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take care with your credit cards -- they have sharp edges

 

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are you on your Bank's sucker list?

 

hunger You may think you're badly off but lots of others are far worse. Help them out. Every time you click on The Hungersite you send a cupful of food to hungry kids in the 3rd world. Do it a couple times a day. You'll feel good.

 

CAN YOU GET HOLD OF

SOME SPARE CASH?


Before you get into serious financial hot water and can still raise a bit of cash here is a useful tip:

Exchange pennies for dollars and save a bundle

Negotiate for everything you can get. And don't be diffident about negotiating either. Make bold requests ahead of time. This way will give you plenty of room in which to bargain if a bit of haggling becomes necessary. And, of course, it will -- after all your creditor will want as much as he can get of what you owe him.

For example, if you are settling a $1000 account, tell the creditor that you have managed to get together some cash and that you can pay him 20% of the balance ($200) in a lump sum immediately. But have the cash with you -- you can hardly expect him to accept a check.

You may receive a counter offer, but starting as you did with 20% you'll still have plenty of room to bargain with. It's surprising how often you can get away with such a ploy. If your creditor knows that you are in a dicky financial state he might well consider that anything, however small, is better than nothing. I saved myself a lot of money this way.

A short note on Credit Triggers

You probably haven't heard of them as they've only been with us for a short time.

It seems that Experian is selling your credit history to collection agencies. If they see you getting into the black again and starting to repay some of your debts Exoerian inform collection agents - for a fee of course. So -- there you are again -- back on to your knees, financially speaking.

You can't do anything about it but you should know of this doubtful practice -- forewarned is forearmed.

This is Experian's release to the press

In an effort to help financial services organizations collect on large volumes of uncollected debt, Experian(R), a global information solutions provider, today announced the launch of Collection Triggers(SM). Collection Triggers is a robust and flexible collections solution that monitors a company's portfolio of collections accounts.

When new information on one of these accounts becomes available, indicating the possibility of recovering the debt, the organization is notified within 24 hours and can then resume efforts to contact the consumer and collect the outstanding debt.

"Our clients have been asking us to help solve the debt dilemma -- when collection efforts go cold, the consequence is a huge burden of unpaid debt," said Kerry Williams, group president, Experian's Credit Services. "Collection Triggers offers our clients the opportunity to know within 24 hours when a debtor has had new credit activity, enabling quick action for the highest probability of recovery."

 

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