‘ California Reverse Mortgage Lenders Bill Awaiting Approval to Protect Consumers Against Lenders ‘

#AceFinanceNews – UNITED STATES (California) – July 10 – A bill that would require California reverse mortgage lenders to provide certain disclosures to prospective borrowers during the application process is moving forward in the state’s legislature as it awaits a Senate vote.

Sponsored by Assemblyman Jose Medina (D-CA), AB 1700 aims to amend certain sections of California’s Civil Code relating to reverse mortgages.

Specifically, the bill would implement a seven day cooling off period, prohibiting a lender from taking a reverse mortgage application or assessing any fees until one week from the date of loan counselling.

Additionally, the bill would delete the requirement that the lender provide a written check-list and would, instead, prohibit a lender from taking the loan application unless the applicant has received from the lender a specified reverse mortgage worksheet guide.

The bill would require that the guide contain certain issues that the borrower is advised to consider and discuss with a HUD-approved housing counsellor, as well as requiring both the counsellor and the prospective borrower to sign the worksheet guide prior to closing.

“ These requirements seek to ensure that senior citizens will make informed decisions and that persons who offer, sell, or arrange the sale of reverse mortgages to senior citizens will act in the best interest of reverse mortgage loan borrowers,” states Section 1 of California’s Civil Code.

#AFN2014

#business, #california, #creditor, #financial-services, #loan, #mortgage, #mortgage-loan, #united-states-department-of-housing-and-urban-development

`Coalition to Insure Against Terrorism As Cost to Corporate Business is Taking Its Toll ‘

#AceFinanceNews- says back in November 13 2013 the Coalition to Insure Against Terrorism (CIAT) met together with a number of people to thrash out aspects of Terrorist Risk. This was a “Statement in Conjunction with House Financial Services Subcommittee Hearing on Terrorism Risk Insurance Act (TRIA)”

According to WASHINGTON, Nov. 13, 2013 /PRNewswire-USNewswire/ — The following letter is being issued on November 13, 2013, by the Coalition to Insure Against Terrorism (CIAT):

Attendees:

The Honorable Randy Neugebauer      The Honorable Michael Capuano

Chairman                            Ranking Member

Subcommittee on Housing &            Subcommittee on Housing &
Insurance                           Insurance

Committee on Financial Services     Committee on Financial Services

United States House of               United States House of
Representatives                     Representatives

Washington, DC 20515                Washington, DC 20515

Statement as Follows:

Dear Chairman Neugebauer and Ranking Member Capuano:

Thank you for convening this important hearing to further examine the Terrorism Risk Insurance Act (TRIA). CIAT is a broad coalition of commercial insurance consumers, formed immediately after 9/11 to seek a way to restore availability of commercial terrorism insurance for American businesses and the broader economy. CIAT’s diverse membership represents, among others, commercial real estate, banking, energy, construction, hotel and hospitality, entertainment, manufacturing, transportation, the major league sports, as well as public sector buyers of insurance including colleges and universities. CIAT is the true consumer voice on terrorism risk insurance, as we are comprised of the principal policyholders of commercial property and casualty lines of insurance in the United States.

CIAT strongly supports the TRIA program. For more than a decade, TRIA has made it possible for businesses to purchase the terrorism risk coverage they need at almost no cost to the taxpayer. TRIA brought stability to a marketplace that was severely paralyzed following 9/11, and it remains a critical component of ensuring economic continuity following another large-scale terrorist attack.

It is imperative that TRIA be extended beyond 2014. A recent study by Fitch Ratings concluded that it is “unlikely that substantial private market capacity would arise as a substitute” were TRIA to expire(1). Bloomberg Government’s analysis concurs, indicating “there is no reason to assume that reinsurers will re-enter the market if the TRIA program expires, and every reason to assume that the availability of coverage will fall.”(2)

We remember all too well what happens when terrorism coverage is not available: commercial borrowers lose their ability to get financing – or go into technical default on financing covenants, billions of dollars in real estate-related transactions stalled or cancelled, hundreds of thousands of jobs lost. Simply letting TRIA expire is not a realistic option.

Under TRIA, all insurance against terrorism risk is written in the private marketplace with no upfront federal liability. All losses recognized in the TRIA plan go first through the private insurance mechanism where much of the loss is retained by design. In the absence of TRIA, which ensures industry participation, the federal share of such a disaster could well be larger. TRIA replaces government exposure with private capital, since insurers retain the cost of all but the largest terror incidents.

