Thursday, January 27, 2005

A Monopoly on Meddling

The Times has reported - such fine words to begin a post - that game manufacturer Parker Bros has decided, for some reason, to ruin "update" its game "Monopoly" to reflect the modern capital. Quite why is beyond me - the capital still has railways stations, waterworks and the Old Kent Road, thank heavens - but TiL has obtained a full list of the proposed new "Community Chest" cards. ("Community Chest" itself is to be renamed "Jordan").

The new cards:

"You buy the Evening Standard. Do not pass page 3 as you throw it down in disgust at some story with zero news content about a dim model of whom you have never heard. Do not collect tokens, fail to win luxury flat."

"Make general repairs to your railway stations. It should be pointed out that you should have done this 21 months ago, before the tragic derailment. Do not, for some reason, go to jail."

"You have come second in a foreign beauty contest run by the player to your left, who is son of the former Nigerian finance minister. To claim, call 090-6764894-387774. Give him all your money."

"Spare travelcard. Keep this until needed. However, upon landing on any station, you must be pursued around the room by the other players, hassling you for it."

"Interest rates fall to historic low. The price of those little green houses will now increase 20% each turn forever. The increasing price of the little green houses must now be the only topic of conversation around the board. Sell your soul to the player being 'bank'."

"Advance to Leicester Square. You buy three beers. That will be £14."

"You owe council tax. However, you are a Hackney resident, so we're not that bothered about it."

But new Jordan cards are not where the madness ends. The player pieces are also to be updated, and new rules will affect them. The new pieces are:

Bendy-bus: this piece occupies two consecutive squares.

Suburban assault vehicle on school run: No one can pass this range rover on steroids.

Pigeon: may not land on Trafalgar Square.

Black cab: will not go south of the river, which on the Monopoly board applies only to the Old Kent Road.

So there you go. The new additions to the healthy boardgame of home Rachmanism.

132 Comments:

Anonymous Anonymous said...

Oh my goodness I am laughing out loud...

That is so funny !!

Jeremy

10:06 pm  
Blogger Unknown said...

Truly brilliant

6:33 am  
Anonymous Anonymous said...

lol haha sounds like fun i liked the pare where you took the piss out of jordan!


_______________
Service Management Software Consultant

11:30 am  
Blogger EJR said...

YES! i love zis new fangle intronet, lots of reallyFUNNY people yes!

yes! thankyou, i'm laughing.

6:51 pm  
Anonymous Anonymous said...

Hey, you have a great blog here! I'm definitely going to bookmark you!

I have a disney channel game site/blog. It pretty much covers ##KEYWORD## related stuff.

Come and check it out if you get time :-)

3:11 pm  
Anonymous Anonymous said...

Nice post. well fargo bank

10:23 am  
Anonymous Anonymous said...

putting to waste some good money that could have been used in other areas of development for the business involved.

3:13 am  
Blogger Roberto Iza Valdés said...

This comment has been removed by a blog administrator.

4:29 am  
Anonymous Anonymous said...

Hi,

I've got an online slots web site covering playing strategy with some original articles related to online slot strategy that your visitors may find interesting - here's a sample article:

Multiplayer Slots - Win An Extra Bonus!
Slots are exciting and fun, but even more fun if you play with your friends, or make new ones online. Multiplayer slots allow you to do this and Community slots ...

online slot strategy


Thanks,

12:46 pm  
Anonymous Anonymous said...

Get your website seen use our professional web site promotion tools to get the word out and take the work out of promotion. Resale rights available. Starting at only $6.99 get 1000's of links to your website http://www.BLGen.net

8:59 pm  
Anonymous Anonymous said...

www.getipodsforfree.com has this cool thing where if you just sign up and do an offer, you can get a free ipod

3:48 pm  
Anonymous Anonymous said...

Are you sick of standing in line for Holiday purchases? Now you dont have to and you can save 20%. We just reduced our prices 20% in celebration of the holidays. Choose from Electronics, Clothes, Kitchen Items, Beautiful Jewelry, Toys, Watches and more. Over 15000 items to choose from all at reduced prices.

http://www.worldgifthaven.com

gift subscription

1:37 pm  
Anonymous Anonymous said...

Increase your Search Engine Rank in Days noy Months!

8:18 am  
Anonymous Anonymous said...

Hey, you have a great blog here! I'm definitely going to bookmark you and visit a lot!

I have a design promotion site site web web websiteownerworld.com software sales site. We sell a lot of Software about##KEYWORD## related stuff. Ia will be sending my customers to your site for more information.

9:43 pm  
Blogger Roberto Iza Valdés said...

This comment has been removed by a blog administrator.

5:31 am  
Anonymous Anonymous said...

You still have time to shop on the internet for shipping before christmas

4:58 am  
Anonymous Anonymous said...

Search engine optimization, submission and highly-targeted traffic can be found exclusively at www.TheOnlinePromoters.com

3:40 am  
Anonymous Anonymous said...

nice information

5:01 am  
Anonymous Anonymous said...

Hello! Have you seen any ads or information on cheap credit card? One day I will find what I am looking for on the first try. While I am here, I just wanted to drop a quick note to comment your blog...now to move on and continue my search for cheap credit card. Thanks for the post.

3:34 pm  
Anonymous Anonymous said...

Hello, I have a fairly new website that has been online for about 8 months. I looked at alot of websites that are in my area new breyer horse . I have done the internet MLM thing and really got disgusted at the whole thing. So my wife and I thought since we love horses we should build a website around that. We have done pretty good so far but I always want to improve. I didn;t realize it would be so time consuming though. But we love it and hope to improve and offer some of the best recourses and products available. Hence the search for content new products and information about what we have. If you decide to come and visit maybe you can offer some advice That would be great. If not well you have A great new year.

Thank you for your BLOG.

Regards,

new breyer horse

3:08 am  
Anonymous Anonymous said...

Christmas is just around the corner. No time to go to the mall...then do your shopping online. We sell everything that the mall sells. Shop today!

6:37 am  
Anonymous Anonymous said...

Hello! While I was searching for info on driving golf range supply I somehow landed here. I am certainly glad I stopped by for a read. While I am here, I just wanted to drop a quick note to comment your blog...now to move on and continue my search for driving golf range supply. Thanks for the post.

1:53 pm  
Anonymous Anonymous said...

Looking for more information on dallas texas web design ..If so here is a fantastic resource for everything related to dallas texas web design with information, products, articles and more..Check it out here...http://www.cobbwebdesign.com

4:28 pm  
Anonymous Anonymous said...

www.TheOnlinePromoters.com has everything a webmaster needs to succeed online

10:57 am  
Anonymous Anonymous said...

Hi there blog owner! I am searching blogs to find information and sources to help with my website:http://www.horse-lover-gift-ideas-central.com/horse_games.html My site is fairly new about 8 months old and have a google pr of 3 and get about 50 people a day to visit. My site has horse supply store and is all affiliate merchandise.
I have been in MLM companys for the past 8 years offline mainly and have never made a dime. This is a new frontier for my wife and I and don't have very much experience but a friend suggested searching blogs to get ideas about how people sale and also what kind of information they offer their customers and clients. We are begining to make some good money selling horse supply store related articles but I also want to offer my customers some quality information to go along with good deals. If you make it to my site and can offer some constructive critisizm I will take it into consideration or if you have some ideas it will be greatly appreciated. Remember we are on a budget and we do all the work ourselves.

Thank you for your time.
Prosperous Regards,
horse supply store

8:30 am  
Anonymous Anonymous said...

Hey,

Please let me introduce myself here so I get some help. I do wish to start blogging (create my own)

I am good to write articles and stories but total loss for research... Any idea where to get:

*A blog without the top navigation bar.
*Blog templates

At least those two things will give me a push forward.

Thanks,
based home money business

10:53 am  
Anonymous Anonymous said...

Hi there blog owner! I am searching blogs to find information and sources to help with my website:http://www.horse-lover-gift-ideas-central.com/horse_games.html My site is fairly new about 8 months old and have a google pr of 3 and get about 50 people a day to visit. My site has horse breeding supply and is all affiliate merchandise.
This is a new frontier for my wife and I and don't have very much experience but a friend suggested searching blogs to get ideas about how people sale and also what kind of information they offer their customers and clients. We are begining to make some good money selling horse breeding supply related articles but I also want to offer my customers some quality information to go along with good deals. If you make it to my site and can offer some constructive critisizm I will take it into consideration or if you have some ideas it will be greatly appreciated. Remember we are on a budget and we do all the work ourselves.

Best Regards,

horse breeding supply

9:13 pm  
Anonymous Anonymous said...

Link to my site and enjoy untethered information relaiting to Date Loss on computers.
active data recovery software

12:02 am  
Anonymous Anonymous said...

Hi there, check out my site if you have a chance! Thanks!

1:40 am  
Anonymous Anonymous said...

I have been blogging around for some time today when I came across your site. I just wanted to let you know that I think it is a great looking site and keep up the good work.

Regards
Cheap Airline Tickets To Florida

5:59 am  
Anonymous Anonymous said...

Thank you for letting me post, I have came by in search of information. I was told that blogs have some of the best and most relevent information for any given subject. Mine happens to be a chiefland horse supply gift website that has anything from jewelry to horse tack. So I am looking for new products and information based on chiefland horse supply to offer my customers and possibly some good marketing ideas for my website.
I won't steal your content but just looking for good ideas.

Websites that I have and all the work involved in keeping several of them going and updating blogs I am at best posting once a month.

I have enjoyed your blog and am thankfull to be able to sort of pick your brain without actually bothering you. Blogs tend to stand out because a lot of them people don't try and sale so much as to write about things that they enjoy or what they like to do.
Most of which comes out in there writing.

I want to grow and build my website to be the best and know I have much to learn, and fix to even come close.

I have been online for less then a year now so yes we are very young.

We have taken what we love and have turned it into a business.
I hope you come by to visit. I am not trying to sale you anything but would love to here if you have any ideas.

Thank you for your time.
chiefland horse supply

9:21 am  
Anonymous Anonymous said...

Surfaholic here, stumbled in, thought i'd say thnks for that info, nice posts.


liver health supplement

1:55 pm  
Anonymous Anonymous said...

thanks

12:42 pm  
Anonymous Anonymous said...

Hello, i was looking for some info on electronics deal on blogger and i found your blog. First welldone to have made one on this topic. Could you just keep it more updated ?
Where else to go to get info on electronics deal ?
Thanks
Klein

2:56 am  
Anonymous Anonymous said...

I have been looking around the various blog sites for some time today when I came across your site. I think it is a great looking site and you should be congratulated.

Regards
Beer School Of Real Estate

7:27 pm  
Anonymous Anonymous said...

Hi ##NAME##, I just dropped in on my way back to my History of tarot cards site. I liked what I
found and thought that I would leave you a note for your efforts in creating ##TITLE##. It

6:17 am  
Anonymous Anonymous said...

Organizing with daily affirmations can make the difference in your life ...Have you ever asked yourself...Why do I feel crappy, sad, disorganized and just palin out of control. How can I fix myself without spending a fortune. I meet people allthe time that wonder why I am Happy and Have a Successful Life... Have You ever heard of using " daily affirmations "..If you truly seek a life of complete wellness then try using feng shui. Learn from the Masters..

9:36 pm  
Anonymous Anonymous said...

Maybe it has something to do with a childhood home we fondly remember, many of us long for old homes built with solid construction, quality craftsmanship and beautiful details.
Link to this site: real estate investment
http://real-estatesales.info/

2:26 am  
Anonymous Anonymous said...

Searching for just the right home can be very excitting, you may plan ahead for the number of bedrooms and bathrooms you want.
Link to this site: real estate investing
http://real-estatesales.info/

5:54 pm  
Anonymous Anonymous said...

Hey, not too bad! I'm looking around to get ideas for marketing my site http://jacko492.mp3center.hop.clickbank.net . Don't worry I'm not trying to sell you anything, I'm more interested in the way the site is put together. I'm trying to cover words like divx movie download and similar topics. Nice job!---Jack---
divx movie download

4:46 am  
Blogger Troy Worman said...

Excellent! Very funny.

6:22 pm  
Anonymous Anonymous said...

Nice , this was cool.

Thanks

7:38 pm  
Anonymous Anonymous said...

Hey,

This is far the coolest idea I ever met... posting comments which at the same time lets us give our opinions.

These new "technologies" which are called blogs will sure end in something huge later on. That is my feeling.

Regards,
adware

2:59 am  
Anonymous Anonymous said...

Hi there Taxloss, I’m out surfing for the latest information on add link marketing network and found your great site. Although A Monopoly on Meddling wasn’t exactly what I was looking for it certainly peaked my interest. Now I see why I found your page when I was looking for add link marketing network related information and I’m happy I found your wine blog even though this isn’t a perfect match. Great Post, thanks for the read,

7:05 am  
Anonymous Anonymous said...

Hello :)

I congratulate U and thank U for this information U keep providing us through Ur site......... I really appreciate it a lot...

Regards,
online money fast make

5:20 pm  
Anonymous Anonymous said...

Hi Taxloss, just looking around for some work at home.com info but
glad I dropped by. Check out my work at home.com site if you
get a chance.

Thanks for the read.

8:23 pm  
Anonymous Anonymous said...

a great opportunity, no selling, no phoning, no recruiting PERIOD!

12:45 pm  
Anonymous Anonymous said...

