What do you do when you are about to do business with a new company? I guessed it right. You go to Google and search for company name or product name to find out what people are saying about them. Isn’t it? Will you buy the product if people are giving negative feedback in different forums or social networks?

What do you do when you try or hire a new person for your company? I guessed it right. You Google his or her name and try to find out his activities in different social networks. Isn’t it? Will you hire the person if you find his reputation questionable?

Now, how do you manage or track these situations as a company or potential employee! Can you risk your business or job opportunity?  I guessed it right again – no, you can’t. So, how should you go about what we call ‘online reputation management’!

The first thing you need is roper tools to manage your online identities. In this article we will introduce you to different tools for online reputation management:

Claim your personal identity

• ClaimID: Find out sites that support OpenId to manage your personal identity over a lot of websites, i.e. you just have to remember one password and not numerous ones.
• FindMeOn: FindMeOn is an online profile management service that connects your identities across social networks, blogs & more!
• Garlik: Garlik’s DataPatrol helps people take control of their personal information and protect themselves against identity theft and financial fraud.
• MyOpenID: Manage multiple login ID’s with this website.
• RealMee: Create a free personal profile within 1 minute and control what others see of you online.
• LookUpPage: Helps you control what people find about you and your business online.
• MonitorThis: With MonitorThis you can subscribe to 20 different search engine feeds at the same time. Enter a search term and click the ‘make monitor.opml’ button to get a list of rss feeds in OPML format.

Claim your professional identity

• Google Alerts: With Google alerts you can keep track of the latest pages indexed by Google with your companies name or brand.
• TrustIndex: Helps you find out how well your business or brand is trusted.
• Vanno: This site allows others to vote on the stores, blogs and videos about your company. Develop a good online reputation the democratic way.
• Searchles: This is a social search engine that will help you keep up with the latest news about your company or business.
• UpdatePatrol: This makes it easy to keep a watch on websites for updates, which may help you when you want to know what a particular website is saying about you.

Common Reputation management tools

• Google: No better option to know about your companies online reputation then to do a google search.
• Wordpress: If you are looking to start a blog that will become the spokesperson of your company. Wordpress makes it easy to do so.
• Twitter: You may like it or you may dislike but with buzz its creating now you certainly cannot ignore it.
• FaceBook: Facebook is a great place to network. Just make sure you keep your profile clean of things you don’t want to spread about you.
• LinkedIn: This is a social networking website for professional. You can interact with a lot of like minded people in a secure and positive manner.
• MySpace: with a huge number of registered users, Myspace is a great place to get the word out for your company or brand.
• Flurl: This is a social bookmarking website, here you can track who is interested in your websites.

Profile Management

• Comwat: This will help you to organize your social networking profiles into one so that it is easier for you to control what others see.
• OtherEgo: OtherEgo is a place where you can show off your other profiles and favorite websites without having to leave the page or click on links!
• SocialUrl: Showcase all your online profiles with a single URL.
• ProfileMat: is a shareable Profile Aggregator that lists all your personal Websites, Social Networks, Blogs, Contact Info, Photo Albums and other Profiles in one Profile
• ProfileBuilder: Helps you create a professional looking profile using your existing social networking profiles.

Reputation Management: Hunt down what being said about you or your company

• Naymz: Helps you to get feedback from people you have worked with, your customers and friends.
• FriendFeed: This site helps you to keep up with what your friends are looking at or what’s being said about you personally.
• Cision: This tool helps you to monitor lots of blogs, online forums ad over 450 leading media websites. This is a paid tool.
• TrustPl.us: This site helps you determine your trust worthiness by analyzing your business and other business like you and give you a ranking.
• Rapleaf: Helps you keep up with your personal and professional reputatiotion. Here you can rate others and also get your own ratings.

Tips on Reputation Management

• Create online profiles: Don’t miss this. Create your own websites and profiles with the kind of information you want to be available about you.
• Monitor: Check what people are saying about you. Good or bad, you can do yourself a favor by finding out what is being said about you. Use some tools that are mentioned above.
• Be proactive: Try to stay proactive. Don’t wait for some issue with your online reputation management. Search for what is being said about you to stay up to date.
• Be calm: don’t loose your cool. You may be angry by what someone has said about you or our company. But keep off the internet where it can do more harm than good.
• Don’t get off the hook: Never keep your reputation on backseat. Do regular monitoring to see if there is any information about you that can potentially be harmful to you.
• Choose your blog voice carefully: If you are blogging be very careful with what you are posting. Unless you want to attract some controversy what you write can get you in trouble in future.

