Sample debt negotiation letter to send to creditors.

Can the bank delay the posting of a payment to my credit card account? The general rule is that the bank must credit a payment to a customer’s account as of the date of receipt. The bank can set reasonable requirements for making payments.

Reasonable requirements include:

* Requiring that the account number or payment stub be provided with the payment,
* Specifying that only checks or money orders be sent by mail,
* Specifying that payment is to be made in US Dollars,
* Setting reasonable cut off times for payments received by mail, by electronic means, by telephone, and in person. The cut-off time must be 5 p.m. or later, except for in-person payments at branches that close prior to 5 p.m.

If the lender specified reasonable requirements on the billing statement, but accepts a payment that does not conform to those requirements, the lender must credit the payment within five days of receipt.

In general, payments made at a creditor’s Web site prior to the specified cut-off time would be considered timely.

You should review your statement and the account agreement to determine the bank's policies or contact the bank for an explanation.


Can the bank apply payments to the “purchase portion” of the account first and then to the cash advance balance? As of February 22, 2010, there are new requirements in federal law. The bank must apply the amount paid in excess of the minimum payment to the balance with the highest interest rate. For example, if the highest interest rate applicable to your account applies to the cash advance balance, the amount of any payment you make in excess of the minimum payment would be applied to the cash advance balance.

There is an exception for deferred interest plans. A deferred interest plan is a payment plan that is typically offered at the time of purchase that permits a consumer to avoid interest charges if the purchase balance is paid in full by a certain date. Often, deterred interest plans are offered in connection with the sale of higher-priced goods, such as furniture or electronics.

For deferred interest plans:

* you may request to apply extra amounts to the deferred interest balance before other balances; and
* for the two billing cycles prior to the end of the deferred interest period, the credit card company must apply your entire payment in excess of the minimum payment amount to the deferred interest rate balance first.


Why wasn't my online payment credited to my account on the same day I made it? The general rule is that the payment must be credited as of the date it is received.

The bank may set reasonable requirements for payments, including a cut-off time. The cut-off time on the payment due date generally must be 5 p.m. or later. Payments received after the established cut-off time will generally be credited as of the next business day. If the bank listed reasonable requirements for conforming payments on your billing statement, but accepted a payment you made that did not meet those requirements; the bank must credit the nonconforming payment within five days of receipt.

If the bank promoted electronic payment via their web site, then generally any payments made via the bank’s web site prior to the specified cut-off time would be considered a timely payment.


This month my due date falls on a Sunday. I mailed my credit card payment and it has not arrived there yet. If the payment is received on Monday, will it be considered as late? If your payment due date falls on a weekend or a holiday when the lender does not accept or receive mailed payments, any mailed payments received by the lender before the cut off time on the following business day will be considered timely.

For example, if you mailed your payment via US Postal Service and the due date is Sunday March 14th, but the lender does not receive mail on Sundays, then your postal payment would be considered timely if it is received by Monday, March 15th, before 5 p.m.

However; it is important to note that:

* If the bank accepts or receives payments made on the due date by a method other than mail, such as an electronic payment; and
* You make your payment electronically;

Then your electronic payment must be received by the bank by the cut-off time on the due date (Sunday, March 14th) in order to be considered timely.


When is my credit card payment considered late? Whether a payment is considered late or not is generally determined by the terms of your account agreement. If you always ensure that your payment is received prior to the due date included on your statement, your payment will not be considered late.

The Credit CARD Act requires that if you mail your payment and the due date falls on a day when the lender does not accept or receive mailed payments, then a payment will be considered timely if it is received by the lender prior to the cut-off time on the next business day.

Review Disclaimer: Review information was gleaned from the website, and is neither an endorsement by us nor an confirmation of content nor a warranty of any promises made by the website. Use the review information at your sole discretion and sole liability.
 
SuperiorDebtRelief.com Review - © Copyright 2010 - Superior Debt Relief All Rights Reserved.

At Superior Debt Services we work for you, the consumer. Many debt relief companies, especially those that are non-profit, are actually set up by creditors themselves to recover as much of the debt as possible. We won’t ensnarl you in that trap here. Here are some company highlights:
* We have over 11 years of experience learning the ins and outs of the debt settlement industry.
* We do not charge upfront fees! We do not pay ourselves until at least one of your accounts is settled. In fact, we’ve successfully operated a settlement-based fee model since 2006.
* We have an ‘A’ rating with the Better Business Bureau- you can verify this by visiting bbb.org. Just click on Check Out a Business or Charity, then type in Superior Debt Relief. The state is Colorado (CO).
* We use an FDIC insured account in order to grow funds that go toward your settlements. Clients have full access to this account 24/7, and we are authorized to view the balance when creditors call us.
* We are certified by the International Association of Professional Debt Arbitrators (IAPDA). We have been listed #1 with the IAPDA for 4 years in a row!

Credit Card Debt Relief: Credit card debt is easy to get into. Unfortunately, it has also been designed to be nearly impossible to get out of. Minimum payments can keep a consumer on the hook for 30 years or more. In this time, he/she will have typically paid back the original credit card debt - ten times! Obviously, making only the minimum payment is not an effective way to get out of debt. But when a financial hardship inevitably occurs, it gives the credit card companies a reason to increase interest rates, making even the minimum payments unaffordable. We understand how devastating this practice is. That is why we are committed to a debt settlement model designed to work for you - the consumer.

