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Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

8 Mistakes to Avoid on Black Friday

Posted on November 23, 2016by Admin

Millions of Americans wait all year for Black Friday to come around. According to the International Council of Shopping Centers, seven out of ten people stock up on holiday gifts during Thanksgiving weekend. With the right planning and research, you can save a ton of money this holiday season.

Here are some mistakes to avoid during the busiest shopping day of the year.

Failing to make a list. Start by making a list of the items you wish to buy. Then research the places with the best prices for these items. If you are unsure of the items you need, determine who you are shopping for and then do some research online.
Paying full price for add-ons. One of the most common mistakes Black Friday shoppers make is paying full price for add-ons when shopping for electronics. These include batteries, cables and chargers. It is important to keep in mind that you do not need to get add-ons the same day or at the same place. Strategize where you can buy each commodity for electronics at the best price. Saving these items for Cyber Monday is a good choice!
Buying toys. The sales on toys typically extend into the first two weeks of December. According to DealNews.com toys are generally cheaper in the first two weeks of December.
Choosing the wrong time to go. Many of the stores who participate in Black Friday deals have started their sales on Thanksgiving in recent years. According to retale.com, 54 percent of shoppers said they would prefer to stay home on Thanksgiving. This gives shoppers a chance to beat the Black Friday crowds.
Opening store credit cards. It is tempting to open a store credit card to save an additional 10 to 15 percent off your purchase. However, going into debt over the holidays is not worth the savings.
Not using a price-comparison app. If you are planning on shopping on Black Friday, using apps like RedLaser, ShopSavvy and BuyVia will help you find the best prices.
Falling for “fear of missing out.” Oftentimes shoppers fall for the belief that sales are short-lived or that items are in limited supply. This is not necessarily true. Retailers have been preparing for this day weeks in advance and have ample supplies of what they expect to be top sellers. Keep in mind that many of the door-buster deals that are in limited supply are cheap quality, as well as cheaply priced.
Forgetting about Cyber Monday. If you do not find what you need on Black Friday, don’t forget about the Cyber Monday deals. Shopping online makes it easier to compare prices and stock up your cart with items you might not have been able to find in stores.

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If you have any questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of 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

Credit Card Debt Approaches Post Recession Levels

Posted on October 26, 2016by Admin

According to the Household Debt and Credit report released by the Federal Reserve Bank, total household debt balances grew slowly throughout the second quarter of this year. As of June 30, 2016, total household debt had reached $12.29 trillion, up $35 billion from the first quarter of 2016.

At the same time, the nation’s cumulative credit card balance reached $729 billion, which is up $17 billion from the first quarter. While still below its peak of $866 billion in the fourth quarter of 2008, economists say that the numbers are on track to reach pre-recession levels of credit card debt around the second quarter of 2017. However, economists also say that conditions might change and previous numbers do not necessarily mean we will enter into another recession.

While credit card debt is up, credit card usage is actually down substantially from previous highs. Credit card usage peaked in 2008 at 68 percent of borrowers, then swiftly declined to 59 percent during the recession due to banks reactively and proactively closing accounts.

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If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of 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, Debt Relief, Foreclosures

Ditech Financial Fined $1.4 Million for Abusive Debt Collection Practices

Posted on October 5, 2016by Admin

Last week Ditech Financial was ordered to pay the state of Massachusetts $1.4 million to settle charges that the company engaged in “abusive debt collection practices.” The company was allegedly using tactics such as excessive calling and failing to properly notify borrowers of their mortgage information, according to the state’s attorney general.

Ditech Financial, formerly known as Green Tree Servicing, agreed to an “assurance of discontinuance.” This means the debt collection agency will stop making excessive debt collection calls, according to Massachusetts Attorney General Maura Healey.

The order also requires Ditech to provide written notice to borrowers, regarding their right to receive detailed information about any debts the agency sought to collect. According to Healey’s office, Ditech has “routinely violated” state laws since 2012.

Ditech has agreed to change its procedures to prohibit calling borrowers in excess of the number permitted by the debt collection regulations and will implement technological controls to restrict outgoing collection calls when the limit is reached. The payout will be used to address the negative effects of foreclosure, debt collection and other consumer’s protection issues, according to the attorney generals’ office.

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Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

The IRS Selects Private Debt Collection Contractors

Posted on October 3, 2016by Admin

The Internal Revenue Service (IRS) has chosen four private debt collection agencies to help them collect unpaid tax debts. The IRS is required to do so as a result of a provision in a highway funding bill that Congress passed last year. The controversial program is expected to start up next spring.

