Pete's Place

Friday, 8 August 2014

Money talks, we listen with interest!

Money talks, we (learn to) listen with interest! (Part 2)

Private Label Credit Cards: Prevent your credit card from becoming a threat to your financial well-being.

The contents herein are the result of my own personal observations and bears no reference to any one person or organization. The information is a means of understanding the system and using it to help yourself. So please take time to read and understand it in its entirety.

It can be embarrassing to discuss personal finances with strangers that call you, but understand it is not to harass or embarrass you, it’s a bill collectors job to ask questions pertaining to assisting you with the best possible solutions to suit your circumstance. *Remember the account is yours to dispose off as best you choose so no one can make you do what you don’t want to do and that includes making payments!

Do Not avoid talking to creditors/debt collectors. Asking for assistance is an entitlement as a customer/ client, use it as often as needed. There are payment ‘options’ that are available.

In case of temporary set-backs like, lay-off, reduced work hours, disability etc., and you are aware that you will not have enough money to take care of your CC Bills, do not hesitate to ask for assistance from creditors. Most, if not all of CC issuers/Banks/service providers have ‘payment options’ put in place to help you get over these temporary set-backs. These options are usually a reduced monthly payment of about (between) 1% - 3% of the total balance, depending on the duration, the interest is also reduced to about half or less, on some programs it can even be 0%, than what you would normally pay. (normally interest ranges between 23%-36%). On these payment programs the interest can be anything from 0% - 9% to 15% (approx) and there is No Late fee even though your minimum monthly payment is reduced and less than the amount due. (There will be variations depending on the service provider/s and duration) Duration can be from 12, 24 (upto 48) months or more depending on your situation.

*Eligibility Parameters generally set forth by service providers will be something like or similar to: Out of work, Disability, Loss in income, Natural Disaster, etc., Total balance on the CC must be $300+ the account must be
delinquent (2-3 payments past due), No purchases in the last 60 days. (These could vary with CC issuers). The only catch on these programs is that if you miss a payment or it is delayed you are dropped from the program.

Making clever use of these programs will help you get out of debt faster than you think, ie: Only the minimum amount payable each month is specified by the service provider, but anything more than this, is welcome and will not influence the program negatively and will help reduce the balance that much faster. So if you can pay off the balance while on the program you have a winner!
No late fees , reduced interest rates, reduced minimum monthly payments, what else can a person ask for.

Check with the Creditor/Service Provider, if there is Insurance on the credit card. (A nominal charge is collected each month towards insurance). Use this, if available, before you consider Debt Consolidation. (In case of
insurance you will be required to make No payments at all)

It is advisable to seek out these programs and use them before you think of Debt Consolidation. Debt Consolidation (Secured/Unsecured) usually requires a collateral, in other words you will be putting your house, vehicle etc., at risk in order to pay off credit card debts. It is rare that lenders will loan without a ‘security’.

Debt consolidation negotiations usually take between 45-60 days for the offer of intent to be sent to the creditor.

Meanwhile the account continues to reflect as being delinquent and continue to accrue interest and late fees.

Debt consolidation negotiators will usually work with the previous months statement balance and will not include the current dues accrued while the negotiation are in progress, if you are not aware you will end up paying both ends ie. Creditor will continue to charge late fees and interest on the amount due that still reflects as delinquent on the account. A good way to avoid this is to keep the account current while negotiating Debt consolidation. This will require some deft financial handling.

As with all financial products, and when negotiating Debt Consolidation make sure to check out the credibility of the service provider/financial institution.

Debt consolidation. This is a process of “debt displacement” – the moving of debt from many different accounts into one account to save on interest paid or to help with cash flow. Debt consolidation and/or debt management is all about reducing the amount of interest and monthly charges you are paying on your debts.

A debt consolidation loan can be secured (for example, a second mortgage) or unsecured (for example, a personal loan).

* Secured loan. A secured loan is one that is secured by an asset – be it your house or car – which can
be repossessed and sold if you are not able to repay the loan. For this reason, you pose less of a risk to the credit provider, and therefore more favourable interest rates apply than those offered on unsecured loans.

If this article has been helpful, Please share.

To raise Financial impropriety issues (PLCC, Mortgage, Personal, Student
Loans etc.) you may contact/refer:

http://www.consumerfinance.gov/

You can inbox me : mercutio.peters@gmail.com

Money talks, we (must learn to) listen with interest! (Part-1)

Private Label Credit Cards: Prevent your
credit card from becoming a threat to your financial well-being

It has long been my desire to share with you a few tips and tricks that I have gained over the last 9+ years in the Commercial Financial Services sector, specifically Credit Card Collections, with the intention of assisting those looking for newer and more workable means of paying off credit card bills. The contents herein are the result of my own personal observations and
bears no reference to any one person or organization. The information contained is a means of understanding the system and using it to help yourself. So please take time to read and understand it in its entirety.

