Debt and Unemployment

OK, you have just lost your job, and have living expenses, and a mountain of debt to support... what now?

We face debtors in this situation all the time.  No One (or at least almost no one) plans on loosing their job, panic sets in, what to do next?

The good news is, unemployment is finally down, and benefits for unemployment have been extended, this could have been worse.

This is one reason that you want to have as much of a cushion as possible.  If you find yourself unemployed, your choices become limited when you carry massive debt.  Some employers will look at your credit history, and not hire you with bad credit.  Other times you might jump to take a job just because of the crushing weight of your obligations, even though it isn't a good job for you.  Debt takes away options.

However, you now find yourself unemployed, what next?

For the only time ever, you will hear us say... only make minimum payments on everything.   While you are unemployed, contact everyone you owe, and try to negotiate as small a payment as possible with everyone.   Your financial footprint needs to be minimized so that you don't have to "jump" on the next job, even if its not a good one.

Every elective expense, should be cancelled.  Don't stop paying on debt, as your credit rating can impact your employability - but minimize all payments.  If you don't need it, don't buy it.   Adjust your lifestyle.  The number one thing you need to do, other than find work, is to minimize all  of your expenses so that you have time to find new employment.

Good Luck to you.  If we are one of the collection agencies calling on you, please immediately let us know about your change in employment status.  Let us find ways to make this work for you, and keep you from dropping further into delinquency during your period of unemployment.


Till Next Time.

Collectivity LLC

Tampa Debt Collection Agency

8875 Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com

www.collectivityllc.com

Gaining Control Of Money

"You Must Gain Control Over Your Money, or the Lack Of It Will Control You Forever"

Dave Rasmsay is  a great self-help and motivational speaker.  This picture is not Dave!

Till Next Time

Collectivity LLC

Tampa Debt Collection Agency

8875 Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com

www.collectivityllc.comwww.collectivityllc.com

College Debt and Bankruptcy

I'm an honest hard working College Grad, that simply hasn't been able to find a decent paying job.   My college debt is weighing me down, and I can't afford to pay.  Is Bankruptcy an option for relief?

Sure, you can file for bankruptcy, but odds are, your student loans won't be forgiven, you will still owe them.

Student loans that have been guaranteed by the US Government have no statute of limitations.  That means that they are with you FOR LIFE.  It is possible to have a court grant you a  release, or partial release, of your obligation, but it is tricky.  Very Tricky.

In order to get court ordered relief from student loans you will need to be able to prove to a judge not only that you can't support the debt with your current income, but that you will not be able to support the debt from income for the foreseeable future.  You are literally "crysal balling" your future economic prospects for the court, and you need to be convincing about it.

One unique option, if you are fresh out of school, and not deeply entrenched in the workforce... Is volunteer work with Americorps or the Peace Corps.   Both Americorps  (volunteering inside the US) and the Peace Corps (volunteering outside of the US)  will awarded up to $4,725 towards your past due student loans for a year of service.  The experience you gain working for these agencies, just might position you for better job opportunities as well.  It's not something that works for everyone, but student loan forgiveness is hard to get, and this is a unique way to try to get some relief, work experience, and do good for society in general.

Till Next Time

Collectivity LLC

Tampa Debt Collection Agency

www.collectivityllc.com

8875 Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com

www.collectivityllc.comw

When Assets are Fraudulently Hidden from a Creditor in Florida

Hidden Assets?

When you are owed money, and the debtor is hiding assets from you fraudulently, there are a few options available to you under Florida Debt Collections Law.

As a resident of Florida, it is imperative to understand that although the state favors the rights of debtors, creditors also have rights that should be taken into consideration.

Although debtors may receive the most favored treatment, the state of Florida does have two different statutes that assist creditors in the event of being a victim of fraud committed by a debtor.  This situation could occur if a debtor discloses testimony and particular documents stating that they are insolvent or uncollectible but in reality, their money is stored elsewhere.  Debtors will attempt to transfer all of their assets to third parties or hide them from creditors who are looking to acquire the money that is owed to them.