Good Articles or Websites for Reputation Management

• Reputation Management is More Than Just Spamming Squidoo
• Online Reputation Management Hanbook: This is a very helpful handbook. You will find just about everything you want to know about online reputation management.
• Basics of Online reputation management: Here are some basics tips on online reputation management
• How to use social media for online reputation management: Helps you to find out how social media can be Fun and Helpful and not just a hindrance.
• Protecting your Online Reputation: Basics of monitoring and protecting your online reputation.
• Save your online reputation: Some very good advice on how to avoid meltdown of your online reputation.

OVLG community is developing an ebook, if you are interested in adding some sections to it, please let us know. The sections we are targeting:

1. Basics of debt and debt related problems
2. How to take care of debt
3. How to avoid the debt traps
4. How to enjoy Christmas Plastic-money free.
5. Why debt settlement trend is on a raise after Christmas season.
6. After debt? debt solutions and the traps
8. Bankruptcy

We are keeping it simple with pictures are stories. It is more likely a story book. Help us with your debt story.

Cover page of debt ebook

Bloggers, web writer? Share your articles with us

If you are a blogger or a web writer, please share some relevant articles/posts with us that can be added to the book (as a reference and content). OVLG community will appreciate it very much.

Send the financial videos and we will be compiling it here. Send us the URLs (from YouTube or any other video sharing platforms) and we will add it here.

Did you know that recording a video is easier than watching a movie

It is easy to create one and is appreciated by all. Please log in to your youtube account and click on “Record from webcam”. Once the recording is done, please send the us the youtube URL. (Or you can record a video with your video device and upload the video to youtube and send us the URL)

Financial Videos for this week

1. Debt Collection: Know Your Rights

   Eileen Harrington, Bureau of Consumer Protection – Deputy Director
   

2. The Truth about Debt Relief Services

   Eileen Harrington, Bureau of Consumer Protection – Deputy Director
   

3. There’s No Easy Fix for Bad Credit

   Eileen Harrington, Bureau of Consumer Protection – Deputy Director
   

I was surprised to see that facebook was without a good budgeting tool in its app directory. I tried many of the budgeting tools that were available and I was more than disappointed with most.

I requested the OVLG team to get a budget done

I then requested OVLG community manager aim@oakviewlaw.com for the support. He agreed and now they have given the work to a team. I see that it is going good. I am helping them design it.

The section that we will be having:

1. Expenses, Incomes, debts and assets
2. Different categories for expenses
3. Adding expenses easily from facebook profiles
4. Notification for debt payment dates.
5. Some help with debt management like debt payment schedules with different calculators (will be done in stage 2)
6. Community tab to discuss more about it.

Launching on 15th Nov – Special section for bloggers

We will be launching the beta version on 15th of Nov, so become a fan and contribute. Are you blogger or you have a website where you help people with financial information. Please join OVLG budget community at http://www.facebook.com/apps/application.php?id=183031559696&ref=ts and forward the community managers (aim@oakviewlaw.com) following details:

1. Your blog url
2. Top ten posts that you want to share with the community

Looking forward for this tool, do drop in your comments.

“Debt negotiators contact your creditors and negotiating your debt. They pay a lump sum of your debt while you keep making payments in installation”. Sometimes, if you are unable to pay off in time you may receive a letter from your creditor offering an amount for settlement if you pay within a stipulated days of time. The settlement amount can be even 50% of your actual debt.

Who are Debt Negotiators?

