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We're calling for ban on payday loan nuisance calls | StepChange …

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We want to call time on unsolicited contact

A third of our clients have had nuisance calls offering them payday loans. That’s the shocking finding from our latest research into the scale of nuisance calls to those in debt.

Tempting offers of easy-to-apply-for payday loans can be a real source of stress for many people, and today we’re asking for unsolicited calls and texts offering high-cost credit to be banned.

Last October saw the launch of our Got Their Number campaign, which focused on the harm caused by unsolicited marketing calls and texts.

Our initial research found that people struggling with debt were particularly vulnerable when it came to the marketing of high-cost credit, often being offered products that worsened their financial position. Recently we followed this up this to understand better how unsolicited marketing of high-cost credit harms those in debt.

We carried out a poll with 1,000 people who contacted our helpline and found that shockingly a third of our clients have had nuisance calls offering high-cost payday loans. On average these clients say they receive a whopping 10 calls per week, however some receive many more.

Unfortunately we found this marketing can have a terrible impact on people’s lives: 15% of those who had been called ended up applying for the credit offered. The additional debt they ended up with averaged £980. We’ve little doubt that this added debt burden only made things tougher to deal with.

Nuisance contact continues to a problem, and we want it to stop.

How does nuisance contact affect our clients?

We were curious to know what goes through a person’s mind when they receive these messages: are they really as dangerous as we think?

After reading the following quotes from two of our clients, we’ll let you decide:

“When you’re as desperate as I was, it’s strangely comforting to know that there was money available no questions asked. The reality of course is that you’re digging yourself deeper and deeper into a hole, and these companies know that.”

“It started off slowly at maybe three or four calls a day but by the end of the week we’re talking 40, 50 calls a day…even text messages, it was constant…I say ‘I don’t want any more debt’ and they’ll still try and they’ll ring up and offer me all sorts. No matter how many times I say ‘no I’m not interested’ they’ll just keep on ringing.”

So now that we know how serious the problem is, what’s being done about it?

New payday lending regulations

On 1 July 2014, a number of new rules on payday lending from the Financial Conduct Authority (FCA) came into force. The FCA has taken great strides to make consumer credit practices fairer and safer for thousands of people. That said, the promotion of high-cost credit such as payday loans via unsolicited marketing is still very much in force.

We’re urging the FCA to take a closer look at the problem of unsolicited marketing of credit. We also believe that an outright ban on this kind of contact is the way forward.

What you can do to help?

If you’ve had to deal with unsolicited and unwanted contact from telemarketers, tweet us about it with the hashtag #GotTheirNumber.

A screengrab of the text message would really help us build a body of evidence of just how out of hand unsolicited contact has become. (Find out how to take a screen capture on a mobile phone)

You can also email us with your thoughts and screengrabs at gottheirnumber@stepchange.org. Together we can try to stop unsolicited high-cost credit being offered to those with debt problems.

No related posts. […]

Fresno Bankruptcy Law Blog: Online Payday Loans

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Online payday loans

Here is a question that was recently asked:

Hello! I’m currently using a consumer law firm outside my state to settle multiple online payday loans I made several months ago. They are taking over $500 a month that goes to a dedicated account set up but they don’t really try to tell me where my payments goes to. I won’t be able to find out if all my debts were settled up until I finish the 10 month program. Rt. now I’m in a situation that I can’t even make the monthly payments anymore. I just need to know if I did the right thing. Is there an alternative solution to my dilemma? Thanks!

In my experience, these types of companies charge too much in fees and take to long. Hence, their clients do not have much success as the first responding attorney noted.

I offer this service to my clients, however, they need to have the money saved up to offer a compromise. Otherwise, I believe that I am doing a disservice to the client. The key to debt settlement is to offer between 15% to 80% of the total value of the debt. If your disciplined enough, cancel your contract and set aside the $500 per month in a bank account. When you reach 50% of the debt level, call the company to offer a payment. Be careful however, they do not have to accept the offer and they have a right to sue you for the full amount, plus interest and maybe attorney fees too.

Too often the clients do not have enough money to “settle” their debt. If the debt is too much, then it is time to start talking about the dreaded “B” word, bankruptcy.