According to The Florida Proceedings Supplementary Statute (Florida Statute 59.26), creditors are able to add any person or entity as a defendant who have received any conveyance related to defrauding creditors or delaying the collection of a payment.  In the event that the court finds that said assets were transferred improperly, they have the ability to order the assets to be returned to the debtor’s estate for a levy with the Sheriff.  With that being said, the court can also hold the debtor responsible for any funds that have been improperly transferred to the correct party.  This can be quite beneficial for creditors as the statute itself is quite vague and provides courts with the opportunity to determine how it benefits the creditor more than the debtor, meanwhile ensuring that the debtor is awarded due process.

The second statute is the Florida Uniform Fraudulent Transfer Act (Florida Statute 726), which helps creditors to recover any assets that have been fraudulently transferred to a third party by a debtor.  This particular statute provides creditors with the opportunity to void any transfers pertaining to the debtor that appear to be fraudulent.  It also provides creditors with the opportunity to halt or reverse a fraudulent transfer.

Whether the statutes are used separately or together, there are many remedies available to creditors who are working with fraudulent debtors.  With over 35 years of experience, Collectivity LLC has worked with a variety of clients to ensure that they receive the money that they are owed easily and efficiently.

Until Next Time...

Collectivity LLC

Tampa Debt Collection Agency

8875 Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com

www.collectivityllc.comwww.collectivityllc.com

The Perks of Debt Control

We know as well as everyone else does, you hate hearing from us.  We are debt collectors in Florida; nobody likes to hear us call.

For just a moment though, lets think about this differently.  Imagine.. a life where you did not worry about debt collection agencies.  Imagine a life where your income went to investment and lifestyle, not the black hole of interest rates and penalties.

Dealing with us, and getting that debt knocked down, can be the first step towards a fantastic life.

Here’s what is means to you.

Debt Keeps you from your dreams.

The best jobs, pull your credit report in the hiring process,  do you think the best jobs go to the debt laden, or those that have a track record of success?  Is your debt burden making it too scary to jump ship where you are to venture onto your own, or into a better job?   Looking at that monthly debt bill can leave you in shackles to your current employment situation.

Debt Stresses You Out.

Seriously, do you like checking caller ID, and worrying about what your kids think when you don’t answer the phone for fear that it is a debt collection agency?  Imagine, no credit card bills, what would that freedom look like.  Imagine, your mortgage current, imagine, not worrying about a tow truck in the middle of the night and losing your car to the repo man.  Debt worries are probably one of the largest sources of stress outside of health in today’s lifestyle.  

Debt Kills Choice

Imagine, every penny you earn, is yours.  When you are upside down in debt, you can’t choose to go to a fancy restaurant every once in a while.  You can’t chose the leather interior upgrade.  You can’t choose to venture into your own business.   Every dollar you earn is spoken for, and no longer yours.   Deal with debt, and quickly, you will find that you start having choices.

Debt Wastes Time

How much time goes into juggling which card gets paid?  How much of your second job goes towards paying debt?  Little things, you can only afford $10 in gas, so how many times do you stop to pump gas.   Your debt compromises your grocery shopping bill, so you shop smaller but more often.  There are thousands of tiny “time leaks” that managing too much debt consumes out of your life.  Make the hard decisions to deal with debt once and for all, and experience the freedom of time.

Debt Can Wreck Your Credit.

Credit scores like to see that you can manage your debt, but  debt gets you in trouble.. you just can’t win for loosing sometimes!   Paying down debt so that you have only used 30% or less of your available credit will show that you are responsible in using debt.  Your interest rates on new debt may go down, maybe you could own  a better house, with  a more favorable money.. perhaps even for less than you throw away now on renting.  Managing your debt aggressively tends to impact your credit score, with tends to impact what you pay for debt, which tends to limit your choices. 