“Debt negotiation is the act of the creditor and the debtor coming to a consensus that with the payment of a particular amount, the debt is considered dissolved.” In simple words, you, the debtor, pay a fraction of the entire amount that you owe. An intermediary party can be assigned to perform the act of negotiation between the creditor and the debtor. Due to large amount of debt, the creditors intend to grow hostile and the debtor fights back. A debt negotiation service is a great idea help in case there is a serious disagreement between the debtor and the creditor. They make suggestions to both the parties and make them come to a consensus. Usually the debtor ends up paying only 25% to 50 % of the entire debt. The Flip Side of Debt Negotiation When it comes to finance and especially your debt you must be aware of companies that guarantee debt negotiation and a settlement at about 50% of the owed amount. Debt negotiation has a serious impact on your credit rating. The reasons are given below:

• The first hit is when a debt negotiator asks for application fees and processing charges. If you have a debt of $2000 and you are paying up to $1500 only as service charges, it determines the loser anyway.
• The first step to debt negotiation consists of paying the debt negotiation firm instead of the creditor. These payments are stacked in a separate account and after a lump sum is accumulated, the negotiators go ahead and make a negotiation with your creditor. This accumulation of a lump sum takes few months. In between, due to irregularity of payment to your creditor, they report you to the credit bureau. This has a completely negative impact on your credit score.
• Usually, due to 6 months of non-payment, the creditors charge off your account. As per the FCRA (Fair Credit Reporting Act), a ‘charge off’ remains on your credit report for 7 years 180 days.
• Again, the creditor can refuse the settlement amount and sue you instead. This has a derogatory effect on your credit report too.

Do-It-Yourself Debt Negotiation

Do not depend on a debt negotiator. Do it yourself with useful tips furnished below.

• Call your creditor and discuss a lower payoff amount. Edward J. Johnson III, the president of the Better Business Bureau in Washington D.C. says that “Most creditors are willing to work with consumers… Their interest is in getting the money back.” You do not need a negotiator to do this. Approach your creditor and be transparent. That will definitely be a safer bet as you work directly with them.

• To make a payoff even at 60% of the debt amount, you must be cash rich. In case you do not have the amount, ask for a break in your monthly installment or settle for a lower rate.

• You must think of a debt negotiation if you are few months delinquent or already have a charge off. The creditor may agree to your settlement amount in this case.

• You can tell them that you are filing a bankruptcy. This is the least beneficial to a creditor. In case of a bankruptcy, they will not get even a single penny. Therefore, inform them that you can stretch to a particular amount to pay them. In case of a refusal, you will have to file a bankruptcy. They might want to work with you in this case.

Tips for a Debt Negotiation

• Negotiate for account with the lowest balance

• Write down your budget that can explain your situation better

• Offer as per your affordability

• Show determination in payment. Your creditors must understand your urge to pay.

• While negotiating let your creditor know your goal. If you can wish to pay the entire settlement amount in return of an improved credit score, be transparent with the creditor.

• Explain how the creditor will be at advantage.

• Be polite to be the boss of the bargain.

• Keep trying till your creditor agrees with you

• Never divulge personal details like checking account number.

• Be aware of consumer’s rights. The FDCPA can be of help.

• Record all your debt negotiation conversations.

• Negotiate for a “Paid in full” or “Pay for delete”. Beware, “Paid as agreed” is a derogatory on your credit report.

Picture Credit: zik ” Tây “

If you are still worried about your credit score and debt issues it is high time you started evaluating various debt consolidation companies. You must keep in mind certain points while reviewing a trustworthy debt consolidation company. Your security must be your priority as you do not want to lose money in fraud.

How to perform a Debt Consolidation Company Review?

• Verify the services offered: As you intend to deal with a company, who will consolidate your finance, you must consider revisiting the services offered section. A debt consolidation company consolidates all your debts to make it more manageable. They also provide credit counseling and lender negotiation. Check whether this company is providing such services. Understand the pros and cons along with each clause before signing a contract with them. Ensure written contracts and not verbal communication.

• Review the fee structure: Clarify the components of the fee structure. You must know what you are liable to pay. You may opt for a flat fee structure or show your preference for fee as a percentage of your savings. For example, the latter is in the best interest of both the client and the debt consolidation company. However, you may end up paying more that the stipulated amount due to hidden costs like the following:

1. Monthly service charges range between $40 and $50
2. Set up or up front retainer fees that range between $300 and $350
3. Fees for interest rate negotiation
4. Fees for bankruptcy Chapter 7
5. Fees for bankruptcy Chapter 13
6. 15% to 30% of savings on your settlement so on and so forth

Again, some companies make you pay fees after each settlement instead of paying after all the accounts are settled. Result is that you end up paying more. The monthly services charges for various debt consolidation companies differ. It ranges anywhere between $25 and $50.