Ken Jorgensen, California Attorney
www.fresnobankruptcylawgroup.com

Photo credit: http://www.flickr.com/photos/pinkmoose/

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Should I Take Loan Modification While in Chapter 13?

Dear Bankruptcy Adviser, ;

We are in our last year of Chapter 13 bankruptcy, which should strip off the second loan of our underwater home. However, we recently heard from our lender concerning our conventional loan. They are offering us a loan modification with a 2% interest rate for seven years, after which it would not exceed 4%. We are nervous about what to do. Also, how will this affect our bankruptcy case and cost if we are approved? Thanks in advance. ;

-Dee

Dear Dee, ;

We have finally seen the total evolution of the mortgage crisis. From 2008 through 2011, lenders were rejecting most or all loan modifications. Clients had to file Chapter 13 bankruptcy to try and save their home and repay delinquent mortgage payments. The majority could not afford the bankruptcy and regular mortgage payment, so many not only lost their home, but also stained their credit with a bankruptcy notation.

Compare Mortgage Rates in Your Area

Now, mortgage lenders appear to be easing loan modification requirements. While I do not have any specific numbers, I can just see the difference on a client-to-client basis. I am not filing as many Chapter 13 bankruptcies as I was three or four years ago, and the ones I am filing seem to end early because the lender approves a loan modification.

You filed Chapter 13 bankruptcy, which is a repayment of some or all of your debt over a three- to five-year period. The court assigns a trustee to oversee your case, receive a monthly plan payment and handle distribution to creditors.

This is also the only type of bankruptcy available where you can eliminate a second mortgage. To completely eliminate it, you must complete your Chapter 13 plan and receive a discharge. There may be an exception in your particular bankruptcy district, but the vast majority of cases still require that you receive a discharge to eliminate the second mortgage.

Right now, you should definitely take this opportunity to modify your first mortgage and lock in a very low interest rate. I assume the modification will also lower your monthly payment. Since you will not be inside the Chapter 13 bankruptcy for the rest of your life, this modification will help your monthly cash flow once you complete your case.

By agreeing to the loan modification, you will also need to satisfy the lender’s conditions. Most lenders require that you get court approval for the loan modification. You likely will have to file a motion and get a judicial order approving the modification agreement. Even though some judges in locations where I practice say this is an unnecessary requirement, many lenders are afraid to do anything that would violate the protections bankruptcy affords you. So this may be a cumbersome but necessary step.

You then may need to modify your Chapter 13 plan payment. Most loan modifications do lower your monthly payment, which will leave additional money in your budget. You will not be able to benefit from that extra money while the Chapter 13 case is still active. The trustee assigned to your Chapter 13 case will want you to use that additional money to pay more to the other creditors, including the second mortgage being eliminated. This is an important step not to ignore as your first mortgage payment may come down significantly after the loan modification.

Even if the Chapter 13 plan payment does go up, you don’t want to pass on the long-term benefits of the loan modification. Locking in an affordable payment now will only make life easier for you once the bankruptcy ends.

Good luck!

;

Ask the adviser

To ask a question of the Bankruptcy Adviser, go to the “Ask the Experts” page and select “Bankruptcy” as the topic. Read more Bankruptcy Adviser columns and more stories about debt management.

Bankrate’s content, including the guidance of its advice-and-expert columns and this website, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Please remember that your use of this website is governed by Bankrate’s Terms of Use.

Copyright 2013, Bankrate Inc.

[…]

Merchant Cash and Capital Named Second Best Merchant Cash Advance Company by topcreditcardprocessors.com for July 2013

(PRWEB) July 03, 2013

The independent authority on credit card processing, topcreditcardprocessors.com, has named Merchant Cash and Capital the second best merchant cash advance company in the payment processing industry for the month of July 2013. The independent research team at topcreditcardprocessors.com evaluates and ranks the best merchant cash advance companies. The rankings are released at the start of each month highlighting companies based on their achievements and performance in the evaluation process.

Merchant Cash and Capital provides businesses with effective cash and capital loans with a fast application process. Businesses can be approved and receive their cash advance within 72 hours while paying for the advance with a percentage of their future sales based on a history of their current sales. Merchant Cash and Capital provides the service with no fixed payments, no application fee, and no closing costs to help businesses improve their cash flow.