What makes Superior Debt Relief Services different? First, we are a debt negotiation company that saves you money before we get paid. Most other debt settlement companies will charge fees before settling even one of your debts. We believe such an approach is detrimental to the consumer that is already struggling to make ends meet resulting in no debt relief. We defer being paid until you see results. Don’t be mislead by the non-profit status of many companies out there, nobody works for free. These non-profit entities are typically set up by the credit card companies and have only their own best interests in mind. We are paid fees only if we save you money, and that is our incentive to get the best possible results for you. Second, we give you a full 30 days to rescind the contract if you are unhappy with our services, or decide another route is more appropriate. This is a length of time that is unheard of in the debt relief industry. We are that confident that you will be satisfied. While most debt relief companies have a sales team larger than the customer service department in order to bring new clients in faster than they drop out of the program, we take the opposite approach. We believe that client retention will make us successful. Our sales team is comprised of educated and trained financial advisors. This department accounts for only 1/6 of our total workforce. We spend relatively little on marketing; most of our business is generated by word of mouth and the positive reviews across the Internet and BBB. That is why we have one of the highest client retention rates in the debt reduction industry. Third, we really do what we say we will do. The debt settlement statistics you see on this page are not some automated program that incrementally increases these numbers with length of visitation. These are real numbers that we post every month. We include any and all settlements processed within a given month. These numbers do not include settlements for student loans, secured debt, mortgages, etc. We will tell you upfront that these are not types of debt we can work with - any company that tells you differently should be viewed with great skepticism. We get the best results with credit card debt, but all unsecured debt is negotiable

Debt Settlement: With this approach, negotiations are made with a credit card company in efforts to reduce the total amount of debt owed. With this forceful method of credit card debt relief there are many important advantages. Many consumers are able to significantly lower the total amount owed while paying off debt in 12-36 months. Making only minimum payments is not an effective way to get rid of large amounts of debt. Debt settlement clients notice a drastic reduction in their monthly payments as compared to monthly payments made to creditors. Debt settlement is a superb debt relief option for consumers who have unsecured debt of $10,000 or more, struggle to meet the minimum monthly payment, or are already behind on payments.

Debt Consolidation Program: Debt consolidation can be thought of as ‘many for one.’ This means that a consumer takes out one loan in order to pay off several debts. Reasons for choosing this option include securing a lower or fixed interest rate, or to make one convenient monthly payment rather than many. However, this monthly payment occurs over a longer period of time. The decision to consolidate must be weighed very carefully, as a consolidation program can severely limit the ability of a debtor to eliminate debts in bankruptcy. Further, due to the theoretical advantage that debt consolidation offers a debtor with high interest balances, companies will often charge very high fees for the debt consolidation loan. Another detrimental aside is that some companies will actually wait until a client has painted themselves into a corner and must refinance in order to consolidate and pay off debt.

Credit Counseling: This involves actually working with credit card companies in order to lower the amount of interest charged. Consumer credit counseling usually allows a debtor to eradicate debt in around 4-5 years while saving some money from the original interest charged. The dark side of this debt relief option is that many of these companies are actually set up by the credit card companies with the goal of collecting as much of the original debt as they can. Their traditional non-profit status is generally a distraction, as all their profit after operation expenses goes straight back into the credit card companies’ pockets. Another drawback is that any assistance from these companies shows up on your credit report as TPA (third party assistance), which can be just as detrimental to your credit score and rating as a bankruptcy!

Chapter 7 Bankruptcy: This is considered the final option for debt relief because of the harsh credit consequences. For debtors who owe large sums of money on their credit cards and don’t have enough income to make up the difference, this may seem like the best solution. With Chapter 7 bankruptcy, a debtor is usually forced to liquidate all non-exempt assets of value and pay the creditor money from the sale. The majority of consumers who file a chapter 7 bankruptcy will warn you that the long term consequences are really not worth it.

Superior Debt Relief
625 Redwing Road #140
Fort Collins, CO 80526

1-888-366-3414

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Review Disclaimer: Review information was gleaned from the website, and is neither an endorsement by us nor an confirmation of content nor a warranty of any promises made by the website. Use the review information at your sole discretion and sole liability.
 
Aegis Debt Consolidation Services - Debt collection services - ©2001-2007 Aegis Debt Consolidation

Debt collection services may contact you in person, by mail, telephone, telegram, or fax. However, a debt collector may not contact you at inconvenient times or places, such as before 8 a.m. or after 9 p.m., unless you agree. A debt collector also may not contact you at work if the collector knows that your employer disapproves of such contacts. You can stop a debt collection service from contacting you by writing a letter to the collector telling them to stop. Once the collector receives your letter, they may not contact you again except to say there will be no further contact or to notify you that the debt collector or the creditor intends to take some specific action. Please note, however, that sending such a letter to a collector does not make the debt go away if you actually owe it. The debt collector or your original creditor could still sue you to regain what is owed to them.

Know Your Rights: Even though you do owe money, you still have rights. There are certain things debt collection services cannot do when trying to get you to pay. Even though there are laws against it, some companies will break the rule, that’s why it is important to know your rights. Debt collectors may not harass, oppress, or abuse you or any third parties they contact. For example, collection services may not use threats of violence or harm, publish a list of consumers who refuse to pay their debts, use foul language, or even call and harass the debtor.

Debt collectors are also not allowed to make any false statements to you. For example, they may not misrepresent the amount of debt you owe, claim that you have committed a crime, or even indicate that any papers you have, or will receive are legal forms, if they are not. Debt collection services are not able to seize your goods, or threaten to seize or garnish your wages, or remark you will be arrested if you do not pay your debts.

Report any problems you have with a debt collector to your state Attorney General's office and the Federal Trade Commission. Many states have their own debt collection laws, and your Attorney General's office can help you determine your rights. Knowing can give you the upper hand, and keep you out of fear of debts and debt collection services.