As a coalition of primarily commercial entities, we instinctively prefer private market solutions. However, the unique characteristics of terrorism (e.g., adaptive, intentionally driven to inflict catastrophic damage, can strike anytime/anywhere, etc.), significantly hampers the reliability of traditional actuarial risk models, thus necessitating a program like TRIA. To this end, we believe one of the strengths of TRIA is the manner in which it utilizes the private insurance marketplace to manage terrorism risk – indeed, as mentioned above all exposure under TRIA starts with private insurance contracts and, due to both significant retentions and the recoupment mechanism, the ultimate risk-bearers under TRIA are the policyholders and the private insurers. We are always willing, however, to consider ways to further limit taxpayer exposure under the program,  which we know is your focus as well.

Overall, we support the current structure of TRIA and are wary of major structural changes. We are open to modifications so long as they do not have the effect of restricting the availability of terrorism insurance. The current retrospective pooling arrangement, nevertheless, has advantages over various “pre-funding” mechanisms because:

—  the retrospective pooling arrangement avoids the need to set
contribution rates based on some guess as to how much in terrorism
losses there will be
—  a pre-funded pool poses temptation to spend the funds on other purposes
—  the uncertain nature and timing of large terrorist attacks leads to the
risk that a pre-funded pool could be either insufficient or
over-capitalized

With respect to the various private sector retention levels under TRIA (i.e., the program trigger, insurer deductibles, etc.), we remain concerned that increasing these levels too much too quickly could restrict the availability of terrorism insurance. We understand, after all, that reinsurance capacity for even the existing retention levels under TRIA is limited.(3) This fact alone demonstrates that TRIA is not “crowding out” the private sector.

Lastly, reasonable measures to attract greater reinsurance and other private sector capacity to the terrorism insurance marketplace are to be encouraged. To date, however, we see no evidence that creative private sector capital alternatives such as CAT Bonds and insurance link securities are sufficiently developed to inject meaningful private capital into the terrorism insurance marketplace. Ultimately, it is important that Congress find ways to incentivize this without impairing TRIA to ensure that terrorism insurance remains available in the event that private sector capacity does not develop to the degree assumed.

We are committed to working with you as you craft a solution to extend TRIA beyond 2014, and we again thank you on your leadership on this critical issue.

Sincerely,

The Coalition to Insure Against Terrorism

American Bankers Association

American Bankers Insurance Association

ABA Securities Association

American Council of Engineering Companies

American Gaming Association

American Hotel and Lodging Association

American Land Title Association

American Public Gas Association

American Public Power Association

American Resort Development Association

American Society of Association Executives

Associated Builders and Contractors

Associated General Contractors of America

Association of American Railroads

Association of Art Museum Directors

Building Owners and Managers Association International

Boston Properties

CCMI Institute

Campbell Soup Company

Citigroup

CRE Finance Council

Cornerstone Real Estate Advisors, LLC

CSX Corporation

Emerson

Financial Services Roundtable

The Food Marketing Institute

Helicopter Associates International

Hilton Worldwide

Host Hotel & Resorts, Inc.

Institute of Real Estate Management

InterContinental Hotel Group

International Council of Shopping Centers

International Franchise Association

International Safety Equipment Association

International Speedway Corporation

Long Island Import Export Association (LIIEA)

Marriott International

Mortgage Bankers Association

National Apartment Association

National Association of Chain Drug Stores

National Association of Home Builders

NAIOP

NASCAR

National Association of Manufacturers

National Association of REALTORS

National Association of Real Estate Investment Trusts

National Association of Waterfront Employers

National Basketball Association

National Collegiate Athletic Association

National Council of Chain Restaurants

National Football League

National Hockey League

National Multi Housing Council

National Restaurant Association

National Retail Federation

National Roofing Contractors Association

National Rural Electric Cooperative Association

New England Council

Office of the Commissioner of Baseball

Public Utilities Risk Management Association

The Real Estate Board of New York

The Real Estate Roundtable

Securities Industries and Financial Market Association

Self Insurance Institute of America

Starwood Hotels and Resorts

Taxicab, Limousine & Paratransit Association

Union Pacific

University Risk Management and Insurance Association

U.S. Chamber of Commerce

U.S. Travel Association

UJA Federation of NYC

(1) Fitch Ratings U.S. Terrorism Reinsurance: Looming Uncertainty of Program Renewal, 1 (2013).