Given the economic situation we all are in, I’ve put together some useful information that will help you save yourself close to $500 on credit card bills annually, if used wisely.

· There is a minimum amount due to be paid each month on Credit Card Bills (if you don’t pay off your purchases within thirty days from the date of the purchase). This is calculated based on the total balance+interest+latefee+insurance, if any, and the terms and conditions of the credit card issuer. As far as possible, make your payment on or before the due date.

· The payment due date is the date by which your payment must reach the creditor to avoid any extra charges. There is also a grace period of a week, (They don’t tell you this but it appears on your statement in the form of: Due date and Billing Date) before the late fee is applied. But the account will have the late fees posted the day immediately after the due date, by default, and you don’t get to see that until the next billing cycle. (The system is programmed to do that).! Collectors make it appear as though they are removing the late fee to assist you (and they do), but it shouldn’t have been there in the first place.!

Assuming you have a minimum amount due of $40 each month. When debt collectors call (the account is delinquent) to collect a payment, they usually will mention something like
this: ‘I am calling to collect a total amount due of $90 which is behind by a payment.’ You are aware that your payment was due on the 19^th and you’d missed the payment for July, but $90?. They will not normally give you the breakup unless you ask. The total amount due will constitute, the past due ie. $40 and the current due $50. – *Taking care of the past due will bring the account current, It is not obligatory to pay the total amount due as mentioned by the debt collector. *The phrase “missed a payment” or “behind by a payment” while opening the call, is to unsettle you.

· Your regular due date being the 19^th of each month,the collection call comes in on the 23^rd. By this time the account is delinquent and has already been debited with the late fees (which for the 1^st time is $25 and thereon $35), interest and the amount due for the next month, $50 (which really is’nt due until the 19^th of Aug) that comprises the total amount due $90. - * *Private Label Credit Card issuers/banks usually do this – Big picture: if the bank has 100 accounts, and collects the $50 = $5000 x interest x 3weeks.(I leave it to your imagination to figure out the amount of money literally 'contributed' to these companies!)

If your payment due date is the 1^STor 2^ND and your paycheck comes in on the same date it will be wise to post date a check for the 1^st or 2^nd and mail it out at least 10 days before the due date. Even if the check arrives early it cannot be cashed until the date it is made out for. Alternatively you can post date a pay-by-phone for the due date which will coincide with your pay check. *There is NO service charge for payments by phone.

Oftentimes the CC Statement comes in with little or no time to make the payment, or not at all. It occurs more with new accounts where the 1^st statement usually comes in after the due date. *
You can, in this case request for a waiver/credit of the late-fees which should be complied with and will reflect in the next statement. Keep CC information ie; Billing Address, email ID, Telephone #’s, current to avoid unnecessary charges. If you have opted for electronic bills, check the ‘spam’ folder if you do not find a statement in your inbox.

Check your statement regularly! If your minimum amount due is $40 and you send, in all good faith, $30, it is credited but with the late fees and your minimum amount due will now move up to more than $40, and you will not be aware if you do not check your statement. (On line if you opted for electronic bills). This happens when you have set up an on line payment ,automatic, through your bank.

Another area that you need to pay attention to is that when you make a payment, let’s say a pay-by-phone, the account is to be credited and the account is deemed ‘current’. But usually debt collectors would mention that the account will be current as soon as the funds clear the bank, which is incorrect. In other words all recurring charges must stop, but do they?

10(a) General Rule.
(Frank-Dodd Act)

1. Crediting date. Section 1026.10(a) does not
require the creditor to

post the payment to the consumer's account on a
particular date; the creditor is only required to credit the payment as of the date of receipt.

2. Date of receipt. The “date of receipt” is
the date that the payment instrument or other means of completing the payment reaches the creditor. For example:

i. Payment by check is received when the creditor gets it, not when the funds are collected. (Ref: Consumer Financial Protection Bureau)

“A system of periodic Quality Assurance reviews, the scope of which includes, but is not limited to, reviews of training materials and scripts, as well as real-time monitoring and recording of
telemarketing and customer service calls in their entirety, consistent with applicable laws;
Review policies and procedures for products with features that may inhibit consumer understanding or otherwise pose heightened risks of unfair, deceptive, or abusive practices..” (Ref: Consumer Financial Protection Bureau)

When making automatic payments on line or using your bank info. on the automatic telephone payment machine make sure you counter check after the entry is made to see if the system has updated the payment info. correctly. Alternatively check with the bank to ensure the
payment is scheduled to come out correctly. This way you can avoid the extra charges.

When making on line payments always schedule the date for the payment to clear your bank. In the event you do not put a payment date, the system will take the next due date by default and you will end up paying the interest which is calculated on a daily basis.