Interesting blog...
Searching for highest traffic
http://www.1st-choice-4-website-traffic.com
highest traffic

8:32 am  
Anonymous Anonymous said...

thanks
beauty product

1:01 pm  
Anonymous Anonymous said...

Hello there Taxloss, I’m out surfing for a good blog experience on marketing network opportunity and found your great site. Although A Monopoly on Meddling wasn’t exactly what I’m looking for it certainly got my attention and interest. I see now why I found your excellent blog-site when I was searching for marketing network opportunity related web sites and I’m glad I found your site even though its not an exact match. Excellent Post, thank you for the read.

1:01 am  
Anonymous Anonymous said...

Hi blogger:)

I read entirely several of your blog posts, since they are very interesting!

Regards,
ways to make money online

1:00 pm  
Anonymous Anonymous said...

You should check out www.pharaohspokerpalace.com

They are giving all players 48% of the casino profits with a share program. All you have to do is play. I think they are also offering a 200% bonus. Bill

10:27 am  
Anonymous Anonymous said...

You should check out www.pharaohspokerpalace.com

They are giving all players 48% of the casino profits with a share program. And they pay you monthly! All you have to do is play. I think they are also offering a bonus of like 200%. Bill

10:55 am  
Anonymous Anonymous said...

Hi, I was out blogging and found your site. It certainly got my atention and interest. I was looking for Blackjack information and even though this isn't a perfect match I enjoyed your site. Thanks for the read!

5:02 am  
Anonymous Anonymous said...

Good Blog Site with a lot of intersting and not so interesting comments I would say!

If you have a moment please feel free to visit my site http://www.surveyearn.biz/PaidSurveys/Work_at_home.html
work at home on internet

10:35 pm  
Anonymous Anonymous said...

Hi,Maybe you are still in the beginning of creating this web bloghowever you already have some "fans" o) All the good work done will be appreciated, same goes with your blog.All the best,make money online

7:40 am  
Anonymous Anonymous said...

I am a fan - cool stuff!!
internet work at home jobs

5:18 pm  
Anonymous Anonymous said...

I like your Blog.

For more info@ on Beauty Products, why not visit:

Beauty Products
All the Best

8:59 pm  
Anonymous Anonymous said...

Doing the Google search found your blogsite. Some content here is very thought provoking. Not sure i agree with all but hey this is a democratic world - on the whole!!

All the best , from Dave - http://www.small-business-web-design.ssr.be which is about web design los angeles

4:40 pm  
Anonymous Anonymous said...

Hi there Taxloss, I’m out surfing for the latest information on business home mlm opportunity work and found your great site. Although A Monopoly on Meddling wasn’t exactly what I was looking for it certainly peaked my interest. Now I see why I found your page when I was looking for business home mlm opportunity work related information and I’m happy I found your wine blog even though this isn’t a perfect match. Great Post, thanks for the read,

3:03 pm  
Anonymous Anonymous said...

I appreciate the time you have taken to keep your blog going, thank you for the nice read.

Regards,

dog lover dog gift

12:35 am  
Anonymous Anonymous said...

Hello Taxloss, I’m out surfing the web for the latest information on 30biz.com and noticed your nice site. Although A Monopoly on Meddling wasn’t exactly what I was looking for it certainly got my attention. Now I see why I found your page when I was looking for 30biz.com related information and I’m thrilled I found your web site even though its not a perfect match. Great Post, thanks for your informative site.

4:42 am  
Anonymous Anonymous said...

Hey Taxloss, cool blog. I was really looking for info on
12income but glad I droped by. Way to go.

9:24 am  
Anonymous Anonymous said...

I appreciate the time you have taken on your blog, thank you for the nice read.

Regards,

computer work at home

10:14 am  
Anonymous Anonymous said...

Hi,
I found reading your blog interesting and well done, I do like what you have done with your site but it is not really the information I was after about free home business . Keep up the good work and hopefully I will visit again sometime and also find the information on free home business that I was looking for in my travels.
Regards,

8:17 am  
Anonymous Anonymous said...

Hello Taxloss, I’m out surfing the web for the latest information on 97biz.com and noticed your nice site. Although A Monopoly on Meddling wasn’t exactly what I was looking for it certainly got my attention. Now I see why I found your page when I was looking for 97biz.com related information and I’m thrilled I found your web site even though its not a perfect match. Great Post, thanks for your informative site.

1:45 pm  
Anonymous Anonymous said...

Hello Taxloss, I’m just searching the web for the next big thing on homebiz8.com and noticed your great site. Although A Monopoly on Meddling wasn’t actually what I was looking for it DID get my attention and interest. I see now why I found your great
website when I was searching for homebiz8.com related information and I’m thankful I found your blogsite even though its not an exact match. Excellent Post, thanks for the read (It’s a keeper).

12:49 pm  
Anonymous Anonymous said...

Keep up the good work with this blog!

11:27 pm  
Anonymous Anonymous said...

Hello there Taxloss, I’m out surfing for a good blog experience on 30biz.com and found your great site. Although A Monopoly on Meddling wasn’t exactly what I’m looking for it certainly got my attention and interest. I see now why I found your excellent blog-site when I was searching for 30biz.com related web sites and I’m glad I found your site even though its not an exact match. Excellent Post, thank you for the read.

9:23 am  
Anonymous Anonymous said...

Hello there Taxloss, I’m out surfing for a good blog experience on 28income.com and found your great site. Although A Monopoly on Meddling wasn’t exactly what I’m looking for it certainly got my attention and interest. I see now why I found your excellent blog-site when I was searching for 28income.com related web sites and I’m glad I found your site even though its not an exact match. Excellent Post, thank you for the read.

3:01 am  
Anonymous Anonymous said...

Cool blog you got. I was just out searching all the web for hydroponics setup and your site popped up in the listings. Not 100% what I was searching for but interesting enough to read through and leave you a comment I guess.
Keep it up. Cheers

4:40 am  
Anonymous Anonymous said...

If I spent as much time working on my own real estate sites as I do slogging thru blogging, I'd probably make more money. But I enjoy a good read. Thanks for the break. Stop by my site if you can.

4:19 am  
Anonymous Anonymous said...

Nice blog. Loved all the free online adult movie. Keep up the good work and I shall return.

10:57 pm  
Anonymous Anonymous said...

Hi there Taxloss, I’m out surfing for the latest information on homebiz5.com and found your great site. Although A Monopoly on Meddling wasn’t exactly what I was looking for it certainly peaked my interest. Now I see why I found your page when I was looking for homebiz5.com related information and I’m happy I found your wine blog even though this isn’t a perfect match. Great Post, thanks for the read,

10:34 pm  
Anonymous Anonymous said...

Hello Taxloss, I’m out surfing the web for the latest information on homebiz8.com and noticed your nice site. Although A Monopoly on Meddling wasn’t exactly what I was looking for it certainly got my attention. Now I see why I found your page when I was looking for homebiz8.com related information and I’m thrilled I found your web site even though its not a perfect match. Great Post, thanks for your informative site.

6:25 pm  
Anonymous Anonymous said...

I have been following a site now for almost 2 years and I have found it to be both reliable and profitable. They post daily and their stock trades have been beating
the indexes easily.

Take a look at Wallstreetwinnersonline.com

RickJ

10:57 am  
Anonymous Anonymous said...

Great site. Close to what I was searching for about free adult movie site. keep up the good work and I will return again.

3:12 am  
Anonymous Anonymous said...

Hello Taxloss, I’m out surfing the web for the latest information on company marketing network top and noticed your nice site. Although this post wasn’t exactly what I was looking for it certainly got my attention. Now I see why I found your page when I was looking for company marketing network top related information and I’m thrilled I found your web site even though its not a perfect match. Great Post, thanks for your informative site.

5:56 pm  
Anonymous Anonymous said...

Hello Taxloss, I’m just searching the web for the next big thing on homebiz8.com and noticed your great site. Although this post wasn’t actually what I was looking for it DID get my attention and interest. I see now why I found your great
website when I was searching for homebiz8.com related information and I’m thankful I found your blogsite even though its not an exact match. Excellent Post, thanks for the read (It’s a keeper).

9:07 am  
Anonymous Anonymous said...

Hi there Taxloss, I’m out surfing for the latest information on work at home business opportunity mlm and found your great site. Although A Monopoly on Meddling wasn’t exactly what I was looking for it certainly peaked my interest. Now I see why I found your page when I was looking for work at home business opportunity mlm related information and I’m happy I found your wine blog even though this isn’t a perfect match. Great Post, thanks for the read,

2:45 am  
Anonymous Anonymous said...

Hello there Taxloss, I’m out surfing for a good blog experience on 93future.com and found your great site. Although A Monopoly on Meddling wasn’t exactly what I’m looking for it certainly got my attention and interest. I see now why I found your excellent blog-site when I was searching for 93future.com related web sites and I’m glad I found your site even though its not an exact match. Excellent Post, thank you for the read.

7:45 pm  
Anonymous Anonymous said...

Hey great site please come and post it in our Blog Directory at www.BloggerBeast.com Thanks

6:30 am  
Anonymous Anonymous said...

I found your blog when I was googling for love and romance articles. I also visited an interesting site at http://top-personals.net that is also related to adult dating personals and has some useful tips for singles, check it if you�re interested. Adult Singles

2:03 pm  
Anonymous Anonymous said...

Hi, I was out blogging and found your site. It certainly got my attention and interest. I was looking for Seating information and even though this isn't a perfect match I enjoyed your site. Thanks for the read!

2:08 am  
Anonymous Anonymous said...

This is a very interesting post. I found it when looking for ad personals.
Regards, Kate from Top Adult Personals

8:34 am  
Anonymous Anonymous said...

Hi there Blogger, a real useful blog.Keep with the good work.
If you have a moment, please visit my videogame jewelry site.
I send you warm regards and wishes of continued success.

4:58 am  
Anonymous Anonymous said...

I am here because of search results for blogs with a related topic to mine.
Please,accept my congratulations for your excellent work!
I have a sell web site make money site.
Come and check it out if you get time :-)
Best regards!

2:00 pm  
Anonymous Anonymous said...

Hi there Taxloss, I’m out surfing for the latest information on homebiz1 and found your great site. Although A Monopoly on Meddling wasn’t exactly what I was looking for it certainly peaked my interest. Now I see why I found your page when I was looking for homebiz1 related information and I’m happy I found your wine blog even though this isn’t a perfect match. Great Post, thanks for the read,

11:55 am  
Anonymous Anonymous said...

I found this blog when looking for generator site traffic web and I think it is very nice.
Regards, Website Traffic Info

8:03 am  
Anonymous Anonymous said...

This is an excellent blog. Keep it going.You are providing
a great resource on the Internet here!
If you have a moment, please take a look at my make money with the internet site.
Have a great week!

5:29 pm  
Anonymous Anonymous said...

I am here because of search results for blogs with a related topic to mine.
Please,accept my congratulations for your excellent work!
I have a make money with mortgages site.
Come and check it out if you get time :-)
Best regards!

5:04 am  
Anonymous Anonymous said...

Hi Blogger, I found your blog quite informative.
I just came across your blog and wanted to
drop you a note telling you how impressed I was with it.
I give you my best wishes for your future endeavors.
If you have a moment, please visit my make money using a computer site.
Have a great week!

11:51 am  
Anonymous Anonymous said...

I was searching blogs,and I found yours.Please,
accept my congratulations for your excellent work!
If you have a moment, please visit my make money using paypal site.
Have a good day!

5:18 pm  
Anonymous Anonymous said...

Cool Blog! If you get a chance I would like to invite you to visit the following cards Blog, it is cool to!

2:17 am  
Anonymous Anonymous said...

Cool Blog! If you get a chance I would like to invite you to visit the following casinos Blog, it is cool to!

4:17 am  
Anonymous Anonymous said...

Cool Blog! If you get a chance I would like to invite you to visit the following progressive slots Blog, it is cool to!

8:22 pm  
Anonymous Anonymous said...

Today I am sharing with you the best card I have used so far, it is In nyc card from American express. you should also go and try In nyc card from American express.

11:05 pm  
Anonymous Anonymous said...

Hi, just wondering if anyone knows any other great affiliate programs. I'm currently using Dating-Solutions.com (http://www.dating-solutions.com) as i find there product second to none! But im looking at spreading my wings and finding other adult master resource sex web, so if you know of any adult master resource sex web. Please respond to my message. I recomend anyone who's in the adult/dating industry to check out http://www.dating-solutions.com as there just great! - Let me know how you get on!!! Rachel x

3:55 am  
Anonymous Anonymous said...

Re web site submission and this blog this is the latest big think in website traffic and money making generation.

"Generate thousands of links back to your website with Lin Referral. Link Referral is completely free and if you want you can upgrade to sell the links on to others. Link Referral takes website SEO to a new level and before long you could be on page 1 of google and earning considerable sums of money. Some people are earning thousands from Link Referral"

5:52 pm  
Anonymous Anonymous said...

http://www.moneymakersecrets.com/firstmoneysecrets/ First Time To The Market work at home business idea
Enjoy the opportunity, change your life -work at home business idea. Don't Miss work at home business idea - Visit Today...http://www.moneymakersecrets.com/firstmoneysecrets/

2:21 pm  
Anonymous Anonymous said...

Saw your blog about make money pal pay - as it is along the same lines I thought I would share this link with you. We were paying far too much for family things like clothes for us and the kids, games consoles inc the new Wii and soon to be PS3, car insurance/home insurance/pet insurance, broadband, mobile phones, landline calls, home and garden items, camping equipment and utilities/loans etc - you name it, we were spending too much on it.