Each month, companies in the directory of merchant funding services are put through a meticulous evaluation process in order to determine which companies produce the best service overall based on five areas of evaluation. These five areas of evaluation are determined based on aspects most important to businesses when receiving a merchant cash loan. The five areas of evaluation for merchant cash advance services include competitive rates, reliability, efficiency, availability, and customer support.

In addition to the five areas of evaluation, the independent research team also connects with client references in order to obtain their unique perspectives on the services provided to them. Clients are asked various general and specific questions about the services provided to them relating to the application process, their communications with the vendor, and how quick the vendor was able to release the requested and approved funds.

During the meticulous evaluation process, the independent research team identified Merchant Cash and Capital based on their performance and strong client references. With competitive rates and easy communications with their clients, Merchant Cash and Capital obtained high scores in each of the five areas of evaluation leading to their placement as the second best merchant cash advance company. Those looking for a strong provider of merchant cash loans should consider Merchant Cash and Capital.

ABOUT topcreditcardprocessors.com

The independent authority on credit card processing, topcreditcardprocessors.com, is a research firm dedicated to identifying and ranking the best credit card processors in the United States. These payment service providers are able to provide national services with flexible payment terms and service offerings for your small, medium, or enterprise businesses.

To view the rankings of the best merchant cash advance companies visit:

http://cash-advance.tccprankings.com/best-merchant-cash-advance-loans-lenders

For more information about Merchant Cash and Capital visit:

http://merchant-cash-and-capital.topcreditcardprocessors.com/


[…]

Leading Business Capital Lending Firm MerchantCashInAdvance, LLC, Announces Online Application Availability for …

Leading business loan firm MerchantCashInAdvance, LLC, one of the world’s largest merchant cash advance lenders, is announcing that small and medium-sized business owners whose firms receive payment via credit cards and demonstrate strong performance trends may apply for merchant cash advance funding with MerchantCashInAdvance.com immediately.

(PRWEB) April 02, 2013

Leading business loan firm MerchantCashInAdvance, LLC, one of the world’s largest

merchant cash advance lenders

, is announcing that small and medium-sized business owners whose firms receive payment via credit cards and demonstrate strong performance trends may apply for merchant cash advance funding with MerchantCashInAdvance.com immediately.

MerchantCashInAdvance.com can loan small and medium businesses between $5,000 and $750,000 business cash advance funding with no credit required and without the necessity of a merchant account. The simple application process requires only that applicants provide basic identification, business Visa or MasterCard credit card processing statements from the previous six months, bank statements, and proof of business ownership. MerchantCashInAdvance.com programs are based on business performance instead of personal credit.

Business owners interested in working with MerchantCashInAdvance should visit http://www.merchantcashinadvance.com to apply. Once an application has been completed, applicants will receive a call from a MerchantCashInAdvance.com expert who will provide a detailed overview of the company’s credit card factoring program, answer any and all questions, and guide applicants through the approval process. Following a successful application, a merchant cash advance is wired to approved clients within 24-48 hours with credit card factoring. Clients receiving a merchant cash advance are permitted to repay the remainder of the advance at any time without restriction or penalty.

Working with MerchantCashInAdvance.com is an ideal alternative to attempting to obtain a bank loan for expansion or for keeping an enterprise moving. MerchantCashInAdvance.com loans are unsecured, so no collateral is necessary. Advances are also free of business loan charges that often characterize bank loans. Advances from MerchantCashInAdvance.com do not appear on credit reports, which allows clients the flexibility to seek other financing options.

Additionally, cash advances through MerchantCashInAdvance.com are specifically designed to meet the unique needs of each client in order to develop or expand each client’s business at a desired pace. MerchantCashInAdvance.com differs from other merchant cash advance service providers in not requiring a business proposal for approval nor placing any restrictions on the use of funds. Clients can utilize advances for any number of improvements including purchasing additional inventory, adding locations, and strengthening marketing campaigns.

MerchantCashAdvance.com has been one of the world’s leading advance companies since 2005. MerchantCashInAdvance.com’s corporate merchant cash advance offices are located in Orange County, California. Queries may be directed to:

MerchantCashInAdvance.Com

Rebecca Randells

1839 9th Street

Dallas, Texas 75203

Queries and loan information may be also be obtained via telephone by calling (877) 871-6097.