• Debt Consolidation Company Accreditations: The best of them are accredited with the following:

1. NFCC i.e. National Foundation of Credit Counseling or
2. AICCCA i.e. Association of independent Consumer Credit Counseling Agencies

• Whether it maintains Escrow account: Debt Consolidation companies usually set up your Escrow account, which is used to accumulate your savings and then pay off the debt. Check whether the company maintains such account. However, it is advisable to maintain the account yourself or keep a tab to avoid unnecessary balance transfer into the account of your consolidation company.

• Better Business Bureau (BBB) Certification: A background check for the reputation of the company is required. The best of debt consolidation companies are certified by the BBB. Ensure such certifications while checking with the Attorney Generals office as well. The Ripoff Report and debt and credit related forums give you a fair idea about the company. A clean chit from all the above makes the debt consolidation company a commendable business association. Go for it.

• Thorough background check: A good company is ought to have satisfied clientele. Cross check with them. The best of the lot will have qualified employees with authentic degrees in accounts, management, finance, so on and so forth. These companies train their staff on the following:

1. Company policies and processes and
2. Local and Federal law

This authorizes them to help you in the field of finance while providing advice and drive out your debt woes.

• Companies’ guidance through their policies and procedures: A credible company maintains transparency. The entire process starting from debt counseling till settling your entire debt, must be conveyed to you at the beginning of any contract. A good company will guide you through their procedures in terms of fees, operational process and your liabilities. They will clarify mode of payment, cycles of payment and mode of communication; whether you will communicate via email or have to pay regular visits will be elucidated right at the beginning.

While following the various guidelines provided above, it is but obvious that you will be able to find out the best suited company for your debt consolidation.

Picture Credit: imNora

“A CND or a Cease and Desist letter is a legal document targeted towards any organization, group or individual, to cease any program or action, intended to demean and cause harm to another organization, group or individual“.

Consequent to continuous threats and illegal actions, it becomes imperative to take the right measures against the debt collectors. Usually a legal authority issues a cease and desist letter. In case an individual must send a letter, an attorney generally issues this document. Some Government agencies are authorized to issue such cease and desist letter.

If you are a victim of debt collection calls, you should consult your lawyer in order to issue a cease and desist letter. This letter asks the malevolent debt collector or debt collection agency or the creditor to stop making further communication via mail or telephone or both.

These are some examples of cease and desist letter:-

——————————————-

Sample Cease and Desist Letter to debt collection agency: This is a letter to the debt collection agency to quit further communication regarding a particular account.

Debtor’s Name
Debtor’s Address
Dated

Debt Collector

Debt Collector’s Address

Re:       Debtor’s Name

Acct. Information

[Sub: Notice to Cease & Desist]

To Whom It May Concern:

You are hereby informed to cease further debt collection measures associated with the account mentioned above, pursuant to the FFDCPA [Federal Fair Debt Collection Practices Act (15 USC 1692c)]. You are requested to cease telephonic as well as written communication with reference to the account mentioned above.

In case of failure to honor the request, all contacts by your agency will be recorded and used against you. Failure to cease and desist from further debt collection measures will attract your company to liability under the Federal law.

Furthermore, a formal complaint will be filed at the State Attorney Generals Office and the FTC (Federal Trade Commission), in case of failure to abide by this notice.

Thank you for your time.

Sincerely,

Debtor’s signature

Debtor’s name (typed)

——————————————-

Cease and desist letter to the creditor: This letter to cease and desist is worded for a creditor and not a debt collection agency.

Debtor’s Name:

Debtor’s Address:

Dated:

Creditor’s Name:

Creditor’s Address:

Dear (Creditor’s Name)

I was contacted by your company on 13^th January 2009 (give your date) regarding a debt. I dispute this debt as I believe I do not owe this.

According to Section 809 of the FDCPA (Fair Debt Collection Practices Act), I request you to furnish me with written details of the following:

1. What do I owe the debt for?
2. Your method of calculation of the debt.
3. Show documentation of my acceptance to pay what I owe you.
4. Provide the copy of judgment (if applicable)
5. Furnish me with your state license as proof of legitimacy of functioning in this state.

Would request you to inform the credit reporting agencies that this debt is disputed.

Finally, this is to notify that you cease and desist from any further communication regarding the debt, excluding one certified mail to furnish me with the above-mentioned details and to inform you are terminating all measures to communicate any further.

