Credit Management Career Guide and Counseling

Question: Midland credit management is threatening me with arbitration. What does this mean? I am trying to get my credit good by working through my debts one bill at a time. One of my accounts got sent ot Midland Credit Management. I spoke with one of the representatives trying to set up a payment schedule. She would not work with me on a 12 month plan. She would only go for 5 months on a higher amount. She then grew upset and pushy and informed me that they would be taking me to arbitration. I then tried to call the company back just to get a mailing address to send them a letter request verification that I have a legal obligation to them.

Answer: In my opinion, arbitration is usually biased and the only one that benefit's is the creditor/collector. If they are pushing for it because there was an arbitration clause in your original agreement, you do have a legal right to refuse arbitration. If it is in your original agreement - some of what it violates: House Resolution 5162 which amends Title 15 USC 1601 of the Consumer Credit Protection Act the Federal Arbitration Act (S. 192) H.R. 1054 and 3607 that amend the Truth in Lending Act make pre-dispute mandatory arbitration void and unenforceable Plus, there is "plenty" of case law to back that up. You might click on my profile and click on the last link I have listed. It is a totally free site and you can ask where to find the arbitration refusal sample letter template (which is also free to use) in the Credit Forum.

Question: Are credit management companies a good idea to eliminate debt? I'm going through a credit management company to help me lower my debt. I am about $15K in the hole with various credit cards and department store credit cards. I mailed out cease and desist letters to each of them to quit calling me, because I get calls every day at home, and even a few times at my job. Let me know your experience(s) with this.

Answer: Years and years ago, I went through something like this....I went through a debt management program and a man called all my creditors that I listed and tried to get them to lower their rates of interest....most did as they wanted their money.....I then had to cut all my cards and put them in a large glass bowl he had there with others that were cut up....he did all the work really.....I then just paid the debt management agency one payment a month and it went toward my credit cards/loans.....they do all the sorting as to where and who it went to.....I liked it as it was in town and well known and reliable.....It also helped as no creditor ever called as I was paying off just in a different way. Can they call you at work? Sorry about that....I'd go nutty.....I'm not sure how it all worked, but I just did my part and they did theirs......instead of paying 6 different payments, it was just 1......took years to pay off, but have great credit now......just stay local and not over TV or buy into any of that.....this was a Catholic Charity place, but they take anyone and hold meetings on debt management and debt consolidation.....good luck and hope something I said helped...it's heck to be in debt.........

Question: What are the five C's (cs) of credit management? I have a short answer question for homework. It says, "List and comment upon the THE FIVE C's OF CREDIT MANAGEMENT." Unfortunately, I missed the class notes for this, and I need to turn the assignment in very soon. I did a search online for the Five C's, but I didn't find the right link. Does anyone know what the five C's of credit management are?

Answer: Character- responsibility with debt management Capacity- ability to Repay Capital- Current potfolio, Savings Collateral- Assets as security Conditions- Current revenue status.

Question: I have some stock in Franklin Credit Management (FCMC) and they are talking? I have some stock in Franklin Credit Management (FCMC) and they are talking about selling the company. If thats the case what should I do? If they sell to a bigger company, how would that affect it? Or what if someone else took it over? Obviously if another person was running it they would run it different and revenue would vary. For example if they sold to Bank of America, would FCMC per share go up because Bank of America is huge? Kind of a stupid question, but I am just getting into stocks, am an economics major, still in the learning process. Thanks!

Answer: Usually, if they are selling to another organization (not merging), then the buyer generally offers a price that is higher than the current share value. In essence, each share is entitled a vote about the sale of the company, and naturally, you don't want to sell your shares for less than what you paid for them. The buying organization will tender an offer for each share value, they will negotiate, and eventually present the offer to the shareholders at large to vote for approval or disapproval.

Question: Going to debt management/credit counseling. What are the best companies? I am going to go to a debt management program/credit counseling, it was the best alternative to avoid bankruptcy. What are the best companies that charge a low fee and that can get the best lower monthly payment?

Answer: consumer credit counseling, www.cccs.org

Question: I need a lawyer for a credit-management company? I'm in debt, and I was called by a credit-management company who swore they could get my credit card interest rates down to 1-2%, and that-- if I signed up-- it would not affect my credit in the least. So I signed up. Now, as I understand it, my lowest rate is 9.99%, and my credit has gone to absolute hell. So now, if I want to trade in my car anytime soon-- no one will finance my new one. (well-- my new USED one. I never buy new cars.) I live in the Dallas/Ft. Worth Metroplex. Do I have a case? I'm so pissed off about being lied to about my credit that I'm ready to take these guys on. Anyone know where I can find a great attorney who can win this case for me?

Answer: Here's the problem -- if you have no money to get yourself out of debt, where are you going to find the money for an attorney? This is not the kind of case that any attorney will take on contingency. There's just no money in it. You can easily find an attorney who'll take your money by the hour but expect to spend between $20,000 and $100,000 to litigate this type of case. I'm sorry, you're going to have to let this go. However, if you do feel this strongly about it, then report these guys to the proper reporting agencies. Start with the Better Business Bureau. From there, contact your state's attorney general. Go from there.