(2) Bloomberg Government, Extending Terrorism Insurance: The case is strong for maintaining a federal backstop in a market too risky for private sector alone, 5 (2013).

(3) According to Eric Smith of Swiss Re, “Based on the most recent estimate, the total amount of reinsurance capacity available for terrorism in the United States is approximately $6-10b — well below the $27.5b insurance marketplace aggregate retention under TRIA and the $34-35b cumulative insurer loss retentions.” The Terrorism Risk Insurance Act of 2002; Hearing Before the H. Comm. on Financial Services, 113th Cong. (2013) (statement of J. Eric Smith, President & CEO, Swiss Re Americas, at 4).

SOURCE  Coalition to Insure Against Terrorism (CIAT)

Coalition to Insure Against Terrorism (CIAT)

#ANS2014

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#afn2014, #ciat, #congress, #financial-services, #insurance, #insure-against-terrorism, #november-13-2013, #private-sector, #randy-neugebauer, #terrorism, #terrorism-insurance, #terrorism-risk-insurance-act, #tria, #united-states, #washington

Over Half of Consumers Feel Undervalued by Their Bank

Image representing GMC Software Technology as ...

Image by None via CrunchBase

 

#AceFinanceNews says over half of “Consumers feel undervalued by their Bank” leading banks to look at closer at  their customer experience gap,  with friendly, knowledgeable staff and banking services as the consumer demands

 

Almost half of consumers in GBGermany, France and the US feel their bank does not value them as a customer ( 48 per cent), according to new Ipsos MORI research commissioned by GMC Software Technology. Consumers want to decide how they bank, with almost three-quarters wanting to request the format in which they receive information from their bank (72 per cent) and also at a time that suits them (74 per cent). Banks therefore need to listen to consumers to deliver the services they need. However, only 19 per cent of consumers really believe banks understand
how to deliver good customer experience.

 

Ipsos MORI

Ipsos MORI (Photo credit: Wikipedia)

 

The research of 4,032 consumers looked at what consumers really think about their bank’s customer experience and how they are valued. It offers insight into how banks can improve their relationship with customers by listening and providing the right information, at the right time, via the right, optimized channel with a particular focus on on-line and mobile.

 

Improving The Customer Experience: Just six per cent of consumers in France believe that their bank really values them as a customer. And elsewhere, the banking industry does not fare much better with ten per cent in GB, 20 per cent in Germany and 27 per cent in the US [tab 0240]

 

In order to improve the banking customer experience, the top three points for each country are friendly and knowledgeable staff (US 60 per cent; France 50 per cent; Germany 45 per cent; GB 45 per cent); enabling customers to bank when and how they want (France 56 per cent; US 45 per cent; GB 49 per cent; Germany 42 per cent); easy access to the branch (GB 39 per cent; Germany 34 per cent; France 31 per cent; US 49 per cent).

 

Bill Parker, chief marketing officer, GMC Software Technology, said: “It’s time the banks started to show that they value their customers by listening and allowing customers to be involved in decisions that affect the banking experience. Banks should provide multiple channels of communication, but they should ask consumers which ones they want to use, not tell them.”

 

Screenshot of a typical SMS Banking message on...

Screenshot of a typical SMS Banking message on a mobile screen (Photo credit: Wikipedia)

 

Constraints of On-line and Mobile Banking:  The demand for on-line banking is increasingly obvious. Online-only is already the most common way to view bank statements (36 per cent of all bank customers have on-line-only statements) and not just among Generation Y. It is important not to assume that on-line/mobile banking channels are the preserve of the young. For example, all age groups are using on-line-only statements. Of the under 31 year old’s (Gen Y), 37 per cent use on-line-only statements as are 33 per cent of the 55-70 year old’s.

 

Current On-line and Mobile Banking Services Have Considerable Constraints: Two thirds (65 per cent) do not believe their on-line banking delivers an effective level of customer service, while just 3 in 10 (29 per cent) feel it is truly interactive i.e. you can present your bank data in any way you want or link back to your bank with questions. Mobile banking fares little better, with only 23 per cent of banking customers finding the service satisfactory. The nature of both on-line and mobile lend themselves to a more dynamic, interactive relationship with the consumer rather than presenting static content that could, just as easily, be sent by post.

