Bad Credit

So while it is possible to simply wait until the listing falls off your credit profile, in the meantime there is the risk that the creditor could go to court, get a judgement, attach your assets (traumatic for your family), auction them off for a fraction of their true value, or force your employer to take money off your salary every month (bad for your career; embarrassing for you). bad credit credit creditres

Q: Who should I instruct to clear my credit record The truth about credit repair.

A: Now we get into the dark underside of the credit industry: illegal credit repair agencies. In the ranks of the credit industry, illegal credit repair agencies are right down there in the dirt, just below the collection agencies who buy lists of old debts (with judgements against them) from companies and come after you years later for the money. bad consolidation credit debt

The fact is, there are many people who take a fee to remove black marks from your credit record, then vanish with your money. Recently the law has tried to tighten up on them, but people who are desperate are still at risk if they do not do their homework and check on the credentials of anyone who promises to help them. bad company credit repair

This situation was so common, and these crooks caught so many innocent people (mainly by offering such low prices (R250 R750) that the Department of Trade and Industry published a Harmful Business Practices Notice. bad card credit credit

According to this, it is illegal to collect credit repair fees upfront by anyone other than attorneys. But most illegal credit repair agencies ignore this Notice because they know there is little chance that the authorities will catch up with them. Until they do (and we do not recommend you wait!) it is in your best interests to check who you are dealing with BEFORE you give them any money. bad car credit loan

A few tips for best results: bad credit loan mortgage

1. Deal only with a firm of registered attorneys. Ask them for their registration number and phone the Law Society to check up on them. auto bad credit loan

2. While no non-attorney can do credit repair properly because of all the legal work and court procedures it involves, it does not follow that any real attorney is suitably qualified. It s very specialized and there are few attorneys who have the experience required. bad credit mortgage refinance

3. Ideally, the attorneys you consult should act only for consumers, never for companies. A consumer s perspective is very different from a company s, and your attorneys should share your outlook! There s also the possibility of a conflict of interest. While there are plenty of lawyers representing companies (because that s where the big bucks are) there are very few that we know of that will only ever act on behalf of consumers! bad credit refinance

4. Check the fees and get it clear right from the start! This is important because most lawyers charge by the hour, and unless you know all the steps they are likely to need to take to get a result (submissions, applications, court appearances, consultations, correspondences etc.), you may not be able to get a realistic idea of what it will all add up to. Alternatively, choose a firm that charges an all-inclusive fee (but check that it really does include everything!) bad credit mortgage second

As you know, we recommend Logan Attorneys. Logan Attorneys is registered with the Law Society of the Northern Provinces Registration Number 7199. They specialize entirely in credit repair and other credit issues, for consumers only. They never represent corporates. They are skilled and experienced in all the requirements, and also in dealing with consumers. They pride themselves on their transparency, and charge an all-inclusive fee for credit repair and other services. If you want more information about their pricing, you are welcome to phone them 011 340-6660, they will be happy to tell you all the steps involved ... in other words, all the costs that are covered by their fees. There are no added extras when it comes to fees. Debt Settlement Plan - Q A Why settle you debts Car Loans Advice How to get on the road to owning a car

By Personal Finance Financing a car can be as stressful as driving in peak hour traffic. You need to have your wits about you so that you take the route that s best for you. If you want your bank to finance a vehicle for you, you will probably have to buy the vehicle from an approved dealer. When you buy a vehicle in a private sale, you buy it voetstoets (which means as it is and without any guarantees), so banks will be very selective when it comes to financing such deals. bad credit loan student

Before financing a car through a private sale, the bank will first assess whether the value of the vehicle is market related. It will also require that the seller provide proof of ownership to ensure that the car is not stolen and to establish whether there is money owing on it. bad card credit

The bank will pay the seller unless the seller owes a vehicle finance house, in which case the bank will pay that institution directly. Finance options When it comes to borrowing money to pay for a set of wheels, you have three basic credit financing options: bad credit financing

• An instalment sale; bad credit home loan mortgage

• A lease agreement; and bad credit loan people

• A financial rental agreement. bad card credit credit people

The most important difference between the instalment sale and the other two - leasing and rental - is that with an instalment sale, ownership at the end of the term is automatic. With a rental or lease agreement, you have the option to buy the car from the bank at the end of the contract term. bad credit guaranteed loan

If you buy a car for private use and do not receive a car allowance, you can only finance your car through an instalment sale agreement. With an instalment sale, the vehicle only becomes yours once you have paid off the full amount owing. While the instalment sale agreement is in force, the car belongs to the bank, even if it is registered in your name. The bank therefore has a right to take possession of the vehicle up until the time it is paid for in full, but is unlikely to do so, unless you default on your repayments. bad credit refinancing

