How to Keep Creditors Away!

There are many things in this world that are annoying, but nothing can be as annoying as a creditor! Creditors tend to call at all times of the day, demanding money from you that you cannot pay for all sorts of debts including that recent loan you applied for. There are, fortunately, things that can be done to keep creditors from calling and harassing at all hours. If you are someone who is dealing with a rude, arrogant creditor, then keep reading to get some great ideas on how to keep them away!

Should you have a creditor contact you by phone, demand to have all information they have regarding your debt in writing. Be sure that this information includes everything such as your name, address, phone number, amount that is owed and any other fees, interest or penalties. Make sure the creditor gets this information in 5 days or less.

Look over the information that is sent to you. If you should find something that is wrong, make sure to call the creditor to dispute the information. Make sure the error is reported to the debt collection agencies and the credit bureaus. If the creditor states that you owe the amount and there is no error, make them prove that you owe the debt. Make them show proof the debt is owed.

Report any creditors that your home after 9:00 pm or before 8:00 am. Do not be afraid to stand up to your creditors in any way. You can follow with legal action against creditors who call before and after the times mention above. Not allow a creditor to use foul language or make threats against you.

If you really do a debt to a company, it is in your best interest to just pay the amount or set it up on a payment plan. Creditors do have the right sue you or garnish your wages or bank accounts. Be sure to stay current on the plan so you do not default. You may want to keep copies of the payments that were made so you know what is going on!

Should you feel that you are being unfairly harassed by a creditor, contact the Federal Trade Commission or the Attorney Generals Office. Remember that creditors are not the only ones that can sue. You have rights as well and if taken care of, you can help shut down unfair creditors and their business. Fighting for your rights is very easy to do. Help do your part and keep creditors away!

What is a Credit Union Anyway?

Credit unions: they’re not unions and they’re not banks. So what the heck are they? They are cooperative, not-for-profit financial institutions. Confused yet? Don’t worry. I will explain further.

How they’re like banks

First and foremost, credit unions are financial institutions. They offer the same types of financial services that you would find elsewhere. These can include savings accounts such as regular savings, certificates, IRAs, and club accounts; loans such as auto loans, home equity loans, mortgages, personal loans, and credit cards; and services like cashiers checks, notary public, and financial counseling. They also have ATMs and online banking and all that good stuff.

How they’re different

One of the most prominent differences you’ll notice at a credit union is your savings account is called a “share” account. This is because when you open an account at a credit union, you become a part-owner of the organization. Thus, your account is actually a share in the ownership. Likewise, checks are officially called by the name “share draft,” although some credit unions just call them checks to avoid confusion.

Since every account holder is a part-owner, all account holders are known as “members” or “member-owners” not customers. There are no stockholders involved, and all profits go back to the credit union itself. Plus, the board of directors is democratically elected from among the membership each year at the annual meeting. Everyone who has a share account in good standing has a vote.

Because profits go back into the credit union itself, credit unions often have better rates on loans and dividends on savings than other institutions. This is not always the case, but it is often the case. They are definitely worth looking into for larger loans such as auto and mortgages and for certificates and IRAs. Terms are often better too, and they are more flexible about repayment of loans. For example, credit unions are far less likely to jack up your rate because you miss a payment.

A common bond

The other thing that’s different about credit unions is that not just anyone can walk in and open an account. Members have a common bond, such as a geographic area, employer or volunteer organization. This goes along with the credit union philosophy of being a community of peers or “people helping people.” There are so many different credit unions, literally thousands, that there is bound to be one, and more likely several, that will welcome you as a member. A good place to start is to ask your employer and the heads of any organizations you volunteer for if those organizations have a relationship with one. Also, check out the websites listed at the end of this article. Once you join, any of your immediate family members can join as well.

How to join

Credit unions are free to join, however, you are required to have a minimum deposit in a share account of anywhere from $5 to $50 or more, depending on the credit union. This deposit stays on hand and earns interest and it can be refunded if you ever close your account. You can be a member for life, even if you leave the field of membership. Did I mention a credit union can be a great place to save for retiremen