 

The mass adoption of on-line statements is driven by customers appreciating its convenience (80 per cent), environmental benefits (71 per cent) and increased security compared to paper (39 per cent). Revealing the level of skepticism towards banks, 67 per cent of bank customers suspect banks are pushing on-line statements in order to save money.

 

“The number of ways by which a consumer can interact with their bank is increasing, with traditional bricks and mortar giving way to call centres, internet and mobile banking as well as social media. It is now time to close the customer experience gap. The research reveals that there is a time and place for each channel, and banks need to adopt the technologies and strategies that will help them engage effectively with each customer
through the optimized channel that each customer chooses,” continues Parker.

 

Consumers Managing Money More Effectively: Despite the lack of interactivity, on-line statements clearly encourage customers to
manage their money more effectively. Two thirds (66 per cent) of those who use on-line statements view them at least once a week. Of those using statements on a mobile device, 61 per cent view them at least once a week. In sharp contrast, of those who rely on printed statements, 58 per cent view their bank statement only once a month onwards.

 

With on-line being the most popular way to view bank statements, and viewed more frequently, the rise of consumer technology seems to be improving the nation’s ability to manage its money.

 

Download the report ‘End of the banking autocracy: why banks must understand value and bring back trust’ here [http://www.gmc.net/en/improving-customer-communications ].

 

REPORT STATISTICS AND RESEARCH GUIDELINES:   

 

The research was conducted on i:omnibus, Ipsos MORI’s online omnibus, in GB, France, US and Germany between 25-30 October 2013.

 

Questions were asked online of 1,018 GB adults aged 16-75, 1,004 French adults aged 16-74, 1,000 US adults aged 18-75 and 1,010 German adults aged 16 to 70 (total 4,032 consumers).

 

To be nationally representative, the survey data was weighted by age, gender, region, working status and main shopper in GB; age, gender, region, working status, main shopper, social grade and working status in France; age, gender, region, working status, working status and income in the US; and age, gender, region, working status, household size, employment status, main shopper and size of town in Germany.

 

GMC Software Technology AG: delivers seamless CCM solutions that streamline document creation processes and produce higher quality, relevant communications of all types for delivery through print, electronic and interactive channels.

 

GMC helps thousands of clients worldwide across the banking, insurance, retail, business services, telco/utilities and healthcare industries gain customer insight to improve the customer experience by getting communications to market 70% faster, improves operational efficiencies by more than 50%, and expands business services for more lucrative opportunities.

 

For more information about GMC’s award-winning robust and scalable GMC Inspire
[http://www.gmc.net/en/gmc-inspire/gmc-inspire-overview ] solution, visit:
http://www.gmc.net.

 

Corporate & AsiaPAC
GMC Software Technology
+44-(0)-845-223-2443
press@gmc.net

 

EMEA
Chameleon PR
+44-(0)-207-680-5500
GMC@chameleonpr.com
North America
Sterling Kilgore
+1-630-964-8500
sarmstrong@sterlingkilgore.com

 

Facebook: https://www.facebook.com/gmcnet
Twitter: https://twitter.com/gmc_net
LinkedIn: http://www.linkedin.com/company/gmc-software-technology
YouTube: http://www.youtube.com/user/GMCsoftware
Google+: https://plus.google.com/108152417667055224090/posts

 

The GMC logo and GMC Inspire are trademarks of GMC Software Technology

 

APPENZELL, Switzerland, November 13, 2013 /PRNewswire/ —

 

GMC Software Technology AG

 

 

#acedebtnews, #customer-experience, #financial-services, #france, #germany, #gmc-software-technology, #ipsos-mori, #mobile-banking, #online-banking, #united-states

“Pay Day Lender’s in America ” Can They Be Stopped?

English: Author: swanksalot URL: http://www.fl...

English: Author: swanksalot URL: http://www.flickr.com/photos/swanksalot/77720976/ Description: Front Window of a financial institution in Illinois which offers payday loans. License: (Photo credit: Wikipedia)

Pew’s recommendations draw on a detailed analysis of regulation in Colorado, where state policy-makers replaced a single, unaffordable, lump-sum repayment with a series of instalment payments distributed over six months.

poll of payday loan borrowers, which also appears in the latest report, indicates support for such reform—an overwhelming 9 in 10 support a system of instalment payments over time instead of the conventional lump-sum-repayment structure.

“Pay-day Lending in America” series discusses the safeguards that are necessary to create successful small-dollar loan markets, and presents an analysis of a recent Colorado law change showing these safeguards can be applied while maintaining access to credit.

