Consumer Recovery Network Announces Contest For Consumers Who Were Rate Jacked in 2009 — Winner Gets Free Debt Settlement Services

December 20th, 2011 by Bank Loan | No Comments | Filed in Loans

Austin, TX (PRWEB) January 7, 2010

Consumer Recovery Network (CRN), http://www.consumerrecoverynetwork.com, an ethical, consumer-friendly debt settlement firm, is inviting consumers who were rate jacked by their credit card companies in 2009 to share their rate jacking stories with it for the opportunity to win free debt settlement services from the company. The prize will help the winner get out of debt faster.

Michael Bovee president of CRN conceived of CRNs contest as a way to celebrate the fact that when the Credit Card Accountability Responsibility and Disclosure Act (CARD) becomes law on February 22, 2010, rate jacking will no longer be legal. He explains, Traditionally, most credit card agreements have included a universal default clause, which has allowed credit card companies to dramatically increase the rate on a consumers outstanding credit card balances for virtually any reason. Rate jacking became especially commonplace immediately after CARD was passed by Congress because card issuers knew that once the law was enacted their ability to maximize their profits by increasing interest rates would be seriously limited. As a result, consumers with good credit scores who had always paid their credit card accounts on time were rate jacked, causing some of them to have financial problems for the first time, and the finances of consumers who were already struggling faced even greater hardship after they were rate jacked. Many of them were left with no option but to file for bankruptcy.

Consumers who want to enter CRNs contest, must provide their rate jacking story to CRN no later than January 31, 2010. They can submit it to CRN via e-mail at michael@consumerrecoverynetwork.com, post it as a comment on CRNs blog, http://debtbytes.consumerrecoverynetwork.com/contest, or mail their story to CRN at 217 Cedar St. #281, Sandpoint ID 83864. In their stories, consumers should explain exactly what happened to them, how the rate jacking affected their personal and financial lives and if they have resolved the problems that the rate jacking created for them, exactly what they did. They should also provide their daytime phone numbers and e-mail addresses in case CRN needs to contact them for additional information.

CRN staff will review all contest entries and select the 6 stories that most dramatically illustrate the harmful effects of rate jacking. Then a panel of CRN specialists and nationally-known consumer advocates will review those stories to choose the contest winner. The winning story will be published on CRNs blog on 2/15/10, and the contest winner will receive a full CRN membership, including the companys Settle Down educational series, unlimited one-on-one debt settlement assistance and support from a CRN specialist who will be assigned to work with the winner for a period of two years, and full service debt negotiation services for 2 years. The exact value of the winners prize will depend on the total amount of unsecured debt the consumer owes and the number of unsecured creditors the consumer owes the money to. Depending on these criteria, the prize could be worth several thousand dollars.

Should the contest winner have already resolved the financial problems that were a consequence of their being rate jacked, that individual can transfer their prize to a friend, family member or co-worker who could benefit from CRNs debt settlement services.

CRN helps consumers protect their rights when they have too much debt, make sound financial decisions, and alleviate their economic stress by providing them with clear-cut debt settlement education and advice coupled with affordable full service debt negotiation and settlement services. (CRN does not settle student loans, car loans or mortgages.) Its consumer education, coaching, and full service debt negotiation and settlement services combined with its reasonable fees make CRN an industry innovator and leader, setting the standard for fairness, ethics and best practices in the debt settlement industry.

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MG Colorado Holdings Acquires Majority Stake in Matrix Settlement & Clearance Services

August 11th, 2011 by Bank Loan | No Comments | Filed in Bank

(PRWEB) December 2, 2004

MG Colorado Holdings, Inc., has acquired a majority stake in Matrix Settlement & Clearance Services (MSCS), thereby creating a single holding company to manage all trust and trading activities, and software development. MG Colorado Holdings is owned by the principals of OPTECH Systems, Inc., an MSCS co-owner. MSCS has operated as a joint venture between OPTECH and Matrix Bancorp, Inc. (NASDAQ NMS: MTXC) since 1999.

