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Home | Debt | Debt Payment | Debt Relief Order | Debt Screening | Debt Settlement | IVA

Category: Debt Screening

18 Oct

Who Stands to Benefit from a Debt Relief Order? Write-Off Debt with the Government’s Latest Debt Solution

by Arbitrage Bands | in Debt, Debt Payment, Debt Relief Order, Debt Screening, Debt Settlement, IVA | on October 18, 2016

A report produced in February 2015 by the Citizens Advice Bureau showed that clients had personal debts of £16,971 in 2015, two-thirds higher than in 2007. Whilst serious debts are often dealt with by going bankrupt or pursuing an Individual Voluntary Arrangement (IVA), there weren’t many debt solutions available for more modest financial difficulties. This has led to the introduction of the Debt Relief Order.

What is a Debt Relief Order?

A Debt Relief Order is designed to assist those with personal debts under £15,000. It is primarily aimed at those on low incomes who may have found an Individual Voluntary Arrangement or going bankrupt too costly. Provided the criteria are met, Debt Relief Orders can be commenced for just £100. With the assistance of an intermediary, a person with financial difficulties will be debt-free in just 12 months.

A Debt Relief Order Allows Someone to Become Debt-Free in Just 12 Months

Provided that a debtor meets the stringent requirements of a Debt Relief Order, they will be relieved of all personal debts in just 12 months. Although it is possible for interest and charges to be frozen, a debt management plan requires that all personal debt is repaid in full.

Going Bankrupt is More Complex than a Debt Relief Order

A Debt Relief Order is a simplified alternative to going bankrupt. An intermediary, who is a qualified debt advisor, will help a debtor through the entire process. The intermediary is there to ensure that the debtor meets the criteria of the Debt Relief Order. Provided that this is the case, debtors will receive full assistance in terms of both guidance and associated paperwork.

A Debt Relief Order is a Debt Solution Suitable for Individuals on Low Incomes

A debt management plan requires that a debtor pays a minimum of £100 per month into the arrangement. Due to the fact that a debtor can’t have a monthly disposable income of over £50, a Debt Relief Order means that no monthly contributions are necessary. This would only change in the event of an income increase of a wind-fall payment, such as a lottery win or inheritance.

Debt Relief Orders are a Debt Solution Appropriate for Tenants

Those seeking to avoid the negative publicity of going bankrupt often turn to an Individual Voluntary Arrangement (IVA). However, this isn’t a suitable debt solution for those with personal debts below £15,000. A Debt Relief Order now offers individuals with more modest personal debts the chance to become debt-free.

Creditor Harassment is Prevented by a Debt Relief Order

Once a Debt Relief Order is in place, further creditor harassment is unlawful. This means that those who were struggling with financial difficulties and personal debts will no longer have to put up with phone calls and creditors knocking at their door.

A Debt Relief Order has a number of advantages over other debt solutions. Those that do meet the stringent criteria are likely to find that they can rid themselves of personal debts faster than they would under a debt management plan.

A Debt Relief Order isn’t suitable for everyone. Home owners with personal debt problems may wish to consider an Individual Voluntary Arrangement. Those seeking to write-off debt may be interested in finding out whether they have an illegal credit card or unenforceable loan agreement.

17 Oct

Understanding Debt: What are Good and Bad Debts?

by Arbitrage Bands | in Debt, Debt Payment, Debt Screening, Debt Settlement | on October 17, 2016

The word “debt” scares most people off. Yet, not all debts are bad. In fact, sometimes it makes financial sense to be in debt. Confused? Here is a general guide about good debts and bad debts.

Really Bad Debts

In general, bad debts come with high interest rates, are easy to get and encourages unnecessary spending. “It’s the debt that’s racked up using personal loans or credit cards to pay for things like groceries, clothes, entertainment and holidays,” says Paul Clitheroe, top Australian personal finance adviser and author of Making Money (Viking). Borrowing money to buy such items with no lasting value can land people into deep financial problems.

Clitheroe suggests immediately stopping unnecessary spending to manage bad debts. Have a financial budget and stick to it. Cut up credit cards and have a shopping list ready before buying anything. Live frugally for as long as it takes to repay the debts.

Bad but Essential Debts

Some debts are bad but sadly essential. All automobile and car loans fall under the bad but essential debt category. The value of a vehicle depreciates the moment it hits the road. Also, it costs money to run and maintain it. Fuel, car servicing, road tax and car insurance are just some of the things that a car owner has to pay for regularly. Those with car loans should try to pay off the loan as soon as possible by depositing a bigger a down payment and increasing the amount of monthly repayment. Settle for a cheaper and practical car instead of something sporty and expensive.

Good Debts

All good debts share the following traits – they are used to help something appreciate in value over time and generally come with a lower rate of interest. Examples of good debts are student loans, home loans or mortgages, business loans as well as loans to buy property and shares.

  • Student loans. Student loans are considered good debts because they help finance young people’s education. A good education is a wise investment as it often guarantees better jobs with higher paychecks.
  • Home loans or mortgages. Home loans and mortgages are good debts as well. Homes are assets that increase considerably over time. Very often, a house bought today has the potential to double or triple its value in the next 20 to 30 years, depending on the location.
  • Business loans. Business loans can be used to start a business or expand an already established business. If the business is run successfully, the loan will eventually help increase profitability and improve services and products.
  • Loans for investment property and shares. Property and shares are income-producing assets. However, loans for property and shares should only be taken out if bad debts have been paid off. Other things to consider include the possibility of rising interest rates and falling prices of property and shares.