Then a friend of mine recommended a site called www.bargainplace.co.uk. We were able to get cheaper electricity, gas, mobile phone, broadband and loan deals at bargainplace. Thanks to my friend (and the site) I am saving something like £100 a month and can afford an extra holiday abroard each year. Booked of course on www.bargainplace.co.uk. Thanks bargainplace ;-) !!

10:33 am  
Anonymous Anonymous said...

I'd like to comment you on a great blog! The information on alabama real estate is great!
I'd like to invite anyone reading this comment to visit my alabama real estate blog and give my their opinion.

10:02 pm  
Anonymous Anonymous said...

Really great blog I've bookmarked it - now some really important bits of financial advice - as it is along the same lines I thought I would share this info with you.

We were paying far too much for items like kids clothes, games consoles, car insurance/home insurance/pet insurance, broadband, mobile phones and utilities/loans, best debt consolidation loan etc. Then a friend of mine recommended a site called www.bargainplace.co.uk. We were able to get cheaper electricity, gas, mobile phone, broadband and loan deals at bargainplace. Thanks to my friend (and the site) I am saving something like £100 a month and can afford an extra holiday a year. Booked of course on www.bargainplace.co.uk. Thanks bargainplace ;-) !!

PS - I set up a website a couple of months ago and until recently I was getting no traffic at all. Then, I signed up to Linkreferral.com. Not only did I start getting visitors by the truck load, I also joined Affiliatewindow and am now making lots of money by partnering with companies like Argos, Next, John Lewis, Pixmania, Marks and Spencer, LX Direct, Littlewoods, Vodafone, phones4u, phones2u, Sky, NTL, Virgin Media, Talktalk, Woolworths, Empire Direct, ebay plus online gambling sites - you can make pot loads of cash.

Linkreferral.com is absolutelely free and has really helped my business take off.

PLUS!! there are opportunities to make money from Linkreferral as well - sign up for free and check out the website and email received for details

Follow these free tips and you won't go far wrong - that brand new BMW or Mercedes might just be around the corner!!

2:35 pm  
Anonymous Anonymous said...

Nice blog!! I'm into affiliate summit and to drive traffic to my website I signed up free for this superb traffic gereating tool - I now have loads of hits to my websites and blogs. This can see your affiliate commission shoot through the roof - meaning lots of extra money coming in for you and your family. Sign up now - it's free.. Best of luck, cheers for now, dave.

6:22 pm  
Anonymous Anonymous said...

.
.
.
.
.
.
Good blog - very interesting!! I liked it so much I'm going to share this hush hush advice with you. Ever wondered how your neighbours are driving around in their brand new BMW or Mercedes cars - with their kids dressed in all the latest named gear and foreign holidays aplenty?? Well they discovered the secret to the extra online income.

If you are looking for a free tool to attract loads of free links to your blog or website then congratulations I've got the solution for you - and it is FREE!!

My website specialises in my love and to drive traffic to my website I was searching around the internet for absolutely ages looking for SEO tools and ffa submission sites to fire my site up the Google search engine - unfortunately these doing work and in fact had the opposite affect plunging my site down the rankings like it had a heavy weight attached!!, then I signed up for this free superb traffic generating tool - I now have loads of hits to my websites/blogs and my site is shooting back up the Google rankings quicker than ever before.

Consequently this saw my affiliate commissions shoot through the roof - meaning lots of extra money coming in for my family - I bought my first Mercedes car on the proceeds of my online campaign.
Sign up now - it's free.
. Sorry if this information is of no use to you but seeing as you have the anonymous feature enabled I thought I should share this free bit of essential promotional advice with you and would hope you would do the same for me and others who want to boost their online internet income.

I hope the tool will serve you equally as well as it has me - it's free!!

Best of luck, cheers for now, dave.
.
.
.
.
.
.

12:13 pm  
Anonymous Anonymous said...

Good blog - very interesting!! Thought you might like some excellent advice on driving extra traffic to your website/blog - I'm into affiliate internet marketing tip and to drive traffic to my website I was searching around the internet for absolutely ages looking for SEO tools to fire my site up the Google search engine, then I signed up free for this superb traffic gereating tool - I now have loads of hits to my websites/blogs and my site is shooting up the Google rankings quicker than ever before.

Consequently this can see your affiliate commissions shoot through the roof - meaning lots of extra money coming in for you and your family. Sign up now - it's free.
. Sorry if this information is of no use to you but seeing as you have the anonymous feature enabled I thought I should share this free bit of essential promotional advice with you and would hope you would do the same for me.

I hope the tool will serve you equally as well as it has me!!

Best of luck, cheers for now, dave.

11:36 pm  
Anonymous Anonymous said...

What a great site http://www.seroquel-abuse.info Computer design based circuit breakers long dick job A75 canon digital cameras baby with huge cock Illinois refinance mortgage rate calculator Direct merchant credit card bank na high risk

8:56 pm  
Anonymous Anonymous said...

Hi

Sorry to intrude but I saw your blog, noticed you have anonymous posting enabled and thought you might be interested in this great search engine optimization tool for your blog and website (if you have one) that a techi mate recommended to me. Apparently it's all the rage in the IT arena.

I am involved in affiliate business internet marketing online promotion and I've found the best way of promoting my blogs and websites is The amazing link referral program. Don't worry it is absolutely free to join and you can generate visitors to your site by visiting others. It is really quick and easy to set up and the traffic you generate will help your website increase in google ranking. Give it a go now!!

I have generated amazing traffic from this program - increasing my affiliate sales and cannot recommend this enough. Believe me, if you have tried all the other programs on the market that you have had to pay for then you realise this one is the best - and it's free!!!

Best of luck with the blog!! I hope you get as much out of this program as I have ;-)

2:17 pm  
Anonymous Anonymous said...

las vegas casino las vegas casino las vegas casino

12:39 pm  
Anonymous Anonymous said...

pop up ads

9:29 am  
Anonymous Anonymous said...

*

THE FREE SEO TOOL FOR 2007!!
--------------------------------------------------------

Hi matey

I'm sure it was your blog I was reading a while ago where someone was after the name of the online marketing/promotional website that gives you free links back to yours and increases your website/blog traffic.

I asked the techi guy at work and he managed to find it - or one that is definitely similar.........and works!! The program is called the Link Referral Program 2007 and is free to sign up. Basically you agree to place a button on your webpage and you visit other websites to generate traffic for your own.

I signed up a couple of weeks ago because I have a website free adult personal ads. In no time my traffic exploded and my affiliate sales have gone through the roof!!

The knock-on effect of this is my website has increased to the top page of Google and I'm getting more sales than ever before!! Don't miss out - Linkreferral.com -

Always pleased to help, the anonymous tipster!!




Remember to share marketing and promotional tips with your blog pals!!





Especially when they are FREE!! ;-)




*

12:05 pm  
Anonymous Anonymous said...

.





Hi matey

I'm sure it was this blog I was reading a while back where someone was looking for an SEO tool for driving more traffic and get more hits for their website.

Anyway, I was speaking to a techi guy at work who gets to know all the latest stuff and he uses the free Link Referral Program.

His website on web site promotion submission amongst other stuff has seen traffic explode since he started using the Link Referral Program - consequently his affiliate sales commissions and business sales went through the roof PLUS his website increased in google ranking which was an added bonus!!

If anyone else has any good ideas for driving more traffic to blogs/websites then please share with your online business blog buddies. Ta ;-)










.

2:55 am  
Anonymous Anonymous said...

mailto make money online
Enjoy the opportunity, change your life -mailto make money online. Don't Miss www.MoneyMakerSecrets.com For Your Success - Visit Today...

6:33 pm  
Anonymous Anonymous said...

;-)





Hi Blog mate!!

I hope you don't mind me blogging anonymously like this. I thought the blog was really cool. I am also into vegas online gambling.

I found another interesting website blog at http://gamblingwebsites.blogspot.com. I am constantly looking for ways of making extra money online and think that online gambling could be a way of doing that.

Cheers for now and keep up the good work!

Try linkreferral.com - free website traffic generating and promotion program

6:53 pm  
Anonymous Anonymous said...

Thanks for the tips and insights. I run site and blog for computer home based business feel free to drop by and comment or swap links.

4:37 am  
Anonymous Anonymous said...

Get paid $5 to $95 per hour to take surveys offline!earn money doing survey

earn money doing survey

1:52 am  
Anonymous Anonymous said...

apartment new newburgh rent york

11:21 pm  
Anonymous Anonymous said...

Hey, you have a great blog here ! ¡ I´m definitely to bookmark you !

8:12 pm  
Anonymous Anonymous said...

new york photo album

9:15 pm  
Anonymous Anonymous said...

apartment finding new york

11:21 pm  
Anonymous Anonymous said...

Hey, you have a great blog here! I'm definitely going to bookmark you!

I have a keyword adsense site/blog. It pretty much covers ##KEYWORD## related stuff.

Come and check it out if you get time :-)

10:33 pm  
Anonymous Anonymous said...

realty new york

12:45 am  
Anonymous Anonymous said...

Hey, you have a great blog here! I'm definitely going to bookmark you!

I have a business home idea internet opportunity site. It pretty much covers business home idea internet opportunity related stuff.

Come and check it out if you get time :-)

4:28 pm  
Anonymous Anonymous said...

alberta calgary car used

3:37 am  
Anonymous Anonymous said...

buying, selling, or improving your home? valuble tips regardingfree real estate marketing tip are availble atfree real estate marketing tip

8:41 pm  
Anonymous Anonymous said...

Hello i really like yourfree web site promotion toolblog you got to check my site of how I made thousands per month selling my downloadable music as a music producer with these two amazing website promotion software programsfree web site promotion tool

4:45 am  
Anonymous Anonymous said...

Blog about home lake miami sale

Hi

Enjoyed the blog - nice to see someone else has activated their anonymous feature ;-)

I'm interested in investing in the real estate market in the US and am looking for some really cheap repossession properties in Miami, Florida, California, New York, Washington, Dallas, Texas, Chicago and Los Angeles. I've found a couple of really good sites - Bargain network which has some really cheap homes and Texas Ranches for sale - ranches in Texas plus both sites have beachfront villas and cars that have been repossessed and are really cheap!! Just wondering if there are any more sites like this.

Thanks for this.

John

3:21 am  
Anonymous Anonymous said...

mlm web sitemlmmlm web sitemlm

12:28 am  
Anonymous Anonymous said...

.





Hi matey

I'm sure it was this blog I was reading a while back where someone was looking for an SEO tool for driving more traffic and get more hits for their website.

Anyway, I was speaking to a techi guy at work who gets to know all the latest stuff and he uses the free Link Referral Program at http://marketingexperts.wordpress.com.

His website on affiliate internet marketing online program amongst other stuff has seen traffic explode since he started using the Link Referral Program - consequently his affiliate sales commissions and business sales went through the roof PLUS his website increased in google ranking which was an added bonus!!

If anyone else has any good ideas for driving more traffic to blogs/websites then please share with your online business blog buddies. Ta ;-)


home based business
home based business opportunity
internet home based business
home based web business
best home based business
home based business idea
home internet based business opportunity
start home based business
best home based business opportunity
online home based business
income opportunity home based business
legitimate home based business
home based business lead
mlm home based business
starting a home based business
top home based business
christian home based business
home based small business
home based internet marketing business
free home based business
work at home based business opportunity
computer home based business
home based mlm business opportunity
make money home based business
home based business work
home based travel business
easy home based business
serious home based business opportunity
small home based business opportunity
online home based business opportunity
home based business for woman
business opportunity home based work from
work from home based business
new home based business opportunity
start a home based business on the internet
based business business home opportunity
legitimate home based business opportunity
home based sales business
home based jewelry business
best rated home based business
home based franchise opportunity business
successful home based business
home based business opportunity idea
profitable home based business
internet home based business idea
home based business work at home
best home based business idea
home based business opportunity work at home
free home based internet business
home based business tax deduction
top home based business opportunity
home based computer business opportunity
unique home based business opportunity
home based affiliate business
home based business opportunity uk
income opportunity home based business idea
based business home incredible opportunity
based best business home small
starting home based internet business
christian home based business opportunity
home based business merchant account
best home based internet business
based business home network opportunity
home based business marketing
based business home idea latest
home based business review
home based business directory
based business career home opportunity
work at home based internet business
based business home job opportunity
home based business trade secret
best home based business
home based business magazine
home based computer business idea
home based business startup idea
home based business for sale
home based business cash opportunity
home based business web site
most successful home based business









.

12:35 am  
Anonymous Anonymous said...

car insurance
car insurance uk
aarp car insurance
tesco car insurance
cheapest car insurance
best car insurance
cheap car insurance rate
car insurance san diego
classic car insurance
car accident insurance
rental car insurance
car insurance chicago
car insurance group
amica car insurance
car insurance comparison
car insurance seattle

10:55 am  
Anonymous Anonymous said...

Having trouble paying your bills? Getting dunning notices from creditors? Are your accounts being turned over to debt collectors? Are you worried about losing your home or your car?

You’re not alone. Many people face a financial crisis some time in their lives. Whether the crisis is caused by personal or family illness, the loss of a job, or overspending, it can seem overwhelming. But often, it can be overcome. Your financial situation doesn’t have to go from bad to worse.

If you or someone you know is in financial hot water, consider these options: realistic budgeting, credit counseling from a reputable organization, debt consolidation, or bankruptcy. Debt negotiation is yet another option. How do you know which will work best for you? It depends on your level of debt, your level of discipline, and your prospects for the future.

