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Whether in debt or not, you’ll probably be hearing quite a lot about the world of personal finance at the moment. It’s an industry traditionally surrounded by complicated terminology, and it’s not always the easiest to understand. Here, you’ll find ten debt-related terms you should have in your vocabulary (or at least understand):

Arrears
Arrears are any overdue payments on a debt. If you have mortgage arrears, for example, it means you have not made one or more of your mortgage payments as set out in your mortgage agreement.

Bailiff
A bailiff is a person (either a court official or employed by a private firm) authorised to enter a property and seize goods that can be sold to repay a debt.

Bankruptcy
Bankruptcy is a legal process for individuals and businesses that can’t pay their debts. Their assets are handed to the official receiver who sells them and distributes the proceeds amongst creditors. The bankrupt usually has to pay an additional monthly sum for a period of 12-36 months until they are discharged. Once the process is over, all outstanding debts are written off.

Charging Order
A charging order secures the value of a debt against a property, ensuring that the debt is repaid upon the sale of the property at the latest. Creditors can apply for a charging order on failure to make a CCJ payment.

County Court Judgment (CCJ)
If you don’t repay a debt, your creditors can ask the County Court to issue a County Court Judgment. If the County Court grants the CCJ, they will order you to repay the debt in a way you can afford.

Debt Consolidation
Debt consolidation is the process of taking out a single, larger loan to pay off some / all your existing debts. Simplifying your finances, this can reduce the interest you’re paying as well. Debt consolidation can also reduce your monthly payments by spreading the loans over a longer term – although this could well increase the total amount you end up repaying, as well as the time you spend repaying it.

Debt Management
Debt management can help you repay your debts in an affordable way without taking out any further credit. It involves negotiating the terms of your debt (such as interest & repayments) with your creditors. Some people do this themselves; others ask debt management professionals to do it for them.

Individual Voluntary Arrangement (IVA)
An Individual Voluntary Arrangement is a government-backed debt solution available to people who:
a) owe more than £15,000 to two or more creditors,
b) cannot afford their monthly payments,
c) can afford to make regular fixed payments for the next (usually) 5 years.

In essence, it’s a legally binding agreement between the individual and their creditors:
a) The individual agrees to make fixed monthly payments – as much as they can afford once they’ve taken essential living expenses into account.
b) In return, the creditors agree to write off any outstanding debt when the IVA is successfully concluded.

An IVA can’t go ahead unless creditors accounting for at least 75% of the individual’s debt agree to it.

Insolvency Practitioner (IP)
An Insolvency Practitioner is a person professionally qualified to handle insolvency cases, such as bankruptcy, IVAs & Trust Deeds.

Insolvent
A person or business is regarded as insolvent when their assets (what they own) are worth less than their liabilities (what they owe).

If you’re thinking about using a debt consolidation or debt settlement service to help you get out of debt faster and save money on your monthly payments, make sure you do your homework before choosing a company. There are definitely shams and scams out there.

First let me say that debt consolidation is *not* the same as debt settlement/negotiation, which most people don’t realize.

Debt settlement companies charge hundreds of dollars as an initial “admin fee” to set up your account, plus a monthly service fee. The fees vary depending on the company and the amount of your debts.

Such companies take your money every month, but don’t make monthly payments to your creditors! Instead, they put it in a trust account, negotiate your debts with your creditors, then make a lump-sum payment when there’s enough in your account to pay a creditor in full.

That can take *years* depending on the amount of debt you have with each creditor. Meanwhile, you can be sued by your creditors and your wages can be garnished! (Or just don’t make payments to your creditors. You’ll end up in the same spot without paying someone to help you get there!)

Settlement companies don’t ask your creditors to stop all interest, late fees and overlimit fees from accruing. That means while the negotiations are ongoing, your bills will continue to grow! So if you’re sued and a judgement is brought against you, you’ll owe more money than before!

And shoddy companies, which there are alot of, don’t tell you *any* of this up front. I call it “getting permission by ommission” because they simply don’t tell you how their program works *before* you sign an agreement with them. Or after, for that matter. But if you ask the right questions, eventually you’ll figure it out. (Or when the crap hits the fan. Whichever comes first.)

Let me give you an example of how debt settlement works.

Let’s say you have $20,000 in unsecured credit card debt. You owe $10,000 to one credit card company, $6,000 to another and $4,000 to a third. You agree to a 5 year plan where you pay $250 a month to the settlement company. (After all, $250 a month for 60 months is only $15,000, so you’re saving $5,000 and you’ll be debt-free in 5 years, right?)