Pew’s research conclusively shows that pay-day loans are unaffordable for most borrowers. The loans require payments equal to one-third of a typical borrower’s income, far exceeding most customers’ ability to repay and meet other financial obligations without quickly borrowing again.

In its final report in the Payday Lending in America series, Pew provides guidance for federal and state policy makers on how to make the pay-day loan marketplace more safe, transparent, and predictable.

READ MORE: http://www.pewstates.org/uploadedFiles/PCS_Assets/2013/Pew_Payday_Policy_Solutions_Oct_2013.pdf

EVEN MORE: http://www.pewstates.org/research/reports/payday-lending-in-america-policy-solutions-85899513326?

 

#acedebtnews, #business, #colorado, #financial-services, #loan, #lump-sum, #payday-advance-services, #payday-loan, #pew-charitable-trust, #united-states

The Collapse of The American Dream Explained

#AceDebtNews says it all starts with borrowing and lending other people’s money and it all ends up with a lot of people losing everything they own! It is simply #OPM to #Debt in two easy lessons! Never borrow more than you can comfortable afford allowing for 20% more income than debt, and always remember it is easier to borrow than to payback #DRAP

For more help and guidance in getting out of #Debt send an email to this address: acedebtservices@groups.facebook.com and leave your contact address and l will reply personally to you ,in the strictest confidence.   

 

consciousshift2012

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#acedebtnews, #business-and-economy, #debt, #finance, #financial-services, #home, #money-management, #personal-finance, #united-states

Everyone Needs Car Insurance but Getting the Best Deal is Becoming Harder by the Year

English: A component diagram illustrating an I...

English: A component diagram illustrating an Insurance policy administration software system (Photo credit: Wikipedia)

When you first begin driving your insurance will most likely be the highest it will be in your life-time. This is because an insurance company needs to know you’re not going to cost them too much money. When you first begin driving they have no idea what kind of driver you’ll be; courteous, law-abiding and careful or reckless, fast and inconsiderate.

The fact that you may have more accidents and this could end up costly for the Insurance company in the early days ,reflects your initial premiums.

ASSESSMENT OF RISK:  

The fact is they have no track-record to look at for them to access your driving skills and so actuaries will base their  risk in the policy and cost of premiums for a type of cover at the higher rate for your first year, that will decrease year on year providing you have no accidents or points on your licence. The other factors that their risk assessment will take into account are age, under 25 and automatically your premium will be loaded, with some form of excess. Also should you be a high mileage driver they will take this into account. Other factors affecting cost will relate to where you park your car at night, be it a garage or on the open road.  In the past gender used to play an important role, but with more and more companies rating the customer as one gender for price, due to changes by the “Equality Rights Commission” this does not play such an important part in pricing.

Knowing which factors can reduce the amount you pay can help you know how you should drive and what you can do to reduce those costs, however when it comes to renewal how do you know you’re getting the best offer for your safe driving? The renewal you’re sent through the door is almost never the best deal you could get. Even ringing them directly doesn’t mean that they can offer you the best deal for you. On-line comparison sites tend to be the best way to get value for money. You can decide on your type of cover and see offers from many insurers and choose the one you prefer.  There are many price comparison sites and they will use the rule of providing a policy on the information you type into their search machine, but remember you only get what you pay for, and exclusions apply with every policy! They are not providing  this service for nothing, and will have metered into the premium costs their commission somewhere down the line ,even though as a consumer this will not be obvious.

Vintage Ad #1,168: Sympathy from the Car Insur...

Vintage Ad #1,168: Sympathy from the Car Insurance Industry (Photo credit: jbcurio)

My Conclusion and Overview of the Market:

During the time l was selling insurance for both car and household l kept one thing in mind at all times ,this was that the most important person in everything l was doing was the customer. Nowadays we are blinded with technology, that on the face of it looks like it is assisting us with the best arrangement ,but as l have found out through research and years of experience, things are not as they seem.

The real fact that everyone should be looking at is not so much the price or the cover, but simply what are you not covered for in this well written and presented insurance policy! So look carefully at the part in the policy document that states ” What this Policy does not Cover” and should anything be in there that you thought was covered, decline to sign up.

REMEMBER: Always ask for a copy policy document before you agree to the New Policy or sign any policy agreement ,as once you have and pay the first premium, it is harder to stop the policy and get yourself a full refund. 

And: 

You never know how good a company is until you claim! 