MG Colorado Holdings also is forming a new trust company, which will acquire the assets of Matrix Capital Bank?s trust services division. Matrix Capital Bank is the wholly owned subsidiary of Matrix Bancorp that has served as custodian and/or trustee for MSCS customers. The new trust company will provide all services now offered and add new capabilities. ?Consolidating these business functions under common ownership, with the ownership of software source code, is a significant, positive step,? says John H. Moody, president of MSCS. ?With MG Colorado Holdings? sole focus on our business? core competency, we are confident of the ability to speed and further enhance the development of products and services for our customers.?

?By streamlining product and service development, this new trust company can be the premier provider of automated mutual fund trading, settlement, and related services to firms serving retirement asset and trust markets,? adds R. Clifton D?Amato, CEO of MSCS. ?The concentration on core competency, additional capital, and technology focus also puts us in an excellent position to explore potential acquisitions, a component of our growth strategy.?

Under terms of the transaction, Matrix Bancorp will maintain a five percent interest in MG Holdings. Other minority interest holders of MSCS and OPTECH, including MSCS? president and CEO, will continue to hold shares in MG Holdings. The senior management team at MSCS will maintain their current positions with MSCS, and will serve on the board of MG Colorado Holdings. MSCS will continue its focus with banks, trust companies, TPAs, investment advisors, and broker-dealers, and will remain headquartered in Denver while the OPTECH technology division will remain in New York.

Richard V. Schmitz, chairman and co-CEO of Matrix Bancorp, comments that the consolidated platform resulting from combining the trust operations of Matrix Capital Bank with the clearing and settlement services of MSCS ?will provide the new trust company with the structure, financial resources, and ability to take the business to a whole new level. We?re excited about our participation in that potential through our continued equity position in the new parent company of MSCS.?

Matrix Settlement & Clearance Services, LLC (http://www.mscsonline.com), provides mutual fund settlement and clearance services, operating as a joint venture between Matrix Bancorp, Inc., and Optech Systems, Inc. With Matrix Capital Bank, a federally chartered savings bank and wholly owned subsidiary of Matrix Bancorp, serving as trustee and custodian, the company is one of the nation?s largest providers of back-office trust, custody, and trading services to financial institutions including banks, broker-dealers, trust companies, investment advisors, and record-keepers/third-party administrators (TPAs). Matrix Settlement & Clearance Services, based in Denver, services assets of more than $ 33 billion.

MG Colorado Holdings Acquires Majority Stake in Matrix Settlement & Clearance Services Fact Sheet

Acquisition

·????MG Colorado Holdings, Inc., has acquired a majority stake in Matrix Settlement & Clearance Services (MSCS), creating a single holding company to manage all trust and trading activities, and software development.

·????MG Colorado Holdings is owned by the principals of OPTECH Systems, Inc., an MSCS co-owner. MSCS has operated as a joint venture between OPTECH and Matrix Bancorp, Inc. (NASDAQ NMS: MTXC) since 1999.

Transaction detail

·????Combined stock/cash transaction

·????Matrix Bancorp entities will sell their 45 percent membership interest in MSCS, along with the assets of the trust operations of Matrix Capital Bank (wholly owned subsidiary of Matrix Bancorp that has served as custodian or trustee for MSCS customers).

·????MG Colorado Holdings will issue 194,792 shares (approximately five percent) of outstanding common stock to MSCS Ventures, a Matrix Bancorp subsidiary, and pay MSCS Ventures approximately $ 10.3 million in cash.

·????MG Colorado Holdings will issue 75,000 shares (approximately two percent) of outstanding common stock to Matrix Capital Bank in consideration of the sale of the trust operations assets. For regulatory purposes, Matrix Capital Bank anticipates immediately selling this stock to MSCS Ventures.

·????Matrix Bancorp will maintain a five percent interest in MG Holdings.

·????Other minority interest holders of MSCS and OPTECH ? including MSCS? executive officers, President John H. Moody and CEO R. Clifton D?Amato ? will hold shares in MG Colorado Holdings.

·????MG Colorado Holdings and Matrix Capital Bank have entered into an agreement that continues the settlement and depositary relationship at Matrix Capital Bank through at least September 30, 2006.