Self-Help
Developing a Budget: The first step toward taking control of your financial situation is to do a realistic assessment of how much money you take in and how much money you spend. Start by listing your income from all sources. Then, list your “fixed” expenses — those that are the same each month — like mortgage payments or rent, car payments, and insurance premiums. Next, list the expenses that vary — like entertainment, recreation, and clothing. Writing down all your expenses, even those that seem insignificant, is a helpful way to track your spending patterns, identify necessary expenses, and prioritize the rest. The goal is to make sure you can make ends meet on the basics: housing, food, health care, insurance, and education.

Your public library and bookstores have information about budgeting and money management techniques. In addition, computer software programs can be useful tools for developing and maintaining a budget, balancing your checkbook, and creating plans to save money and pay down your debt.

Contacting Your Creditors: Contact your creditors immediately if you’re having trouble making ends meet. Tell them why it’s difficult for you, and try to work out a modified payment plan that reduces your payments to a more manageable level. Don’t wait until your accounts have been turned over to a debt collector. At that point, your creditors have given up on you.
Dealing with Debt Collectors: The Fair Debt Collection Practices Act is the federal law that dictates how and when a debt collector may contact you. A debt collector may not call you before 8 a.m., after 9 p.m., or while you’re at work if the collector knows that your employer doesn’t approve of the calls. Collectors may not harass you, lie, or use unfair practices when they try to collect a debt. And they must honor a written request from you to stop further contact.

Managing Your Auto and Home Loans: Your debts can be unsecured or secured. Secured debts usually are tied to an asset, like your car for a car loan, or your house for a mortgage. If you stop making payments, lenders can repossess your car or foreclose on your house. Unsecured debts are not tied to any asset, and include most credit card debt, bills for medical care, signature loans, and debts for other types of services.

Most automobile financing agreements allow a creditor to repossess your car any time you’re in default. No notice is required. If your car is repossessed, you may have to pay the balance due on the loan, as well as towing and storage costs, to get it back. If you can’t do this, the creditor may sell the car. If you see default approaching, you may be better off selling the car yourself and paying off the debt: You’ll avoid the added costs of repossession and a negative entry on your credit report.

If you fall behind on your mortgage, contact your lender immediately to avoid foreclosure. Most lenders are willing to work with you if they believe you’re acting in good faith and the situation is temporary. Some lenders may reduce or suspend your payments for a short time. When you resume regular payments, though, you may have to pay an additional amount toward the past due total. Other lenders may agree to change the terms of the mortgage by extending the repayment period to reduce the monthly debt. Ask whether additional fees would be assessed for these changes, and calculate how much they total in the long term.

If you and your lender cannot work out a plan, contact a housing counseling agency. Some agencies limit their counseling services to homeowners with FHA mortgages, but many offer free help to any homeowner who’s having trouble making mortgage payments. Call the local office of the Department of Housing and Urban Development or the housing authority in your state, city, or county for help in finding a legitimate housing counseling agency near you

Credit Counseling and Debt Management Plans
Credit Counseling: If you’re not disciplined enough to create a workable budget and stick to it, can’t work out a repayment plan with your creditors, or can’t keep track of mounting bills, consider contacting a credit counseling organization. Many credit counseling organizations are nonprofit and work with you to solve your financial problems. But be aware that, just because an organization says it’s “nonprofit,” there’s no guarantee that its services are free, affordable, or even legitimate. In fact, some credit counseling organizations charge high fees, which may be hidden, or urge consumers to make “voluntary” contributions that can cause more debt.

Most credit counselors offer services through local offices, the Internet, or on the telephone. If possible, find an organization that offers in-person counseling. Many universities, military bases, credit unions, housing authorities, and branches of the U.S. Cooperative Extension Service operate nonprofit credit counseling programs. Your financial institution, local consumer protection agency, and friends and family also may be good sources of information and referrals.

Reputable credit counseling organizations can advise you on managing your money and debts, help you develop a budget, and offer free educational materials and workshops. Their counselors are certified and trained in the areas of consumer credit, money and debt management, and budgeting. Counselors discuss your entire financial situation with you, and help you develop a personalized plan to solve your money problems. An initial counseling session typically lasts an hour, with an offer of follow-up sessions.

Debt Management Plans: If your financial problems stem from too much debt or your inability to repay your debts, a credit counseling agency may recommend that you enroll in a debt management plan (DMP). A DMP alone is not credit counseling, and DMPs are not for everyone. You should sign up for one of these plans only after a certified credit counselor has spent time thoroughly reviewing your financial situation, and has offered you customized advice on managing your money. Even if a DMP is appropriate for you, a reputable credit counseling organization still can help you create a budget and teach you money management skills.

In a DMP, you deposit money each month with the credit counseling organization, which uses your deposits to pay your unsecured debts, like your credit card bills, student loans, and medical bills, according to a payment schedule the counselor develops with you and your creditors. Your creditors may agree to lower your interest rates or waive certain fees, but check with all your creditors to be sure they offer the concessions that a credit counseling organization describes to you. A successful DMP requires you to make regular, timely payments, and could take 48 months or more to complete. Ask the credit counselor to estimate how long it will take for you to complete the plan. You may have to agree not to apply for — or use — any additional credit while you’re participating in the plan.

Protect Yourself
Be wary of credit counseling organizations that:

charge high up-front or monthly fees for enrolling in credit counseling or a DMP.

pressure you to make “voluntary contributions,” another name for fees.

won’t send you free information about the services they provide without requiring you to provide personal financial information, such as credit card account numbers, and balances.

try to enroll you in a DMP without spending time reviewing your financial situation.

offer to enroll you in a DMP without teaching you budgeting and money management skills.

demand that you make payments into a DMP before your creditors have accepted you into the program.

Debt Consolidation
You may be able to lower your cost of credit by consolidating your debt through a second mortgage or a home equity line of credit. Remember that these loans require you to put up your home as collateral. If you can’t make the payments — or if your payments are late — you could lose your home.

What’s more, the costs of consolidation loans can add up. In addition to interest on the loans, you may have to pay “points,” with one point equal to one percent of the amount you borrow. Still, these loans may provide certain tax advantages that are not available with other kinds of credit.

Bankruptcy
Personal bankruptcy generally is considered the debt management option of last resort because the results are long-lasting and far reaching. People who follow the bankruptcy rules receive a discharge — a court order that says they don’t have to repay certain debts. However, bankruptcy information (both the date of your filing and the later date of discharge) stay on your credit report for 10 years, and can make it difficult to obtain credit, buy a home, get life insurance, or sometimes get a job. Still, bankruptcy is a legal procedure that offers a fresh start for people who have gotten into financial difficulty and can’t satisfy their debts.

There are two primary types of personal bankruptcy: Chapter 13 and Chapter 7. Each must be filed in federal bankruptcy court. As of April 2006, the filing fees run about $274 for Chapter 13 and $299 for Chapter 7. Attorney fees are additional and can vary.

Effective October 2005, Congress made sweeping changes to the bankruptcy laws. The net effect of these changes is to give consumers more incentive to seek bankruptcy relief under Chapter 13 rather than Chapter 7. Chapter 13 allows people with a steady income to keep property, like a mortgaged house or a car, that they might otherwise lose through the bankruptcy process. In Chapter 13, the court approves a repayment plan that allows you to use your future income to pay off your debts during a three-to-five-year period, rather than surrender any property. After you have made all the payments under the plan, you receive a discharge of your debts.

Chapter 7 is known as straight bankruptcy, and involves liquidation of all assets that are not exempt. Exempt property may include automobiles, work-related tools, and basic household furnishings. Some of your property may be sold by a court-appointed official — a trustee — or turned over to your creditors. The new bankruptcy laws have changed the time period during which you can receive a discharge through Chapter 7. You now must wait 8 years after receiving a discharge in Chapter 7 before you can file again under that chapter. The Chapter 13 waiting period is much shorter and can be as little as two years between filings.

Both types of bankruptcy may get rid of unsecured debts and stop foreclosures, repossessions, garnishments and utility shut-offs, and debt collection activities. Both also provide exemptions that allow people to keep certain assets, although exemption amounts vary by state. Note that personal bankruptcy usually does not erase child support, alimony, fines, taxes, and some student loan obligations. And, unless you have an acceptable plan to catch up on your debt under Chapter 13, bankruptcy usually does not allow you to keep property when your creditor has an unpaid mortgage or security lien on it.
Another major change to the bankruptcy laws involves certain hurdles that a consumer must clear before even filing for bankruptcy, no matter what the chapter. You must get credit counseling from a government-approved organization within six months before you file for any bankruptcy relief. You can find a state-by-state list of government-approved organizations at www.usdoj.gov/ust. That is the website of the U.S. Trustee Program, the organization within the U.S. Department of Justice that supervises bankruptcy cases and trustees. Also, before you file a Chapter 7 bankruptcy case, you must satisfy a “means test.” This test requires you to confirm that your income does not exceed a certain amount. The amount varies by state and is publicized by the U.S. Trustee Program at www.usdoj.gov/ust.

Debt Negotiation Programs
Debt negotiation differs greatly from credit counseling and DMPs. It can be very risky, and have a long term negative impact on your credit report and, in turn, your ability to get credit. That’s why many states have laws regulating debt negotiation companies and the services they offer. Contact your state Attorney General for more information.

The Claims
Debt negotiation firms may claim they’re nonprofit. They also may claim that they can arrange for your unsecured debt — typically credit card debt — to be paid off for anywhere from 10 to 50 percent of the balance owed. For example, if you owe $10,000 on a credit card, a debt negotiation firm may claim it can arrange for you to pay it off with a lesser amount, say $4,000.
The firms often pitch their services as an alternative to bankruptcy. They may claim that using their services will have little or no negative impact on your ability to get credit in the future, or that any negative information can be removed from your credit report when you complete their debt negotiation program. The firms usually tell you to stop making payments to your creditors, and instead, send payments to the debt negotiation company. The firm may promise to hold your funds in a special account and pay your creditors on your behalf.

The Truth
Just because a debt negotiation company describes itself as a “nonprofit” organization, there’s no guarantee that the services they offer are legitimate. There also is no guarantee that a creditor will accept partial payment of a legitimate debt. In fact, if you stop making payments on a credit card, late fees and interest usually are added to the debt each month. If you exceed your credit limit, additional fees and charges also can be added. This can cause your original debt to double or triple. What’s more, most debt negotiation companies charge consumers substantial fees for their services, including a fee to establish the account with the debt negotiator, a monthly service fee, and a final fee of a percentage of the money you’ve supposedly saved.
While creditors have no obligation to agree to negotiate the amount a consumer owes, they have a legal obligation to provide accurate information to the credit reporting agencies, including your failure to make monthly payments. That can result in a negative entry on your credit report. And in certain situations, creditors may have the right to sue you to recover the money you owe. In some instances, when creditors win a lawsuit, they have the right to garnish your wages or put a lien on your home. Finally, the Internal Revenue Service may consider any amount of forgiven debt to be taxable income.

Damage Control
Turning to a business that offers help in solving debt problems may seem like a reasonable solution when your bills become unmanageable. But before you do business with any company, check it out with your state Attorney General, local consumer protection agency, and the Better Business Bureau. They can tell you if any consumer complaints are on file about the firm you’re considering doing business with. Ask your state Attorney General if the company is required to be licensed to work in your state and, if so, whether it is.

Some businesses that offer to help you with your debt problems may charge high fees and fail to follow through on the services they sell. Others may misrepresent the terms of a debt consolidation loan, failing to explain certain costs or mention that you’re signing over your home as collateral. Businesses advertising voluntary debt reorganization plans may not explain that the plan is a bankruptcy filing, tell you everything that’s involved, or help you through what can be a long and complex process.

In addition, some companies guarantee you a loan if you pay a fee in advance. The fee may range from $100 to several hundred dollars. Resist the temptation to follow up on these advance-fee loan guarantees. They may be illegal. It is true that many legitimate creditors offer extensions of credit through telemarketing and require an application or appraisal fee in advance. But legitimate creditors never guarantee that the consumer will get the loan — or even represent that a loan is likely. Under the federal Telemarketing Sales Rule, a seller or tele-marketer who guarantees or represents a high likelihood of your getting a loan or some other extension of credit may not ask for or accept payment until you’ve received the loan.

You should be cautious of claims from so-called credit repair clinics. Many companies appeal to consumers with poor credit histories, promising to clean up credit reports for a fee. But you already have the right to have any inaccurate information in your file corrected. And a credit repair clinic cannot have accurate information removed from your credit report, despite their promises. You also should know that federal and some state laws prohibit these companies from charging you for their services until the services are fully performed. Only time and a conscientious effort to repay your debts will improve your credit report.

If you’re thinking about getting help to stabilize your financial situation, do some homework first. Find out what services a business provides and what it costs, and don’t rely on verbal promises. Get everything in writing, and read your contracts carefully.




Having trouble paying your bills? Getting dunning notices from creditors? Are your accounts being turned over to debt collectors? Are you worried about losing your home or your car?

You’re not alone. Many people face a financial crisis some time in their lives. Whether the crisis is caused by personal or family illness, the loss of a job, or overspending, it can seem overwhelming. But often, it can be overcome. Your financial situation doesn’t have to go from bad to worse.

If you or someone you know is in financial hot water, consider these options: realistic budgeting, credit counseling from a reputable organization, debt consolidation, or bankruptcy. Debt negotiation is yet another option. How do you know which will work best for you? It depends on your level of debt, your level of discipline, and your prospects for the future.

