Like it or not, the world revolves around money. You need strong finances to keep a roof over your head, put a down payment on a car, and get a good education. Sometimes, you can’t afford all of those things outright, so you take out a loan and pay it back over time.
Financing any big purchase requires organization and timely payments. Even when you play everything the right way, you still may end up dealing with pesky debt collectors that won’t seem to leave you alone. If you are being harassed by a collection agency, there are some steps you can take to find peace.
As a borrower, you agreed to pay back hard money to your loan seller. That doesn’t mean you agreed to be harassed and bothered while you’re working on paying that amount back. Of course, if you have overdue or missed payments, catching up on those will be the easiest way to get debt collectors off your back.
But if you feel you’re being harassed without reason, you have the power to confront these collectors, verify your records, and even seek legal representation if needed. Follow along for a few helpful tips to stop collection agencies from harassing you.
Keep and refer to your records.
Clarity is incredibly important when it comes to any amount of money or financial situations. Any time you sign a legally binding document like a loan agreement, you need to keep a record of that information.
Having documents you can refer to and proof of monthly payments can stop a collector in their tracks because they can’t make an argument against you. When you buy a home, that is mortgage 101.
As you search for mortgage loans, you are expected to do your research, take notes, and protect all documents involved in the mortgage process. This puts you in control of your finances and makes sure a lender can’t take advantage of you down the line.
Consult legal experts if necessary.
Most cases won’t come to this, but you can take legal advice if you feel a private money lender is harassing you without cause. Groups like Global Legal Law Firm, a San Diego based law firm, work hard to untangle complex litigation cases to guarantee that individuals, corporations, and commercial entities recover all of their assets.
Consult an expert if you think you have been mistreated. They will have the expertise and intimidation factor to help force collectors to leave you alone.
Know your rights and stand your ground.
It’s easy to feel intimidated within the world of finance, especially dealing with brokers and loan collectors. Your biggest tool is information. Know your rights and do your research. If you are being mistreated, say so, and don’t give in. This tip may seem like one of the basics, but knowing your rights will keep you in control of the situation long term.
Next time, take your business elsewhere.
Taking out a loan rarely seems simple. With all the small details and fine print, it’s possible you made a minor mistake that opened the door for debt collector harassment. Next time, take your business elsewhere. Companies like hard money lenders Oregon offer hard money loans and create a simple, straight forward loan process.
Especially if you need a private money loan to turn a quick profit in the case of real estate acquisition or fix and flip situations, you can count on hard money to be a reliable loan that won’t lead to complications down the line.
It’s OK to ask for verification and tell collectors to stop harassing you.
You may feel powerless when a debt collector knocks on your door, but you actually have all the power. Be clear and concise and refuse to back down. Ask for verification of your loan amount and interest rate. You’re also within your rights to directly tell collectors to stop harassing you. There is a process to officially do this, but it can save you a headache down the line.
Every owner wants to keep the business inflow. There are times when you must collect payment for the products or services you render. It is true that not all customers are trustworthy and reliable.
As a business owner, you likely have very little time on your hands as you have to deal with so many other activities. You may not have the time to write letters or make frequent phone calls to collect debts.
The older the debt gets, the more difficult it is to manage. In case, if your demands for payment have been unsuccessful, hiring an international debt collection company can be extremely beneficial for your business.
Some business owners have an image in their mind about debt collectors – and for a good reason. In the past days, anyone could set up a debt collection company without being registered or regulated in any way. Today, there are some rules and regulations that govern debt collection companies.
Hiring a debt collection company is one of the best ways for you that help to put the focus back on your work, while someone else manages the debt collection process. Here are a few things which you need to consider when hiring a debt collection company:
Check the company’s legitimacy:
The collection industry is enormous. There are many companies, big and small, working to collect thousands of dollars of debt each year. The strategy to resolve overdue bills can be adjusted depending on what kind of debts you have, such as medical debts, utility bills, etc., and the type of collector you are dealing with.
Debt collection company works directly with your credit card lender and are typically going to be larger contingency collection companies. They send you collection notices and make calls in an attempt to collect.
All of which is encouraged by the fact that they will get paid based on what they get you to pay. Different states and countries have different rules for debt collection companies. Always ensure the one you want to hire is licensed and adheres to the regulations of the
Fair Debt Collection Practices Act.
Debt collection companies specialize in certain areas. For example, securing funds from large companies, and some do well working with small businesses or home businesses. So, find out what sort of international debt collection company most often deals with and what type of companies it serves.
Ask how many years of experience they have in the industry?
Trading is not directly related to success, but it can be a good sign of how much experience they have in collecting debts from difficult customers. Don't just believe in their word or what they claim to be. Take a look at their testimonials, social media profiles, and success stories to look at what other clients thought about them.
