Friday, April 18, 2014

Breaking News, have Debt Collectors violated their jurisdiction when they ignore natural disaster claims?

The Good News is, apparently consumers DO have some debt suspension rights. I would recommend checking out your credit score on TransUnion Credit, including checking out their dispute options. Of course, NEVER lie, use the truthful dispute to win.

Transunion Credit Bureau allows consumers the right to dispute their potentially negative credit scores via a proprietary checklist of dispute options. If one has the truth on their side, then it may be possible to get a negative or delinquent account reversed if the reason one defaulted is also a dispute option.

An example would be if one lives in an area that had a natural disaster declared. There are other dispute options as well. Experian also allows one to dispute negative credit histories, but they don't actually give a list of dispute choices and one has a limited amount of space to make their case, but their site is rather easy to navigate as well.

Seems to be worth investigating one's credit score if it means improving that score by truthfully disputing a negative credit report. Be careful however, Experian, TransUnion and Equifax all seem to want one to sign up for a monthly credit protector or credit review option.

I frankly find it disturbing that none of the three offer a simple, "check my credit history and make corrections if necessary" option that does not automatically renew on a monthly basis. I wonder if the Consumer Financial Protection Bureau may be knocking in their doors in the future.

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Sunday, February 2, 2014

Government Sequestration of the Elderly's Home Equity a 100% Success. Over 98% of the Elderly Collecting Social Security won't Qualify for a HELOC no matter how much Equity is in their Home!

The U.S. government has sequestered the home equity wealth of the elderly. Anybody who makes less than 3,000 dollars a month is not eligible for virtually any type of a loan, even if that person owns a home and has an abundance of equity in the home.

The average amount of social security income for 2014 is between $1,100 to $1,500 per month. 
Anybody receiving less than $2,400 dollars a month in SS (SS 2,400 x 1.25 = $3,000) WILL NOT qualify for a HELOC in most scenarios! It is safe to say that over 98% of the elderly would NOT QUALIFY for ANY type of loan, even a loan secured by their home, even if their home is paid off!
There are literally millions of elderly who could probably have a plus net revenue every month if they could pay off credit card debt with a HELOC. The reduction in interest rate charges that range from 12% to 20% from credit card debt down to a more reasonable 4% HELOC would literally tip many elderly back into the black, thus allowing them to actually pay down their HELOC over time. The elderly would eventually have more spendable cash as well.
The U.S. government has basically sequestered the elderly from being able to pay down their higher interest rate credit card debt by use of their HELOC!
The U.S. government has basically forced the elderly who own homes into reverse mortgages or nothing at all. 

The biggest problem I have with reverse mortgages is the more thrifty the elderly person is taking money out of their home via a reverse mortgage, the MORE they get penalized by the mortgage insurance premium that is tacked on based on the full value of their home!

For every dollar the thrifty elderly person takes out on a reverse mortgage plan, another dollar goes for mortgage insurance! And, all mortgage insurance payments that come out of the the Home's Equity get assessed that 4% or higher HELOC interest rate charge!

Why should you care? If the elderly are locked out of their own home equity, especially if all they want to do is eliminate credit card debt, they have little or no money to spend on local commerce since it is going to the credit card companies in the form of high interest rate charges.

Do you see the government orchestrated trap? Either the elderly stay stuck with high interest rate credit card debt that continues to erode their spendable wealth, or they sign up for a reverse mortgage and have their home equity eaten up by the mortgage insurance premiums.

If you fight against elderly wealth sequestration, you are actually helping free up dollars for local commerce and that helps everyone in your local community.

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Saturday, January 25, 2014

Debt judgments secured have fallen by a quarter since 2011

Debt judgments secured have fallen by a quarter since 2011 in England. However the total amount of the value of debts secured in court has actually still risen. Got "Debt Neutrality Petition"?

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