Trust company formation

·????MG Colorado Holdings is forming a new trust company, which will be operated as a wholly owned subsidiary.

·????The new trust company will acquire the trust assets of Matrix Capital Bank?s trust services division after regulatory approval (expected in the second quarter of 2005).

·????Matrix Capital Bank Trust Services will maintain its position and services through the transition.

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Regions Bank Goes Live as First Customer for Wall Street Systems’ Electronic Settlement Network

May 11th, 2011 by Bank Loan | No Comments | Filed in Bank

Regions Bank Goes Live as First Customer for Wall Street Systems’ Electronic Settlement Network










New York and London (PRWEB) September 4, 2009

Regions Bank, a member of the S&P 100 Index with $ 143 billion in assets, is one of the largest full-service providers of consumer and commercial banking, trust, securities brokerage, mortgage and insurance products and services in the US. Wallstreet ESN will create processing efficiencies within Regions Bank’s back-office operations, improve straight through processing, and provide its corporate and asset management customers with an improved overall experience.

Brian Anderson, Product Manager – Wallstreet ESN, said: “Regions Bank’s successful implementation of Wallstreet ESN signals an important change within the FX and Cash markets. We are thrilled that Regions Bank is using Wallstreet to outsource its trade processing system, improve productivity, reduce costs and better serve its customers. Our project with Regions Bank confirms our judgment to invest in this part of the market, and we look forward to future successes.”

The solution was delivered in exactly 5 months highlighting the benefit and ease of deployment of the new hosted system.

Editors Notes

Wallstreet ESN is an outsourced processing hub for financial institutions, which eliminates the need for large investments in IT infrastructure, upfront software license fees and ongoing operating costs. Wallstreet ESN provides collective processing capacity for its members with associated economies of scale, introducing a transaction based model for processing FX,

Cash and OTC derivatives.

Wallstreet ESN delivers a seamless best of breed solution to reduce trading costs, offering banks the powerful combination of trade execution services with an extensive, secure and robust trade processing solution.

Wallstreet ESN is based on a proven trade processing and settlement platform from Wall Street Systems. Its award winning e-commerce portal allows bank clients to access their post trade information via the web. Wallstreet ESN addresses the growing need for banks to increase margins through greater operational efficiency.

About Wallstreet

Wall Street Systems (Wallstreet) provides functionally rich, integrated and scalable solutions for improved workflow, control and overall productivity for corporate treasury, central banking, FX trading and global back office operations. Wallstreet is the market leader in FX trade processing and through its award-winning products, including Wallstreet Suite, Wallstreet Treasury, Wallstreet FX and Wallstreet BackOffice, the company processes millions of transactions, aggregating to trillions of dollars, every day.

With a 20 year heritage, Wallstreet has an outstanding reputation for quality and responsive service, and prides itself on helping its clients achieve long lasting benefits and results. Its 500 employees service over 300 banking, corporate and central bank clients, operating out of 12 offices worldwide. The company is a privately held corporation, and is majority owned by Warburg Pincus, a global private equity investor. For more information, please visit http://www.wallstreetsystems.com.

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Zurich Announces Settlement of U.S. Class Action Litigation

October 17th, 2010 by Bank Loan | No Comments | Filed in Forex

Zurich (PRWEB) October 6, 2010

Zurich Financial Services Group (Zurich) announced today that it and its wholly-owned subsidiary, Farmers Group, Inc. (FGI), have agreed in principle to a proposed comprehensive settlement in the matter of Fogel vs. Farmers Group, Inc., a purported nationwide class action lawsuit pending in Superior Court in Los Angeles, California. The proposed settlement will resolve all claims, dating back to 1999, in a complaint originally filed in August 2003. In the lawsuit, the plaintiff challenged the management services fees paid by the Farmers Exchanges (Exchanges) to FGI and certain of its affiliates, which under policyholder subscription agreements act as the attorney-in-fact for policyholder subscribers of the Exchanges. (Los Angeles County Super. Ct. No. BC300142)

Zurich and FGI do not accept that there is any basis for the plaintiff’s claims regarding the management services fees that FGI charged to the Exchanges.