Until the vehicle is paid for, you cannot sell it without the bank s consent. If the bank allows you to sell the vehicle, make sure you sell it for at least the amount that you still owe to the bank. If you do not, you will have to pay the bank the difference out of your own pocket. bad credit equity home loan

Car allowance

A business user is someone who receives a car allowance, uses their vehicle for business purposes and/or is able to claim tax deductions. A business user can finance a car by instalment sale, lease agreement or a financial rental contract. The main difference between lease and rental options is the way that VAT is calculated on the purchase price. Used cars bad credit loan payday

You can finance either a new or a second-hand car, but the age of a vehicle is a deciding factor in whether or not the bank will grant you finance. In general, banks are unlikely to finance a vehicle which is older than five or six years, because a vehicle s value decreases rapidly after five years. The bank s concern is that the value of the car may be lower than the amount you owe the bank. bad credit repair

Deposit When you buy a vehicle under an instalment sale agreement, in terms of the Credit Agreements Act, you have to put down at least 10 percent of the purchase price as a deposit. Depending on the bank s credit policy, it may require a deposit of more than 10 percent when financing a used vehicle. This deposit requirement does not apply if you receive a car allowance, in which case, you can negotiate the deposit amount with the bank and you may be able to get 100 percent finance from the bank. bad credit home loan uk

Loan term

The Credit Agreements Act stipulates that the maximum period over which you can repay a vehicle loan is 54 months. If you receive a car allowance, you are exempt from this restriction and can ask the bank for more time to pay off the car. While there is no legal limit to how long you have to repay your car, banks typically allow you up to 60 months, although nothing prevents a bank from giving you a longer repayment period. 2nd bad credit mortgage

Remember that while the monthly repayments on your car loan may be lower, the longer the contract period, the more the car will ultimately cost you because you are borrowing money for a longer period of time and paying more in interest. bad credit loan unsecured

Interest Bear in mind that when you buy a car from a dealer, he or she may try to steer you in the direction of a particular bank because most banks pay dealers a commission for the business they introduce to the bank. There is no harm in getting quotes from dealers, but you should also shop around for a loan yourself. If you receive a car allowance, banks will generally offer you an interest rate which is linked to the prime lending rate. This means that your interest rate will fluctuate in line with the prime rate. bad consolidation credit loan

However, you may be able to negotiate a fixed interest rate on your vehicle loan. With a fixed rate, the interest rate, and therefore your instalments, will remain the same for a predetermined period, which may differ from the loan term. bad credit home loan new

Interest on vehicle loans is calculated in advance for the term of the loan, added to the capital and divided into equal monthly instalments. You can pay the outstanding debt on a vehicle in full (that is, in a lump sum) before the end of the loan term. In this case, you will get a reduction in interest that would have been due for the remainder of the term. The bank may, however, request a 90 days notice that you intend settling the loan. If you don t give the bank 90 days notice, you may be charged 90 days interest. bad business credit loan

You can also save on interest if you pay more than the monthly instalment on your loan, because you will pay your loan off sooner. But paying extra each month is not as beneficial as paying a lump sum to settle the loan. This is because of the way that interest is calculated on car loans. bad credit lender mortgage

Balloon/residual payments

A balloon payment is a way of deferring a percentage of the purchase price until the end of an instalment sale, lease or financial rental agreement. You, as the borrower, have to pay this to the bank. You may sometimes hear a balloon payment referred to as a residual payment. Some banks regard a residual payment as the amount payable at the end of a specific type of lease agreement. bad credit home loan mobile

The idea of a balloon payment is to link the monthly repayments to the usage of the car and create a payment equivalent to the anticipated market value of the car when it is sold. Generally, the effect of the balloon payment is lower repayments than would be the case if there was no balloon payment involved. There are two major disadvantages of balloon payments: bad cash credit loan

• The car will cost more because you pay off smaller amounts and hence are charged more interest; and bad credit loan private

• There is a risk of the market value of the car being less than the balloon amount at the end of the contract. So if you want to sell the car, the selling price may not be enough to cover the outstanding loan. bad card credit debt

End of lease or rental options

If you opt for a lease agreement, you have three choices at the end of the contract: bad business credit loan small

• You can hand the car back to the bank; bad bankruptcy car credit loan

• If you do not have a balloon payment to make and have kept up to date with your repayments, the vehicle is transferred into your name; or bad credit instant loan

• If you have a balloon contract, you can pay the bank the outstanding amount and take ownership of the car. If you do not have the money to make the balloon payment, the bank may allow you to refinance the outstanding amount, but there is no guarantee that it will give you another loan. If the bank does agree to give you another loan and your initial loan term was five years, don t expect more than 12 months to repay the second loan. bad credit equity loan