Few merchants issue PLCC cards by default (merchants/stores that do not accept payments) Amazon, Gap, Banana Republic, Old Navy etc., While filling out applications, store attendants/cashiers request some form of identity. Most give the drivers license or another debit/credit card which is then used to swipe the address/information . Consumers sometimes misunderstand this for a payment being made and do not pay attention to the follow-up calls or statements from the merchant. Now according to the FDCPA/FTC the merchant (CC issuer/bank) is not authorized to call until a certain period of time or the bill is for a stipulated minimum, So if you make a purchase of $20 then you will probably be called 2 months later and your bill will then be: $20+$20LF+$35LF+Interest as applicable. This leads to a gross inflation of the bill with all the extra charges added. Even if disputed, you will still end up paying a lot more than you normally would, because the maximum that a bill collector can do is to waive a late fee, and that’s not much when compared to the bill! (Waiver/s will always be the least amount on the bill)

Make the minimum payment required each month as mentioned in your statement. (Even a dollar less will attract a late fee as it will reflect as a partial payment) with all extra charges applicable.

We will look at other Payment Options and Debt Consolidation in the next blog.

To raise Financial impropriety issues (PLCC, Mortgage, Personal, Student
Loans etc.) you may contact/refer:

http://www.consumerfinance.gov/
(Consumer Financial Protection Bureau)

Monday, 21 April 2014

Mercutio Peters just posted a new IBO AUTHENTIC Press Release titled What it means to be a success - Who determines this?.

Monday, 31 March 2014

The Carpenter's Tools

Brother Hammer served as the chairman. The other members of the tool belt informed him that he must leave, because he was too noisy. But brother Hammer said, "If I have to leave this carpenter's shop, then brother Gimlet must go too. He's insignificant and makes a very small impression." (A gimlet is a small tool with a screw point, grooved shank, and a cross handle for boring holes).

Little brother Gimlet arose and said, "All right, but brother Screwdriver must go also. You have to turn him around and around to get anywhere with him."

Brother Screwdriver turned to the other tools in the belt and said, "If you wish, I will go, but brother Plane must leave too. All of his work is on the surface; there's no depth to what he does."

To this brother Plane leveled his terse reply, "Well, then, brother Saw will have to depart too. The changes he proposes always cut too deep."

Brother Saw complained, saying, "Brother Ruler will have to withdraw if I leave, for he's always measuring other folks as though he were the only one who is right."

Brother Ruler then surveyed the group and said, "Brother Sandpaper doesn't belong here either. He's rougher than he ought to be, and is always rubbing people the wrong way."

In the midst of the discussion, the Carpenter of Nazareth walked in. He had come to perform his day's work. He put on His tool belt and went to the workbench to make a pulpit. He employed the ruler, the saw, the plane, the hammer, the gimlet, the screwdriver, the sandpaper, and all the other tools. When the day's work was over, the pulpit was finished, and the carpenter went home. All the accusations against each of these tools were absolutely true, yet the carpenter used every one of them. No matter which tool He use, no other tool could have done the work better.

All blame is a waste of time. No matter how much fault you find with another, and regardless of how much you blame him, it will not change you.

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Sunday, 30 March 2014

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Wednesday, 26 March 2014

Take my Hand

One day Mulla Nasrudin saw a crowd gathered around a pond. A Moslem priest with a huge turban on his head had fallen in the water and was calling for help.

People were leaning over and saying, "Give me your hand Sir! Give me your hand!" But the priest didn't pay attention to their offer to rescue him; he kept wrestling with the water and shouting for help.

Finally Mulla Nasrudin stepped forward: "Let me handle this." He stretched out his hand toward the priest and shouted at him, "Take my hand!"

The priest grabbed Mulla's hand and was hoisted out of the pond. People, very surprised, asked Mulla for the secret of his strategy.

"It is very simple," he replied. "I know this miser wouldn't give anything to anyone. So instead of saying 'Give me your hand,' I said, 'take my hand,' and sure enough he took it."

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Tuesday, 25 March 2014

Loosing Everything

Mula came upon a frowning man walking along the road to town. "What's wrong?" he asked.

The man held up a tattered bag and moaned, "All that I own in this wide world barely fills this miserable, wretched sack."

"Too bad," said Mula, and with that, he snatched the bag from the man's hands and ran down the road with it. Having lost everything, the man burst into tears and, more miserable than before, continued walking.

Meanwhile, Mula quickly ran around the bend and placed the man's sack in the middle of the road where he would have to come upon it. When the man saw his bag sitting in the road before him, he laughed with joy, and shouted, "My sack! I thought I'd lost you!"

Watching through the bushes, Mula chuckled. "Well, that's one way to make someone happy!"