Commit to a better life.  When the call comes, and the caller ID says Collectivity, and you know it’s a debt collector, make a stand.  Answer the call. Begin now rebuilding and regaining control of your financial destiny by taking care of debt.  Let us help work with you to resolve your debt issues.  We can’t help, if you hide, and you don’t help yourself unless you act.

Till Next Time.

Collectivity LLC

Tampa Debt Collection Agency

8875 Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com

www.collectivityllc.comwww.collectivityllc.com

FDCPA changes for Attorneys

US Senator Pat Toomey has introduced a biill that excamps FDCPA collection attorneys under certain circumstances.

That bill offers a highly technical fix to the FDCPA that would exclude from the definition of “debt collector” any law firm or licensed attorney:

1. serving, filing, or conveying formal legal pleadings, discovery requests, or other documents pursuant to the applicable rules of civil procedure; or
2. communicating in, or at the direction of, a court of law or in depositions or settlement conferences, in connection with a pending legal action to collect a debt on behalf of a client.

Introduced in late July 2013, HR 2892 got some press recently as more Representatives signed on as co-sponsors.

The House bill has been heavily supported by NARCA. The group has noted that the bill offers a very technical fix to the FDCPA and would apply only when collection attorneys are “engaged in litigation practice within the purview of a court.” All other communications from collection attorneys must still comply with the FDCPA, according to the group.

The Full article can be found here.

http://www.insidearm.com/daily/debt-collection-news/debt-collection/fdcpa-fix-for-attorneys-gets-companion-bill-in-u-s-senate/

What To Do with your IRS Refune

Too often we as American's think of our IRS refund as a "windfall" something we get that we didn't earn.

The truth is, this is YOUR money that you overpaid, and the government has gotten use of it for a full year without interest.

Now, you will never find us being anti-government, this is an amazing country that we all have the privilege to live in.  I'm not keen on paying more than my fair share in taxes though.

When you get back what you have overpaid, there's  a golden rule.. its your money.. invest in yourself first.


Here's some suggestions.

• Pay Down Debt.
• Add to your Savings
• Add to your retirement accounts
• Invest in yourself
• Improve your home.
• If you are going to have a big year next year, apply last year's refund to next year and avoid penalty.

LAST THING

• Splurge, get something you have always wanted.

Till Next Time,

Collectivity LLC

Tampa Debt Collection Agency

8875 Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com

www.collectivityllc.com

Using a Debt Recovery Service for Small to Medium Sized Businesses.

The Benefits of Debt Recovery Companies for Businesses

If you are the owner of a company, you are undoubtedly aware of the importance of having an ample amount of payment options available to other businesses that you are dealing with.  Without an appropriate method of recordkeeping, unsettled debt turns from a myth into a reality.  Considering that you will be required to collect any outstanding debt, it can be advantageous to use debt recovery companies to help your business gather outstanding payments.  Below are benefits associated with using debt recovery companies for businesses.

1. Hiring a Professional Debt Recovery Service

Rather than having to attempt to collect any outstanding debts yourself, a debt recovery company will complete the process for you.  They have worked with thousands of previous customers who have been in the same situation as you, therefore they are incredibly well-versed in ensuring that companies pay other companies back in a convenient amount of time.  Also, these professional companies have extremely efficient methods of debt collection to make the process incredibly simple for both you and the businesses that owe you funds.

2. Less Expensive Method of Debt Collection

In comparison to spending money for employees to open your own collections department, you can easily contract a company to assist you once a year.  This can help you to save an ample amount of money as you won’t have to spend money on yearly salaries for employees who will be doing the same amount of work as a contract company.  Plus you won’t have to worry about vacation time, benefits, or other expenses associated with owning a team of debt collectors.

3. Minimize Stress

One of the most widely known detriments associated with collecting debt is the stress that is involved with the process.  A professional debt collection company will ensure that your money is collected in a time sensitive manner and without you having to stress over the entire situation.  Rather than you having to make dozens of calls to ensure that a company pays you back, the debt collection company that you hire will do that for you.