Sincerely,

Sign your name

Your name (printed)

——————————————-

The Do’s and Don’ts of a Cease and Desist Letter

This letter is a written request to the creditor or debt collection agency to quit further measures of contacting by mail or telephone or both. Learn the following steps to construct an effective cease and desist letter.

The Do’s

• The letter must be short and to the points. It must be a notification to discontinue further debt collection measures.
• Mention FDCPA and quote the section of the applicable Act. The collector must know you are informed and know your right to privacy.
• Send the letter via certified mail. This requires a receipt of mail. The collection agency can never deny the receipt of this mail.
• Keep the receipt of the mail as proof. Also keep a copy of the letter sent along with the receipt.

The Don’ts

• Do not use legal jargon across the letter.
• Do not make it lengthy and complicated
• Never provide a written signature as it can be used against you in other paperwork.

Again, if you are dealing with a debt settlement company, let them deal with your creditors and collection agencies. Due to experience and authority, they know how to formulate a cease and desist letter and send it to the right person. Therefore, it is advisable to refrain from individual communication with your harasser when you have already given legal rights to the debt settlement company to deal with your finance.

Let an authorized law firm issue the cease and desist letter. They are the official and authoritative medium of communication. They are educated about the exact FDCPA acts and Federal law. Hence, the weightage of the cease and desist letter remains higher than that of any other firm.

A WARNING

Check your SOL (Statute of Limitation). Request a cease and desist only if your SOL has expired. In case it has not, you must keep at least one way of communication open to avoid any lawsuit.

Picture Credit: savageauto

Credit card debt is a major problem in the US (Check credit card debt statistics) . An average US family carries about $8000 credit card debt as per the American Banker’s Association. You intend to spend more when you use a credit card. Again, most families do not pay on time. As a consequent, they end up paying more on a credit card.

What is Credit Card Interest?

According to an analysis of the Federal Reserve Board, the average credit card debt stands at $8000 as mentioned before. The fact is that in 2008, the credit card debt accounted for a sizable amount of the total consumer debt of $2.5 trillion. As credit card is an important existence in day-to-day life, you must understand the effect of the interest.

A small example to illustrate Credit card interest:-

You and your spouse have a credit card debt of $2000, which requires a minimum pay of 3% or $10 whichever is more. As both of you do not have cash your spouse pays an extra $10 along with the minimum payment for the month. However, you pay just the minimum amount.

Every month both of you are charged 20% annual interest on the outstanding balance of your cards. So, when you are making the payment, part of it goes to the principle and another part to the interest.

See the break up of your credit card debt:

• The Principal amount: $2,000
• The interest: $33.33 ($2,000 x (1+20%/12))
• Your payment: $60 (3% of remaining balance)
• The principal repayment: $26.67
• Your remaining balance: $1,973.33 ($2,000 – $26.67)

This is the monthly calculations till your payment is over. At the end, you pay $4,240 at the end of 15 years to pay a debt of only $2000. However, your spouse paid the $10 extra every month so he/she has to pay $3,276, which includes $1,276 in interest, over 7 years to dissolve the debt. It is evident who the winner is.

Ways to deal with your Credit Card Debt

• Perform a debt validation check
• Get a credit report to analyze your credit card debt
• Convert the debt from unsecured to a secured one.
• Do not blame the debt. You are smart and you must work hard to get rid of it.
• Do not do mental segregation of income. Write it down and make an effort to stick to payment dates.
• Do not use the Home equity line of credit for Credit card debt payment. The credit card company can use legal methods to get a judgment against you. They can easily foreclose your house in this case.
• Use the 401(k) loan to repay the credit card debt.
• Pay off the credit card with the lowest balance first. This is the snowball technique to make credit card debt payment.
• Adopt the snowflake technique too. Whenever you have some extra money, send it to your credit card company.
• Cut your cards or make them redundant in any way possible to quit the urge of spending
• Work part time along with your current job.

• File a bankruptcy. This is the safest way out of a debt. Restart your life, debt free. Be more responsible now to avoid the same mistakes.

Is Credit Card Debt Negotiation Viable ?

This is a viable option to deal with rolling payments. This will help you to get the bills under control. This process helps the credit card company by ensuring receipt of payment and prevents your account to fall into the hands of the debt collection agencies. You must decide which solution is viable to your credit card debt. Then consider the amount of the debt before going ahead and negotiating with the creditor.