 

#acefinancenews, #aceinsurancenews, #automobile, #business, #business-and-economy, #cover-version, #deductible, #defensive-driving, #driving, #financial-services, #insurance, #insurance-policy, #telematics, #traffic-collision, #usage-based-insurance, #vehicle-insurance

How To Repay Your Debts With Out Borrowing More Money In Three Easy Steps

If you cannot be honest with yourself, you cannot be honest with other people!

If you cannot be honest with yourself, you cannot be honest with other people!

This is how l provide my “Debt Management Services” to people who are in need of help and guidance, to cut their debts, and not increase them by borrowing more money!

My personal view of anyone that lends money to get people out of debt is that it is wrong! I realise that when faced with a large bill, or how to repay that last payment to the power company, or even the debt collector, the first thing we all do is “panic”! It is then that “Pay Day Lenders” come into their own by providing what you “want” not what you “need”

The reason why l can know ,all this was back in 1988 my debts were “huge” and l was absolutely “terrified”at the thought! But in my case l had actually lent other people’s money, as l was a “broker” that broker deals all over the world, and one day l was “broke”myself! I contemplated a number of routes including “suicide” but l did not believe, that this would really solve my debt problems! I needed to find a way to repay those that l had personally “borrowed” in my name! As these were the ones that would one day come back to haunt me!

So l set about creating a plan and named it using the initials in my name “DRAPE” and it stood simply for “Debt Reduction Analysis Plan Exercise” it eventually got shortened to just “DRAP” as it became simply “an exercise in good debt management” rather “than borrowing as a way” to repay my debts! So in this post l will simply explain how l do this, as everyone can do it ,but many are too scared to contact “their” lenders, so they go to short-term money lenders! This eventually brings them back to me and usually it is too late! So read how using

“My Three Easy And Simple Steps” you can teach yourself how to “not to pay more money to other lenders” and use that money you “save” to manage and eventually get out of debt!

Step One:- Being Honest With Yourself:

Is really adding together all that you owe, every debt you have including bills, finance agreements or others, even money owing to family or friends! This will enable you to start to deal with the “fear over debt” it is not the debt itself you fear “but the fear of being in debt.” So by adding it all together “you become aware of your total indebtedness” but be warned if you hide anything it will “come back to haunt you,when you least expect it.” As lenders who are ignored, will pester the life out of you “causing you even more stress,” that is why l call it “being honest with yourself” as if you are not honest with yourself, you cannot be honest with anyone else, including the lenders! And this plan is simply about “honesty”, as you will see, as l proceed to step two!

Step Two:- Being Honest With the Lenders:

Once you have fully mastered step one you can move onto step two and decide the “how and what” of presenting your case to the lenders {Be it One or More} this is the point at which people turn to “Debt Management Companies” for help and yes sometimes they relieved the short-term problem but they do not do this “without payment” for their services! Their costs vary and it is usually added onto what “arrangement for payment” you eventually agree upon, this is called “ Making An Arrangement With YOUR Creditors notice l highlighted “YOUR” as if to scream out at you as it is “YOUR” creditors and not the debt management companies! As once they have made an agreement upon your behalf, that “you”will pay them an agreed amount to the lenders, which now become “your” creditors, as at this point “the state of lending policy” has changed, in that “you”are no longer “lending money” ,but agreeing to repay it”! This makes a huge difference to UK Finance Agreements” as they change their “status” just by the fact of being altered by “YOU”!

Up to that point you have being paying a set amount monthly and you signed up when you “purchased this agreement, with you signature and now you have changed it state of payment status”,so and thus you agreed “ALL Terms and Conditions” that applied at the time, that by the way could be “Altered” by them at any time! That is “onerous” to say the least, but now “YOU” have changed the “State in which the “contract exists” and as such you are no longer governed by the same rules that applied at start of contract!

So as not to put to finer point on it, once these “debt management companies” change or alter your agreements” by making “An arrangement with YOUR creditors” you must not ,miss one payment or you immediately and without question revert to “non forfeiture” of YOUR agreement”. Then every single penny you owe ,will be added onto the agreement plus “compounding interest” and they will “demand immediate payment in full” or court action will apply!

