Budgeting services welcome fine over misleading ad Stuff.co.nz
Finance company GE Money has admitted misleading consumers with an advertisement that claimed its consolidated loan product would leave them ''better off each month''.
As punishment for the Fair Trading Act breaches, GE will pay a $60,000 donation to support budgeting services after reaching a settlement with the Commerce Commission.
The company, which is the financial services off-shoot of United States technology and media conglomerate General Electric, has a New Zealand loan book worth about $1.4 billion and more than 530,000 customers here.
Last year GE Money's parent, GE Finance and Insurance, more than doubled its net profit after tax to $64.5 million for the 2009 financial year on revenues of $287m and a loan book of $1.3 billion.
It offers personal finance and car loans, as well as insurance and the GEM Visa credit card that specialises in backing interest-free retail offers from more than 2500 stores nationwide.
But it was GE's debt consolidation product that was the subject of complaints to the Commerce Commission.
Debt Consolidation Loan -Warning
www.realcase.com A debt consolidation loan is a helpful tool, to many people. Using it correctly is a must though. Because it is a loan, you' ...
Is it better to us a Consoladation company or to use a home equity loan to pay off debt?
I am in a little over $45,000 credit card debt. I am trying to figure out if it would be better for me to use a consolidation company or to get a home equity loan.
A home equity loan is the way to go. Get low interest, make sure it is FIXED interests then borrow against your home and pray you can pay the $45,000 wackeroo off .
Home equity rates are much lower than some consolidation loans and it can be used for tax deductions most of the time. Get one & pay off your credit card debt then you will only have one payment at a much more affordable rate.
You have the option to lock in the rate to a fixed rate.
I would advise talking to the CCC.
In either case, read everything carefully before you sign it.
Grandpa
1. Equity in your Home
2. Rate on Equity
3. If the Loan is Tax Deductible -
4. If you can afford the payment
If you have More than 10% Equity in your Home, Good Credit and you used the 45K on Home Improvement and you can afford the payment consolidate with a Home Equity Loan.
The IRS requires you to use debt for home improvement for it to be tax deductible.
I need a consoladation loan for $50,000.00?
I am in need of help, I am about $50,000.00 debt with not good credit, and do not own a home I make $60,000.00 a year, how do I get a consoladition loan
All that does is change who you owe money to, but it doesn't reduce how much you owe. (and probably increases it if they charge origination fees.)
You need a debt payoff plan, and you can find one if you go to Barnes & Noble and read "The Total Money Makeover".
First, stop using credit and cut back on any other expenses you can. Next, bite the bullet and bring your loans current.
Once you have put some time between you and your credit problems, it might be more feasible to refinance your debts to improve the terms.
Consumer credit counseling may be one thing to consider, but don't let their non-profit status fool you. They intend to make money off your misfortune and most lenders look at CCC the same as they would a bankruptcy so I would only do this as a last resort; short of bankruptcy.
Lastly, bankruptcy may be an option for you if you cannot redeem your situation through any other means. You may want to consult an attorney to get some advice.
Good luck.
You need to make yourself a very strict budget. Eliminate all the extras -- cell phone, eating out, new clothes, etc. Put every penny you can squeeze out of that budget on the highest interest rate credit card, while making minimum payments on the rest. When the highest rate card is paid off, move to the next till everything is paid off.
If you need help, contact Consumer Credit Counseling Services: http://www.nfcc.org/. They are legit non-profit and can look at your finances and advise you how to proceed. They have debt management programs available if you qualify.
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://click.linksynergy.decenturl.com/credit-solutions-credit-consolidatio
Best way to get out of debt?
I have heard that places like incharge debt solution isnt the best way to get out of debt because it actually hurts your credit saying that you cant handle your own debt and when you go to an outside company to do it for you it makes it worse... Or is that even true? What about debt consoladation? when you get a loan that pays off all your debt and you pay them.. i have about 5000 in debt with interest i cant afford to do it the way i am doing it any hel[ful sugesstions?
Budget. You will have to make a lifestyle change or all the gimmicks and programs won't work. If your lifestyle doesn't decrease to meet you income you will just accumulate debt again. Make a budget and tell every dollar you make where to go. You can cut back here and there (eating out, junk, etc) and find the money to start paying the debt down. there is no easy solution to getting it done right. You can look around and ebay soem things or have a garage sale for a quick cash injection.
Check out www.daveramsey.com The total money makeover works and even though it is tough it is worth it.
You've made the right decision to want out of debt. To stay out you have to decide to never go back and that will require a change in strategy with your money. Best of luck.
debt consoladation loan - News
Bush spells out the auto restructuring plan - Washington Times
Washington TimesBush spells out the auto restructuring plan Mr. Bush said the loan would give the auto industry a "brief window" in which to restructure and become viable. "The time to make hard decisions is now,"
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