Under the terms of the settlement, a sum of USD 455 million will be made available to up to 13 million policyholders who may qualify for a distribution under the settlement, with any residual amount going to the Exchanges owned by their respective policyholder subscribers. While the allocation plan for payments to class members has not yet been determined, and while actual individual payments may vary considerably, this averages to an estimated USD 35 per class member or policyholder subscriber. Zurich also will pay attorneys’ fees to class action counsel of up to USD 90 million. As part of the settlement, the plaintiff has agreed to dismiss the case and drop all claims against FGI and its parent Zurich. All terms of the proposed settlement are subject to execution of a formal settlement agreement and court approval.

Zurich has decided to bring this matter to a close by settling this case in order to provide certainty to its shareholders and clarity to customers as well as to avoid the risks and significant expense of continued litigation.

Because the case would have depended in part on events dating from years or even decades ago, the ability to mount a vigorous defense would have been constrained by the passage of time, the turnover of Farmers’ customers and agency force and the challenge of retrieving subscription agreements on policies, many of which expired long ago.

In addition, as part of the proposed settlement Zurich is announcing today a number of initiatives at FGI to further raise standards of customer communication. These include providing welcome packs and additional disclosures to Exchange policyholder subscribers and providing additional training to Farmers agents and front-line employees regarding the subscription agreement and related procedures. Zurich believes the financial settlement and these additional measures put to rest the issues raised in the suit and will allow Farmers to focus on continuing to deliver industry-leading services at fair and competitive rates to its customers.

This settlement will not affect the insurance coverage for current policy-holders. After court approval, policyholder subscribers entitled to participate in the proposed settlement will receive written notification, which will provide further details of the settlement. Customers can contact Farmers regarding this matter by visiting http://www.farmers.com/media_center.html or calling 1-888-538-5785 or their Farmers agent.

Zurich remains excited about Farmers’ prospects and the continued contribution of Farmers to the Group. The proposed settlement and related costs will be fully funded by internal resources. This settlement and related costs will neither impact the strength of Zurich’s balance sheet nor the stated policy of paying a sustainable and attractive dividend. An amount of USD 295 million, net of tax and previous accruals, will be charged to net income and recorded in the third quarter 2010.

The total after tax charges related to this settlement impact the shareholders’ equity by approximately CHF 2.40 per share. The nine-months results 2010 are due to be released on November 4, 2010.

Background on Farmers:

Farmers Group, Inc. (FGI) manages the third largest personal lines insurance company in the U.S., which has been serving customers for nearly 83 years and currently services approximately 10.5 million customers. Headquartered in Los Angeles, California, FGI is a management and holding company and along with its subsidiaries, is wholly owned by the Zurich Financial Services Group.

The Farmers Exchanges (Exchanges), namely Farmers Insurance Exchange, Fire Insurance Exchange and Truck Insurance Exchange, are three inter-insurance exchanges owned by their policyholders and organized under the laws of the State of California and provide a variety of insurance coverage directly to consumers. The Exchanges, directly or through their subsidiaries, offer homeowner insurance, auto insurance, commercial insurance and other insurance lines throughout the U.S. FGI and its subsidiaries provide management services for the Exchanges. The Exchanges do not hold an ownership interest in FGI, and FGI does not hold an ownership interest in any of the Exchanges.

When policyholders buy insurance via an Exchange, they are asked to sign a “subscription agreement” appointing FGI or one of its affiliates as the attorney-in-fact to manage certain operations of the Exchanges on behalf of the applicant. The agreement specifies a management services fee to be paid to FGI for these services. The fee is part of the total premium charged by the Exchanges and one of the many expenses paid by the Exchanges in conducting operations. As such it is reflected in rate filings to the regulators who, where required, ultimately approve the respective insurance rates.

Zurich Financial Services Group (Zurich) is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia-Pacific, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 60,000 people serving customers in more than 170 countries.

