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Persolvo Data Systems Adds Over 100 Debt Settlement Companies and $1.2 Billion in Debt to its Database

July 4th, 2009    Subscribe To Our Feed

Persolvo Data Systems Adds Over 100 Debt Settlement Companies and $1.2 Billion in Debt to its Database in the Second Quarter of 2009

Persolvo Data Systems, the leading provider of aggregated account information of consumers enrolled in debt settlement programs, announced today that is has added over 100 debt settlement companies to its online settlement database and has increased the total face value of debt in its system by over $1.2 Billion in the second quarter of 2009. This represents a growth of over 100% from the first quarter of 2009 in the face value of debt available for settlement through the Persolvo system. Additionally, the company reported strong growth in both the number of settlements submitted by creditors and accepted by debt settlement companies during the same period.

Wade Torkelson, President of Persolvo Data Systems, commented, “We continue to see a growing demand from both the debt settlement industry and the credit and collections industry to utilize our web-based settlement tools to complete large volumes of settlement transactions between creditors, debt buyers, collection agencies and legal recovery firms, and debt settlement companies.”

Persolvo Data Systems is the first web-based settlement application of its kind to provide visibility of large numbers of accounts in debt settlement, as well as real-time visibility of the current pre-approved settlement savings balances accrued by the debtor that are immediately available for settlement.

According to The Association of Settlement Companies, the debt settlement industry returned over $1.7 Billion in actual settlements to creditors and collectors in 2008. Teresa Schumann-Dodson, EVP of Persolvo Data Systems, noted, “In difficult economic times when collections and recoveries are significantly down, debtors enrolled in debt settlement programs represent one of the most highly-motivated and highly-liquid segments of accounts in the debt lifecycle. Access to their information can have a dramatic impact on the liquidation rates of these portfolios when effectively leveraged.”

About Persolvo Data Systems

Persolvo Data Systems is the first patent-pending system to aggregate account information on debtors enrolled in voluntary workout programs with leading debt settlement companies and law firms. Persolvo’s web-based settlement application allows creditors and collectors to locate debtors enrolled in debt settlement programs, analyze their account information to uncover highly-liquid settlement opportunities, and settle large numbers of accounts online with hundreds of debt settlement companies using Persolvo’s hosted settlement application. The Persolvo system is the largest database of aggregated debt settlement accounts available today and provides the most accurate and up-to-date information, including settlement savings balances, on debtors enrolled in debt settlement programs. For more information, visit our website at www.PersolvoDataSystems.com.

Persolvo: Latin Verb - to unloose, explain, expound/pay off a debt, pay.

Eliminate Debt With Debt Consolidation Services

July 4th, 2009    Subscribe To Our Feed

Debt consolidation services are effective for getting out of debt when you do not want to file for bankruptcy and ruin your credit scores.  Debt consolidation helps you obtain debt relief by combining all of your debts from multiple creditors into one single account.  There are various methods of debt consolidation available and you should inquire about each one before making your selection of a program to help you eliminate debt.

Debt consolidation helps you get your interest rates lowered and your late charges and penalty fees reduced or eliminated.  This way, the major part of your monthly repayment goes towards reduction of your debt.

Debt consolidation services adopt a two-pronged approach for reduction of your debt.  First, they help you manage your finances in a more efficient way so that you can cut down on overspending and use the extra money to reduce your debt burden.  Second, they help you consolidate your credit accounts at a lower rate of interest than your current loans and credit cards carry. Debt consolidation offers an extended repayment term which will allow you to make a monthly payment that you can afford.

There are many debt consolidation companies ready to assist you with your debt.  You can do a search online for debt consolidation quotes and you will find a list of companies that offer debt consolidation and debt relief services.  You will be able to obtain a free debt consolidation quote and talk to a debt consolidation counselor about the benefits of debt relief and how it will personally help you

When selecting a debt consolidation plan, you should carefully analyze your financial situation and your debt.  Then, consider all of the terms and conditions of the plan being offered by the company that you have chosen to work with.  Review the terms carefully so that you know your new rate of interest and the amount of savings the program will provide.  You also need to try to limit your spending each month and avoid using your credit cards, except in an emergency. 

Debt consolidation services will help you eliminate your debt.   As you repay your existing debts and get rid of threatening and annoying collection calls, you will find relief from the stress produced by credit card debt.

Where To Get A Debt Consolidation IVA

July 2nd, 2009    Subscribe To Our Feed

Individual voluntary arrangements are generally configured to run over the course of a five year term, though sometimes it can be varied at the outset to suit individual requirements. In Scotland, where they are called Protected trust deeds, the span is usually 36 months but may be 4 or 5 years. In both the individual voluntary arrangement and also the trust deed the debtor client is safeguarded from their creditors by the insolvency laws and their debts are completely and utterly discharged at the conclusion of the period (however long that may be set to run).

The debt management plan or IVA will be carefully drafted by an insolvency practitioner who will usually be academically qualified in these matters and be very familiar with a debt consolidation IVA. All of the debt and all the creditors will be considered together. Income and expenditure of the client will be looked at as well and a monthly or weekly expenses list will be drawn up with the consent of the client and also the creditors. This will allow for the important household expenses to be paid first before the creditors are considered. The total capital sum of debt can be diminished in this way by 60 percent or more, and any income left over is set aside to reduce any remaining debt in a very controlled and painless way and on a greatly reduced basis.

An IVA is legally binding and there are things that creditors must not attempt to do when the IVA is in place. This embargo includes not being allowed to contact you either by phone or letter, or to attempt to reach you. If the creditor or his one of his agents (i.e. a debt collecting company) even attempts to contact you during this time then they are deemed to be in breach of the iva. Creditors (such as banks, credit card companies, etc.) have to stop making phone calls and writing letters and should not try to intervene in the life of the debtor client.