Self-Help
Developing a Budget: The first step toward taking control of your financial situation is to do a realistic assessment of how much money you take in and how much money you spend. Start by listing your income from all sources. Then, list your “fixed” expenses — those that are the same each month — like mortgage payments or rent, car payments, and insurance premiums. Next, list the expenses that vary — like entertainment, recreation, and clothing. Writing down all your expenses, even those that seem insignificant, is a helpful way to track your spending patterns, identify necessary expenses, and prioritize the rest. The goal is to make sure you can make ends meet on the basics: housing, food, health care, insurance, and education.

Your public library and bookstores have information about budgeting and money management techniques. In addition, computer software programs can be useful tools for developing and maintaining a budget, balancing your checkbook, and creating plans to save money and pay down your debt.

Contacting Your Creditors: Contact your creditors immediately if you’re having trouble making ends meet. Tell them why it’s difficult for you, and try to work out a modified payment plan that reduces your payments to a more manageable level. Don’t wait until your accounts have been turned over to a debt collector. At that point, your creditors have given up on you.
Dealing with Debt Collectors: The Fair Debt Collection Practices Act is the federal law that dictates how and when a debt collector may contact you. A debt collector may not call you before 8 a.m., after 9 p.m., or while you’re at work if the collector knows that your employer doesn’t approve of the calls. Collectors may not harass you, lie, or use unfair practices when they try to collect a debt. And they must honor a written request from you to stop further contact.

Managing Your Auto and Home Loans: Your debts can be unsecured or secured. Secured debts usually are tied to an asset, like your car for a car loan, or your house for a mortgage. If you stop making payments, lenders can repossess your car or foreclose on your house. Unsecured debts are not tied to any asset, and include most credit card debt, bills for medical care, signature loans, and debts for other types of services.

Most automobile financing agreements allow a creditor to repossess your car any time you’re in default. No notice is required. If your car is repossessed, you may have to pay the balance due on the loan, as well as towing and storage costs, to get it back. If you can’t do this, the creditor may sell the car. If you see default approaching, you may be better off selling the car yourself and paying off the debt: You’ll avoid the added costs of repossession and a negative entry on your credit report.

If you fall behind on your mortgage, contact your lender immediately to avoid foreclosure. Most lenders are willing to work with you if they believe you’re acting in good faith and the situation is temporary. Some lenders may reduce or suspend your payments for a short time. When you resume regular payments, though, you may have to pay an additional amount toward the past due total. Other lenders may agree to change the terms of the mortgage by extending the repayment period to reduce the monthly debt. Ask whether additional fees would be assessed for these changes, and calculate how much they total in the long term.

If you and your lender cannot work out a plan, contact a housing counseling agency. Some agencies limit their counseling services to homeowners with FHA mortgages, but many offer free help to any homeowner who’s having trouble making mortgage payments. Call the local office of the Department of Housing and Urban Development or the housing authority in your state, city, or county for help in finding a legitimate housing counseling agency near you

Credit Counseling and Debt Management Plans
Credit Counseling: If you’re not disciplined enough to create a workable budget and stick to it, can’t work out a repayment plan with your creditors, or can’t keep track of mounting bills, consider contacting a credit counseling organization. Many credit counseling organizations are nonprofit and work with you to solve your financial problems. But be aware that, just because an organization says it’s “nonprofit,” there’s no guarantee that its services are free, affordable, or even legitimate. In fact, some credit counseling organizations charge high fees, which may be hidden, or urge consumers to make “voluntary” contributions that can cause more debt.

Most credit counselors offer services through local offices, the Internet, or on the telephone. If possible, find an organization that offers in-person counseling. Many universities, military bases, credit unions, housing authorities, and branches of the U.S. Cooperative Extension Service operate nonprofit credit counseling programs. Your financial institution, local consumer protection agency, and friends and family also may be good sources of information and referrals.

Reputable credit counseling organizations can advise you on managing your money and debts, help you develop a budget, and offer free educational materials and workshops. Their counselors are certified and trained in the areas of consumer credit, money and debt management, and budgeting. Counselors discuss your entire financial situation with you, and help you develop a personalized plan to solve your money problems. An initial counseling session typically lasts an hour, with an offer of follow-up sessions.

Debt Management Plans: If your financial problems stem from too much debt or your inability to repay your debts, a credit counseling agency may recommend that you enroll in a debt management plan (DMP). A DMP alone is not credit counseling, and DMPs are not for everyone. You should sign up for one of these plans only after a certified credit counselor has spent time thoroughly reviewing your financial situation, and has offered you customized advice on managing your money. Even if a DMP is appropriate for you, a reputable credit counseling organization still can help you create a budget and teach you money management skills.

In a DMP, you deposit money each month with the credit counseling organization, which uses your deposits to pay your unsecured debts, like your credit card bills, student loans, and medical bills, according to a payment schedule the counselor develops with you and your creditors. Your creditors may agree to lower your interest rates or waive certain fees, but check with all your creditors to be sure they offer the concessions that a credit counseling organization describes to you. A successful DMP requires you to make regular, timely payments, and could take 48 months or more to complete. Ask the credit counselor to estimate how long it will take for you to complete the plan. You may have to agree not to apply for — or use — any additional credit while you’re participating in the plan.

Protect Yourself
Be wary of credit counseling organizations that:

charge high up-front or monthly fees for enrolling in credit counseling or a DMP.

pressure you to make “voluntary contributions,” another name for fees.

won’t send you free information about the services they provide without requiring you to provide personal financial information, such as credit card account numbers, and balances.

try to enroll you in a DMP without spending time reviewing your financial situation.

offer to enroll you in a DMP without teaching you budgeting and money management skills.

demand that you make payments into a DMP before your creditors have accepted you into the program.

Debt Consolidation
You may be able to lower your cost of credit by consolidating your debt through a second mortgage or a home equity line of credit. Remember that these loans require you to put up your home as collateral. If you can’t make the payments — or if your payments are late — you could lose your home.

What’s more, the costs of consolidation loans can add up. In addition to interest on the loans, you may have to pay “points,” with one point equal to one percent of the amount you borrow. Still, these loans may provide certain tax advantages that are not available with other kinds of credit.

Bankruptcy
Personal bankruptcy generally is considered the debt management option of last resort because the results are long-lasting and far reaching. People who follow the bankruptcy rules receive a discharge — a court order that says they don’t have to repay certain debts. However, bankruptcy information (both the date of your filing and the later date of discharge) stay on your credit report for 10 years, and can make it difficult to obtain credit, buy a home, get life insurance, or sometimes get a job. Still, bankruptcy is a legal procedure that offers a fresh start for people who have gotten into financial difficulty and can’t satisfy their debts.

There are two primary types of personal bankruptcy: Chapter 13 and Chapter 7. Each must be filed in federal bankruptcy court. As of April 2006, the filing fees run about $274 for Chapter 13 and $299 for Chapter 7. Attorney fees are additional and can vary.

Effective October 2005, Congress made sweeping changes to the bankruptcy laws. The net effect of these changes is to give consumers more incentive to seek bankruptcy relief under Chapter 13 rather than Chapter 7. Chapter 13 allows people with a steady income to keep property, like a mortgaged house or a car, that they might otherwise lose through the bankruptcy process. In Chapter 13, the court approves a repayment plan that allows you to use your future income to pay off your debts during a three-to-five-year period, rather than surrender any property. After you have made all the payments under the plan, you receive a discharge of your debts.

Chapter 7 is known as straight bankruptcy, and involves liquidation of all assets that are not exempt. Exempt property may include automobiles, work-related tools, and basic household furnishings. Some of your property may be sold by a court-appointed official — a trustee — or turned over to your creditors. The new bankruptcy laws have changed the time period during which you can receive a discharge through Chapter 7. You now must wait 8 years after receiving a discharge in Chapter 7 before you can file again under that chapter. The Chapter 13 waiting period is much shorter and can be as little as two years between filings.

Both types of bankruptcy may get rid of unsecured debts and stop foreclosures, repossessions, garnishments and utility shut-offs, and debt collection activities. Both also provide exemptions that allow people to keep certain assets, although exemption amounts vary by state. Note that personal bankruptcy usually does not erase child support, alimony, fines, taxes, and some student loan obligations. And, unless you have an acceptable plan to catch up on your debt under Chapter 13, bankruptcy usually does not allow you to keep property when your creditor has an unpaid mortgage or security lien on it.
Another major change to the bankruptcy laws involves certain hurdles that a consumer must clear before even filing for bankruptcy, no matter what the chapter. You must get credit counseling from a government-approved organization within six months before you file for any bankruptcy relief. You can find a state-by-state list of government-approved organizations at www.usdoj.gov/ust. That is the website of the U.S. Trustee Program, the organization within the U.S. Department of Justice that supervises bankruptcy cases and trustees. Also, before you file a Chapter 7 bankruptcy case, you must satisfy a “means test.” This test requires you to confirm that your income does not exceed a certain amount. The amount varies by state and is publicized by the U.S. Trustee Program at www.usdoj.gov/ust.

Debt Negotiation Programs
Debt negotiation differs greatly from credit counseling and DMPs. It can be very risky, and have a long term negative impact on your credit report and, in turn, your ability to get credit. That’s why many states have laws regulating debt negotiation companies and the services they offer. Contact your state Attorney General for more information.

The Claims
Debt negotiation firms may claim they’re nonprofit. They also may claim that they can arrange for your unsecured debt — typically credit card debt — to be paid off for anywhere from 10 to 50 percent of the balance owed. For example, if you owe $10,000 on a credit card, a debt negotiation firm may claim it can arrange for you to pay it off with a lesser amount, say $4,000.
The firms often pitch their services as an alternative to bankruptcy. They may claim that using their services will have little or no negative impact on your ability to get credit in the future, or that any negative information can be removed from your credit report when you complete their debt negotiation program. The firms usually tell you to stop making payments to your creditors, and instead, send payments to the debt negotiation company. The firm may promise to hold your funds in a special account and pay your creditors on your behalf.

The Truth
Just because a debt negotiation company describes itself as a “nonprofit” organization, there’s no guarantee that the services they offer are legitimate. There also is no guarantee that a creditor will accept partial payment of a legitimate debt. In fact, if you stop making payments on a credit card, late fees and interest usually are added to the debt each month. If you exceed your credit limit, additional fees and charges also can be added. This can cause your original debt to double or triple. What’s more, most debt negotiation companies charge consumers substantial fees for their services, including a fee to establish the account with the debt negotiator, a monthly service fee, and a final fee of a percentage of the money you’ve supposedly saved.
While creditors have no obligation to agree to negotiate the amount a consumer owes, they have a legal obligation to provide accurate information to the credit reporting agencies, including your failure to make monthly payments. That can result in a negative entry on your credit report. And in certain situations, creditors may have the right to sue you to recover the money you owe. In some instances, when creditors win a lawsuit, they have the right to garnish your wages or put a lien on your home. Finally, the Internal Revenue Service may consider any amount of forgiven debt to be taxable income.

Damage Control
Turning to a business that offers help in solving debt problems may seem like a reasonable solution when your bills become unmanageable. But before you do business with any company, check it out with your state Attorney General, local consumer protection agency, and the Better Business Bureau. They can tell you if any consumer complaints are on file about the firm you’re considering doing business with. Ask your state Attorney General if the company is required to be licensed to work in your state and, if so, whether it is.

Some businesses that offer to help you with your debt problems may charge high fees and fail to follow through on the services they sell. Others may misrepresent the terms of a debt consolidation loan, failing to explain certain costs or mention that you’re signing over your home as collateral. Businesses advertising voluntary debt reorganization plans may not explain that the plan is a bankruptcy filing, tell you everything that’s involved, or help you through what can be a long and complex process.

In addition, some companies guarantee you a loan if you pay a fee in advance. The fee may range from $100 to several hundred dollars. Resist the temptation to follow up on these advance-fee loan guarantees. They may be illegal. It is true that many legitimate creditors offer extensions of credit through telemarketing and require an application or appraisal fee in advance. But legitimate creditors never guarantee that the consumer will get the loan — or even represent that a loan is likely. Under the federal Telemarketing Sales Rule, a seller or tele-marketer who guarantees or represents a high likelihood of your getting a loan or some other extension of credit may not ask for or accept payment until you’ve received the loan.

You should be cautious of claims from so-called credit repair clinics. Many companies appeal to consumers with poor credit histories, promising to clean up credit reports for a fee. But you already have the right to have any inaccurate information in your file corrected. And a credit repair clinic cannot have accurate information removed from your credit report, despite their promises. You also should know that federal and some state laws prohibit these companies from charging you for their services until the services are fully performed. Only time and a conscientious effort to repay your debts will improve your credit report.

If you’re thinking about getting help to stabilize your financial situation, do some homework first. Find out what services a business provides and what it costs, and don’t rely on verbal promises. Get everything in writing, and read your contracts carefully.




Having trouble paying your bills? Getting dunning notices from creditors? Are your accounts being turned over to debt collectors? Are you worried about losing your home or your car?

You’re not alone. Many people face a financial crisis some time in their lives. Whether the crisis is caused by personal or family illness, the loss of a job, or overspending, it can seem overwhelming. But often, it can be overcome. Your financial situation doesn’t have to go from bad to worse.

If you or someone you know is in financial hot water, consider these options: realistic budgeting, credit counseling from a reputable organization, debt consolidation, or bankruptcy. Debt negotiation is yet another option. How do you know which will work best for you? It depends on your level of debt, your level of discipline, and your prospects for the future.

