that paying out a debt is so difficult. Thus, you should know steps to eliminate credit card debt. This will allow you to pay off the debt quite sooner than its usual time taken, enhance your credit score and you also need to pay less interest.

There are some simple basic steps, which need to be followed to eliminate credit card debt.

Read more…

Tags: Card Debt, Credit Card, Credit Card Debt, Debt