Credit Archives - Page 23 of 82

Bankruptcy Law, Credit, Debt Relief, Student Loans, Timothy Kingcade Posts

Bipartisan Bill Could Help You Pay Off Your Student Loans

Posted on March 16, 2017by Admin

A new bill in Congress aims to encourage companies to offer help to their workers in paying off their student loan debt. Earlier this month, a bipartisan group of 31 lawmakers sponsored legislation that would make employer contributions to their staff’s student loan payments tax deductible. It would be similar to contributions companies make to their workers’ 401(k)s.

“Some companies are already offering this benefit because they see the advantage it gives them when recruiting and retaining younger employees, but we want to encourage more to participate so we can help both struggling graduates and our economy,” said Representative Rodney Davis, a Republican from Illinois who introduced the bill along with Representative Scott Peters, a Democrat from California.

Consulting firm PwC was one of the first companies to initiate a student loan benefit program last year. The company offers new employees $1,200 a year toward their loans for up to six years. Since then, several other companies have launched similar plans.

“Adding tax relief to the equation could elevate student loan assistance alongside 401(k) contribution as one of the most valuable financial benefits a company can offer its workers that directly impact their quality of life today,” said Scott Thompson, the CEO of Tuition IO, a company that helps employers put student loan benefit plans in place.

Click here to read more on this story.

For borrowers who are struggling with student loan debt, relief options are available. Many student loan borrowers are unaware that they have rights and repayment options available to them, such as postponement of loan payments, reduction of payments or even a complete discharge of the debt. It is important you contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Beware of a New Scam Involving Cash Advances

Posted on March 15, 2017by Admin

The Better Business Bureau (BBB) recently warned consumers to beware of a new debt collection con where scammers pose as debt collectors who claim to be collecting on cash advances.

Here is how the scam works:

You receive an automated call from a company claiming to be collecting a payment for a cash advance. Next, the recording will prompt you to stay on the line and speak with an agent.

If you stay on the line, the agent will request that you pay your debt immediately using a wire transfer or a prepaid debt card. If you refuse, the agent will use threats of arrest, lawsuits or garnished wages to intimidate you.

Keep in mind that the use of threats in debt collection is in violation of your rights as a consumer under the Fair Debt Collection Practices Act.

If you receive one of these calls, the BBB suggests you do the following:

Just hang up. If you don’t have any outstanding loans, hang up.
Get an official notice. Ask the debt collector to provide an official “validation notice” of the debt. In the US and most of Canada, debt collectors are required by law to provide the information in writing. The notice must include the amount of the debt, the name of the creditor and a statement of your rights.
Confirm the agency is real. Ask the caller for his/her name, company, street address and telephone number.
Do not provide any information they do not have. Until you have verified the call, do not provide or confirm a bank account, credit card number or any other personal information.
Check your credit report. If you are unsure if you have outstanding debt, check your credit report with one of the three national credit reporting companies: Equifax, TransUnion or Experian.
Place a fraud alert on your credit report. If the scammer has personal information, alert the three credit reporting companies that you have been contacted.

Click here for more on this story.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

5 Last Minute Tax Tips You Need Before Tax Day

Posted on March 14, 2017by Admin

Tax filing day is rapidly approaching us on April 18^th as countless Americans are scrambling to gather up their paperwork and get their returns in on time. Here are five last minute tips that can reduce what you owe or increase your refund.

Report all of your income. If you try to hide some of your income that you have received throughout the year, you may end up on the IRS audit list. Any time you receive income, whether it’s payment for a freelance job, a dividend check or interest from your bank, you’re required to report that income and pay taxes on it. In fact, you should receive a 1099 form from each issuer that pays you.
Know your tax credits. Tax credits work by reducing your tax liability dollar-for-dollar. For example, a $1,000 tax credit means you get to automatically deduct $1,000 from your tax bill in full. As you prepare to file your return, take some time to read up on the various tax credits out there. For example, there are tax credits geared toward parents, students and low earners that can add up to huge savings.
Don’t estimate your deductions. On the other hand, tax deductions can save you money by excluding a portion of your income from taxes. Some of the deductions that are available to tax filers include: mortgage interest deductions, medical expense deductions and deductions for charitable contributions. However, you need to check your records and make sure your numbers are 100% accurate.
Contribute to last year’s IRA. If you failed to put money into an IRA last year, here’s some good news: it’s not too late! You can make a contribution that counts for the 2016 tax year. In fact, you have until Tax Day, April 18^th, to make a contribution to the previous year’s account.
File Electronically. Filing electronically can help to eliminate math errors. If your return contains a major mistake, you could get audited or cause your refund to be delayed. In 2014, the IRS identified almost 2.3 million math errors from the previous year’s returns.

