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OVLG Blog

22
November
2009
A news report suggests that there is a decline in the charge off on credit card debts, but the rate of people with more than 30 days overdue are increasing day by day. A financial recovery is required as the nation is suffering from a shaky economic balance. One of the reason being the rising level of unemployment which had led to the high and still rising cause of delinquency in the payment for the credit card holders. There is however an increase in the delinquencies for credit card as it has been observed by the economists that unemployment will probably not get decreased by the next year. The Industry wide charge offs was something like 3.1% in the first half of the year 2006, but as of now, the charge off rates are shocking as they tend to rise higher and higher. Delinquency or late payment is the first sign that a customer is struggling and might eventually declare bankruptcy or go for settlements. This comes on top of the foreclosure and commercial real estate. Bank of America's charge-off rate is higher than the third-quarter industry average of 10.2%, although that figure's shocking enough all by itself. The stock market's been picking up steam and bank stocks are on the rise these days, but stories and stats like this provide a sobering reminder that there are still very deep cracks in the American economy.

OVLG Blog

12
November
2009
There are thousands of American customers who are drowning in debts, and want to deliberately come out through a good settlement company. It becomes difficult to resist if there is an advertisement on board that they can pay only 50% of what they actually owe! It is even difficult to say as to how much of it will actually work for the customers as only a few customers can really avail the benefits. Customers enduring harassment for a long time in the hands of the creditors are overwhelmed if they can somehow pay off their debts and declare themselves debt free. According to the survey there should be more option given to consumers other than debt settlement as there is no guarantee as the completion rate ranges from 35% to 60% only. At times it is seen that promises are made to be broken, as when statistically calculated it is even fewer than 10% of the customers of the 42 debt settlements and credit counseling companies operating in Colorado are paid off and settled their debts. A count of 40 attorneys wrote in support of FTC's amendments to telemarketing sales rules which includes a ban on the in the advance fees, as well as expresses its concern that it is a viable option for consumers to settle their debts during financial crisis. There is a major work that TASC involves in with. The major work it does is to protect customer rights and curb a lot of concerns laid by the attorney on the fact that they had gained adequate knowledge regarding the lawmakers of the different settlement companies to get the fair legislation passed. In the past 5 years, 21 states have sued 128 debt relief programs, according to NAAG (National Association of Attorneys general). A prohibition of fees before or prior to settlement makes the settlement companies a guarantor of result and nothing else. A lot of customers are turning to settlement to avoid counseling and bankruptcy.

Tips for the customers

  • It is always better to go for credit counseling for advice before entering into a contract with any settlement company. Proper information and comparing can make things work better.
  • An attorney is the only person who can come up with a suggestion as to whether settlement or bankruptcy is the right option.
  • Customers should look for debt relief companies who demand the bulk of their fees only after a successful settlement.

OVLG Blog

10
November
2009
Debt attorneys help consumers to get out of debts. The consumers can resolve their problem by hiring experienced lawyers. It is a wise decision to contact an attorney whose practice focuses in that area of the law to discuss the situation, without obligation and strictly confidential. The Fair Debt Collection Practices Act (FDCPA) protects the rights of the consumers from all unfair, deceptive, or abusive practices. The right time to call a lawyer: There are instances when the collection agencies start harassing the debtors by calling them using abusive language and forcefully wants to get his debt back, the creditor can try out ways and means to harass the debtor by threatening to hurt, damage his personal property, using profanities over the phone or threatening to send him to jail. This is the right time to call a lawyer! The collection agencies secretly record the conversation: The right time to call for a debt attorney is when the debtors find out that their conversation is been secretly recorded. This is an illegal act of violating statutes that provides penalty in damages for every single recording. After all illegal recordings are very common with debt collectors. Dinging the credit report: Dinging the debtors' credit report is another tactics used by collection agencies. The credit results are at times dinged by the collection companies which in turn can prove things which you might not even be aware of. In the very next instance if you want to get a loan for buying a consumer product you would fall a prey to bad debts as a result of which you either land up in not getting the required loan or you need to pay a very high rate of interest. Thereby, things are crystal clear now as to how important it is to hunt for the right person to deal with debt settlements. The Fair Debt Collection Practices Act (FDCPA) is the Federal law that regulates collection activities for collection agencies, collection attorneys and business attempting to collect a debt "in-house." The FDCPA generally applies to personal, family, and household debts. This might include money owed for the purchase of a car, for personal charge accounts, or for medical treatment. "Debt collectors" are prohibited from engaging in unfair, deceptive, or abusive practices while collecting these types of debts.