Insurance

Despite the fact that the vehicle belongs to the bank until it is fully paid, it is your responsibility to insure it against theft and damage. The bank will insist that the vehicle is fully insured for at least the duration of the loan agreement. You can arrange your own insurance or you can ask the bank to do it for you. Under the Long and Short Term Insurance Acts you are free to choose your insurer. If you already have short-term insurance cover, possibly on your possessions, you can amend the policy to include your vehicle. bad credit georgia home loan

Debt Settlement Plan - Q A Why settle you debts Credit Cards Advice How to use your credit card properly

By Iona Minton You ve gleamed some of the inside tips on how to take on your debtors and your home loan... now in the third part in our series on fighting back against the big guns who believe they can just take your money while you meekly accept it, we focus on credit cards. application bad card credit

The interesting part is that a credit card should in effect be your friend... not your enemy. But you have to learn to use it in the right way, and not notch up so much debt that you cannot repay your card every month. bad credit home loan va

Remember, there are no transactional fees attached to credit cards, and as a transactional mechanism they re much better than something like cheques. Even the rates on credit cards are negotiable but unfortunately not as much as the rate on a home bond or a car loan. Even now, with interest rates still relatively low, credit card rates are still in the high twenties. This is because the debt is unsecured, so they feel justified in milking billions from credit junkies. bad credit home loa

The first thing you need to know is that if you pay off your card each month, you do not pay interest. An added bonus is that if you deposit money into your card, some banks will pay you a rather attractive interest rate. bad car credit loan new

If you are really disciplined, Peter Carruthers, a small business consultant, says you can run your entire business with a credit card, therefore avoiding fees and raking up points for your frequent flyer miles. bad credit home loan really

Debt Settlement Plan - Q A Why settle you debts ID Theft Security Advice Assistance Identity theft basics

By Credit Health We ve all heard of identity theft, but what does this term really mean Going far beyond credit card fraud, identity theft is a rapidly growing crime that most people will face at some point in their lives. Credit Health explains the different kinds of identity theft crimes common today and pinpoints new identity theft trends that are emerging. bad credit fix

What is identity theft

Identity theft is officially defined as the deliberate assumption of another person s identity. Thieves use Identity numbers, driver s licenses, passports, account information, and other personal details in order to impersonate their victims. With this data, identity thieves apply for bonds, buy cars, open new accounts, apply for jobs, join the military, commit crimes, access savings, and enter South Africa illegally, all using someone else s name. bad credit down home loan

How is identity theft different from financial fraud

The term financial fraud covers common credit card, cheque, and debit card fraud. When a criminal uses your credit cards or debit cards to make a purchase, he or she usually hasn t assumed your identity. Recovering from financial fraud is usually easy, since most creditors don t hold you liable for fraudulent charges. These days, financial fraud is increasingly grouped into the same category as serious identity theft. bad credit lender

How does identity theft occur

While we like to think of identity theft as involving sophisticated technology and highly trained criminals, the fact is that most identity theft is very low tech. A majority of identity theft crimes involve cheque forgery, credit car misuse, and the use of information stolen from the rubbish. Additionally, in half of the identity theft cases committed, the victim knows the identity thief. Forget Russian mobsters: you are more likely to have your identity stolen by a friend, relative, neighbor, or in-home employee. Here are descriptions of some of the most common identity theft tactics: bad buy car credit

• Cheque - An oldie but goodie in the identity theft world. Printing fake cheques, stealing cheques, ordering cheques in someone s name, or tampering with real cheques are all common tactics used by identity thieves. Since we don t commonly think about cheques being susceptible to fraud, this continues to be a popular tactic. bad bank credit loan personal

• Dumpster diving Stealing important documents from a person or business rubbish can is also a common identity theft tactic. Credit card offers, bills, insurance statements, and other mail all contain a wealth of information that can be used by a thief. Consumers and companies should shred all sensitive documents before throwing them away. bad credit home loan purchase

• Account redirection By filing a simple change of address form with the post office or by contacting your creditors, an identity thief can have your personal mail sent to his or her own address. bad credit loan motorcycle

• Internal theft Employees or people posing as clients of loan offices, credit agencies, and companies that deal with sensitive data can steal records and use them for identity theft. bad credit help home loan

• Purse/wallet snatching A majority of identity theft results from the theft of a wallet or purse. In some cases, thieves have elaborate systems that allow them to drain your accounts just minutes after they steal your credit cards. It s important to report a stolen credit card as soon as possible. arizona bad credit home loan

• Mail theft Thieves can steal mail from your mailbox in order to get credit card applications and other sensitive data. Outgoing mail is especially lucrative for thieves because it can include bills that you are paying by cheque or credit card. It s more common for mail to be stolen from apartment or housing complex mailboxes because they combine several households mail in one place. bad credit home loan motor

• Data theft The theft of consumer files from businesses, doctor s offices, universities, lenders, and other such institutions is an efficient way for a thief to gather data. Many of these companies have relaxed security policies that can make it easy for a thief to steal a computer, hack into an operating system, or take actual files. auto bad credit financing