Farmers is a trade name and may refer to Farmers Group, Inc. or the Farmers Exchanges, as the case may be. Farmers Group, Inc., a management and holding company, along with its subsidiaries, is wholly owned by the Zurich Financial Services Group. The Farmers Exchanges are three reciprocal insurers (Farmers Insurance Exchange, Fire Insurance Exchange and Truck Insurance Exchange), including their subsidiaries and affiliates, owned by their policyholders, and managed by Farmers Group, Inc. and its subsidiaries. For more information about Farmers, visit our website www.farmers.com or www.facebook.com/FarmersInsurance.

Farmers media inquiries:

+1-323.932.3295

farmersmedia(at)farmersinsurance(dot)com

Disclaimer & Cautionary Statement

Certain statements in this document are forward-looking statements, including, but not limited to, statements that are predications of or indicate future events, trends, plans or objectives of Zurich Financial Services Ltd or the Zurich Financial Services Group (the “Group”). Forward-looking statements include statements regarding the Group’s targeted profit improvement, return on equity targets, expense reductions, pricing conditions, dividend policy and underwriting claims improvements, as well as statements regarding the Group’s understanding of general economic, financial and insurance market conditions and expected developments. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and plans and objectives of Zurich Financial Services Ltd or the Group to differ materially from those expressed or implied in the forward looking statements (or from past results). Factors such as (i) general economic conditions and competitive factors, particularly in key markets; (ii) the risk of the global economic downturn and a downturn in the financial services industries in particular; (iii) performance of financial markets; (iv) levels of interest rates and currency exchange rates; (v) frequency, severity and development of insured claims events; (vi) mortality and morbidity experience; (vii) policy renewal and lapse rates; and (viii) changes in laws and regulations and in the policies of regulators may have a direct bearing on the results of operations of Zurich Financial Services Ltd and its Group and on whether the targets will be achieved. Zurich Financial Services Ltd undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise.

It should be noted that past performance is not a guide to future performance.

Persons requiring advice should consult an independent adviser.

This communication does not constitute an offer or an invitation for the sale or purchase of securities in any jurisdiction.

THIS COMMUNICATION DOES NOT CONTAIN AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES; SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR EXEMPTION FROM REGISTRATION, AND ANY PUBLIC OFFERING OF SECURITIES TO BE MADE IN THE UNITED STATES WILL BE MADE BY MEANS OF A PROSPECTUS THAT MAY BE OBTAINED FROM THE ISSUER AND THAT WILL CONTAIN DETAILED INFORMATION ABOUT THE COMPANY AND MANAGEMENT, AS WELL AS FINANCIAL STATEMENTS.

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Justice Denied for Black Farmers. Senate Again Fails Black Farmers, Despite Government Admission of Discrimination, Court Settlement

October 2nd, 2010 by Bank Loan | No Comments | Filed in Loans

Washington, DC (PRWEB) August 6, 2010

Despite having the support of more than 60 Senators, black farmers in America suffered another disappointment in the U.S. Senate late Thursday evening.

National Black Farmers Association (NBFA) Founder and President, John W. Boyd, Jr., released the following statement:

“I am deeply disappointed by the Senate’s failure to pass the Black farmers settlement funding. The Senate is allowing what I believe are partisan election year divisions to avoid acting on this historic civil rights case.

“The Black farmers deserve a vote and we are going to make that message loud and clear, through all of our members, every day until Congress acts. The Black farmers simply do not have time to waste waiting for justice.

“I am asking the Senate to reassess the strategy to couple the Black farmers case with the Cobel case. These cases deal with discrimination involving two separate government departments, two separate issues, and deal with very different groups of victims. While they both deserve to be resolved immediately, there is no reason why the Black farmers need to wait for a resolution of disputes over Cobell within the Senate when we have broad support for the Black farmers settlement funding.

“One of the many examples of the discriminatory treatment that Black farmers endured at the hands of the USDA was the processing time for a loan application. In the 1980s and 1990s, the average processing time for White farmers was 30 days, whereas a Black farmer’s was 387 days – more than 12 times as long.