Question: What is the phone number to Genus Credit Management? Genus Credit Management 7178 Columbia Gateway Drive Columbia, MD 21046

Answer: 1-800-942-9027

Question: What is the Federal Reporting Period? Should I pay Midland Credit Management or will my credit stay the same? I owe MCM and have no problem paying, but it says my credit report will only reflect my payment if the Federal Reporting Period hasn't passed. I don't want to make the mistake of paying if I won't end up with a positive outcome.

Answer: Write them and ask them to delete upon payment. Do a Google search for PFD sample letter If the original creditor is reporting, Midland won't be able to remove what they are reporting but they can remove what they themselves are reporting, if they agree to do it upon payment.

Question: Whats the best and fastest company for Credit management help or consolidation? I really need help...Im suffering every month paying my credit card bills and ending up the same every month.

Answer: You may want to go through a counselling session first, this way by reviewing your financial situation all of your options can be layed out in front of you and then you can make a good decision. I have found that www.Incharge.org is able to do it for free, and they don't charge a fee, they are voluntary contributions. You can either start the session online or call them directly @ 888-734-6229. But make sure that you have all of your bills and income information and that you have at least 15-20 minutes. I think that would be the safest route to take. it will cost you nothing to get some really good financial help! And Good Luck!

Question: Studying for a Credit Management qualification? I am thinking of studying for some modules through the Institute Of Credit Management. Can you please tell me what jobs I could apply for after gaining the qualification? Many Thanks

Answer: Your best bet would be to enter the credit industry thru on the job training. Contrary to what people think, bank and credit unions are hiring mainly in collections. That way you would get a back door training into credit management seeing what mistakes were made in granting credit.

Question: Research on Trade Credit (B2B) Management in Australia - What is the most common credit term in Australia ? May I request your participation in the above research by providing me(at kaixi1999@yahoo.com) with some insights of your credit management practices in your respective company and industry a) What are the common credit arrangements on selling and customer ordering practices in your company? b) What are the current issues in credit management in your company ? c) Why there are late payments of debts and what influence the credit period taken by the your company ? d) What is the most Common Payment/Credit Term in your company practice ? e) Approximately how many debtors do you have and your year end debtors balance ? f) Principal activity of your company ?

Answer: Don'y own a company

Question: Best companies to use for credit debt management? I have many credit cards and past bills and I want to end it. I believe that I can pay without going the bankruptcy route, any suggestions companies that handle this?

Answer: Contact Consumer Credit Counseling Services, they are free and will work with your creditors to lower both your monthly payments and your interest rates. I used them several years ago and was debt free in 36-months.

Question: Phone number for Midland Credit Management? Does anyone has the number for midland credit management, i have them on my credit report and i have no idea what this debt is for..I am tryingto call them but i dont find their phone number anywhere, does any one have their number

Answer: Good answer above....don't bother calling. Send debt validation requests to both Midland AND the credit bureaus, stating: Per the Fair Debt Collection Practices Act I am requesting validation of this alleged debt.

Question: Can I get approved for new credit after a Debt Management Plan? Can you get approved for mortgage after going through a debt management plan (DMP) with a CCCS? I have done a lot of research and I keep getting very conflicting information about the effects of a CCCS. I want to hear from people that have gone through DMPs and what your experience has been like after completing the DMPs in term of applying for new credit. I will also like to hear from mortgage lenders and other issuers of credit about your experience with approving people that that have completed a DMP with a CCCS. I am thinking of signing up with a reputable company; however I want to buy a house in the next year, and I’ll like to know where I stand. Thank you.

Answer: Not while on the plan, and maybe even for years later. It is a catch 22 to sign up for those things. It is best to pay the higher fees but make regular payments to your creditors than to pay someone else who takes away all the credit you have, regardless of whether you are in good standing with them. The debt management co. will take money from you too anyway

Question: Is there a way to rent from a management company with bad credit? I bet the farm on a business venture and it went backrupt and me with a hopeless pile of debt and with my credit destroyed. I've learned to live without credit but always have a problem relocating because all RE management companies and many private landlords want a credit report. Is there any way around this?

Answer: I work at a property management company. We do have to get a credit report on all of our potential tenants, however, bad credit does not necessarily mean you can't rent. In fact, surprisingly few tenants ever get turned down, even when their credit scores are in the 400 range, and sometimes even worse than that. Sometimes a higher security deposit is required, but most of the time we can work with people. So if you haven't applied to any place because you know your credit is bad, you might want to try anyway. Most property managers/landlords get a credit report to check for things like evictions, bad checks, etc, but don't put as much value as you might think on the credit score. Hope this helps!

Question: How to pay off credit cards enrolled in a debt management program? I have been in a debt management program with a local credit counseling service for about 8 months. My parents have offered to co-sign a loan so I can pay off the cards. The loan with the bank is a lower interest rate than the cards and will pay them off faster with a lower payment each month. Should I pay the cards directly or go through the credit counseling service? Which is better for my credit score?

Answer: The Credit Counseling company will probably get you a better price in the long run because they will negotiate a lower rate than you can. But, you are being charged a very large amount of compounded interest on every dollar that you owe them for every Month that the amount is owed. Let Mom and Dad help IF the interest rate and terms are better than you are currently paying the credit card companies. And, if you can afford to pay all of your bills iccluding that payment. Remember that the credit counselor is making money on you, they will not always counsel you to your advantage.