Timothy Kingcade Archives - Page 18 of 53

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.

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

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.

Debt Relief, Foreclosures, Timothy Kingcade Posts

Foreclosure Inventory Hits “Pre-Crisis” Level

Posted on March 3, 2017by Admin

According to CoreLogic, 21,000 U.S. home foreclosures were completed in the month of December. This number is equal to the average number of monthly foreclosures for the first time since the housing market crashed in 2007.

The five states with the highest number of completed foreclosures in the past 12 months were Florida (45,000), Michigan (30,000), Texas (24,000), Ohio (21,000) and California (19,000). The five with the fewest foreclosures in the prior 12 months through December were North Dakota (182), District of Columbia (254), West Virginia (312), Montana (630) and Alaska (668).

Of the 10 largest U.S. metro areas, the foreclosure inventory was highest in the New York area, at 2.5%. The Miami metro area’s foreclosure inventory totaled 2.0%, with the Las Vegas metro and Chicago each at 1.1%. The lowest totals were posted in the San Francisco (0.1%) area and in Denver (0.2%).

Foreclosure and delinquency trends continue to move in the right direction, a result of increasing employment levels, stricter underwriting standards and higher home prices over the past few years, according to CoreLogic’s CEO Anand Nallathambi. Further declines in foreclosure and delinquency rates are expected in 2017.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

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.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

How a Balance Transfer Affects your Credit Score

Posted on March 1, 2017by Admin

If you are struggling to pay down credit card debt, the interest is not making it any easier. Transferring the debt over to a 0% interest credit card can save you money in the long run. But applying for a new credit card, or any type of new credit requires a “hard inquiry” to determine if you qualify.

This can have a small, but short-term effect on your credit score. The five biggest factors in determining your credit score include: credit utilization, payment history, types of credit, credit inquiries and the ages of your accounts.

Here is an explanation of how each of these can be affected when you do a balance transfer.

Your Credit Utilization: Suppose you owe $10,000 on Card A, which has a limit of $12,000. You are using 83% of your available credit. But now you open Card B and move all $10,000 onto it (it has a credit limit of $10,000). You are now using a total combined available credit of 45% (a combined $22,000 on both cards). The new lower credit utilization will help boost your credit score.
Payment History: If you made regular, on-time payments on your old card, doing the same with the new card will not cause you to see a drop in this area.
Types of Credit: Diversity is key. Having a good mix of credit cards, auto and mortgage loans that you pay on time every month will help you generate a good credit score. Since you were using a credit card previously, you will likely not see any difference here after a balance transfer.
Credit Inquiries: Applying for a new credit card will put an inquiry on your credit. As long as you are not applying for multiple lines of credit at the same time, you are probably only looking at your credit score dropping 5 points, which is only temporary.
Age of Credit. Once you receive your new card, keep the old one. Do not cancel it. You want to keep your oldest cards open so you can build up that history for as long as possible.

Bottom Line: Opening a new account and transferring the balance over can save you money, as long as you do not charge more on the new one and focus on paying it down. Do not expect a huge jump at the very beginning, but as you begin to pay down your balance by making on-time payments, you will see your credit score improve. The new lower credit utilization will help boost your credit score.

Related Resources:

http://www.cbsnews.com/news/how-a-balance-transfer-affects-your-credit-score/

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Three Simple Ways to Pay Off Credit Card Debt

Posted on February 28, 2017by Admin

Many consumers know the problem with using credit cards is that oftentimes you end up paying for purchases after you buy. The average interest rate on a credit card is 13.51%- if you carry over a balance. As of September 2016, cardholders carried on average a balance of $7,527. When you pay off your credit cards in full or have your debt discharged in bankruptcy, you have more disposable income for your financial goals and can better plan for your future. But how do you get there?

Here are three simple steps to eliminating your credit card debt.

Step one: The obvious- Stop using your credit cards. Pay in cash for all of your purchases. For online purchases use PayPal or your debit card. Using a “cash only” system allows you to spend what you have.

Step two: Make extra payments toward the principal. Lenders are required to show you how long it would take to pay off your credit card if you only made the minimum payments. Request your statements be mailed to you, online you may not be able to see this number. It will certainly give you a wake-up call. For example, the average American with $7,527 in debt, would spend 11 years paying the card off if they only paid the minimum balance. The interest would cost you $2,869!

Step three: Set financial goals and SAVE for them. Set up savings accounts for your big purchases. For example, if you are going to need a new car in the next 6 months or are planning a family vacation this summer.

Click here to read more on this story.

Debt Relief, Timothy Kingcade Posts

Wells Fargo Fires 4 Senior Employees for Their Involvement in Fake Account Scandal

Posted on February 27, 2017by Admin

Four senior employees of Wells Fargo have been fired amid an ongoing investigation into the bank’s illegal sales practices. Wells Fargo admitted last year that it created as many as 2 million fake accounts between 2011 and 2015. Shortly after, reports surfaced of the toxic sales environment and employee mistreatment at the bank. Some former employees even said they were subject to retaliation after they tried to stop the sales tactics, according to CNN Money.

Since the scandal broke, Wells Fargo has been under investigation by the Department of Justice, Congressional committees, state attorneys general and prosecutors’ offices. Class action lawsuits have been filed by customers, employees and shareholders against Wells Fargo. Wells Fargo fired 5,300 workers for creating millions of fake accounts.