The four agencies chosen by the IRS to assist in collecting the debts include: CBE Group of Cedar Falls, Iowa, Conserve of Fairport, New York, Performant of Livermore, California and Pioneer of Horseheads, New York.

This will be the third time this program has been enacted. The first two times it was discontinued due to complaints of harassment from taxpayers and low success rates of collecting on debts. A recent increase in scammers posing as IRS employees has also raised some concern in bringing the program back.

In an attempt to cut down on scamming, the IRS said it will first issue a written notice that the unpaid debts are being turned over to a debt collector and then a second letter to confirm the transfer.

The debt collectors will be able to identify as contractors of the IRS and will be expected to follow the provisions of the Fair Debt Collection Practices Act.

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Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

What is “good debt” and how to make it work for you?

Posted on December 14, 2015by Admin

The word “debt” predominately carries a negative connotation. However, some debts are good for you as all financing is not created equal. So what is good debt? Good debt is “any debt that offers a return on investment.” For example, a mortgage is often considered good debt. Other examples of good debt include: federal student loans (which offer greater protections for borrowers and come with the potential return of a higher salary and improved job prospects), and low interest lines of credit taken in order to invest in stocks or retirement funds.

Bad debt is any credit that you are taking out and using without a clear-cut plan of paying it back. Think of using a high-interest credit card to fund a shopping trip or taking out a payday loan to cover extra holiday spending.

Most credit score models reward consumers for having a diverse portfolio of accounts and revolving debt, like credit cards, depending on how much of the credit you are going to use and pay off each month. Making on-time payments and keeping your balances low on these cards is important when it comes to keeping a healthy credit score.

So how can consumers avoid taking on bad debt? First, remember that you do not have to take every credit card that comes your way. Ask yourself if you will be able to pay off the debt. If you do not have a plan to pay off the debt, it is probably a bad debt.

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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, Timothy Kingcade Posts

5 Tips to Digging your Way out of Debt

Posted on March 6, 2015by Admin

Financial guru Dave Ramsey has advised millions on how to get out of debt. Here are five tips that can work for you.

1. Stop shopping and sell what you do not need.

2. Cut up the credit cards. Use a debit card or just plain cash. Paying with cash will make you think twice about every purchase.

3. Skip the big car loan. The average car payment runs American’s $478 a month over 84 months. If you invested that amount from age 30 to 70 instead of paying a car payment, you would have $5.6 million!

4. Have an emergency fund. Start with $1,000 as your starter emergency fund and go from there.

5. Pay off credit cards, starting with the one with the highest interest rate.
Once you have paid off your credit cards, begin saving for your children’s college and try to pay off your mortgage in 15 years. Most importantly, have hope that things will get better.

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If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of 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, Foreclosures, Timothy Kingcade Posts

A Win for Consumers! Elderly Couple Wins $1 Million in BOA Lawsuit over Harassing Debt Collection Calls

Posted on December 18, 2014by Admin

Nelson and Joyce Coniglio were called repeatedly and endured years of harassment after they fell behind on their mortgage payments in 2009. According to court documents, for more than four years the couple received approximately 700 collection calls from Bank of America’s automated robo calling system.

The automated system also dialed each number that the couple had available- home phone and cell phones, leaving messages on each one. The collection calls would come at all times of the day and night, leaving the 69-year-old couple completely overwhelmed and feeling helpless.

When Bank of America was not bombarding the couple with relentless and harassing phone calls, they were mailing them letters threatening foreclosure. The Coniglios say they even sent letters to the bank asking them to cease all phone calls, but the calls continued.

Fed up, the couple decided to take action, using the Fair Debt Collection Practices Act and the Telephone Consumer Protection Act, which outlines the manner in which these collection companies, agencies, and banks collect on money owed to them.

The judge awarded the elderly couple exactly $1,051,000 in monies due, including court costs and other attorney fees related to the suit.

Click here to read 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 of your options. 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, Timothy Kingcade Posts

Debt Collectors Come under Fire in Recent Lawsuit

Posted on September 2, 2014by Admin

The U.S. Consumer Financial Protection Bureau (CFPB) filed its first lawsuit against Frederick J. Hanna & Associates, a debt-collection firm, based in Marietta, GA. The firm is accused of violating federal consumer protection laws, processing more than 350,000 credit card collection complaints against consumers, some of whom may owe nothing or owed less than was claimed.