Don't concentrate too much on size because a large company is not necessarily a better fit than a small, local one. It depends on your needs, the company's strengths, its reputation, and its track record.
Debt collection companies' experience in collecting unpaid debts increases your odds of collecting delinquent debts. Your main focus is on running your business, but a collection company's main focus is to collect debts. An experienced professional knows the best techniques to legally coerce debtors to pay, and collection companies post a much greater threat to debtors than you do.
How much they know about your industry?
Every industry is different from the other, with varying difficulties and intricacies when it comes to contracts and invoicing. All these variations can make a massive difference when it comes to successfully collecting a debt.
A debt collection company knows your industry and its challenges can bring knowledge and results to rival a typical generalist. Also, those with experience in navigating the complex payment processes of large companies will be able to use this expertise to bring you the desired results.
How much they cost?
Once you found a reliable collection company that can work for your business, it's time to look into their costs. Also, it's worth noting that the way in which companies charge for their services can be different and you should choose those within your budget.
A collection company cost usually associated with pre-collection fees and fairly small. And, a flat fee is generally offered early in the debt collection process. Another important thing to keep in mind is no matter what, once you have hired a debt collector, it's not guaranteed that you will receive the full and total amount you are owed.
For this reason, it's suggested that you exhaust your other options before hiring one. Most companies will work on a contingency fee basis. For the most part, they only make money on successful accounts, so you can be sure they will try everything they can to get your debt back.
If you’re like most people, you’re not particularly concerned with the roof over your head—until it starts leaking. Placing pots on your floors to catch water is not fun, and water damage is quite costly. Don’t ignore your roof until an emergency occurs. The time to check your roof for damage, and even replace your roof is now.
Even if your roof hasn’t sprung a leak, you might be wondering why you would reach out to roofing contractors to replace your roof. Just because there aren’t any active leaks in your roof doesn’t mean there isn’t damage which can be compounded in the event of a storm or other natural disaster.
Preventative actions are much more cost-effective than trying to recuperate from the unexpected. In this article, we will discuss four ways a new roof can save you money in the long term. Keep reading to learn more.
A Good Return on Your Investment
It’s important not to balk at hiring roofing contractors to replace your roof. In fact, your return on investment is approximately 70 percent. Therefore, replacing your roof is not as costly as you imagine. In addition, if you ever plan on selling your home, a new roof will help to increase your home’s overall value.
As a result, you will profit from your wise investment. Moreover, a new and high-quality roof can have a lifespan of up to 30 years with continued maintenance. By then, you will have certainly realized the return on your investment.
Cut Down on Energy Costs
Invariably, energy costs skyrocket during the excruciatingly hot summers and bitterly cold winters. Thus, energy-efficient homes are on-trend right now. Again, if you are planning to sell your home, it helps to have marketable components such as a new, energy-saving roof.
No one wants to pay an astronomical utility bill every month. Further, energy bills are not going to go down on their own. Not only will a new roof help to cut down on energy costs, but it will also enhance the temperature and comfort of your home.
Add to your curb appeal
Many homeowners view their houses as an investment. The objective is to invest in a good home, with a solid infrastructure, in the hopes it will rise in value. In fact, the easiest way to increase your net worth is by investing in the right home.
As a result, a new roof can become a major boon to the curb appeal of your home. If this is a starter home or a flip, the roof can make a significant difference in the value of your home.
Create a safe environment
The longer you wait to replace a damaged roof, the more dangerous and unstable it becomes. For instance, it would be much more expensive to have to leave your home due to a damaged roof than to replace it before an emergency happens.
If your roof were to cave in, imagine the damage it would cause to your furnishings and infrastructure. What if this happened during a storm? Water would start flooding your home causing countless issues and expenses whether or not you have insurance. A new roof offers a safe environment, and peace of mind during natural disasters.
Business owners often employ consulting services like the one run by Declan Kelly to advise them on management, capital, strategy, and communications. Some consulting companies like the one managed by Founder Declan Kelly even offer risk management advisory services.
Businesses are subject to many risks, and anticipating and planning for them can help minimize future difficulties. Here are three categories risk advisors might look at when performing risk assessments.
1. Cyber and Physical Security Risk
Cyber risks in business include hacking, viruses, cloud vulnerabilities, mobile security threats, and more. Because the information in the modern world is often stored and transferred online, there is a high risk of confidential information being stolen or leaked.
Businesses are also vulnerable to social engineering, where employees and associates are manipulated through false social interactions into revealing company secrets. Social engineering is also a physical security risk, along with document theft, identification theft, and other forms of theft.
There are also cyber-physical security systems that are designed to utilize cyber elements like sensing and computation to interact with physical elements like humans and pose a serious threat.
2. Economic and Financial Risk
Risk advisement might also include economic and financial risk aspects. These are not the same. Economic risk is dependent on the economy and its ups and downs. Financial risk comes from a business's own finance-related business dealings such as loaning money, interest fluctuations, and company debt which can harm a business's cash flow.