“In tragic irony, the Senate has put the farmers through injustice once more, akin to the mistreatment they received from the USDA.

“The Black farmers have been told to wait for another opportunity, perhaps even for another Congress. And even with clearly defined offsets, the Black farmers are being told that they are not the ‘right’ offsets. This is was also a common refrain heard across the South when Black farmers applied for loans, ‘I’m sorry, the USDA has no money,’ but somehow the money was usually there for farmers – just not Black farmers.

“Within the week, the Administration indicated that it plans to fund .5 billion in emergency agricultural assistance “administratively” — but not for the Black farmers.

“Getting justice in the Senate has been an exhausting process, even though we know the votes are there.

“Seemingly obstacle after obstacle is placed before the Black farmers:

    
When the case was settled, the farmers were told, “Go to Congress;”
    
When the House of Representatives passed the legislation, twice, the farmers were told, “Go to the Senate;”
    
When the Senate placed the funding in the FEMA supplemental, the farmers were told, “Go find offsets;”
    
When the Senate placed the funding in the War Supplemental, the farmers were told, “Not on this bill;”
    
When the farmers were placed in a stand-alone measure, the farmers were told, “You need 100% of the Senate to support it;”
    
When offsets were identified, the farmers were told, “Those are not the ‘right’ offsets, go find others;” and most recently
    
When the Senate failed to pass several unanimous consent measures, the farmers were told, “Later.”

“Despite not attending to funding the government’s black farmer discrimination settlement, the Senate will be closed for business until September 13, 2010.

“I have been to many funerals of Black farmers who passed this year and never saw justice. What will I tell the next family?”

United States District Court for the District of Columbia – Case number 1:08-cv-00940

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Persels & Associates Offers Tips for Higher Credit Scores and Debt Settlement

September 26th, 2010 by Bank Loan | No Comments | Filed in News



Towson, MD (Vocus) September 16, 2010

Tough economic times have sent come consumers’ credit scores spiraling down. But consumers don’t need to despair – there are ways to raise credit scores even with a lost job or hefty bills.

Persels & Associates, LLC provides representation for over 50,000 clients with a staff of over 25 in the Persels central office and 160 field attorneys licensed in 47 states.

Persels & Associates and its predecessors have been working with clients to restructure debt payments for over 10 years. The law firm bridges the “gap” that can exist between the consumers and creditors. The firm’s ability to provide legal advice and negotiate payments consumers can afford can be essential to people working their way out of debt. In its years of working with consumers, Persels has developed the following tips on how to raise credit scores while getting out of debt:

First start consumers should start by getting their exact credit scores. The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — to provide a free copy of credit reports, at the consumers request, once every 12 months. If you’ve already used that option consumers can pay at myfico.com. (The best free scoring tool, the report card at Credit.com, gives consumers only a letter grade and a range consumers score probably falls into.)

Lenders actually use three credit scores, one for each of the three major credit bureaus: Equifax, Experian, and TransUnion. Most lenders pull all three so it’s important to have each score.

Though based on the same model, these scores can differ — typically by no more than 15 to 20 points — depending on how lenders report to the bureaus and how the bureaus include that information in the report.

At myfico.com, consumers have the option of buying only Equifax or Trans-Union scores; Experian doesn’t sell its FICO score to consumers. If shopping for a loan, get the two available, or request your annual free report.

Scores change whenever creditors report new information — like credit card balances — so consumers should start monitoring their credit numbers six to 12 months before applying for a big loan.

Consumers might also find it useful to sign up for a tool like Equifax’s Score Watch, which for a month will alert consumers when credit scores shift. For consumers who aren’t loan shopping, there’s no need to check the number more than twice a year and can use their FCRA free credit reports.

And if you find out your score is low? Don’t worry. Here are the most important things you can do to get and keep your credit scores high:

1. Stay on top of your credit reports. You’re entitled to one free copy per year from each bureau. Get them at annualcreditreport.com, and look for misreported delinquencies, over-reported loan amounts, and underreported credit limits. Request corrections from the bureau in writing.