These collection practices are widespread. Roughly 77 million Americans have debt in collections, according to a recent study published by Urban Institute. CFPB officials say the regulator may sue law firms if they operate as debt-collection businesses rather than legal advisers.

The vast majority of borrowers sued in these cases do not appear in court and as a result, many of the cases end in a default judgment allowing the collector to garnish wages, freeze bank accounts or put a lien on property. These judgments can be difficult to correct.

CFPB officials are weighing regulations that would impose tougher requirements on debt collectors to establish they have the right to collect on a debt and ensure the amount is accurate. These rules would also impact banks and debt buyers as well.

Legal experts say the suit could signal the regulator’s intent to target similar high-volume law firms, and potentially banks and debt buyers, over allegations that debt collection claims can be out of date, incorrect in their amounts, lacking in documentary support or overlapping with claims filed against the same debtors.

If you are in a financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of 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, Timothy Kingcade Posts

Find out what your Debt is really Costing You

Posted on June 6, 2014by Admin

Thanks to the CARD Act, those who carry credit card debt are reminded on their monthly statements just how long it will take to pay it off in full. For many consumers, this is not a pretty picture. Most do not realize that by being in debt, purchases you make on those credit cards are actually costing more than what you pay the merchant. It’s a vicious cycle. Each dollar you do not pay over the fixed minimum payment ends up costing you much more in the end.

For example, if you have a $1,000 credit card balance at a 20 percent APR and you plan on making a payment of $20 a month until it’s paid off, it will take you just over nine years and you will have paid approximately $1,168 in interest. The key is to make more than just the minimum monthly payment. Even low-interest rate debts like student loans, which can be extended out 30 years, by making only the minimum payment you are increasing the time you carry those balances because of the compound interest.

Here’s some advice…
• If possible, start paying off the debt in full, beginning with those cards that have the highest interest rates. Also, paying off the smallest debts first can give you motivation to tackle the larger debts.

• Do not let purchases made on credit cards become invisible spending. Switch to a debit card and sign up for balance notifications and alerts on your phone and email.

• Consolidate credit card balances. If you qualify, consolidate your credit card balances to low-interest or 0% interest cards to reduce the cost of your debt. You may also want to consider a personal loan that offers a low interest rate.

• Avoid paying consolidation or consulting fees. Avoid paying fees to credit consolidators. Much of what they are doing for a fee, you can do yourself.

• Understand credit effects. There is a common misconception that carrying debt is good for your credit score. This is absolutely false. To achieve your best possible credit score, it is important to keep your debt ratio to under 30%, 10% is even better.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Seven Mistakes your Credit Card Company WANTS you to Make

Posted on May 9, 2014by Admin

1.) Letting your rewards or miles expire. Letting your credit card rewards points or miles expire is a common mistake. Make sure you read the fine print and know the rules of redemption or you could lose out big time.

2.) Paying only the minimum each month. You know you should pay more than the minimum and cut down on the interest you are paying for “borrowing” the balance. Thanks to the Credit CARD Act of 2009, your bill tells you how much it is going to cost you to pay off the balance over time.

3.) Paying late now and then. The credit card company wants you to pay, but doesn’t mind if you pay late. The credit card company can raise the interest rate on your new purchases as long as they give you 45 days’ notice. Not to mention the late fees of $29 to $39 you can incur.

4.) Ignore the mail. Not paying attention to your statement is a mistake the credit card companies hope you will make. These statements can contain valuable information such as fraudulent charges, which you will not have to pay- as long as you inform the credit card company right away- or notifications that your interest rate has increased.

5.) Using a balance transfer to rack up more debt. You transfer your outstanding balance to a card with a low or zero percent interest rate thinking you will save money. Shifting your debt around does not mean you are debt free. If you decide on a balance transfer, make sure you pay off your balance before the end of the promotional period and avoid adding additional charges to the card. Also be aware of balance transfer fees associated with these cards.

6.) Opting to go over your credit limit. Under the new law, if you do not opt in and you attempt to buy something that will put your balance over your credit limit, the transaction could be declined at checkout. If you opt in to this trap, it can cost you. You can face over-limit fees and higher interest rates on your credit card balances.

7.) Paying more fees than you earn in rewards. The goal is to maximize the rewards offered by your credit card company. If you do not travel, why sign up for an airline credit card? It is best to choose a card with no annual fee even if it has no rewards points program. Keep in mind, if you carry a balance even for one month beyond any promotional interest period, the interest you will pay can quickly diminish any rewards points you may have earned.

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