3. Political and Reputation Risk
There is also risk associated with both the political and reputation areas. When considering political risks, advisors take into account the world's political climate and general view towards international trade and how that can affect business. Reputation risk takes into account how damage to the company's reputation can lead to a loss of trust, profits, investors, and customers.
There are, of course, other risks to consider. However, these are some of the bigger risks to assess and plan for in business. Being ready for such risks can help a company avoid disaster.
Even if you enjoy the job you currently do, chances are that you don't want to do it for the rest of your life. This means that if you've gotten behind in saving for retirement, it's important to find ways to kickstart your retirement savings so that you don't spend the rest of your life working.
While many good options are available, there are a few options that stand out for their effectiveness and relative security.
Max-Out Your Retirement Contributions
If you have the financial means, it's important to max-out your retirement contributions every year that you work. For most people, the retirement contribution limit is$19,500, which is plenty to help most people reach their savings goals.
Another key aspect of this is to ensure you're working for a company with generous matching contributions to help your money go even further.
Invest in a Home
Although it's not the most direct way to invest in your retirement, investing in a home can actually be a great step to help you achieve your retirement goals. If you buy a home when you're young, you'll likely have quite a bit of equity built up by the time you reach retirement age.
This will allow you to take out a reverse mortgage that can provide a major cash infusion to help you live more comfortably when you retire.
Don't Take Raises for Granted
Rather than seeing a pay raise as a way to buy more stuff, it's good to see this extra cash as a way to invest more in your future. If you use all or some of an annual pay increase to contribute more to your retirement accounts, you will be able to retire sooner and live more comfortably, even if it requires some sacrifices in the present.
Plus, when you consider the tax advantages of contributing to a retirement account, you can help your raise go further than the actual amount that your pay increased.
Start a Side Job
If you have a hobby that you enjoy, you may want to consider turning that hobby into a lucrative side business. Countless websites exist to allow you to market just about any skill or product, allowing you to bring in extra cash to augment the pay of your full-time job.
This extra cash can be used entirely to quickly fill your retirement coffers so that your regular paycheck can go to saving for a rainy day.
Whatever you do to kickstart your retirement savings, the key is to avoid wasting time whenever possible. The longer you wait to start investing in your retirement in earnest, the harder it will be to reach your savings goals. Therefore, even if you only have a little to invest in your retirement, there's no time like the present to get started.
When it comes to investing, an ability to spot schemes and possible fraud is an important key point to keep in mind. There are numerous types of scams that exist in the world of investments but perhaps no other is quite as bold as a Ponzi scheme.
A Ponzi scheme is a form of fraud that is characterized by fake investments at the hands of a scam artist. The schemer persuades a series of investors to invest in a fake company and proceeds to pay back small shares from the funds being invested to conceal the scam.
A Ponzi scheme can take on many different exteriors, yet the same type of fraud is always at play. Let’s take an in-depth look at the dynamics of a Ponzi scheme.
Why Is It Called a Ponzi Scheme?
The scheme gets its name from an Italian swindler by the name of Charles Ponziwho convinced a large number of New England residents to invest in a fake postage stamp investment in the 1920s.
The scam was so shocking and became so infamous that the name Ponzi was affixed to any scam that involved fake investments with no return promise on revenue to the investors.
How Do Ponzi Schemes Work?
Ponzi schemes work because the scammers rely on the inexperience of easily-recruited investors into the fake company. Investors who respond positively to scheming organizers frequently convey too much trust and lack of investment knowledge when they fall for a Ponzi scheme, which is why it is important to thoroughly research an organization before commitment.
The scheme operates solely on revenue from investors which is in turn paid back to other investors with no company growth or earnings to show for. It is a repeating cycle of dwindling profits and returns that yield no growth that typically causes investors to become suspicious and seek to cash out, which is the end of the scheme as the swindler(s) have nowhere left to hide at this point.
Ponzi Scheme Examples
A Ponzi scheme can be small or massive, with the scheme operating under the name GPB Capital being a notable example. This Ponzi scheme saw a large number of wealthy investors drop revenue into the unbalanced company with the promise of an 8% return on said investments.
A Ponzi scheme doesn’t need to be small and unassuming to be a scam; high-level executives and brokers can execute a scheme with much more believability to the unassuming investor.
Conclusion
This was a brief overview of what a Ponzi scheme is and the many forms that a scheme of this nature can take on. To avoid falling victim to a Ponzi scheme, be sure to avoid suspicious sellers. If an organizer is not licensed or sounds vague and sketchy in their pitch, do some further research before making a commitment.
Be aware of terms like “no risk”; there is always risk involved in investing. If something seems off, always trust your gut instinct.