The admin fee will cost you $750. Your first 3 monthly payments go towards that and nothing gets put into your trust account until your 4th month.

The settlement company keeps $50 of your $250 payment each month for the service fee. That means $200 a month is being added to your trust account.

Most debt settlement companies claim to be able to negotiate your debt for about 50% of what you owe. So let’s use the lowest credit card debt as an example.

If you owe $4,000 and your creditor agrees to accept $2,000 as payment in full, it will take 10 months at $200 per month to have enough in your trust account to pay off just that one credit card.

But remember, your first 3 payments to the settlement company only paid the admin fee. That means your first credit card settlement is 14 months *after* you started sending them money.

So what’s the problem? It’s simple. Your creditor won’t agree to accept half of your actual debt unless, or until, it can be paid in full. Otherwise, you’re expected to make your normal monthly payments.

Since you don’t have $2,000 in your trust account, and you won’t have it until more than a year after you stopped paying your creditor directly, they’ll probably take you to court and request that your wages be garnished long before you have that $2,000 built up.

And what about your other creditors? Well, they’ll be waiting even longer to get their money from the settlement company. The $6,000 debt will take 15 *more* months to pay off, assuming your creditor waits that long and agrees to 50%. And that $10,000 bill? You do the math.

On the other hand, if you signed up for a 3 year plan with the settlement company, your debts would be paid off sooner. But, the question is, will your creditors wait that long? Probably not.

The facts are, you can negotiate with your creditors yourself. Most will agree to take a smaller monthly payment from you and stop all interest and fees from accruing. And, of course, you’ll save thousands of dollars in fees to a settlement company.

Before signing up for any service, please be sure you check out the company thoroughly. And don’t let the words “non-profit” fool you either. Alot of debt settlement companies claim to be non-profit.

Going back to the example above, if you pay them $15,000 over a 5 year time frame and they settle your debts at half of what you owed, they’ll make $5,000 from you. I’d call that a profit, especially since they might not have actually helped you in any way.

Most companies will allow you to cancel your account and get a refund of what you’ve paid, less the non-refundable admin fee and the monthly service fees. If you feel you’ve been mislead about their program, don’t hesitate to argue til the cows come home. File a complaint with the Better Business Bureau or hire an attorney if you feel you’re getting nowhere.

You can visit the Better Business Bureau’s website (http://www.bbb.org) and find reports on hundreds of companies. Here’s a small listing of companies that have poor reputations with the BBB:

National Consumer Debt Council LLC – Irvine, CA (A.K.A. NCDC, United Consumer Law Group)

Financial Rescue Services – Burbank, CA

Debt Legal Services – Anaheim, CA

American Debt Relief – Los Angeles, CA (A.K.A. A M Debt, American Debts Relief, Debt Relief)

Please be very cautious when choosing a debt help company and ask lots of questions before agreeing to anything. If you find they’re evading your questions, run fast and run far. There are reputable companies out there, so keep looking until you find one.

Source : http://ezinearticles.com/?Shocking-Facts—What-Debt-Settlement-Companies-Dont-Tell-You&id=14774

Step1: Know Their Debt Recovery Rate

Any company should be able to tell you what their debt recovery rate is. This is the amount of times that the debts the debt recovery agency has had successful cases. The higher this number is, the better the job they do is. If you will be hiring a company with a high rate, you can expect to pay a bit more. Yet, that may be no problem considering they will be more likely to get you the funds back. Find out what they base their information on (how many cases have they handled and what is included and excluded from that figure.)

Step 2: Learn About Their Methods

When considering a debt recovery agency, be sure you invest the time in finding a company that offers the methods of collection that work for you. Most will start and concentrate on mail contact. If you have other contact information such as fax numbers, email addresses and phone numbers, these are also methods of contacting and working for the repayment of the debt. Many of the companies will also, do personal meetings. Some will offer litigation help, which means that if the case goes to court they will help you win it.

Step 3: Consider Your Costs

While getting your money is important to you, you have to consider how much of a cost is acceptable to you when hiring a debt recovery agency. Not everyone is comfortable losing thousands of dollars on the purchase of the services form these agencies. Therefore, find the costs structure that works for you. Do not forget to negotiate with the company for a lower rate, which is often a possibility.

When it comes to hiring a debt recovery agency, take time to find the right company. You will save money in the long term if you invest some time now in the process. Most companies are more than willing to give you the information you need to decide to work with them. If they do not, you should wonder why.

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source : http://www.debtcollection-info.com/permalink.php?article=debt+recovery+agency.txt