So the Holidays are upon us, and we most likely ran up what seems to be insurmountable debt and we dread the day we receive the statement in January. Even if you behaved yourself,followedour tips on holiday shopping you can still feel the pinch come the New Year. This article is designed to know when you’ll needourhelp!
Secure Credit Solutionsoffers a few different services, all designed to help, not hurt you. There are some companies out there that offer to “boost your credit score in 30 days” and so on, but realistically it will take some time to boost your score, so don’t fall for these ads, choose your financial assistance wisely. Below are the services we offer and how they can help you.
Debt Settlement: We can settle your debts up to 50%. What does that mean to you? If you have credit card debt, personal loans (student or otherwise), or any other unsecured debts that have reached a 3rd party collection agency, we take away the emotion and deal with the agencies directly on your behalf. What this does for you is offers leverage, negotiation power andeliminates the harassing calls! We bring over 16 combined years experience in this industry to the table; we know how to negotiate to get the best possible settlements. This improves your credit score by paying off and removing thederogatorymarks!
Debt Management:Even if your credit accounts haven’t reached a 3rd party collection agency, but you fear they are falling behind, WE CAN HELP! If making the monthly payments is a struggle with the high balance and high interest rates, Secure Credit Solutions will help in lowering the interest rates and bring down the monthly payment along with shortening the time in which it will take in paying off your balance. This helps maintain and even improve your credit score by keeping you on track and never falling behind.
Self-Serve:We also offer our self-serve guide to help you maintain and understand your credit. If you’re looking for a comprehensive approach to credit and your credit score/evaluation, our self-serve guide will not only explain how a credit score is broken down, but will also help you stay on track but if you happen to slip we offer a bit of advice on how to handle it.
So if the holiday rush has gotten you a little bit over your head, or you’re looking to start the New Year off on the right foot then call us for ano cost consultation!We will assess your situation, build an action plan and upon initiated the plan we’ll even make sure you don’t fall back into the same position.
This is our first Vlog, so essentially its still a test. With our make-shift studio we decided to record some helpful tips during the holiday shopping season. We hope you enjoy…
If you’re one that enjoys playing billiards, frequents the local watering hole and likes a massage from time to time, don’t be surprised if your credit line is reduced or cancelled all together.
Major Credit Lenders Playing Judge and Jury
Major credit card lenders, do factor In where consumers are spending their credit line when deciding to cancel or reduce the credit lines. They say that this is based on studies which indicated that spending on specific types of businesses put you in a higher credit risk pool than others. Most credit lenders, including American Express, don’t really say which businesses will put you into that risk pool, but as evidence shows through a lawsuit filed by the FTC against CompuCredit a short while ago; a total of eight (8) types of businesses effected this decision. The suit was filed for “deceptive credit card marketing”, but listed among the charges was “CompuCredit also failed to disclose, or failed to disclose adequately, that for the first 90 days, the company would monitor consumers’ purchases, and might reduce their credit limit based on an undisclosed “behavioral” scoring model.” Among these types of businesses are: nightclubs/bars, massage parlors, billiard halls, and even marriage counselors. To read more about the suit filed by the FTC: http://www.ftc.gov/opa/2008/06/compucredit.shtm
Pick a Card, Any Card
Not anymore! When you’re thinking about a night on the town with the guys…or gals, chose your plastic accordingly. At Secure Credit Solutions, LLC we don’t condone the overuse of credit cards anyways(especially at a restaurant or bar), but if you’re going to use your cards try to use one that you’ve had for more than 6 months and have created a history with them which will help you avoid any reduction or cancellation. However, if you just received the card and have zero history, refrain from the swipe and use cash instead.
TIP: Try to avoid using a credit card to “open a tab” at a bar or restaurant. Unless you’re wining and dining potential clients, running an open tab will increase your chances of going over your budget for the night. Instead, carry cash and leave the credit card at home this way when you run out of money you won’t be forced to use the plastic.
If waiting for your lotto numbers to hit in order for you to be able to afford the house in which you’ve always wanted, you may need to rethink your ambitions and finances. Don’t lay awake at night panic stricken on how you’re going to be able to get you and your family into a house! Do something about it now!
It’s Easier Said Than Done
Oh hogwash! Don’t believe that statement. It’s only as difficult as you make it, so the simple solution would be, don’t!Lets take a look at some simple guidelines that could help you come closer to getting that home and achieving your dreams!