The four kinds of credit card debt negotiation:

• Lump-sum payment: If you think one credit card account has payable amount of debt then go for a negotiation. If you can settle for a lower sum, make the payment in full. This can help you pay off most of your debts.

• Workout arrangement: This happens after an understanding with your bank. In this option, the bank usually cuts down or dissolves your interest rate, removes the late fees and may subtract the over-limit amounts. The work out arrangement can be temporary or permanent depending on your understanding with your bank.

• Debt Management course: If you join one of these, they will recruit someone to organize a work out arrangement with your credit card companies. The entire debt will be rolled into one for you, you will just make one payment to the debt management course and the consolidators will strategize your payments.

• Forbearance: This is process where you can postpone the cycle of payments to begin paying later.

Once you reach a viable understanding, you will be able to go for your credit card debt negotiation to dissolve all your credit card debt.

Picture Credit: Marco Bellucci

Before you opt for a non-profit debt consolidation firm, it is more likely that you will perform a research on the web. The website will have various testimonials talking about how this company really helped them to get rid of debt. Most unfortunately, these might be fake testimonials in most cases ( after all “ All Marketers Are Liars” ).

Non-profit Debt Consolidation Company

The job of an ideal debt consolidation company is to roll all your debts into one payment. They combine your student loans, medical debts, credit card debts, etc, into one and makes it easier for you to make monthly payments. These companies also offer credit counseling and negotiate with your creditors. In case of a non-profit debt consolidation company, the services are offered at nominal or no charges. Wondering how they make it work? These non-profit organizations are backed by donations, government grants and also by the creditors (credit card companies). As a result, they can afford to provide you with services at such low or no cost.

Signs of an Authentic Non-profit Debt Consolidation Firm

There are many such firms in the business and you have to be choosy to get the right one for you. You must be aware of certain things before choosing a non-profit organization.

• Proof of non-profit status: Most companies abuse the non-profit tag as they make profits in multi-millions. These companies use the tag to look promising to potential clients. Some companies even go to the level of violating the telemarketing law from which these non-profit organizations are exempt. You must ask for nonprofit [501 ( c ) (3)] status before finalizing anything.
• Check religious affiliation: Many such organizations work under the names of religious affiliations. Be very careful as most use such tags to attract consumers. Do not let your religious inclination guide your practical financial affairs because being a victim of frau is the last thing you are looking for.
• Check fees: Not all non-profit organizations are free (There is no free lunch in the world). However, even the most genuine organizations will have a minimum monthly charge to be paid for their services. When they say voluntary fees, be careful because some non-profit debt consolidations companies forcefully make you pay the entire amount. Again, in some cases, your first month’s payment goes to the pocket of the organization rather than your creditor.
• Keep your patience: Just because they said your debt would be paid within months, you do not need to believe so. Do not blindly trust any firm even if they look promising. Have patience and keep searching until you find an authentic firm to deal with.
• Individual attention: A trustworthy non-profit debt consolidation firm will spend some time with you. The National Foundation of Credit Counseling (NFCC), a non-profit organization, spends about an hour’s time, either over phone or in person, to help you understand whether you need consolidation at all.
• Check with Better Business Bureau (BBB): This organization keeps a reliability report of organizations for consumers to choose the trustworthy firm. The BBB not only maintains a record of the business and its products but also its record of accomplishment based on consumer compliments and complaints. You can check with the BBB to get an insight into a company’s record of accomplishment.

Consumer Credit Counseling Services (CCCS)

Various non-profit agencies provide CCCS. These firms provide credit counseling to consumers in distress. The CCCS offices are mostly NFCC (National Foundation for Credit Counseling) certified. The NFCC collects royalty from such organizations. Though these organizations call themselves non-profit, they earn in millions.

The most amusing part is that the creditors themselves back these organizations. These CCCS agencies collect compensation from the creditors while working for the consumers. These agencies earn about 4% to 10% ‘Fair Share’ as contribution from the creditors in return of the amount recovered. People gauge non-profit establishments as fair and transparent, yet these facts make the entire process unreliable. People now consider these agencies as tools of debt collection for the credit card companies.

Picture Credit: inventorio_dm

Dealing with debt

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