Click here to read more on this story.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

The Effects Debt Has On Your Emotions

Posted on February 24, 2017by Admin

The average U.S. household carries debt- more than $132,000 in fact, including mortgages. Approximately 40 percent of households have credit card debt. The interest on credit cards alone is costing as much as $1,300 per household per year.

If you are struggling with debt, understanding the common emotions and actions surrounding debt can help you take positive steps moving forward to help improve your financial and mental health.

Powerlessness. If you have a large amount of debt, it can make you feel powerless. The best way to fight back is to take control. Get on a budget and stick to it. Knowing that you are taking control and have a plan in place will help you regain a sense of power.

PTSD-like symptoms. A recent survey found that one in four people who are in debt have symptoms similar to post-traumatic stress disorder, or PTSD. That number is even higher for millennials. Among people age 18-34 who are in debt, 36 percent suffer. Symptoms can include denial, avoidance (such as not paying bills), and not being able to sleep.

Fear & Anxiety. Debt can make us anxious. Be proactive and set up auto-pays on recurring bills you have. It will give you one less thing to think about. Put credit cards away (only temporarily, remember not to close out the accounts).

Retail Cravings. Nearly two-thirds of women and 40 percent of men have spent money to improve their mood, according to research. If you overspend, any euphoria you experience will surely diminish once the bills arrive in the mail. When you feel yourself wanting to spend, ask yourself what’s really going on. Think of the HALT acronym: Are you hungry, angry, lonely or tired? Address these feelings head-on without the use of a credit card.

Lowered defenses. Lowered defenses might be caused by anything from having a couple of glasses of wine to a break-up, to battling a cold. Be smart about your spending. To resist online impulse buys, delete credit card information stored on your computer and mobile devices.

Celebration. Did you recently receive a bonus or land a big account? When it comes to the risk of debt, feeling overly happy can be just as dangerous as feeling overly sad, which can oftentimes cause a financial splurge. Put any financial gain toward your debt or into savings.

Related Resources:

http://www.wbrc.com/story/34555906/6-ways-debt-can-wreak-havoc-with-your-emotions

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

5 Ways Millennials can Master the Get-out-of Debt Struggle

Posted on February 23, 2017by Admin

The millennial generation encompasses those in their final years of college and those who are in their 30’s, possibly in the midst of purchasing their first home, perhaps starting a family. If you are a millennial that falls along this spectrum, odds are you may be paying off some debt. Two-thirds of millennials have at least one source of long-term debt; oftentimes student loan debt, which now averages $40,000.

Paying down debt and understanding your finances can help build a financially successful future for you and your family. If you are struggling with debt, here are some ways to gain control and work towards financial relief.

Acknowledge your debt. The first step to getting out of debt is to take an honest look at what you owe and where your money is going each month. List all of your debts, including student loans, car loans, credit cards, personal loans, medical bills and mortgage loans. Are you able to make all of your payments on time every month?
Understand how much you can afford to pay on your debt each month. Create a budget. Calculate how much you earn and how much you spend per month.
Get organized. Set aside a rainy afternoon to sit down and organize your bills. If it helps, have the recurring ones set up on auto-pay. This will help you avoid paying late, which can lower your credit score. Make sure all of your bills reach the same email address, not an old student email or a former work address.
Save, save, save. Even if you are paying down debt, do not forget to save for retirement. Remember, retirement savings are protected if down the road you find yourself having to file for bankruptcy. In addition, saving six to nine months’ worth of living expenses can prevent you from going into debt in the future, should you have a sudden medical emergency, car repair or find yourself out of work for a time.
Do not hesitate to ask for help. If you have debt that you cannot afford to repay, consider getting help from an experienced bankruptcy attorney. Many offer free consultations and can help you determine the right path for you and your family’s financial future.

Related Resources:

http://www.wbrc.com/story/34364281/7-ways-millennials-can-master-the-get-out-of-debt-struggle

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

Struggling with Student Loan Debt after 50? You’re not alone

Posted on February 22, 2017by Admin

Student loan debt is no longer limited to the young. In fact, Americans age 60 and older are the fastest-growing population of student loan debtors. Those seniors who are living month-to-month on fixed incomes are the most likely to default. When this happens to borrowers 65 and older, the government can seize a portion of their social security benefits, even if this pushes them into poverty.

Approximately 20,000 Americans 50 years of age and older had their Social Security checks cut below the poverty line in 2015 because of student loan debt.

Many have accumulated the debt helping their children or grandchildren, either by borrowing directly or co-signing on loans. As these borrowers age, it becomes more difficult to afford their loan payments while also paying for food, housing, prescriptions, and dental and medical expenses.

Many seniors who are carrying federal student loan debt are eligible for income-based repayment plans, where borrowers can pay as little as zero dollars per month or may even qualify to have their loans forgiven after a specified period of time.

But loan servicing companies have not made it easy for borrowers to enroll in the programs or even let them know it was an option. This deprives seniors of information about payment plans that would allow them to meet their loan obligations without having to skimp on food or necessary medical care.

The federal government needs to make this group a priority, which means ending the practice of garnishing the Social Security benefits of poor or disabled student loan debtors.

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.

Related Resources:

https://www.nytimes.com/2017/02/13/opinion/haunted-by-student-debt-past-age-50.html?_r=0