Self-Help
Developing a Budget: The first step toward taking control of your financial situation is to do a realistic assessment of how much money you take in and how much money you spend. Start by listing your income from all sources. Then, list your “fixed” expenses — those that are the same each month — like mortgage payments or rent, car payments, and insurance premiums. Next, list the expenses that vary — like entertainment, recreation, and clothing. Writing down all your expenses, even those that seem insignificant, is a helpful way to track your spending patterns, identify necessary expenses, and prioritize the rest. The goal is to make sure you can make ends meet on the basics: housing, food, health care, insurance, and education.

Your public library and bookstores have information about budgeting and money management techniques. In addition, computer software programs can be useful tools for developing and maintaining a budget, balancing your checkbook, and creating plans to save money and pay down your debt.

Contacting Your Creditors: Contact your creditors immediately if you’re having trouble making ends meet. Tell them why it’s difficult for you, and try to work out a modified payment plan that reduces your payments to a more manageable level. Don’t wait until your accounts have been turned over to a debt collector. At that point, your creditors have given up on you.
Dealing with Debt Collectors: The Fair Debt Collection Practices Act is the federal law that dictates how and when a debt collector may contact you. A debt collector may not call you before 8 a.m., after 9 p.m., or while you’re at work if the collector knows that your employer doesn’t approve of the calls. Collectors may not harass you, lie, or use unfair practices when they try to collect a debt. And they must honor a written request from you to stop further contact.

Managing Your Auto and Home Loans: Your debts can be unsecured or secured. Secured debts usually are tied to an asset, like your car for a car loan, or your house for a mortgage. If you stop making payments, lenders can repossess your car or foreclose on your house. Unsecured debts are not tied to any asset, and include most credit card debt, bills for medical care, signature loans, and debts for other types of services.

Most automobile financing agreements allow a creditor to repossess your car any time you’re in default. No notice is required. If your car is repossessed, you may have to pay the balance due on the loan, as well as towing and storage costs, to get it back. If you can’t do this, the creditor may sell the car. If you see default approaching, you may be better off selling the car yourself and paying off the debt: You’ll avoid the added costs of repossession and a negative entry on your credit report.

If you fall behind on your mortgage, contact your lender immediately to avoid foreclosure. Most lenders are willing to work with you if they believe you’re acting in good faith and the situation is temporary. Some lenders may reduce or suspend your payments for a short time. When you resume regular payments, though, you may have to pay an additional amount toward the past due total. Other lenders may agree to change the terms of the mortgage by extending the repayment period to reduce the monthly debt. Ask whether additional fees would be assessed for these changes, and calculate how much they total in the long term.

If you and your lender cannot work out a plan, contact a housing counseling agency. Some agencies limit their counseling services to homeowners with FHA mortgages, but many offer free help to any homeowner who’s having trouble making mortgage payments. Call the local office of the Department of Housing and Urban Development or the housing authority in your state, city, or county for help in finding a legitimate housing counseling agency near you

Credit Counseling and Debt Management Plans
Credit Counseling: If you’re not disciplined enough to create a workable budget and stick to it, can’t work out a repayment plan with your creditors, or can’t keep track of mounting bills, consider contacting a credit counseling organization. Many credit counseling organizations are nonprofit and work with you to solve your financial problems. But be aware that, just because an organization says it’s “nonprofit,” there’s no guarantee that its services are free, affordable, or even legitimate. In fact, some credit counseling organizations charge high fees, which may be hidden, or urge consumers to make “voluntary” contributions that can cause more debt.

Most credit counselors offer services through local offices, the Internet, or on the telephone. If possible, find an organization that offers in-person counseling. Many universities, military bases, credit unions, housing authorities, and branches of the U.S. Cooperative Extension Service operate nonprofit credit counseling programs. Your financial institution, local consumer protection agency, and friends and family also may be good sources of information and referrals.

Reputable credit counseling organizations can advise you on managing your money and debts, help you develop a budget, and offer free educational materials and workshops. Their counselors are certified and trained in the areas of consumer credit, money and debt management, and budgeting. Counselors discuss your entire financial situation with you, and help you develop a personalized plan to solve your money problems. An initial counseling session typically lasts an hour, with an offer of follow-up sessions.

Debt Management Plans: If your financial problems stem from too much debt or your inability to repay your debts, a credit counseling agency may recommend that you enroll in a debt management plan (DMP). A DMP alone is not credit counseling, and DMPs are not for everyone. You should sign up for one of these plans only after a certified credit counselor has spent time thoroughly reviewing your financial situation, and has offered you customized advice on managing your money. Even if a DMP is appropriate for you, a reputable credit counseling organization still can help you create a budget and teach you money management skills.

In a DMP, you deposit money each month with the credit counseling organization, which uses your deposits to pay your unsecured debts, like your credit card bills, student loans, and medical bills, according to a payment schedule the counselor develops with you and your creditors. Your creditors may agree to lower your interest rates or waive certain fees, but check with all your creditors to be sure they offer the concessions that a credit counseling organization describes to you. A successful DMP requires you to make regular, timely payments, and could take 48 months or more to complete. Ask the credit counselor to estimate how long it will take for you to complete the plan. You may have to agree not to apply for — or use — any additional credit while you’re participating in the plan.

Protect Yourself
Be wary of credit counseling organizations that:

charge high up-front or monthly fees for enrolling in credit counseling or a DMP.

pressure you to make “voluntary contributions,” another name for fees.

won’t send you free information about the services they provide without requiring you to provide personal financial information, such as credit card account numbers, and balances.

try to enroll you in a DMP without spending time reviewing your financial situation.

offer to enroll you in a DMP without teaching you budgeting and money management skills.

demand that you make payments into a DMP before your creditors have accepted you into the program.

Debt Consolidation
You may be able to lower your cost of credit by consolidating your debt through a second mortgage or a home equity line of credit. Remember that these loans require you to put up your home as collateral. If you can’t make the payments — or if your payments are late — you could lose your home.

What’s more, the costs of consolidation loans can add up. In addition to interest on the loans, you may have to pay “points,” with one point equal to one percent of the amount you borrow. Still, these loans may provide certain tax advantages that are not available with other kinds of credit.

Bankruptcy
Personal bankruptcy generally is considered the debt management option of last resort because the results are long-lasting and far reaching. People who follow the bankruptcy rules receive a discharge — a court order that says they don’t have to repay certain debts. However, bankruptcy information (both the date of your filing and the later date of discharge) stay on your credit report for 10 years, and can make it difficult to obtain credit, buy a home, get life insurance, or sometimes get a job. Still, bankruptcy is a legal procedure that offers a fresh start for people who have gotten into financial difficulty and can’t satisfy their debts.

There are two primary types of personal bankruptcy: Chapter 13 and Chapter 7. Each must be filed in federal bankruptcy court. As of April 2006, the filing fees run about $274 for Chapter 13 and $299 for Chapter 7. Attorney fees are additional and can vary.

Effective October 2005, Congress made sweeping changes to the bankruptcy laws. The net effect of these changes is to give consumers more incentive to seek bankruptcy relief under Chapter 13 rather than Chapter 7. Chapter 13 allows people with a steady income to keep property, like a mortgaged house or a car, that they might otherwise lose through the bankruptcy process. In Chapter 13, the court approves a repayment plan that allows you to use your future income to pay off your debts during a three-to-five-year period, rather than surrender any property. After you have made all the payments under the plan, you receive a discharge of your debts.

Chapter 7 is known as straight bankruptcy, and involves liquidation of all assets that are not exempt. Exempt property may include automobiles, work-related tools, and basic household furnishings. Some of your property may be sold by a court-appointed official — a trustee — or turned over to your creditors. The new bankruptcy laws have changed the time period during which you can receive a discharge through Chapter 7. You now must wait 8 years after receiving a discharge in Chapter 7 before you can file again under that chapter. The Chapter 13 waiting period is much shorter and can be as little as two years between filings.

Both types of bankruptcy may get rid of unsecured debts and stop foreclosures, repossessions, garnishments and utility shut-offs, and debt collection activities. Both also provide exemptions that allow people to keep certain assets, although exemption amounts vary by state. Note that personal bankruptcy usually does not erase child support, alimony, fines, taxes, and some student loan obligations. And, unless you have an acceptable plan to catch up on your debt under Chapter 13, bankruptcy usually does not allow you to keep property when your creditor has an unpaid mortgage or security lien on it.
Another major change to the bankruptcy laws involves certain hurdles that a consumer must clear before even filing for bankruptcy, no matter what the chapter. You must get credit counseling from a government-approved organization within six months before you file for any bankruptcy relief. You can find a state-by-state list of government-approved organizations at www.usdoj.gov/ust. That is the website of the U.S. Trustee Program, the organization within the U.S. Department of Justice that supervises bankruptcy cases and trustees. Also, before you file a Chapter 7 bankruptcy case, you must satisfy a “means test.” This test requires you to confirm that your income does not exceed a certain amount. The amount varies by state and is publicized by the U.S. Trustee Program at www.usdoj.gov/ust.

Debt Negotiation Programs
Debt negotiation differs greatly from credit counseling and DMPs. It can be very risky, and have a long term negative impact on your credit report and, in turn, your ability to get credit. That’s why many states have laws regulating debt negotiation companies and the services they offer. Contact your state Attorney General for more information.

The Claims
Debt negotiation firms may claim they’re nonprofit. They also may claim that they can arrange for your unsecured debt — typically credit card debt — to be paid off for anywhere from 10 to 50 percent of the balance owed. For example, if you owe $10,000 on a credit card, a debt negotiation firm may claim it can arrange for you to pay it off with a lesser amount, say $4,000.
The firms often pitch their services as an alternative to bankruptcy. They may claim that using their services will have little or no negative impact on your ability to get credit in the future, or that any negative information can be removed from your credit report when you complete their debt negotiation program. The firms usually tell you to stop making payments to your creditors, and instead, send payments to the debt negotiation company. The firm may promise to hold your funds in a special account and pay your creditors on your behalf.

The Truth
Just because a debt negotiation company describes itself as a “nonprofit” organization, there’s no guarantee that the services they offer are legitimate. There also is no guarantee that a creditor will accept partial payment of a legitimate debt. In fact, if you stop making payments on a credit card, late fees and interest usually are added to the debt each month. If you exceed your credit limit, additional fees and charges also can be added. This can cause your original debt to double or triple. What’s more, most debt negotiation companies charge consumers substantial fees for their services, including a fee to establish the account with the debt negotiator, a monthly service fee, and a final fee of a percentage of the money you’ve supposedly saved.
While creditors have no obligation to agree to negotiate the amount a consumer owes, they have a legal obligation to provide accurate information to the credit reporting agencies, including your failure to make monthly payments. That can result in a negative entry on your credit report. And in certain situations, creditors may have the right to sue you to recover the money you owe. In some instances, when creditors win a lawsuit, they have the right to garnish your wages or put a lien on your home. Finally, the Internal Revenue Service may consider any amount of forgiven debt to be taxable income.

Damage Control
Turning to a business that offers help in solving debt problems may seem like a reasonable solution when your bills become unmanageable. But before you do business with any company, check it out with your state Attorney General, local consumer protection agency, and the Better Business Bureau. They can tell you if any consumer complaints are on file about the firm you’re considering doing business with. Ask your state Attorney General if the company is required to be licensed to work in your state and, if so, whether it is.

Some businesses that offer to help you with your debt problems may charge high fees and fail to follow through on the services they sell. Others may misrepresent the terms of a debt consolidation loan, failing to explain certain costs or mention that you’re signing over your home as collateral. Businesses advertising voluntary debt reorganization plans may not explain that the plan is a bankruptcy filing, tell you everything that’s involved, or help you through what can be a long and complex process.

In addition, some companies guarantee you a loan if you pay a fee in advance. The fee may range from $100 to several hundred dollars. Resist the temptation to follow up on these advance-fee loan guarantees. They may be illegal. It is true that many legitimate creditors offer extensions of credit through telemarketing and require an application or appraisal fee in advance. But legitimate creditors never guarantee that the consumer will get the loan — or even represent that a loan is likely. Under the federal Telemarketing Sales Rule, a seller or tele-marketer who guarantees or represents a high likelihood of your getting a loan or some other extension of credit may not ask for or accept payment until you’ve received the loan.

You should be cautious of claims from so-called credit repair clinics. Many companies appeal to consumers with poor credit histories, promising to clean up credit reports for a fee. But you already have the right to have any inaccurate information in your file corrected. And a credit repair clinic cannot have accurate information removed from your credit report, despite their promises. You also should know that federal and some state laws prohibit these companies from charging you for their services until the services are fully performed. Only time and a conscientious effort to repay your debts will improve your credit report.

If you’re thinking about getting help to stabilize your financial situation, do some homework first. Find out what services a business provides and what it costs, and don’t rely on verbal promises. Get everything in writing, and read your contracts carefully.




Having trouble paying your bills? Getting dunning notices from creditors? Are your accounts being turned over to debt collectors? Are you worried about losing your home or your car?

You’re not alone. Many people face a financial crisis some time in their lives. Whether the crisis is caused by personal or family illness, the loss of a job, or overspending, it can seem overwhelming. But often, it can be overcome. Your financial situation doesn’t have to go from bad to worse.

