Credit Repair For Free!

You may be considering filing bankruptcy in Canada because you are getting telephone calls from collection agencies. Back in 2008 a Registrar with the Ministry of Small Business and Consumer Services Debt Recovery Regulation Unit issued a letter of direction to the collection agency industry in Ontario.

Draft Statement of Claim

In this letter he warned all collection agencies to stop using the “trick” of sending “draft” legal documents with their cover letters and claims to people they were contacting. These draft legal documents made it appear that the collection agency was just about to initiate legal action against the person receiving the letter – the truth was it was a simple computer template designed to scare people into making payments.

Over the years I have met with hundreds of people who have received these “Statement of Claims” from lawyers. They look real; they appear to have an official red seal on them, and they have the person’s name and address on them. They assume it’

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Tags: Collection, Collection Agency

There have been quite a few commercials for Bank of America cash back credit cards lately, so I thought I’d do a quick review.

The “BankAmericard Cash Rewards™ Visa Signature® Card” has no annual fee and 0% APR for the first seven or 10 billing cycles on purchases and any balance transfer made within 60 days of opening the account.

There is a 4% balance transfer fee if you choose to transfer a balance, which is pretty much right in the middle of the industry standard 3-5%.

But obviously the biggest draw tied to this credit card is the cash back rewards program.

During the first six months following the opening of your account, you will earn 3% cash back on purchase transactions made at eligible gas, grocery and drug store merchants.

After that promotional period, you will earn 1% cash back on such purchases.

1% Cash Back Rewards, No Limit

On all other purchases, you will earn 1% cash back, which is their simple approach to cash rewards.

There is no limit to the amount of cash rewards you can earn, and you can redeem them when you’ve earned as little as $25.

Additionally, you will receive a 25% bonus when you redeem $300 or more in cash rewards, which is an incentive to wait.

You can also earn a $50 statement credit if you make any combination of purchases totaling at least $50 within the first 60 days the account is opened.

The cash back rewards can be credited to a checking or savings account, or mailed to you in the form of a check.

So if you spend $1000 a month on the card, or $12,000 annually, you’d earn $120 cash back plus a $50 bonus if applicable.

And potentially more if you used the credit card as gas stations, supermarkets and drugstores during the first three months.

It’s actually a pretty good deal if you aren’t a big spender, and if you hold out for the 25% bonus after earning at least $300.

But I still think the Blue Cash from American Express is the best cash back credit card for those who spend a bit more monthly, as it offers 1.25% cash back on all purchases and 5% cash back on gas/groceries/drugstores once you surpass $6,500 in spending annually.

Tags: Back Credit, Back Credit Card, Credit Card, Review

Amendments to Telemarketing Sales Rule Prohibiting Debt Relief Companies From Collecting Advance Fees Will Take Effect in October 2010. Starting on October 27, 2010, for-profit companies that sell debt relief services over the telephone may no longer charge a fee before they settle or reduce a customer’s credit card or other unsecured debt.

“At the FTC we strive every day to make sure America’s middle class families get straight deals for their dollars,” Chairman Jon Leibowitz said. “This rule will stop companies who offer consumers false promises of reducing credit card debts by half or more in exchange for large, up-front fees. Too many of these companies pick the last dollar out of consumers’ pockets – and far from leaving them better off, push them deeper into debt, even bankruptcy.”

Three other Telemarketing Sales Rule provisions to take effect on September 27, 2010, will:

1. Require debt re

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Tags: Debt

Living with huge debt or bad credit score can be a reason of massive stress. In current world where finance is everything, you can face numerous issues due bad credit ratings. This situation not only stops you from buying home or loan but also create many barriers while getting a job. Yes, it is correct. Most of the employers have started checking the credit history before hiring employees for their offices. We all know that how difficult it could be to live with low credit score.

Due to bad credit score, you can apply for loan, credit cards, job etc. Banks or lenders do not lend money or plastic money without checking the previous financial record of consumers. There are bad credit loans available for bad credit borrowers but lenders charge expensive rate of interest. People with good credit score always get low interest rate and APR on all financial products and services.

Before you start the work towards improving the bad credit score, it is important to know how it calculates and what factors can affect it immensely.

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Tags: Bad Credit, Bad Credit Score, Credit Score, Score

Here are two forms that you might need after your bankruptcy.  One to ask your bank to keep billing you for your car loan.   http://robertweed.com/resources/Permission%20to%20Communicate-Vehicle.pdf

One for your mortgage company, to talk to you if you are applying for a loan mod.  http://robertweed.com/resources/Permission%20to%20Communicate-Loan%20Mod.pd

Why do you need these forms?

After bankruptcy, the people you used to owe money to are not allowed to try to collect.  They can’t call, can’t sue or garnish, and they are not supposed to bill you, either.  That rule applies to all the debts (except for things like taxes or child support.)  That includes your car or your mortgage–people you might want keep paying (if you want to keep the house or car.)

Usually (not always) your bank will start billing again on the car loan if you send them my form letter.  And nearly always

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Tags: Bill, Bill Won’t