2. Pay bills within the grace period. Lenders report tardiness to the bureaus once you’re 30 days past due; if your score started at 780, it can go down to 680 after just one delinquency. So set up payment reminders or have payments automatically deducted by a certain date.

3. Focus on paying off credit cards vs. other debt. Whittling down revolving debt will do a lot more for your score than erasing installment loans. Paying off a 0,000 mortgage when your score is already high will boost it by only five or 10 points. But wiping away a few thousand on your credit card can add 100 points.

4. Stay under the magic 10%. Just paying credit card balances off every cycle doesn’t mean you have a 0% utilization; issuers report the total amount you charge each month to the bureaus. That suggests you should use credit cards sparingly. Aim to spend no more than ,000 on a ,000 line; and put cards on ice a few months before applying for a loan.

5. Have a favorite credit card. The FICO model penalizes you for having multiple balances, so limit the bulk of your spending to one card. That said, issuers are closing inactive lines, which can hurt your utilization ratio. So make small charges to your other cards every three months or so.

6. Ask FICO what else will work for you. FICO offers a free Score Simulator tool to those who buy scores on myfico.com, and this allows you to see how your score would respond to certain actions, such as paying down debt or even taking on new loans.

It’s been a tough year for consumers, but raising your credit score – even in tough times is possible!

About Persels & Associates

Persels & Associates, LLC and its entities are pioneers in the field of offering “unbundled” legal services to individuals who cannot afford traditional legal services. As Americans credit debt rose, Persels & Associates bridged the “gap” between consumers and their debtors. Today the Persels & Associates employs over 140 lawyers in the 47 states and has 25 central office staff attorneys with 50,000 clients. For more information, visit www.perselsandassociates.com

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3rd Circuit Overturns 8-Figure Settlement in Lending Class Action — Again

September 25th, 2010 by Bank Loan | No Comments | Filed in Loans

3rd Circuit Overturns 8-Figure Settlement in Lending Class Action — Again
For a second time, the 3rd U.S. Circuit Court of Appeals has overturned an eight-figure settlement in a class action predatory lending suit on the grounds that the trial judge failed to follow the rigorous and precise steps involved in certifying a settlement class.
Read more on Law.com via Yahoo! Finance

The Fed, Innovation and the Next Recession
The Federal Reserve is too much a spectator and too little a meaningful regulator, an economist writes.
Read more on NYTimes.com via Yahoo! Finance

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Tips for Real Estate Buyers in India- Delay in Loan Settlement Can Finally Cost You Much Higher

September 22nd, 2010 by Bank Loan | No Comments | Filed in Loans
house loan
by Florida Community Loan Fund

Tips for Real Estate Buyers in India- Delay in Loan Settlement Can Finally Cost You Much Higher

A shorter repayment term ensures lesser amount of money you will have to pay back. Therefore it is always better to have a shorter term if you can afford to pay the higher equated monthly installments or the EMIs without having a monetary crisis. The following example may help you to understand the differences of short term and long-term repayment tenures.

You pay Rs 6,04,080 against a loan amount of Rs. 2,00,000 in a 20-years term with an EMI of Rs. 2517 and Rs. 2,91,300 in a 5-years term with an EMI of Rs. 4855. The 20-years term takes away Rs. 3,12,780 more from you. The interest rate is 14% calculated on annual reducing basis in both the tenure. You can decide a repayment term considering your current income and current expenditure as well as your future income and future expenditure. You can keep the inflation into consideration as it influences the value of rupee. Keep other factors into consideration. The processing fees and the administration fees also accounts for a good amount, which you will need to pay. One percent administration charges plus one percent processing fee on a loan amount of Rs. 500,000 would be Rs. 10,000. These fees may vary from one percent to three percent of your total loan amount. Sometimes one fee may come into force with higher percentage, which accounts for a higher amount. You need to keep a substantial amount ready with you because you will not get the full amount from the financier. Your current income also may influence the loan amount you get from your financier. It is better to have 15 to 20 percent of the total value of the property ready as cash with you; your financier may take care of the rest amount.Interest rates may not speak the truth. A daily reducing deal eventually proves better than a monthly one; similarly a monthly reducing deal is better than an annual one.