If you or someone you know is in financial hot water, consider these options: realistic budgeting, credit counseling from a reputable organization, debt consolidation, or bankruptcy. Debt negotiation is yet another option. How do you know which will work best for you? It depends on your level of debt, your level of discipline, and your prospects for the future.

Self-Help
Developing a Budget: The first step toward taking control of your financial situation is to do a realistic assessment of how much money you take in and how much money you spend. Start by listing your income from all sources. Then, list your “fixed” expenses — those that are the same each month — like mortgage payments or rent, car payments, and insurance premiums. Next, list the expenses that vary — like entertainment, recreation, and clothing. Writing down all your expenses, even those that seem insignificant, is a helpful way to track your spending patterns, identify necessary expenses, and prioritize the rest. The goal is to make sure you can make ends meet on the basics: housing, food, health care, insurance, and education.

Your public library and bookstores have information about budgeting and money management techniques. In addition, computer software programs can be useful tools for developing and maintaining a budget, balancing your checkbook, and creating plans to save money and pay down your debt.

Contacting Your Creditors: Contact your creditors immediately if you’re having trouble making ends meet. Tell them why it’s difficult for you, and try to work out a modified payment plan that reduces your payments to a more manageable level. Don’t wait until your accounts have been turned over to a debt collector. At that point, your creditors have given up on you.
Dealing with Debt Collectors: The Fair Debt Collection Practices Act is the federal law that dictates how and when a debt collector may contact you. A debt collector may not call you before 8 a.m., after 9 p.m., or while you’re at work if the collector knows that your employer doesn’t approve of the calls. Collectors may not harass you, lie, or use unfair practices when they try to collect a debt. And they must honor a written request from you to stop further contact.

Managing Your Auto and Home Loans: Your debts can be unsecured or secured. Secured debts usually are tied to an asset, like your car for a car loan, or your house for a mortgage. If you stop making payments, lenders can repossess your car or foreclose on your house. Unsecured debts are not tied to any asset, and include most credit card debt, bills for medical care, signature loans, and debts for other types of services.

Most automobile financing agreements allow a creditor to repossess your car any time you’re in default. No notice is required. If your car is repossessed, you may have to pay the balance due on the loan, as well as towing and storage costs, to get it back. If you can’t do this, the creditor may sell the car. If you see default approaching, you may be better off selling the car yourself and paying off the debt: You’ll avoid the added costs of repossession and a negative entry on your credit report.

If you fall behind on your mortgage, contact your lender immediately to avoid foreclosure. Most lenders are willing to work with you if they believe you’re acting in good faith and the situation is temporary. Some lenders may reduce or suspend your payments for a short time. When you resume regular payments, though, you may have to pay an additional amount toward the past due total. Other lenders may agree to change the terms of the mortgage by extending the repayment period to reduce the monthly debt. Ask whether additional fees would be assessed for these changes, and calculate how much they total in the long term.

If you and your lender cannot work out a plan, contact a housing counseling agency. Some agencies limit their counseling services to homeowners with FHA mortgages, but many offer free help to any homeowner who’s having trouble making mortgage payments. Call the local office of the Department of Housing and Urban Development or the housing authority in your state, city, or county for help in finding a legitimate housing counseling agency near you

Credit Counseling and Debt Management Plans
Credit Counseling: If you’re not disciplined enough to create a workable budget and stick to it, can’t work out a repayment plan with your creditors, or can’t keep track of mounting bills, consider contacting a credit counseling organization. Many credit counseling organizations are nonprofit and work with you to solve your financial problems. But be aware that, just because an organization says it’s “nonprofit,” there’s no guarantee that its services are free, affordable, or even legitimate. In fact, some credit counseling organizations charge high fees, which may be hidden, or urge consumers to make “voluntary” contributions that can cause more debt.

Most credit counselors offer services through local offices, the Internet, or on the telephone. If possible, find an organization that offers in-person counseling. Many universities, military bases, credit unions, housing authorities, and branches of the U.S. Cooperative Extension Service operate nonprofit credit counseling programs. Your financial institution, local consumer protection agency, and friends and family also may be good sources of information and referrals.

Reputable credit counseling organizations can advise you on managing your money and debts, help you develop a budget, and offer free educational materials and workshops. Their counselors are certified and trained in the areas of consumer credit, money and debt management, and budgeting. Counselors discuss your entire financial situation with you, and help you develop a personalized plan to solve your money problems. An initial counseling session typically lasts an hour, with an offer of follow-up sessions.

Debt Management Plans: If your financial problems stem from too much debt or your inability to repay your debts, a credit counseling agency may recommend that you enroll in a debt management plan (DMP). A DMP alone is not credit counseling, and DMPs are not for everyone. You should sign up for one of these plans only after a certified credit counselor has spent time thoroughly reviewing your financial situation, and has offered you customized advice on managing your money. Even if a DMP is appropriate for you, a reputable credit counseling organization still can help you create a budget and teach you money management skills.

In a DMP, you deposit money each month with the credit counseling organization, which uses your deposits to pay your unsecured debts, like your credit card bills, student loans, and medical bills, according to a payment schedule the counselor develops with you and your creditors. Your creditors may agree to lower your interest rates or waive certain fees, but check with all your creditors to be sure they offer the concessions that a credit counseling organization describes to you. A successful DMP requires you to make regular, timely payments, and could take 48 months or more to complete. Ask the credit counselor to estimate how long it will take for you to complete the plan. You may have to agree not to apply for — or use — any additional credit while you’re participating in the plan.

Protect Yourself
Be wary of credit counseling organizations that:

charge high up-front or monthly fees for enrolling in credit counseling or a DMP.

pressure you to make “voluntary contributions,” another name for fees.

won’t send you free information about the services they provide without requiring you to provide personal financial information, such as credit card account numbers, and balances.

try to enroll you in a DMP without spending time reviewing your financial situation.

offer to enroll you in a DMP without teaching you budgeting and money management skills.

demand that you make payments into a DMP before your creditors have accepted you into the program.

Debt Consolidation
You may be able to lower your cost of credit by consolidating your debt through a second mortgage or a home equity line of credit. Remember that these loans require you to put up your home as collateral. If you can’t make the payments — or if your payments are late — you could lose your home.

What’s more, the costs of consolidation loans can add up. In addition to interest on the loans, you may have to pay “points,” with one point equal to one percent of the amount you borrow. Still, these loans may provide certain tax advantages that are not available with other kinds of credit.

Bankruptcy
Personal bankruptcy generally is considered the debt management option of last resort because the results are long-lasting and far reaching. People who follow the bankruptcy rules receive a discharge — a court order that says they don’t have to repay certain debts. However, bankruptcy information (both the date of your filing and the later date of discharge) stay on your credit report for 10 years, and can make it difficult to obtain credit, buy a home, get life insurance, or sometimes get a job. Still, bankruptcy is a legal procedure that offers a fresh start for people who have gotten into financial difficulty and can’t satisfy their debts.

There are two primary types of personal bankruptcy: Chapter 13 and Chapter 7. Each must be filed in federal bankruptcy court. As of April 2006, the filing fees run about $274 for Chapter 13 and $299 for Chapter 7. Attorney fees are additional and can vary.

Effective October 2005, Congress made sweeping changes to the bankruptcy laws. The net effect of these changes is to give consumers more incentive to seek bankruptcy relief under Chapter 13 rather than Chapter 7. Chapter 13 allows people with a steady income to keep property, like a mortgaged house or a car, that they might otherwise lose through the bankruptcy process. In Chapter 13, the court approves a repayment plan that allows you to use your future income to pay off your debts during a three-to-five-year period, rather than surrender any property. After you have made all the payments under the plan, you receive a discharge of your debts.

Chapter 7 is known as straight bankruptcy, and involves liquidation of all assets that are not exempt. Exempt property may include automobiles, work-related tools, and basic household furnishings. Some of your property may be sold by a court-appointed official — a trustee — or turned over to your creditors. The new bankruptcy laws have changed the time period during which you can receive a discharge through Chapter 7. You now must wait 8 years after receiving a discharge in Chapter 7 before you can file again under that chapter. The Chapter 13 waiting period is much shorter and can be as little as two years between filings.

Both types of bankruptcy may get rid of unsecured debts and stop foreclosures, repossessions, garnishments and utility shut-offs, and debt collection activities. Both also provide exemptions that allow people to keep certain assets, although exemption amounts vary by state. Note that personal bankruptcy usually does not erase child support, alimony, fines, taxes, and some student loan obligations. And, unless you have an acceptable plan to catch up on your debt under Chapter 13, bankruptcy usually does not allow you to keep property when your creditor has an unpaid mortgage or security lien on it.
Another major change to the bankruptcy laws involves certain hurdles that a consumer must clear before even filing for bankruptcy, no matter what the chapter. You must get credit counseling from a government-approved organization within six months before you file for any bankruptcy relief. You can find a state-by-state list of government-approved organizations at www.usdoj.gov/ust. That is the website of the U.S. Trustee Program, the organization within the U.S. Department of Justice that supervises bankruptcy cases and trustees. Also, before you file a Chapter 7 bankruptcy case, you must satisfy a “means test.” This test requires you to confirm that your income does not exceed a certain amount. The amount varies by state and is publicized by the U.S. Trustee Program at www.usdoj.gov/ust.

Debt Negotiation Programs
Debt negotiation differs greatly from credit counseling and DMPs. It can be very risky, and have a long term negative impact on your credit report and, in turn, your ability to get credit. That’s why many states have laws regulating debt negotiation companies and the services they offer. Contact your state Attorney General for more information.

The Claims
Debt negotiation firms may claim they’re nonprofit. They also may claim that they can arrange for your unsecured debt — typically credit card debt — to be paid off for anywhere from 10 to 50 percent of the balance owed. For example, if you owe $10,000 on a credit card, a debt negotiation firm may claim it can arrange for you to pay it off with a lesser amount, say $4,000.
The firms often pitch their services as an alternative to bankruptcy. They may claim that using their services will have little or no negative impact on your ability to get credit in the future, or that any negative information can be removed from your credit report when you complete their debt negotiation program. The firms usually tell you to stop making payments to your creditors, and instead, send payments to the debt negotiation company. The firm may promise to hold your funds in a special account and pay your creditors on your behalf.

The Truth
Just because a debt negotiation company describes itself as a “nonprofit” organization, there’s no guarantee that the services they offer are legitimate. There also is no guarantee that a creditor will accept partial payment of a legitimate debt. In fact, if you stop making payments on a credit card, late fees and interest usually are added to the debt each month. If you exceed your credit limit, additional fees and charges also can be added. This can cause your original debt to double or triple. What’s more, most debt negotiation companies charge consumers substantial fees for their services, including a fee to establish the account with the debt negotiator, a monthly service fee, and a final fee of a percentage of the money you’ve supposedly saved.
While creditors have no obligation to agree to negotiate the amount a consumer owes, they have a legal obligation to provide accurate information to the credit reporting agencies, including your failure to make monthly payments. That can result in a negative entry on your credit report. And in certain situations, creditors may have the right to sue you to recover the money you owe. In some instances, when creditors win a lawsuit, they have the right to garnish your wages or put a lien on your home. Finally, the Internal Revenue Service may consider any amount of forgiven debt to be taxable income.

Damage Control
Turning to a business that offers help in solving debt problems may seem like a reasonable solution when your bills become unmanageable. But before you do business with any company, check it out with your state Attorney General, local consumer protection agency, and the Better Business Bureau. They can tell you if any consumer complaints are on file about the firm you’re considering doing business with. Ask your state Attorney General if the company is required to be licensed to work in your state and, if so, whether it is.

Some businesses that offer to help you with your debt problems may charge high fees and fail to follow through on the services they sell. Others may misrepresent the terms of a debt consolidation loan, failing to explain certain costs or mention that you’re signing over your home as collateral. Businesses advertising voluntary debt reorganization plans may not explain that the plan is a bankruptcy filing, tell you everything that’s involved, or help you through what can be a long and complex process.

In addition, some companies guarantee you a loan if you pay a fee in advance. The fee may range from $100 to several hundred dollars. Resist the temptation to follow up on these advance-fee loan guarantees. They may be illegal. It is true that many legitimate creditors offer extensions of credit through telemarketing and require an application or appraisal fee in advance. But legitimate creditors never guarantee that the consumer will get the loan — or even represent that a loan is likely. Under the federal Telemarketing Sales Rule, a seller or tele-marketer who guarantees or represents a high likelihood of your getting a loan or some other extension of credit may not ask for or accept payment until you’ve received the loan.

You should be cautious of claims from so-called credit repair clinics. Many companies appeal to consumers with poor credit histories, promising to clean up credit reports for a fee. But you already have the right to have any inaccurate information in your file corrected. And a credit repair clinic cannot have accurate information removed from your credit report, despite their promises. You also should know that federal and some state laws prohibit these companies from charging you for their services until the services are fully performed. Only time and a conscientious effort to repay your debts will improve your credit report.

If you’re thinking about getting help to stabilize your financial situation, do some homework first. Find out what services a business provides and what it costs, and don’t rely on verbal promises. Get everything in writing, and read your contracts carefully.




Having trouble paying your bills? Getting dunning notices from creditors? Are your accounts being turned over to debt collectors? Are you worried about losing your home or your car?

You’re not alone. Many people face a financial crisis some time in their lives. Whether the crisis is caused by personal or family illness, the loss of a job, or overspending, it can seem overwhelming. But often, it can be overcome. Your financial situation doesn’t have to go from bad to worse.