Click here to read more on this story.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Woman Alleges SunTrust Bank Invaded Privacy with Collection Calls

Posted on March 13, 2017by Admin

Patricia Fonnegra, a Florida resident, filed a complaint on March 7^th in the U.S. District Court for the Southern District of Florida against SunTrust Bank. Fonnegra stated in the complaint that the debt collector was in violation of the Telephone Consumer Protection Act with frequent calls. The TCPA was enacted to protect consumers from “robocalling” and regulate telephone practices.

Fonnegra claimed that she suffered damages in 2016 after receiving multiple collection calls from the defendant. In the complaint, the plaintiff holds SunTrust Bank responsible because the defendant allegedly invaded her privacy and harassed her with frequent calls.

Fonnegra requested a trial by jury and seeks statutory damages of $1,500, enjoin the defendant, all legal fees and any other relief as the court deems just.

Related Resources:

http://flarecord.com/stories/511088056-woman-alleges-suntrust-bank-invaded-privacy-with-collection-calls

http://www.natlawreview.com/article/fcc-approves-new-tcpa-rules-telephone-consumer-protection-act

Bankruptcy Law, Credit, Debt Relief, Student Loans, Timothy Kingcade Posts

Delinquencies on Timeshare Rentals Reveal Another Sign of Consumer Debt Weakness

Posted on March 10, 2017by Admin

Americans are getting more behind on their timeshare rental payments, according to Fitch Ratings. Approximately 3.75 percent of timeshare borrowers were behind on their bills in the fourth quarter, up from 3.37 percent in the same period a year earlier, and the highest level since the end of 2011, according to the report.

According to Fitch, the defaults are evidence that loan companies are becoming less strict when financing to customers. These companies are also writing off more loans. The default rate rose to 0.70 percent in the fourth quarter from 0.61 percent in the same period a year earlier.

Other pockets of weakness include online consumer loans and subprime auto loans, which we have touched on in previous blogs. These rising delinquencies come as Americans have increased their debt at the fastest pace in three years.

U.S. household debt increased by $226 billion in the last three months of 2016, bringing total consumer debt to $12.58 trillion. The numbers, which include mortgages, student loans, auto loans and credit card debt, are dangerously close to the $12.68 trillion high-water mark in 2008.

Click here to read more on this story.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Lawmakers Fight to Close Robocall Debt Collection Loophole

Posted on March 9, 2017by Admin

Federal lawmakers are attempting to close a recently opened loophole that allows the federal government to automate unwanted, even incorrect debt collection calls to consumers. This all started in late 2015, when an addition to a budget bill amended the existing telecommunications law allowing robocalls “made solely to collect a debt owed to or guaranteed by the United States.”

Sen. Ed Markey (MA) is attempting to put an end to this with the HANGUP Act of 2017, which would close the debt-collection loophole opened by the 2015 budget bill.

The proposed legislation goes a step further,“walking back” the FCC’s July 2016 “Broadnet” decision, in which the Commission ruled that anyone in the federal government, including contractors, could send out robocalls, so long as the automated calls explicitly involve government business.

Senator Markey argues that the intention of the Telephone Consumer Protection Act, which limits the use of robocalls, is clear: “consumers should not be subject to unwanted robocalls and robotexts on their phones. But recent carveouts by Congress and the FCC allow government contractors to robocall and robotext consumers without their affirmative express consent…No one wants to be interrupted during family mealtime or when helping children with homework.”

Click here to read more on this story.

Bankruptcy Law, Credit, Debt Relief, Student Loans, Timothy Kingcade Posts

How changes to bankruptcy laws could affect your student loan debt

Posted on March 8, 2017by Admin

Student loan debt continues to be a serious burden for many Americans, despite various repayment options available to borrowers. Even with income-base repayment plans for federal student loans, borrowers who graduated in 2016 have an average of $37,172 in loans to repay over the course of their lifetime.

Recently, democratic lawmakers proposed changes to legislation that would provide student loan borrowers the ability to discharge their loans in bankruptcy. Under the current law, borrowers can only have their student loans discharged if they prove they have experienced an undue hardship, which is near impossible.

