Your Legal Rights re:Unsecured Debt

Stating first that I am not an attorney. There are plenty of attorneys to work with in our business.

You have a right, in the U.S.A., to arbitrate/negotiate your unsecured debts (i.e. credit cards, signature loans, medical bills) or have it done for you. That is in the fine print on every credit card or unsecured debt agreement you have signed. In the fine print, because they really hope you miss reading it.

Life can change in seconds and significantly affect you. Think of Hurricane Katrina and others. Other things such as automobile accidents, major health changes, loss of your job, divorce, and things like this affecting your children or other loved ones who you need to help. I always think of one of my clients whose daughter was diagnosed with breast cancer, needed chemo and they had to help her, going through $40,000 in savings and mounting up over $100,000 in credit card debt.

You also have protection from the Fair Debt Collection Practices Act, monitered through the Federal Trade Commission and other agencies and companies. If you owe someone money, they cannot abuse you or they face a fine of $1,000 per telephone call.

Everyone has legal protection, and if your life has significantly changed on you or your family, stand up for yourself and your loved ones.

Reduce Your Debt to Income Ratio to Improve Your Credit Score

Your Debt to Income Ratio is your total debt divided by your income. If your total debt is $40,000 and your income is $40,000, your debt to income ratio is 100%, meaning it takes a full year's worth of income to pay off your debt.

If you have a mortgage of $120,000, you have added 3 more years of income or 300% to the ratio.

Most people do not realize that your debt to income ratio has a heavy effect on your credit score, even more than on-time payments. Paying off debts has a very positive effect on your credit score.

Clients in our program are getting completely out of their unsecured debt load in 18-39 months and seeing much higher credit scores as a result. Get on our MMA Mortgage Reduction program as well, and see your score go much higher in just a few years. The mortgage reduction program can been seen at: http://www.u1stfinancial.net/achieveunlimited

Why is this the case? Logically, if someone has debt which will take years to repay, they are at much higher risk of a negative life event: loss of job, disability, etc., and a higher credit risk.

My Average Debt Negotiation Client: How do you compare?

My average client who has entered the debt negotiation program 2007 year to date has an income of $47,600, credit card/unsecured debt of $29,839 for a unsecured debt to income ratio (excluding mortgage and vehicles) of 62.7%.

If they continued to just make minimum payments on this unsecured debt, this average individual would pay roughly $89,500 to the credit card companies and banks, roughly 3 times their current balances by the time their loans were paid off.

We project we will negotiate this average debtor to roughly $19,395 with no interest and each individual has the choice of a 18 to 36 month payoff to become debt free. This would be a monthly payment of $540 for 36 months ranging to $1,080 for 18 months. This would save this average client roughly $70,100 versus continuing to pay minimum payments each month for the next 17-18 years to get out of debt, IF they never charged another penny to their cards.

Call Roger Foulks, M.B.A., Senior Debt Consultant at 941-320-0818 for more information and a consultation about this lawyer-led program and your personal situation.

New Documentary Movie about Debt Crisis

A new documentary movie has just been released called "Maxed-Out" which is a shocking review of the current U.S. debt crisis, and the actions of credit card companies and banks in dealing with debtors. Read all about it and watch clips from the movie at:
http://www.maxedoutbuzz.com
If you are facing a personal crisis, call Roger Foulks for help at 941-320-0818