Now you know why l said at “step one be honest with yourself”is simply about being honest with the lenders” as in this regard it will “save you time and money”! By being honest about “the amount of your debts” you will be honest with lenders “about how much you can “comfortably afford as a payment under this NEW arrangement”.  As so many people say to “debt management companies” l can afford that amount, as l have overtime, or a good job or another reasons! It is the job of any “good debt management company or services” to get the best deal for “YOU” and not “THEM”! As remember “their fees” are based on a percentage of “YOUR” repayment as agreed by “YOUR” creditors, the higher they get “YOU” pay the more they charge in costs!

Step Three: Getting The Best Arrangement For YOU!

This is all up to your “Debt Management Company or Services” a good word “services” meaning to “serve” or “provide service”, not to themselves but to you their “customer” so choosing who to use, or trust becomes a minefield! So my advice is simply

If it feels right in your Heart” then you are 90% of the way there, in making the right decision. The other 10% is down to“cost for their “services” in other words”. What do l get for “MY Money”you see l have once again highlighted “MY” as to mean belong too ,as it is “YOUR” money not theirs!

My advice is at this stage ask for a “complete break down of their service costs in writing” so you can then assess the “true cost of using their company or not”! So being honest at outset with yourself and then the lenders, will then enable to decide ,who can l trust with “MY” money!

The answer is simple of course trust “NO ONE” they have to “prove” they can be trusted and it is not up to “YOU” to prove anything at all! Any company charging “upfront cannot be trusted” or any “company charging a % of you debts” “CANNOT” be trusted! You can only “TRUST” once the company has provided their “services” for nothing and delivered what they said in your contract with them, and not before! REMEMBER: They need you and you do not need them! But they also want you, but you do not want anything from them except, a great service at a great price ,with no strings attached! Then if the cost of their “Flat Fee Charges” seems fair and feels right in your heart, that is all “YOU” can do to “TRUST” you instinct! As it is all down to “THEIR” skill or lack of skills to get “YOU” the best arrangement possible, for “YOUR” money!

As from 2013 we no longer charge any fee for our services, either upfront or at completion but will make an arrangement with your creditors, that is both affordable and also can be paid into a designated banking arrangement for the lenders!  This amount will increase under any circumstances once we have it in writing and have confirmed it to you, it will be fixed until all your debts are clear. One small thing l should mention is do not stop the agreed payments or the lenders reserve to the right to reinstate original amount and add back all interest, also their will not be any third chances! So need to get good quality advice about “YOUR DEBTS” then email me at our new designated email address at get-out-of-debt@acefinance.me or leave a comment on this post or email it to need-help-to-with-debt@acefinance.me and l will contact everyone as soon as l possibly am able. 

Thank you for your support in 2012 and will provide more helpful advice in 2013.

Happy New Year

Kindest regards,

Editor {Ian Draper Ace News Group} 

#company, #creditor, #debt, #debt-consolidation, #debt-management-plan, #debtreductionanalysisplanexcercise, #drap, #financial-services, #loan, #payment

Data Protection And The Importance of Keeping It Safe

Seal of the United States Federal Trade Commis...

Seal of the United States Federal Trade Commission. (Photo credit: Wikipedia)

United Kingdom: stamp
United Kingdom: stamp (Photo credit: Sem Paradeiro)

This story intrigued me as it is very close to my heart on protecting information supplied by my clients! After 25 years plus l now have a Consumer Credit Licence with no renewal date, as l have had one so long.

Anyway getting to the reason for the post and the fact that any data given to me, is given in the strictest confidence. Then it is up to me, like a doctor, not to disclose this to anyone! Well for far too long many companies have come a  “Cold Calling” at the door by phone, email and the text message ,asking with out any ones permission pertinent questions, that l call impertinent questions.

Firstly we do not know who they are and where they got our name and basic details of our life, but they ask first for our name, this is when you say” l do not given out this type of information under the “Data Protection Act” then they ignore what l have said and say well this is just a short-survey and will take just 5 minutes, of your time and we can “Save You Money”, how l wonder! As to save me money, they first have to get me to answer their short-survey!

By me answering their questions l implicitly agree under the  “Data Protection Acts” disclosure rule, if l do not agree, that should end the conversation. Then as l have not complied with their request in writing and they have not equally requested information in writing, prior to their call, again this should end the conversation! As in both cases they are not then entitled to ask for anymore information, as you have been neither implicit or complicit! Though in so many cases they will take your silence to mean you agree!

It is then armed with their so-called idea of me agreeing, that they ask the first question!  Then l say and l suggest you say the same ” I Do Not Answer Questions” over the phone, as l do not know who you are!