OVLG Blog

10
November
2009
Individuals with creditor problems need a good debt credit lawyer to assist them. There are different categories of credit problems that the debtors face in their day to day life. The selection of lawyers should be made in such a way that they are specialized, and can offer the best service on earth to their consumers. Consumers with credit problems: If a customer has credit problems regarding bankruptcy, he would look for a lawyer who has specialized himself in bankruptcy cases, and who would provide a good counseling to their clients as well. Business with credit Problems: A business lawyer is the point of contact that has expertise in representing business similar to the customer’s operation and is on the same boat. It is difficult for someone to resolve a problem if he is not familiar with the type of business the other person carries out. He is invariably not a bankruptcy lawyer, but should refer the customer to a bankruptcy lawyer if necessary. Creditor collecting a consumer debt: An individual who is collecting a consumer debt and is facing problems would definitely go to a lawyer who deals with collection matters or either simply turns their matters to the collection agencies where the pursuits are dealt with by their own lawyers. An initial screening is to be carried out while selecting the right attorney
  • It is very important to get the biographical information of the lawyers from the website and make a choice to get the right person who fits in place and expertise in the area that is appropriate; one should try and detect the efficiency of the lawyer at the first place by checking whether the person has done anything wondrous or is in anyway needful!
  • Lawyers who represent creditors do not represent consumers with debt problems in that area, so it is very important to check out the lawyer’s profile before selecting the right debt lawyer.
  • Surfing the internet well is essential to find out articles or keywords like Collection Attorneys or Bankruptcy Attorneys under the heading of which the attorneys are listed according to gradation and specialty.
  • A discussion among the personal contacts is required to check the information regarding the attorney, whether he is in a good standing or not. A visit to The State Bar association is equally essential.
  • The yellow pages are informative and can easily find out whether the lawyer advertises or not! A local newspaper can also serve as a medium. It is necessary to check both to conclude.
  • An attorney who knows languages other than English can prove to be helpful at times when required, as there are consumers who would prefer attorneys who are capable of speaking assorted languages.
  • Before selecting a lawyer it is necessary to check for his skills and also to evaluate how trustworthy he is! He should be selected on basis of his responsibility to carry out his duties effectively.
  • If any Lawyer represents a party in filing of bankruptcy it is important to know whether he is working with any of the creditors as well.
  • Firm brochures and promotional materials needs to be fully cross-checked with different sources as a proof of authenticating the attorney.
A prominent association for lawyers specializing in representing consumers is -
  • National Association of Consumer Bankruptcy Attorneys (www.nacba.com)
  • National Association of Retail Collection Attorneys (www.narca.org)
  • The Commercial Law League of America (www.clla.org).

OVLG Blog

9
November
2009
People tend to spend much more during festivals like Christmas or thanks giving, rather than ordinary days. They are unable to secure their budget and overspend their credit card and rack up into huge amount of debt. Debts in future can cause mental and physical distress, as the person has no way out to pay back one's debts and lies financially handicapped. In order to get out of this one should be well versed of the shopping tips! Firstly, one should be aware of one's spending limits. Consumers are advised to set their spending limits before shopping according to their budget. At times it is important to calculate the previous spending mistakes. It should be made sure that one uses hard cash or a debit card to make a payment. One should search for the best deal which would fit his budget, taking care of his financial condition. When an online shopping is done one is ought to get a lot of discount as it waives off the shipping charges, as well as the charges for gifting and wrapping. This is how one can take care of one’s financial condition as well as remain debt free!
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Oak View Law Group is one of the best law firms in the country. Registered with CalBar and Cal Chamber, this law firm has been protecting rights and alleviating financial stress of consumers since 2007. The firm has more than 363 live reviews to it’s credit and 5 star rating from the TrustLink. Continue reading


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