Stop the Phone Calls: Clean up your debt. If you’re even starting to think about getting a home, you really need to look what old debts you need to clear up before approaching the bank. If the amount of debt seems insurmountable, you have options so don’t blow a gasket. Get all of your finances in order, pull your credit report and see what needs to be cleaned up and start one by one and make arrangements. If that seems like a tough challenge, pick up the phone and call 1-866-975-7526, they can pinpoint your issues and breakdown your monthly income and expenses to make a plan of attack for you. Also, chances are they can possibly negotiate to lower the overall amount of debt and see to it that you clean it up faster.
Keep it Real: You want a home you can afford. Just because you can “pay for it” doesn’t really mean you can “afford” it. If you’re able to pay $2,500 a month for a home each month, start looking for something in the $1,500 a month range. Especially if this is your first home, you don’t want to stretch yourself to the limits each month and eventually collapse because you never had any savings. Think back to your first car, was it a sports car? Or was it a used heap that took 15 minutes to turn over? If you had the former then bless your heart, but most of us weren’t as fortunate to have such luxuries. So, start looking for a more realistically priced home and upgrade later down the line when the market bounces back.
Chill Out: Chill out for a while, buying a home takes money. “Thanks Capt. Obvious!” Honestly, if you’re paying down debts you don’t have much room to save, so pay those off; then start to commit to saving a percentage of your monthly income. In the very near future, if not already, banks will again require a good down payment and it could be as much as 20% so its important to stay focused and disciplined in your savings! So chill out and start saving!
Pay Smart: Plan according your current financial conditions. If in 3 years you’re looking to be promoted and have 15% increase in pay that’s wonderful, but don’t plan on it today! Watch out for the adjustable rate mortgages, that’s part of the reason our economy is the way it is. ARM’s could hurt in the long run, down the line your monthly payment could increase (by a lot), you could owe more money than you initially borrowed too. Its smart to realize 3 years from now what you can afford today, even with the promotion; this way when that promotion comes you have 15% or more to put away for a rainy day.
Now before you pick up the phone and start making phone calls or planning out your open-house routes; start to think about what you need to do in order to strongly consider the home you want. Are you really ready for that home? Are your debts paid off and credit rating in a decent range? Can you afford the home you wish to look at? Three, five, fifteen years from now?Keep these in mind, don’t get over zealous in your dreams and try to stay realistic. Happy hunting…
Repossession or “repoed” is somewhat an ugly term for the taking of the automobile or RV, Boat, motorcycle, etc. of which you have missed a number of payments. If you lease or finance a vehicle of any sort, the bank or lending institution has specific rights to the vehicle up until the loan is repaid in full to that lender. So if you do happen to fall behind and violate the contract in any way the lender has the right to repossess the vehicle.
If you have had a vehicle you were leasing or financing repossessed, this will be noted on your credit report (check the statute of limitations for how long it will remain on your credit report). What it will indicate is the remaining balance of the vehicle after it was resold. This may come as a shock to some people, however if you read the contract that you signed originally it will state that you are responsible for the remaining balance after the car was sold. This could mean they would sell the car for one dollar and you’d owe everything else. Why pay for a car you don’t own anymore, prevent the repossession.
How to Prevent
It’s easy to fall behind, if you do, you must do the right thing to prevent a repossession of your vehicle. By contacting your creditor and explaining to them your situation, that you are going to be behind or miss a payment, they should be willing to work with you and offer a solution until you’re able to get back on track. Some of these solutions include deferring a payment, but paying the interest only (which will be significantly less than your monthly payment), or deferring it all together and adding those months (possibly up to 2) on the back end of your loan term. However, the bank could refuse to agree to any modification of the loan and demand that you return the car, which is a possibility if you believe you won’t be able to catch up in less than 2 months. A voluntary repossession will reduce some of the expenses the bank will incur which you would be responsible for and it still remains on your credit report as such.
What to Do
If you see that the repossession is listed on your credit report and the lender has NOT filed a judgment against you,* you will want to contact the creditor listed, in most cases will be the auto finance company you originally had your loan through. If they have filed a judgment against you, you will be notified of the court hearing and it will be decided how you repay the deficit.
*some states have consumer protection laws in which they cannot sue you for the deficiency of the balance, check your state laws.
To conclude, you never want to have your car repossessed by your lending institution; its embarrassing and a great hassle to correct. Instead, have a good standing relationship with your lender and let them know if you’ve hit a rough time and see if they will do anything to work with you. If you’re unable to come to an agreement to get caught up and you have no other choice but to hand over the keys keep in mind you will most likely have a balance of the remaining loan to repay.