If you or someone you know is in financial hot water, consider these options: realistic budgeting, credit counseling from a reputable organization, debt consolidation, or bankruptcy. Debt negotiation is yet another option. How do you know which will work best for you? It depends on your level of debt, your level of discipline, and your prospects for the future.

Self-Help
Developing a Budget: The first step toward taking control of your financial situation is to do a realistic assessment of how much money you take in and how much money you spend. Start by listing your income from all sources. Then, list your “fixed” expenses — those that are the same each month — like mortgage payments or rent, car payments, and insurance premiums. Next, list the expenses that vary — like entertainment, recreation, and clothing. Writing down all your expenses, even those that seem insignificant, is a helpful way to track your spending patterns, identify necessary expenses, and prioritize the rest. The goal is to make sure you can make ends meet on the basics: housing, food, health care, insurance, and education.

Your public library and bookstores have information about budgeting and money management techniques. In addition, computer software programs can be useful tools for developing and maintaining a budget, balancing your checkbook, and creating plans to save money and pay down your debt.

Contacting Your Creditors: Contact your creditors immediately if you’re having trouble making ends meet. Tell them why it’s difficult for you, and try to work out a modified payment plan that reduces your payments to a more manageable level. Don’t wait until your accounts have been turned over to a debt collector. At that point, your creditors have given up on you.
Dealing with Debt Collectors: The Fair Debt Collection Practices Act is the federal law that dictates how and when a debt collector may contact you. A debt collector may not call you before 8 a.m., after 9 p.m., or while you’re at work if the collector knows that your employer doesn’t approve of the calls. Collectors may not harass you, lie, or use unfair practices when they try to collect a debt. And they must honor a written request from you to stop further contact.

Managing Your Auto and Home Loans: Your debts can be unsecured or secured. Secured debts usually are tied to an asset, like your car for a car loan, or your house for a mortgage. If you stop making payments, lenders can repossess your car or foreclose on your house. Unsecured debts are not tied to any asset, and include most credit card debt, bills for medical care, signature loans, and debts for other types of services.

Most automobile financing agreements allow a creditor to repossess your car any time you’re in default. No notice is required. If your car is repossessed, you may have to pay the balance due on the loan, as well as towing and storage costs, to get it back. If you can’t do this, the creditor may sell the car. If you see default approaching, you may be better off selling the car yourself and paying off the debt: You’ll avoid the added costs of repossession and a negative entry on your credit report.

If you fall behind on your mortgage, contact your lender immediately to avoid foreclosure. Most lenders are willing to work with you if they believe you’re acting in good faith and the situation is temporary. Some lenders may reduce or suspend your payments for a short time. When you resume regular payments, though, you may have to pay an additional amount toward the past due total. Other lenders may agree to change the terms of the mortgage by extending the repayment period to reduce the monthly debt. Ask whether additional fees would be assessed for these changes, and calculate how much they total in the long term.

If you and your lender cannot work out a plan, contact a housing counseling agency. Some agencies limit their counseling services to homeowners with FHA mortgages, but many offer free help to any homeowner who’s having trouble making mortgage payments. Call the local office of the Department of Housing and Urban Development or the housing authority in your state, city, or county for help in finding a legitimate housing counseling agency near you

Credit Counseling and Debt Management Plans
Credit Counseling: If you’re not disciplined enough to create a workable budget and stick to it, can’t work out a repayment plan with your creditors, or can’t keep track of mounting bills, consider contacting a credit counseling organization. Many credit counseling organizations are nonprofit and work with you to solve your financial problems. But be aware that, just because an organization says it’s “nonprofit,” there’s no guarantee that its services are free, affordable, or even legitimate. In fact, some credit counseling organizations charge high fees, which may be hidden, or urge consumers to make “voluntary” contributions that can cause more debt.

Most credit counselors offer services through local offices, the Internet, or on the telephone. If possible, find an organization that offers in-person counseling. Many universities, military bases, credit unions, housing authorities, and branches of the U.S. Cooperative Extension Service operate nonprofit credit counseling programs. Your financial institution, local consumer protection agency, and friends and family also may be good sources of information and referrals.

Reputable credit counseling organizations can advise you on managing your money and debts, help you develop a budget, and offer free educational materials and workshops. Their counselors are certified and trained in the areas of consumer credit, money and debt management, and budgeting. Counselors discuss your entire financial situation with you, and help you develop a personalized plan to solve your money problems. An initial counseling session typically lasts an hour, with an offer of follow-up sessions.

Debt Management Plans: If your financial problems stem from too much debt or your inability to repay your debts, a credit counseling agency may recommend that you enroll in a debt management plan (DMP). A DMP alone is not credit counseling, and DMPs are not for everyone. You should sign up for one of these plans only after a certified credit counselor has spent time thoroughly reviewing your financial situation, and has offered you customized advice on managing your money. Even if a DMP is appropriate for you, a reputable credit counseling organization still can help you create a budget and teach you money management skills.

In a DMP, you deposit money each month with the credit counseling organization, which uses your deposits to pay your unsecured debts, like your credit card bills, student loans, and medical bills, according to a payment schedule the counselor develops with you and your creditors. Your creditors may agree to lower your interest rates or waive certain fees, but check with all your creditors to be sure they offer the concessions that a credit counseling organization describes to you. A successful DMP requires you to make regular, timely payments, and could take 48 months or more to complete. Ask the credit counselor to estimate how long it will take for you to complete the plan. You may have to agree not to apply for — or use — any additional credit while you’re participating in the plan.

Protect Yourself
Be wary of credit counseling organizations that:

charge high up-front or monthly fees for enrolling in credit counseling or a DMP.

pressure you to make “voluntary contributions,” another name for fees.

won’t send you free information about the services they provide without requiring you to provide personal financial information, such as credit card account numbers, and balances.

try to enroll you in a DMP without spending time reviewing your financial situation.

offer to enroll you in a DMP without teaching you budgeting and money management skills.

demand that you make payments into a DMP before your creditors have accepted you into the program.

Debt Consolidation
You may be able to lower your cost of credit by consolidating your debt through a second mortgage or a home equity line of credit. Remember that these loans require you to put up your home as collateral. If you can’t make the payments — or if your payments are late — you could lose your home.

What’s more, the costs of consolidation loans can add up. In addition to interest on the loans, you may have to pay “points,” with one point equal to one percent of the amount you borrow. Still, these loans may provide certain tax advantages that are not available with other kinds of credit.

Bankruptcy
Personal bankruptcy generally is considered the debt management option of last resort because the results are long-lasting and far reaching. People who follow the bankruptcy rules receive a discharge — a court order that says they don’t have to repay certain debts. However, bankruptcy information (both the date of your filing and the later date of discharge) stay on your credit report for 10 years, and can make it difficult to obtain credit, buy a home, get life insurance, or sometimes get a job. Still, bankruptcy is a legal procedure that offers a fresh start for people who have gotten into financial difficulty and can’t satisfy their debts.

There are two primary types of personal bankruptcy: Chapter 13 and Chapter 7. Each must be filed in federal bankruptcy court. As of April 2006, the filing fees run about $274 for Chapter 13 and $299 for Chapter 7. Attorney fees are additional and can vary.

Effective October 2005, Congress made sweeping changes to the bankruptcy laws. The net effect of these changes is to give consumers more incentive to seek bankruptcy relief under Chapter 13 rather than Chapter 7. Chapter 13 allows people with a steady income to keep property, like a mortgaged house or a car, that they might otherwise lose through the bankruptcy process. In Chapter 13, the court approves a repayment plan that allows you to use your future income to pay off your debts during a three-to-five-year period, rather than surrender any property. After you have made all the payments under the plan, you receive a discharge of your debts.

Chapter 7 is known as straight bankruptcy, and involves liquidation of all assets that are not exempt. Exempt property may include automobiles, work-related tools, and basic household furnishings. Some of your property may be sold by a court-appointed official — a trustee — or turned over to your creditors. The new bankruptcy laws have changed the time period during which you can receive a discharge through Chapter 7. You now must wait 8 years after receiving a discharge in Chapter 7 before you can file again under that chapter. The Chapter 13 waiting period is much shorter and can be as little as two years between filings.

Both types of bankruptcy may get rid of unsecured debts and stop foreclosures, repossessions, garnishments and utility shut-offs, and debt collection activities. Both also provide exemptions that allow people to keep certain assets, although exemption amounts vary by state. Note that personal bankruptcy usually does not erase child support, alimony, fines, taxes, and some student loan obligations. And, unless you have an acceptable plan to catch up on your debt under Chapter 13, bankruptcy usually does not allow you to keep property when your creditor has an unpaid mortgage or security lien on it.
Another major change to the bankruptcy laws involves certain hurdles that a consumer must clear before even filing for bankruptcy, no matter what the chapter. You must get credit counseling from a government-approved organization within six months before you file for any bankruptcy relief. You can find a state-by-state list of government-approved organizations at www.usdoj.gov/ust. That is the website of the U.S. Trustee Program, the organization within the U.S. Department of Justice that supervises bankruptcy cases and trustees. Also, before you file a Chapter 7 bankruptcy case, you must satisfy a “means test.” This test requires you to confirm that your income does not exceed a certain amount. The amount varies by state and is publicized by the U.S. Trustee Program at www.usdoj.gov/ust.

Debt Negotiation Programs
Debt negotiation differs greatly from credit counseling and DMPs. It can be very risky, and have a long term negative impact on your credit report and, in turn, your ability to get credit. That’s why many states have laws regulating debt negotiation companies and the services they offer. Contact your state Attorney General for more information.

The Claims
Debt negotiation firms may claim they’re nonprofit. They also may claim that they can arrange for your unsecured debt — typically credit card debt — to be paid off for anywhere from 10 to 50 percent of the balance owed. For example, if you owe $10,000 on a credit card, a debt negotiation firm may claim it can arrange for you to pay it off with a lesser amount, say $4,000.
The firms often pitch their services as an alternative to bankruptcy. They may claim that using their services will have little or no negative impact on your ability to get credit in the future, or that any negative information can be removed from your credit report when you complete their debt negotiation program. The firms usually tell you to stop making payments to your creditors, and instead, send payments to the debt negotiation company. The firm may promise to hold your funds in a special account and pay your creditors on your behalf.

The Truth
Just because a debt negotiation company describes itself as a “nonprofit” organization, there’s no guarantee that the services they offer are legitimate. There also is no guarantee that a creditor will accept partial payment of a legitimate debt. In fact, if you stop making payments on a credit card, late fees and interest usually are added to the debt each month. If you exceed your credit limit, additional fees and charges also can be added. This can cause your original debt to double or triple. What’s more, most debt negotiation companies charge consumers substantial fees for their services, including a fee to establish the account with the debt negotiator, a monthly service fee, and a final fee of a percentage of the money you’ve supposedly saved.
While creditors have no obligation to agree to negotiate the amount a consumer owes, they have a legal obligation to provide accurate information to the credit reporting agencies, including your failure to make monthly payments. That can result in a negative entry on your credit report. And in certain situations, creditors may have the right to sue you to recover the money you owe. In some instances, when creditors win a lawsuit, they have the right to garnish your wages or put a lien on your home. Finally, the Internal Revenue Service may consider any amount of forgiven debt to be taxable income.

Damage Control
Turning to a business that offers help in solving debt problems may seem like a reasonable solution when your bills become unmanageable. But before you do business with any company, check it out with your state Attorney General, local consumer protection agency, and the Better Business Bureau. They can tell you if any consumer complaints are on file about the firm you’re considering doing business with. Ask your state Attorney General if the company is required to be licensed to work in your state and, if so, whether it is.

Some businesses that offer to help you with your debt problems may charge high fees and fail to follow through on the services they sell. Others may misrepresent the terms of a debt consolidation loan, failing to explain certain costs or mention that you’re signing over your home as collateral. Businesses advertising voluntary debt reorganization plans may not explain that the plan is a bankruptcy filing, tell you everything that’s involved, or help you through what can be a long and complex process.

In addition, some companies guarantee you a loan if you pay a fee in advance. The fee may range from $100 to several hundred dollars. Resist the temptation to follow up on these advance-fee loan guarantees. They may be illegal. It is true that many legitimate creditors offer extensions of credit through telemarketing and require an application or appraisal fee in advance. But legitimate creditors never guarantee that the consumer will get the loan — or even represent that a loan is likely. Under the federal Telemarketing Sales Rule, a seller or tele-marketer who guarantees or represents a high likelihood of your getting a loan or some other extension of credit may not ask for or accept payment until you’ve received the loan.

You should be cautious of claims from so-called credit repair clinics. Many companies appeal to consumers with poor credit histories, promising to clean up credit reports for a fee. But you already have the right to have any inaccurate information in your file corrected. And a credit repair clinic cannot have accurate information removed from your credit report, despite their promises. You also should know that federal and some state laws prohibit these companies from charging you for their services until the services are fully performed. Only time and a conscientious effort to repay your debts will improve your credit report.

If you’re thinking about getting help to stabilize your financial situation, do some homework first. Find out what services a business provides and what it costs, and don’t rely on verbal promises. Get everything in writing, and read your contracts carefully.

8:14 am  
Anonymous Anonymous said...

Hеllo! І know this is kinda off toρic
but I was wondeгing which blog platform are
you uѕing fоr this sіte? I'm getting fed up of Wordpress because I've had issueѕ wіth haсκerѕ anԁ I'm looking at options for another platform. I would be great if you could point me in the direction of a good platform.

Review my page - http://vipshoppingalert.com

3:21 pm  

Post a Comment

<< Home