Under recent government law, IVAs have brought a kinder way to deal with personal debt. An individual voluntary arrangement is an easy alternative to bankruptcy and has none of the shame or stigma attached. It is the best way to handle personal insolvency. In accordance with the new law, a well constituted IVA will write off up to sixty percent (often more) of personal debt at a stroke. Your keen interest in a debt consolidation IVA should be well rewarded by the transformation in quality of life brought about by its use.

Not everybody can qualify for an individual voluntary arrangement; there are a number of conditions about who may apply and who may not. Usually people applying for one need to have a steady income giving them an amount in excess of regular household bills in order to finance the planned monthly repayments, but this needn’t be a large amount by any means. Those not qualifying for an individual voluntary arrangement will almost always be suitable for a comparable debt relief programme, so it’s certainly worth applying just to see.

To find out if you qualify for an IVA visit the Best Debt Consolidation IVA site and get the best truly impartial and independent advice.Our panel of experts are whole-of-market specialists so you are guaranteed to get the best quote for your own circumstances. Also have a look at our credit card debts written off site.

Get Help Consolidating Your Credit Card Debt

July 2nd, 2009    Subscribe To Our Feed

Credit card counseling debt consolidation is growing in popularity as individuals look for a way out of debt and a way to prepare for their future. Unforeseen expenses can cause debt to become overwhelming very quickly. When this happens many people don’t have any idea where to find credit card debt relief and the delay in getting help can have a drastic effect emotional and financially.

Credit card counseling debt consolidation is one of the best ways of getting debt help from a service. Most of these organizations now offer both debt settlement and credit counseling. This is because not one debt relief solution will work for all cases. Most of these services offer financial education and budgeting assistance in addition to the debt management program.

The big advantage to debt counseling is the one convenient monthly payment that will be disbursed to your lenders through the credit counseling service. Also, this debt relief solution has become accepted by lenders as a responsible method of repaying your debt when you are in debt trouble. The credit card company will be repaid in full. It is the interest rate that is reduced and in the end can save you thousands of dollars and several years of debt repayment.

Your collections calls will stop once you are enrolled in credit counseling and you accounts can be bright current with consistant payments. However, you must understand that a minimum payment is still required and it is normally about 2%. A debt management program normally takes 3-5 years to complete and may take up to 7 years if your debt is substantial.

Credit card counseling debt consolidation may or may not be for you. Evaluating your options and making a selction is what is important here. There are can be drastic consequences for delaying getting out of debt.

Free Credit Card Debt Consolidation

June 30th, 2009    Subscribe To Our Feed

We are thinking about money differently than we used to. Free Credit card debt consolidation and dealing strictly in cash are two of the new the most common changes that people are making. If you are looking for a completely free method of repaying your debt, you are going to have to do it on your own.

A debt consolidation loan will require you to pay closing costs, but you may be able to have them added to your loan. Many people go further in debt when they used debt to payoff debt. You must use your home as collateral for most debt consolidation loans. You must understand that defauling on the loan could cause foreclosure proceedings on your home. If you look at the recent economy, taking out a home equity loan a few years ago may have put you upside down in your home loan. This is not a good place to find yourself.

A debt settlement company will charge you based on the amount of money they are able to save you on your credit card balance. The fee usually ranges from 15%-25%. So, if they save you $2,000, you will be paying from $300-$500 for this service with a net savings of $1,500-$1,700. But, here comes the downside. You will have to pay taxes on that same amount and this transaction will not be reported favorably on your credit.

Credit counseling service is another option you have and for most people that want help managing their debt this alternative is best. You wiil see an interest rate reduction that will be under 10%. Any interest rate reduction will save you time and money. Get onto any credit debt calculator and you will be amazed at what an interest rate reduction can save you. The price range for this service is $30-$50 monthly. One of the big advantages is making only monthly payment to make all of your credit card payments.

Although these are not free credit card debt consolidation options, they are going to cost you less than what you are paying now. Some debt relief methods are better than others and not all will work for all situations. It will depend on your personal debt situation which debt relief solution will work best for you.

Tips for Avoiding Debt Reduction Scams

June 29th, 2009    Subscribe To Our Feed

I have read a lot about the federal debt reduction initiative and I must admit none of it has been good. From everything I am seeing, they are trying to separate you from your money. This tends to be more of a problem when people are looking for help. A scammer is in the business of telling you what you want to hear and then taking your money and running.

There is no such thing as a federal debt reduction initiative. You can use a nonprofit credit counseling company or a debt settlement company, but there is no direct government agency that is going to help you get out of debt. But if an organization is trying to appear trust worthy, it always sounds good if they sound like they are affiliated with the federal government.

If you have debt, you are going to have to decide how you want to manage it. But if you are going to seek help, make sure you know who you are doing business with. Find out what the BBB has to say and also see what the forums are saying. Just because someone has a complaint against them does not mean that they are dishonest. What these companies are not liked by everyone and the business they are in is unpleasant. This be cause for someone to issue a complaint. Any reputable company will do their best to resolve the complaint in a professional manner.

A good alterntive is a nonprofit service company. Rarely would a scammer go the nonprofit route. Keep in mind that just because they are nonprofit, that does not necessarily mean they are free. They do need money to cover their expenses. Credit counseling companies usually charge a setup fee of about $50 and a charge of $30-$50 every month. If they are trying to hold back your first month’s payments, look elsewhere. If you offer the federal debt reduction initiative, check it out carefully.

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