Also, remember that Secure Credit Solutions, LLC can help you stay on track and on time with your payments. If you feel you’re going to fall behind or already have been, call us and we’ll work with your lenders and better your situation. We also handle credit cards, private student loans, and personal loans.
We are going out with the old and in with the new. Secure Credit Solutions, LLC will be producing a new commercial spot this coming Friday, so please check back next week and see our new spot to be airing all throughout Central New York starting December 5th.
For now, I leave you with a two of our spots in which were running our viral campaign and the current commercial spot to date.
Are you suffering from a financial crisis right now? Are you unable to pay your bills because you’re worried about keeping your home? It can be a tough and stressful position to be in and it may feel like the end of the world. The good news here is you have options!
Lets take a look at several different crisis’ that millions of American’s face everyday; evaluate them and list the solution.
Foreclosure
The main cause of our economic position are these forclosures. If you haven’t been foreclosed upon, you can still do something to prevent it. You may have to evaluate your standing in order to know exactly what your possibilities are and what the bank is capable of doing for you. Remember the bank doesn’t want you to foreclose either, so they will help work with you. This is your number one priority at this point, you should contact your unsecured credit lenders (credit cards, store department cards, etc) and discuss options to seize payments on any debt immediately to try and get yourself out of foreclosure by bringing your loan current.
If you are unable to make payments, there are still options available to you. It is important to contact your lender right away, we can’t stress that enough. As far as knowing what to expect and how to prevent your home from being foreclosed upon, you want to read the agreement that you had signed when accepting the loan. This document will explain what the lender can do if you are unable to make your payments on time. Also check the foreclosure laws of your state to see what steps are taken when a lender forecloses on a home. Your first step should be to contact your lender and ask them if they support the following options:
Held or slowed Payments:The bank will hold or delay your payments for a specific amount of time to help you get back on your feet. They will often allow you to skip up to 6 payments over a the next year or possibly two and extend the grace period in which you can be late with your payment, or reducing your payments for anywhere up to 1.5 years.You may also request a period in which they reduce your payments over a short period of time.
Reinstatement: is where you have to provide a lump sum, usually the amount you’re behind, by a specific date order to bring your balance current.
Repayment plan: The bank can add your past due amount onto your monthly payment and help bring it current over time.
Changing your Plan:The bank might allow you to change your original plan all together by allowing you to extend the length of the loan, or allows you to take additional steps to reduce the payment. Keep in mind that lenders realize the benefit for both parties to come to terms on some agreement in that allows the borrower to keep their home and make some contribution toward the loan. Some of the following modifications of the loan can take place:
-They take the amount that you are behind and add that to the principle balance and allow you to repay at a slower or less of a rate than normal. No interest should be accruing on the past due amounts that have been added to the balance.
-Allowing you to repay your delinquency in installments over the course of several years without interest.
-You may even be able to extend the life of the loan and that will cause your monthly payment to be reduced.
Short Sell:The bank will allow a specific amount of time for you to list your house on the market and to pay off the remainder of the loan. If you were unable to come to any of the previously stated options; or your lender simply won’t allow anything other than your original agreement you can try and list your home for sale.
Give back:you can essentially “give back” your property while they forgive the debt. This however, does have a negative impact on your credit score. If you’re unable to sell you home in the given amount of time this would be one of your final options.
Again, its nothing you want to find yourself get into which is why you should always plan for a rainy day and never let yourself get too far behind on your bills. Next we’ll address reposessions and your options.
Can Life Insurance Help You Get That Business Loan?
Most businesses run on credit, or at least ready access to it. Without credit at reasonable rates, many businesses would find it nearly impossible to carry out expansion plans or get through times of tight cash flow. That’s one reason businesses watch interest rates so closely. A lower rate usually means better access to more credit at lower rates.
Life insurance may be a player in the credit game. When banks evaluate a loan application from a business client, they frequently take into consideration whether a key employee in that business has life insurance. In the event that the employee’s loss causes a business disruption, the life insurance could serve as a means of secondary collateral. In a sole proprietorship or other closely held business, a life insurance policy can possibly be a deciding factor to the bank as to whether or not to grant the loan. The chances for obtaining a loan approval may be enhanced if the business itself is named as the policy beneficiary.
How Can a Life Insurance Policy Help Your Business?
A life insurance policy can help in the following ways:
May make a lender more willing to grant credit or a loan.
May open access to higher amounts of credit.
In some instances, it may result in a more competitive loan rate.
Which Insurance Is Right for You?
Term is often used, especially when:
Protection needs are short-term or limited, such as to cover a single loan for a specific period of time.
The situation calls for a high dollar amount of coverage.