There is nothing wrong to be in debt. But it’s crucial to know what makes good or bad debts. Bad debts encourage people to spend beyond their means while good debts work towards what will become worthwhile assets in the future. That said, any debts, including good debts, can lead to financial disaster. So take out a loan wisely and ensure that repayments can be made promptly.

02 Oct

The Wage Garnishment Process and Collections: Can a Debt Collector Garnish Wages Over an Unpaid Debt?

by Arbitrage Bands | in Debt Payment, Debt Screening, Wage Garnishment | on October 2, 2016

Wage garnishment is a very real fear for many individuals who owe debts that they are currently unable to pay. Laws are in place, however, to protect consumers from losing too much disposable income to garnishment.

What Is Wage Garnishment?

Wage garnishment occurs when an individual is sued for a debt and either loses the case or does not appear in court. This results in a judgment being levied against the consumer. When this happens, the creditor in the case may request a writ of garnishment.

The writ of garnishment is a legal document that is forwarded to the debtor’s employer requiring the employer to withdraw a certain amount of the debtor’s disposable income from each paycheck and turn the money over to the creditor until the debt has been paid.

Can a Debt Collector Garnish Wages?

A debt collector or collection agency is legally entitled to sue for any legitimate debt that is in collections and request a writ of garnishment. If an individual chooses to fight the lawsuit, the collection agency will be responsible for proving that the consumer owes the debt. In many cases this simply is not possible and the lawsuit will be dropped or the consumer will win. A collection agency cannot request a writ of garnishment if the lawsuit is dropped or lost.

In addition, if an individual is currently unemployed, he or she cannot be subjected to wage garnishment since wages are not being received.

Not every state permits wage garnishment for unpaid debts to any entity other than the federal government.

Income That Cannot Be Garnished By a Collection Agency To Collect a Debt

Only some forms of income can be intercepted by a collection agency or debt collector when a writ of garnishment is awarded. If a consumer’s income is considered exempt by the government, it will not be garnished. Forms of income that are exempt to garnishment by a debt collector are:

  • Retirement pensions (depending on state of residence)
  • Social Security and Social Security Disability payments
  • All forms of welfare and government assistance
  • Tips
  • Any amount greater than the maximum legal amount of disposable income

How Much Can a Debt Collector Garnish?

After winning a judgment and requesting a writ of garnishment, a debt collector or collection agency is still limited in the amount of money it can garnish from a consumer’s paycheck. The allowable garnishment amounts are regulated by Title III of the Consumer Credit Protection Act. The amount to be garnished is calculated one of two ways:

  1. Any amount of the individual’s paycheck that surpasses the current federal minimum wage multiplied by 30.
  2. 25% of the individual’s total earnings

Whichever of these conditions is less will dictate the amount available for garnishment. In the event that the first condition is not met and the consumer’s income does not exceed 30 times the federal minimum wage, garnishment will not occur.

27 Sep

Landlords to Screen Tenants’ Credit for Free: New Web Site Helps Property Managers Find Perfect Tenant

by Arbitrage Bands | in Credit Rating, Debt Screening, Debt Settlement | on September 27, 2016

Adrian Waters, a Baltimore, Maryland, area business man, created a Web site that provides background and financial checks for landlords at no cost to the landlords. Currently, landlords have to pay thousands of dollars to research that information, or they don’t spend the money and get a bad tenant, he said. The concept is one-hundred percent new.

“Often tenants will speak and present a good feeling to the landlord, but those might turn out to be the deadbeat tenants,” Waters said. “My service helps prevent that problem.”

Through a partnership with TransUnion Credit Bureau, Waters created yourfreetenantscreening.com. When landlords request screenings, they receive a thorough report listing credit information, criminal history, sex offender registry and background on payment. The service is paid through tenant application fees. The site is funded through advertisements of local professionals for 150 cities nationwide, such as real estate agents, construction workers or electricians.

How the Free Tenant Site Works

Prospective renters file an online application, which triggers registration with the site. The online application sends an e-mail to the landlord. The prospective renters pay a fee. After the background check is completed, the landlord is sent an e-mail to view documents and decide whether to rent to that person. The landlords have 30 days to decide. If a landlord accepts a tenant, the information remains on the site for 72 hours before it is removed, Waters said.

“If tenants have a bad credit history, they won’t want to go through this process. It’s likely it will weed out the deadbeat tenants,” he added.

Expansion Plans for Tenant Screening Site

Waters has created a marketing campaign to get out the word about the site. He’s targeting landlords, property managers and advertisers. In the future, Waters plans a Phase 2 for the site. He wants to expand the site to allow free screenings for American employers.

As part of the site’s launch, Waters is offering local advertisers free ad space for 30 days. He’s also offering to provide landlords free forms if they need them. The site began operation in May 2009 in the United States.

The company is trying to get advertisers from the following professions:

  • real estate agents
  • construction workers
  • mortgage lenders
  • electricians
  • handy-man companies
  • landscapers
  • pet sitting companies
  • insurance companies
  • restaurants
  • medical professionals
  • dentists

Yourfreetenantscreening.com will save time and money for landlords who have small budgets, he added. It also will provide resources for landlords and tenants. Although the company is based in the Baltimore area, the Web site will be available to landlords in any city.