• Child fraud Sadly, a common type of identity theft often involves stealing the identity of a child and using his or her positive credit history to open accounts. In most cases, this is done by a relative of the child who has major credit problems. It may not impact the child right away, but when he or she is an adult such fraud may result in unsuccessful credit, loan, and bond applications. bad car credit loan used

• Computer spyware Computer spyware can be installed on your computer without you even knowing it. When this occurs, every word you type and website you visit can be recorded and transmitted to a thief. Installing virus protection software on your computer can help you catch this kind of fraud. bad credit ct home loan

What are new identity theft trends

Identity thieves are constantly working to find new ways to steal consumer data. While the tactics we already mentioned are most common, the following are new identity theft methods on the rise: bad credit diego mortgage san

• Phishing Almost everyone with email has received a phishing email at some point. These emails are designed to look like official messages from a bank or website, such as Standard Bank, and ask you to update your account information. When you enter your data online it goes straight to an identity thief. Phishing can also occur over the phone when someone pretending to be your bank or credit card company calls you asking for account information. bad credit mortgage people

• Pharming In this variation on phishing, thieves set up fake websites that look like official companies in order to pharm consumer data. When you type in a wrong URL or when you have a specific virus on your computer, you are directed to a fake site that looks like the real one. Thieves collect information when you enter your login information and other data on this fake site. bad credit down home loan no

• Skimming Thieves use tiny hand-held credit card readers to collect the information on your credit card s magnetic strip. Skimming is common in restaurants and stores where you turn over your credit card to pay. When a skimming device is full of hundreds of credit card numbers, these numbers can be sold or used to create fake credit cards. Skimming devices can also be placed over the normal card reader on an ATM to steal your data when you try to withdraw money. bad company credit mortgage

• Wireless hacking With more and more people using wireless internet in their homes and on their cell phones, it has also become more common for identity thieves to access personal data by tapping into these wireless connections. If your wireless network or Bluetooth system isn t secure and encrypted, the information on your phone or computer could be stolen. bad credit home loan michigan

Identity theft is on the rise. By understanding how identity theft occurs and by taking a few precautions to protect your identity, you can reduce your chances of falling victim to this crime. Get your Credit Health Monitor here. bad credit home loan pa

QUICK TOOL ID theft is on the increase. Protect yourself against ID theft by raising your awarenesss of the issues. Read on here. Debt Settlement Plan - Q A Why settle you debts Credit Law Advice The true cost of legal debt

By Credit Health At Credit Health we like to make our clients aware of the real costs of debts that are in the legal collection system. These costs are both financial and non-financial. The financial costs are estimated at about 40 50% per annum, and include the following costs: bad computer credit financing

• Collection commission - when you resume monthly payments, at least 10% of your payment is deducted as a collection commission by the appointed Debt Collector before paying your creditor, effectively adding over 12% to your account balance; bad credit mortgage second uk

• Letters of demand, faxes, statements telephone enquiries each communication by a debt collectors will result in charges of between R12 and R30 being added to your account; bad credit let mortgage

• Legal costs of taking judgment and enforcing payment having failed to pay after receiving a letter of demand, your account is referred to attorneys to apply for judgment to be awarded against you. Once judgment is awarded, your creditor can apply for an emoluments attachment order, which will force your employer to deduct a portion of your salary every month to pay your creditor. Your employer is entitled to charge a fee of 5% of the deduction as an administration fee. In addition, your assets can be sold, and the proceeds used to repay your creditor. Generally speaking, the legal fees for the above process will cost in the region of R500 to R2 500 and will be added to your account; bad credit get home loan

• Additional Interest when judgment is given, the court awards interest on the judgment debt at the rate agreed upon in the contract with your creditor, and in addition thereafter at approximately 4.5% above the prevailing prime rate; angeles bad credit los

• Having your movable goods attached - when the Sheriff arrives at your door with a notice of attachment for, say R2 000, he will be legally empowered to attach as many of your possessions as he considers necessary to recover this amount. This means that, while you may have paid R4 500 for your television and R5 500 for the cabinet it sits in, the Sheriff will probably value them at around R450 and R550 respectively, as assets usually only fetch 10% of their value on auction, and you will bear the loss between the market value and the auction price; bad credit home loan non owner

• Repossession of your car or attachment of your house once your creditor has obtained judgment against you, they can, following the judgment, forcibly repossess your car or even apply to attach and sell your home. Losing your car is traumatic and highly inconvenient; losing your house is devastating and almost impossible to recover from financially. Just think about how difficult it was to save the deposit and transfer fees of your first home. Now you face this again, but with fewer resources, and with a strong possibility that you will not qualify for a new home loan because of your poor credit record. atlanta bad credit home loan

Aside from the above financial costs, other consequences include: Poor credit record bad credit loan signature

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