Dollars are tight. Term insurance provides coverage for a lower immediate premium dollar than does permanent insurance.
Most businessowners prefer no-frills protection. You can buy it when you need it and drop it when you’re done.
However, term life insurance has its drawbacks:
It’s pure cost. Unlike permanent life insurance, term provides no living benefits in the form of cash value accumulation.
If you need coverage for more than a short period of time, keep in mind that the premium cost is likely to increase over time. Eventually, as you get older, the cost may become prohibitive.
If you experience health problems and become uninsurable, you may not be able to buy coverage when you next apply for it.
Many Business Owners Opt for Permanent Life Insurance
Cash value accumulation can be an important feature of permanent life insurance for business owners, especially since many businesses rely on credit on an ongoing basis. In fact, it’s not uncommon for business owners to routinely assign insurance benefits to their lending bank. In a nutshell, here are several of the highlights of purchasing a cash value, permanent life insurance policy:
Once you buy it, you can keep it for life, as long as you pay your premiums. The death benefit protection is with you for life as long as you pay your premiums. With term coverage, on the other hand, there is always the risk that the term insurance will expire and you may become uninsurable as you get older. Then you might not be able to purchase insurance, which can compromise your access to credit.
The price doesn’t go up. It remains level.
The cash value that accumulates can be borrowed against at a competitive interest rate. (However, it’s important to remember that loans against your policy accrue interest and decrease the death benefit and cash value by the amount of the outstanding loan and interest.)
The Reality of Business
Business relies on credit, and life insurance can sometimes help you get that credit. For more information on how life insurance can help your business and family, please contact Chris Naugle, Agent, New York Life Insurance Company, at 716-626-7387.
There are questions on everyone’s mind lately; such as: ‘just how bad can the economy get?’ ‘Have we seen the worst of it?’ ‘How does this all affect me and my family?’ ‘What can we do about it?’ These might be tough times for a lot of us, but rest assured they aren’t as bad as we all think it is and there is light at the end of the tunnel.
We all understand how we ended up in this position, and it all falls back to the fat mortgages that were given away on street corners. Aside from that and finance the economy is in pretty good shape. With our weak dollar many countries have increased their purchasing of our goods, the drastic drop in the cost of crude oil makes good at the pump, and when gas gets closer and closer to less than $2.00 across the Nation, we are all a little bit happy. Now once this large sum of money the Gov’t is going to pump into the banking system, you should see a rise in 2009. Sure we could experiences a light recession (some believe we’re in one right now) but experts expect this ‘recesssion’ to last no later than next spring. We predict that a good majority of the lost faith in the lending/banking system will be restored soon and things could get back to a somewhat state of normalcy.
What To Do in the Meantime?
In regards to stocks, bonds, mutual funds, lending institutions/banks, lines of credit, mortgages and my 401(k); what kind of normalcy can we expect to see from these? Stock Market: Well I can assure you that there won’t be a HUGE rebound in the market anytime soon. That also doesn’t mean you should be pulling your money out, and by God I hope you hadn’t at the first sign of the fall. If you expect to buy back any stocks that have fallen after a 3-4 year low once they get back trading at higher prices, you might as well give them your slacks too considering you’ve already given them your shirt, so keep it in there and wait for the bounce-back. Meanwhile, think of safer places to invest your money; single money market funds or short term bond funds. Yes, they along with everything else has lost value, but as for money market funds the Treasurey Dept. gave an insurance plan to guarantee their value. This along with a banks money market accounts and CD’s are also insured by the FDIC. Retirement: Your 401(k)/IRA, you might want to look into a ’stable value fund’; and according to SmartMoney a stable value fund is “a fund that generally offer returns that are a few percentage points higher than your average money-market fund, with just marginally more risk.” Credit: The past few months things have gotten a little tigher in regards to credit. There have been lower credit card limits, tougher loan qualifications, and freezes on home equity loans. This is the reason that regulators wanted to step in this crisis; many feared that along with business lending, cosumer lending would shut down completely! However, loan qualifications may be a bit tigher but you still can get a loan, which is great. Experts agree that you’ll need a more than fair credit score (680 or above) and have at least 10% to put down for the loan. Word to the wise: considering they are cracking down on the requirements needed to be met for a loan, they are also going to need to see that you’re debt to income ratio is in check. If you are spending over 35% of your income to loans and other outstanding debt you may be rejected.
So in a nutshell, we should be seeing some better days again. We just have to be on our best behavior and hope that we bounce back soon. We aren’t out of the woods just yet, but just be prepared to go through a little recession before things get better.