It is then they revert back to “We Can Save You Money” ! Nowadays they are persistent as they are on a “Commission Based” earner and press the case, it is then l say NO again! They retort with “So You Do not Want To Save Money” then a pregnant pause and l answer I did not ask you to ring me and please take NO for an answer!!

I am told by my clients that at this point, they cave in and end up in debt and thus l have to get them out of a contract, be it power companies, finance houses and credit card and loan companies!

But please harken to these words “Any information” you give them over the phone, should be agreed in writing first, as you have to invite them into your home or life! Anything you tell them will be use in evidence against you ,to sell you what you so often do not want and this information will be kept, on a computer, file or as in this case discarded!

It is up to me as a professional in debt management services to protect your information and shred, return or discard of it correctly. And not too, as so many companies are doing, consider it is just for commission or profit purposes! With some dumping your data anywhere or everywhere or selling it to the highest bidder!

Extract: Please take time if you have it to read article as so many of these companies never get caught, its your “Data” not theirs and if you ever have a problem contact me!

A company that provides management services to more than 300 payday loan and check cashing stores, and an affiliated company that owns and operates several stores, will pay $101,500 to settle Federal Trade Commission charges that they violated federal law by allowing sensitive consumer information to be tossed into trash dumpsters.

The FTC charged that PLS Financial Services, Inc., and The Payday Loan Store of Illinois, Inc., failed to take reasonable measures to protect consumer information, resulting in the disposal of documents containing sensitive personal identifying information – including Social Security numbers, employment information, loan applications, bank account information, and credit reports – in unsecured dumpsters near several PLS Loan Stores or PLS Check Cashers locations.  PLS Group, Inc., which owns PLS Financial Services and The Payday Loan Store of Illinois, was also named in the complaint.

According to the complaint filed by the FTC, PLS Financial Services and The Payday Loan Store of Illinois violated the FTC’s Disposal Rule by failing to take reasonable steps to protect against unauthorized access to consumer information in the disposal of credit reports.  They also allegedly violated the Gramm-Leach-Bliley Safeguards Rule and Privacy Rule, which require financial institutions to develop and use safeguards to protect consumer information, and deliver privacy notices to consumers.  Further, the FTC charged that all three defendants violated the FTC Act by misrepresenting that they had implemented reasonable measures to protect sensitive consumer information.

This is the third time the FTC has charged a violation of the Disposal Rule, which requires that companies dispose of credit reports and information derived from them in a safe and secure manner.

According to the FTC complaint, PLS Group owns approximately two dozen operating companies, such as The Payday Loan Store of Illinois, that in turn own and operate more than 300 retail stores in nine states under the names PLS Loan Stores and PLS Check Cashers.  These stores offer a variety of products and services, including payday loans, check cashing, automobile title loans, debit cards, phone cards, and notary services.  PLS Financial Services provides management services to the PLS Loan Stores and PLS Check Cashers locations, including establishing their policies and procedures for the handling and disposal of consumer financial information.

In addition to the $101,500 civil penalty imposed on PLS Financial Services and the Payday Loan Store of Illinois for violation of the Disposal Rule, the settlement bars all the companies from violating the Disposal, Safeguards and Privacy Rules and from misrepresenting the extent to which they maintain and protect the privacy and integrity of personal information.  The order also requires that the companies carry out and maintain a data security program with independent third-party audits every other year for the next 20 years.  It also contains certain bookkeeping and record keeping provisions to allow the Commission to monitor compliance with its order.

The Commission vote to approve the proposed consent decree was 5-0.  The Department of Justice filed the proposed consent decree on behalf of the Commission in the U.S. District Court for the Northern District of Illinois.  It was signed by the judge and entered by the court on November 1, 2012.

NOTE:  This consent judgment is for settlement purposes only and does not constitute an admission by the defendant that the law has been violated.  Consent judgments have the force of law when approved and signed by the District Court judge.

Courtesy of the FTC to read article just click this link “Companies Dump Data” or email me at leave-your-views@yopmail.com alternatively you can visit my brand new group at Adam Christian Debt Management Services  if you a have debt or just need help and guidance.

KEEP YOUR DATA SAFE AND DO NOT DISCLOSE IT TO ANYONE UNLESS YOU KNOW WHO THEY ARE FIRST.

#federal-trade-commission, #financial-services, #ftc, #loan, #payday-loan, #payday-loan-store-of-illinois, #pls-financial-services, #pls-group