Rebecca Randells
Business Cash Advance
(877) 871-6097
Email Information

[…]

Lawsuit Settlement Funding Firm Announces Christmas and Holiday Gift Card Promotion For December

NEW YORK, Nov. 23, 2012 /PRNewswire/ — Online shoppers starting on Black Friday can find an immediate bargain on a lawsuit cash advance. Legal-Bay, an industry leader in lawsuit funding, has created a one-time gift card offer for any and all clients that fund with Legal-Bay ending on December 31, 2012.

Legal-Bay has been in the giving mood in 2012 funding hundreds of clients on various lawsuits, especially car and commercial truck accident funding, DePuy Hip, and Transvaginal or Vaginal Mesh product liability lawsuits. Legal-Bay is expecting a brisk December for pre-settlement funding on these cases as clients look to access cash for Holiday Shopping from alternative sources than traditional means. Legal-Bay’s promotional gift card gives their clients an extra incentive to “shop” their lawsuit advance with them.

Patty Kirby, Head of Client Relations, commented on the holiday cheer, “It is without question that we are a leader in DePuy and Transvaginal Mesh litigation funding in the industry. We do this by offering exceptional customer service, fast approvals, and typically the lowest rates on all cases in the industry. We have now added a promotion -unlike any of our competitors- that also gives something back to our clients at a time of the year when they needed it most. What better way for a client who is looking for money to buy gifts, than to access funds from their lawsuit and get a free gift card on top of the cash advance?”

Legal-Bay said that any clients that fund for $1,000.00 or more will receive a minimum of a $50 gift card upon funding. And clients receiving a lawsuit Christmas cash advance of over $10,000.00 will receive a minimum of $100 in a free gift card. The gift card will be useable at any retailer of the client’s choice.

Legal-Bay has announced that they believe both the Johnson & Johnson DePuy Hip Recall and the Transvaginal Mesh litigation settlement news to pick up in early 2013. Legal-Bay’s legal contacts have estimated DePuy and Transvaginal Mesh settlement amounts to range from $150K to $500K or more on both of these cases, depending on many factors. However, clients are not expected to receive actual funds until later in 2013 or 2014, which makes this holiday season a good time to access lawsuit funds. Legal-Bay’s lawsuit pre-settlement funding program is a cash advance and not a lawsuit loan. Meaning, the funds are repaid out of a portion of the settlement amount only if the client wins the case.

Clients who are interested in obtaining cash today before their case actual settles can apply for a free quote through Legal-Bay. Funding approvals typically take 48 hours from the time the fee evaluation starts. Clients who fund prior to Dec. 31, will also receive the free gift card promotion. However, Legal-Bay urges clients to apply early as sometimes delays can occur from the plaintiff’s law firm, especially during the Holidays.

Lawsuit plaintiffs can apply online now at: lawsuitssettlementfunding.com or by calling Legal-Bay’s toll free hotline where funding agents will be standing by 24 hours a day over the holiday funding season.

Contact: Patty Kirby, Email info@legal-bay.com

[…]

Pay day Loans Could Be A Risk For The Bank Too – Ultrabrown

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How come private lending options from payday loan providers have better rates in comparison to people from finance corporations and banks? The heftier costs for these sorts of money loans are an effect of the high risks that are connected with lending to people who’ve got a nominal credit score with no collateral for backing the loan. Banks will often only provide fiscal loans to folks who apply with great credit, come under a particular range for wage revenues, and have a very sound reason for requiring the loan.

They also desire candidates with a low debt to takings proportion. Many candidates get declined for the disability to meet the above necessities. The procedure of approval with a web payday loan is simple and fast. There isn’t any evaluation of credit status meaning the borrower can have a hideous credit history but nevertheless will continue to be approved.

In a way it is like getting a “sub-prime” loan when you purchase a place. The hazard connected with lending to such individual produces a bigger risk for short term money advance banks which is the reason why the terms are dissimilar than a normal bank. To give an example : for each ten applicants that are authorised with a web payday loan, 2 or 3 of those loans won’t be repaid. Because banks need a signature only lending becomes a high-risk situation. High-risk could appear like high gain, but from a business viewpoint, losing cash or breaking even isn’t profit-making.