A flat rate may give an idea of a cheaper deal but it is quite misleading and normally not charged by the financiers. An extra influx of money may lead you to make prepayment of the loan amount. But the financiers may not encourage it. It is wise to check the prepayment charges with your financiers. The EMIs get restructured according to the prepaid amount. The financier may charge a predetermined amount as a penalty for prepayment or it may vary as a certain percent of the sanctioned amount. There may be different computation also for prepayment charges. In case you need to pay higher penalty for the prepayment, it is better to invest your fund in a smart way that gives you much higher return than the amount you would have saved by the prepayment. You can calculate your savings by subtracting the revised EMI (after prepayment) from your current EMI and deduct the penalty from the savings to get the actual figure you save after the prepayment. If you earn a better income by investing your fund than the savings you make by prepaying your loan, then it is not wise to prepay. Moreover, it is unworthy to prepay the loan when it is nearing the maturity. A housing loan offers you tax benefit on your income and you should keep this fact in consideration while deciding to prepay your loan. What is to be considered when a loan is being sanctioned? You should select a financier who is capable enough to meet your requirements. The financiers look into your income and verify your ability to spend 35 to 40% of your gross income as EMIs. You need to keep your fund ready for the amount you do not get as loan. If you were asking for a loan amount of Rs. 5,00,000 for a property worth Rs. 1 million, the financier would ask about the source of the balance payment. Age of the loan seeker is a factor that influences the loan amount. The financiers would not approve a higher amount of loan to a person approaching his retirement age. But, a person in his or her mid thirties would get a higher loan. You have a reduced chance of getting a big loan if you are concurrently running with another loan account, because your disposable earning are reduced and you have lesser funds to pay back the new loan. The number of dependents on you also influences the loan amount. A financier will sanction a lesser amount of loan if you are the only earning member of your family than a person who is supported by the income of the spouse and parents. If you have lots of investments favoring you, the financiers may approve a higher loan amount even if your income is not so high.Your qualifications and your steady employment in a growing industry are the important factors of your evaluation as a loan seeker for property in India. Please note that the financiers will give loan to you on their terms. Therefore, you should consider your own strengths and weaknesses and ask for the amount if you are confident and comfortable to repay regularly. You can take a lower amount of loan if you are uncomfortable with higher EMIs. To know more about financial options to fund real estate in India, visit MastGhar.com.

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Discover profit falls due to year-ago settlement

September 21st, 2010 by Bank Loan | No Comments | Filed in News

Discover profit falls due to year-ago settlement
Increased use of its credit cards and improved customer payment habits helped lift Discover Financial Services Co.’s fiscal third-quarter results, the company said Monday.
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Snohomish wants input on car tabs
The city will hold a hearing Tuesday to discuss the plan to raise money to repair city streets.
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Snohomish wants input on car tabs
The city will hold a hearing Tuesday to discuss the plan to raise money to repair city streets.
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Discover 3rd-qtr profit drops on year-ago settlement, but card sales volume rises

September 21st, 2010 by Bank Loan | No Comments | Filed in Loans

Discover 3rd-qtr profit drops on year-ago settlement, but card sales volume rises
NEW YORK, N.Y. – Credit card company Discover Financial Inc. on Monday said its third-quarter net income fell, but profit in the year-earlier period received a big boost from a lawsuit settlement.
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Why Murray chose the Democrats and Rossi the Republicans
OLYMPIA By all accounts, Patty Murray had the makings of a good Republican and Dino Rossi a fine Democrat. Yet they wound up just the opposite. Murray chose the Democratic Party for its embrace of the idea that government must be there for families when they need it most as it was for hers.
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Clinton: Losing House Would Help Obama in 2012
Says Republican Opposition Had “Shocked,” “Disoriented” President, But He Believes Obama Is Getting His Groove Back
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Clinton: Don’t Know Where Tea Party Stands
Says “Insurrection” Reflects Feelings of Americans “Getting the Shaft,” Is Bankrolled by Wealthy Seeking Weaker Gov’t
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