4. Lawful Pressure

Debt collection is an incredibly sensitive process and in some situations, you may be forced to put pressure on the debtor within legal means.  The majority of business owners are not aware of the laws associated with collecting debt, therefore you will want to use a professional company to assist you.  They understand the ins and outs of the law and debt collection so that you don’t have to worry.

Collectivity, LLC is a Florida based Debt Collections agency, located in Tampa Florida

Till Next Time,

Collectivity LLC

Tampa Debt Collection Agency

8875 Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com

www.collectivityllc.com

Debt Consolidation

Florida's "GO TO" Debt Collection Agency offers guidelines on Debt Consolidation Loans.

Bankruptcy

Wouldn't you rather just work with your Debt Collection Agency?

This moment of off brand humor brought to you by Collectivity, LLC.

Till Next Time

Collectivity LLC

Tampa Debt Collection Agency

8875 Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com

www.collectivityllc.com

5 Ways to get Debt Free For Retirement

Those Golden Years, you are getting ready for them.  

Right now you are in your peak earning years, and your least expense years as the kids have left you an empty nester, and you only have expenses for you and your spouse.

No more teenage binge eating to finance!

Now is the time to get your financial house in order to prepare for the frightening day when you no longer draw a paycheck.

As debt collectors in Tampa Florida, we all too often have to work with retirees swimming in a sea of debt when they should instead be enjoying a well deserved long term break on the beach.  We've noticed a few key mistakes that people tend to make as they enter the empty nester phase of life, but before they retire, that leads to having to deal with our business.

We therefore present, the 5 ways to get Debt Free for Retirement.

1.  Cosigning for an adult child.

The temptation is great, and we all want to help our kids get established.  The truth is though, that young adult children are the least likely to pay their debts.  They simply aren't yet in the habbit of payment discipline.  This is their time to learn to manage THEIR OWN debt.  Maybe a less expensive car that their credit can support is better for THEM in the long run, than extending your credit to a fancier car.

2. Borrowing for yourself.

You feel you've earned it.  You got the kids standing on your own, you've sacrificed away a professional lifetime, and AMX will fund that trip to Europe you have always dreamed of.  Don't Do It!  you have spent a lifetime getting here.  Going on a debt spree now that your expenses are lower is like stopping 2 blocks short of the end of a marathon.  In the long run, those debts will have to be paid out of fixed income investments, or worse, Social Security.  Don't give up the discipline.

3.  Student Debt.  

This falls in the sam bucket as Cosiging for an adult child.  Your adult child's student loan debt will stay with them for 20 years, maybe more.   Who knows with any certainty what their economic future will look like.   If you must help, then offer to help with the payments, don't sign up for the debt.  Help your kids to stand on their own, and take responsibility for themselves, its a good life lesson, and will protect your nestegg.

4.  Fiddle with Real Estate Debt.

In the past, all of your interest on your mortgage was used in your Schedule A tax filings, and had the effect of the Tax Man rebating to you a good chunk of your mortgage deduction as a whopping tax deduction.   It is easy to refinance your realestate mortgage, forgetting that in the future, you will not have the dependents, and your income will be lower, and the new economic paradigm may not be as amenable to deductions for realestate debt as they used to be.  Check with a tax advisors before jumping into more real estate debt.

5.  Credit Card and Car Loans and Unsecured Consumer Debt.

Credit card balances for retirees have trippled from 1989 to today.  The average person aged 65 to 74 carries over $6,000 in credit card debt.  Now is not the time to rely on expensive debt, now is the time to find ways to scale back and live within your means.  It won't be long, and your income will be limited to retirement investment.  Debt does not care, and interest rates tend to rise.

It is our sincerest hope that we don't have to come calling on you in those glorious years of retirement.  Take intelligent steps now to secure a prosperous, happy, and debt free retirement.

Till Next time.

Collectivity LLC

Tampa Debt Collection Agency

8875 Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com

www.collectivityllc.com