It takes no less than four repeat loans taken out from the same person to return the cash invested by the bank. Some individuals say that this is unscrupulous lending and pressures borrowers into long term debt by charging high yearly IRs. Pay-day loans are not long term loans, though , which is the reason why there are bigger rates placed on them. Clients might gain advantage from 0 interest loans in a number of cases when the loan is paid off by the date allotted by the bank. There should be a shared responsibility in the payday loan industry.

Not only should loan suppliers integrate good lending practices, the purchaser must be conscious of the terms before they sign for their loan. Finding a responsible loan company with low rates can be done on the internet.

Perusing the Net to discover a trusted company who will answer all of your questions is the initial step to getting a safe and trusty loan with a trustworthy bank. Reading the lender’s “FAQ” page can help the borrower better understand what charges they can attract and the procedure of applying. Assuming accountability for your financials and budget is the on the borrowers shoulders which is the main reason why trying for a payday loan should be thought about carefully.

[…]

Payday loans | Drupal

What is a payday loan as well as loan? Any payday loan and also money advance is undoubtedly an unleveraged, short-term loan that can assist you until eventually your upcoming pay day advance. Clients select payday advance to cover compact, unpredicted charges when avoiding costly bounced-check costs and also overtime fees and penalties. At this site, employ on line for any payday loan as well as your improve will likely be in an electronic format put into the account to the checking as well as savings. Exactly what can some sort of payday loan supply to get? You may be repaying bills, enjoying a milestone, or even protecting an unexpected price your own payday loan possibly there is to use at the personal foresight. Just how much can one acquire? A payday loans, is situated on the information an individual give in your program. You could borrow approximately $1500 and after the productive reimbursement within your bank loan, we may enhance the sum in virtually any long term personal loans. Does indeed submitting an application obligate everyone to carry financing? Zero, distributing software merely claims for you to want our agencies in order to say yes to and contact one to focus on ones payday loan possibilities. You may request people questions, in addition to pull away the obtain should you so pick. When you are able to move forward, you could possibly ensure the information you have plus basically accept terminology with one of each of our associates. When should i receive a payday loans? We have been readily available if you will need financial assistance involving pay back time periods. We all motivate our own clientele to make use of these plans dependably although in your mind a payday loans is actually a short-term strategy to an critical money need; they have to not be utilised consistently to handle constant following a good budget problems.

[…]

Payday loans | Drupal

What is a payday loan as well as loan? Any payday loan and also money advance is undoubtedly an unleveraged, short-term loan that can assist you until eventually your upcoming pay day advance. Clients select payday advance to cover compact, unpredicted charges when avoiding costly bounced-check costs and also overtime fees and penalties. At this site, employ on line for any payday loan as well as your improve will likely be in an electronic format put into the account to the checking as well as savings. Exactly what can some sort of payday loan supply to get? You may be repaying bills, enjoying a milestone, or even protecting an unexpected price your own payday loan possibly there is to use at the personal foresight. Just how much can one acquire? A payday loans, is situated on the information an individual give in your program. You could borrow approximately $1500 and after the productive reimbursement within your bank loan, we may enhance the sum in virtually any long term personal loans. Does indeed submitting an application obligate everyone to carry financing? Zero, distributing software merely claims for you to want our agencies in order to say yes to and contact one to focus on ones payday loan possibilities. You may request people questions, in addition to pull away the obtain should you so pick. When you are able to move forward, you could possibly ensure the information you have plus basically accept terminology with one of each of our associates. When should i receive a payday loans? We have been readily available if you will need financial assistance involving pay back time periods. We all motivate our own clientele to make use of these plans dependably although in your mind a payday loans is actually a short-term strategy to an critical money need; they have to not be utilised consistently to handle constant following a good budget problems.

[…]

$1,000 debt ballooned to $180,000

The Star/Asia News Network
Tuesday, Jun 26, 2012

SINGAPORE – China Press reported that a man was now heavily in debt after he borrowed $1,000 from a loan shark in Singapore.

Within four months, the amount had ballooned to S$180,000, rendering him unable to pay the debt. He now owes at least 87 loan sharks in the island republic.

It all started when the man, in his 40s, began working as a middleman to provide labour services two years ago. He started borrowing from a loan shark in February after running out of cash entertaining his clients.

His nightmare began when he could not afford to pay the initial debt. He then had to turn to another loan shark and before long, the number of loan sharks increased.

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