Very often, it happens that when we die, debt collection agencies try to collect the money from our relatives. They will use many tactics, the most famous one is that they show great sympathy and collect the money. They will assure that everything will be okay only to ring back the next month and collect the money.
And we, honoring the deceased, continue paying on these debts. But there is a catch. The debt is buried in the same grave as you were. The collection agencies can approach others only if had co-payees on the loan account. Otherwise, it is none of your business to pay the debt of the deceased.
While your insurances and assets may be used to collect the debt, in no way are your relatives responsible for the debt you took for yourself. The next time the debt collector calls you, ask him to bring in relevant details. Check out if any co-payee is named. If not, then tell him not to bother you again. And they will not, because the law says so.
There are many circumstances where you need money. Your small needs can be satisfied by taking small-unsecured loans with some of the private needs. If you need larger amounts, you may probably not approach these institutions fearing that your application will rejected in case your credit score is bad. But this is not the case. The rejection rate is almost NULL at such places. They have some or the other plan for you that suits your needs.
It is suggested that you go for home equity bad credit loans. These are loans that are secured and do not cause much problem in repayment as the interest is low and you get longer repayment tenure. When you approach a private moneylender for a bad credit equity loans, he will no take your interview. He will just try to know your potential for repayment of the loan. Once you get through the process, your money is transferred to your account.
Under some circumstances your asset may have to be evaluated that may delay the process by a day at most but otherwise the processing is smooth and simple.
There are many circumstances where you need to take loan but your bad credit stops you from approaching the nationalized banks. These will take too much time and in the end, the most possible action is the rejection of your loan approval.
There are alternatives for you. You can go to the private loan houses that offer you equity loans against mortgage. There are not many formalities either. But before you sign in the application form, you may want to update your credit score. Many a times, people forget to update the credit statements that show debts that have been paid off. This may take some time but you will get more loan if the score is updated.
You can also go around shopping for the best private loan offer. This requires you to log on to the internet and do some research and check out the different rates on offer. Then according to your budget, you can select the best. Some such companies make use of your problems. A company that asks for an upfront payment is better avoided.
Credit counseling agencies help the people to manage their debts and increase their finances. They talk to creditors and negotiate with them. They even set up trust account, so that our money goes directly to the debt management account.
These counseling services gives you tips on how to get out of debts, how to increase your finances. They review your situation, finances, kind of debt you have, your income. They will suggest you different plans depending on your situation. Sometimes they even contact your creditors to negotiate and more manageable arrangement.
Non profit credit counseling services are exempted from taxes. Because of their non-profit label, they are not subjected to consumer protection laws. Fair share contribution require non profit label. Creditors are more favorable to these companies.
We can get information on these companies from Better Business Bureau. We can evaluate whether the company is trustworthy or not. They are great asset in helping people to get out of debt.