All About Financial Matters

Where to Find Credit Repair Tips, Letters and Other Information

Advice about credit repair, free letter samples and advice from experts can be found in many places. The public library may not be a very exciting place to visit, but when you are looking for free information, it is a good place to start. Some of the books may be outdated, at least as far as the newest laws are concerned, but credit repair tips, letters to write and other credit repair advice has not changed much in the last ten years.

It seems that more and more people are interested in improving their credit scores. This may mean that consumers are getting smarter or that more credit repair companies are advertising. Credit repair tips, letters to creditors, letters to the credit bureaus and other information about credit repair is being sold in kits and books everywhere. Finding free advice about credit repair, free letter samples and free credit repair tips may be a little harder than signing on to the internet, but it is possible.

The recent FACT act makes it easier for consumers to access free copies of their credit reports. The Federal Trade Commission (FTC) publishes free credit repair tips, letters to use as examples when contacting the credit bureaus and other information. The FTC investigated one nationwide credit repair company in 2003, finding that hundreds of thousands of people had paid millions of dollars to try to improve their credit scores. It is easy to understand why people are interested in improving their credit scores. The people with the highest scores get the best interest rates. The people with the lowest scores are the targets of the most scams. Payday loans and other high interest, short term loans attract those people who cannot qualify for other less expensive methods of borrowing.

A credit repair free letter example usually goes something like this:

Dear Sir,

Please remove the following inaccurate information from my credit file:
(List inaccurate information here)
I have the following evidence to support my claim:
(List evidence here)
Please investigate and correct this matter as soon as possible. Thank you in advance for your assistance.

Sincerely,

Signature

Most credit repair tips, letters and suggestions for their use are very simple. The tone of the letters should be unemotional. It is recommended to include a copy of your credit report and copies (not originals) of any receipts or other evidence that you have to support your claim. Other than contacting the credit bureaus to remove inaccurate, outdated, misleading or unverifiable information from your credit report, you can also write to your creditors.

For this reason, credit repair free letter writing advice may include a sample letter to send to creditors. The information contained in this letter varies depending on an individual’s specific circumstances. creditfixnow.blogspot.com Credit repair tips, letter writing suggestions and other information can be helpful, but nothing can really be substituted for professional advice related to your own particular circumstances.

For more tips about creditfixnow.blogspot.com credit repair, free letter examples and other information visit creditfixnow.blogspot.com creditfixnow.blogspot.com

Bankruptcy is on the Rise- Is There an Alternative?

Experts are warning that the number of bankruptcies will continue to rise in the UK. This prediction follows the announcement of figures for the fourth quarter of 2005 which were at an all time high.

According to official statistics 13,501 bankruptcies were filed in the fourth quarter of 2005. This figure represents an increase of 11% up on the previous quarter and even more strikingly it was 38% higher than the same period in 2004.

However, these figures only partly show the rue state of affairs. Britain is facing a personal debt crisis and for every person who is declared bankrupt, plenty more are suffering from serious debt which blighting the quality of their lives.

The widespread nature of personal debt is largely a result of how easy it is to obtain credit. Consumers are encouraged to borrow more than they can afford so that they can spend today and worry about how to pay for it tomorrow. In other words, consumers want instant gratification and would rather get into debt and have the products they want than do without or save money.

The other reason that bankruptcies are on the increase is the changing attitude towards it. Ever since the Enterprise Act of 2002 reduced the period in which people could be discharged from bankruptcy, it has been seen as an easy way to get out of debt.

This perception is very far away from the truth however. There are numerous disqualifications, restrictions and stigmas associated with bankruptcy. And these disadvantages have long term and far reaching consequences.

Consumers who are considering bankruptcy as a way of sorting out their debt problems would be well advised to consider the alternatives. In 1986, the government introduced IVAs as an alternative to bankruptcy which would benefit both debtors and creditors.

An IVA is a good alternative to bankruptcy because there are no fees or legal proceedings involved with it, unlike with bankruptcy. Moreover, an IVA offers a greater repayment of the debt than would otherwise be achieved if the debtor were made bankrupt. For these reasons an IVA is a good alternative to bankruptcy from a creditors’ perspective.

From the debtor’s perspective, an IVA is a good alternative to bankruptcy because it does not have any stigmas of disqualifications associated with it. Additionally:

• Monthly re-payments are based on what the debtor can actually afford to pay

• In most cases, a debtor can keep his/her car with an IVA

• With an IVA as much as 80% of the debt is written off completely

• An IVA enables debtors to clear their debts within five years

Bankruptcy is on the increase because of the growing amount of consumer debt and the mistaken belief that it is an easy option. Although the UK’s debt problem is not going to vanish any time soon, debtors would be well advised to consider alternatives to bankruptcy of which an IVA is possibly one of the best ones.

Clear Start, the National Consumer Debt Advice Service offers free IVA advice: clearstart.org/bankruptcy-uk.php Alternative to Bankruptcy