The proposed amendment would allow borrowers to include their student loan debt in a bankruptcy filing if the lender servicing the loan failed to offer a debt relief option. The federal government offers Pay As You Earn (PAYE), which gives borrowers the opportunity to cap student loan payments based on a percentage of their monthly income. After 20 years, the remaining balance of that borrower’s student loan debt is forgiven under the program.

If private student loan lenders did not offer a similar program to borrowers, student loan debt could be canceled or significantly reduced through bankruptcy, according to the proposed legislation. Going a step further, some lawmakers have introduced changes that would allow student loan borrowers to include all education debt in their bankruptcy filing, even if a debt relief program similar to PAYE was offered directly by the lender.

Click here to read more on this story.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Looking for an apartment online? Avoid this credit check scam

Posted on March 7, 2017by Admin

The Federal Trade Commission has taken action to stop a scheme that involves apartment listings on Craigslist. The apartment ads show enticing pictures offering rentals at affordable prices. However, the ads are fake and an estimated 146,000 would-be renters did not end up with a lease. Instead, they were stuck with a recurring charge of $30 a month. The Federal Trade Commission has filed an injunction to stop the scam, which was reported in at least 35 states and pulled in at least $6.8 million.

It is important to know that if you are looking to rent an apartment, landlords may check your credit, but that typically does not occur until after you have seen the unit and filled out an application. The landlord also cannot check your credit without your permission, which is usually included as part of the application process.

Here are some additional tips to protect you from a credit check scam:

Think twice before you give out personal information. Legitimate services will need your social security number to pull your credit score, but a truly free score should not require a credit card number.
Do not wire money for a lease, deposit or application fee. That is the same as handing over cash. There are no consumer protections and you have no way of getting it back.
Do not pay before you sign a lease.
Do your research online about the landlord and rental company. If you notice the same rental showing up under different names, that is a red flag.

Many of the victims from the Craigslist rental scam did not realize they had been charged until months later. Review your statements carefully every month for any suspicious charges. If you suspect you have been scammed, report it to the FTC as soon as possible.

Click here to read more on this story.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Debt Collection and Imposter Scams #1 Consumer Complaint

Posted on March 6, 2017by Admin

Individuals posing as a government agency to collect on a debt topped the nation’s list of consumer complaints in 2016. These so-called “imposter scams,” where con artists pose as a government agent to get you to hand over your cash surpassed identity theft, according to the Federal Trade Commission.

A common impostor scam is the “phony IRS agent,” where scammers contact consumers to claim they have been audited and owe money to the government. Victims of the scam are told to pay immediately or they can face imprisonment or deportation.

Another common scam involves a “fake computer technician,” in which the scammer claims the victim needs to purchase a security patch or software license. Of the people who complained about identity theft in 2016, approximately 29 percent said their information was used to commit fraud by filing fake tax returns to confiscate their tax refunds; 32 percent said it was used in credit card fraud.

Here are the Top 10 consumer complaint categories for 2016:

Debt collection — 859,090 complaints
Impostor scams — 406,578 complaints
Identity theft — 399,225 complaints
Telephone and mobile services — 292,155 complaints
Banks and lenders — 143,987 complaints
Prizes, sweepstakes and lotteries — 141,643 complaints
Shop-at-home and catalog sales — 109,831 complaints
Auto-related complaints — 94,673 complaints
Credit bureaus, information furnishers and report users — 49,679 complaints
Television and electronic media — 49,546 complaints

Click here to read more on this story.

Credit, Debt Relief, Timothy Kingcade Posts

Goldman Sachs Extends Consumer Lending Arm

Posted on March 2, 2017by Admin

More than a third of borrowers with FICO scores above 660 have high interest credit card debt, making them an ideal customer for “Goldman’s Marcus,” which offers personal loans of as much as $30,000 for up to six years. Personal, or unsecured loans, are well suited for debt consolidation. They do not require borrowing against something of value, like a house or car, which makes them particularly attractive for those without that kind of equity.

Online lenders have joined in as well. SoFi, Lending Club and Prosper, have emerged in recent years to offer these types of loans as the alternative, particularly for the millennial generation who may want to consolidate their debt but do not have the home equity for a secured loan to do it.

The number of people taking out unsecured loans increased more than 15 percent to 15.82 million in 2016 from 13.72 million the year earlier and is now at the highest level since 2009, according to TransUnion.

Proceed with caution if taking out these loans, as it will increase your overall debt level. They also cannot match the zero percent balance transfer offers when it comes to consolidation.

Click here to read more on this story.