By Chase Louden June 18, 2010
William and the team at Horizon Debt Group have such a strong knowledge of the industry, I was amazed! I had over $18,000 in Visa and Mastercard debts from my college days still paying 19% interest! In just a short time I was able to reduce my payments, decrease my interest rates and pay a few cards off very rapidly. I am now on the fast track to becoming Debt Free! I am sure they are happy to have me as a client, I am happy to have them as my financial counselor and guess who the happiest person is... My wife! Long gone is the stress and sleepless nights wondering where we were going to come up with our $480 credit card monthly payments. We now pay half and our creditors are pleased to have the accounts PAID! Thanks so much, guys! Chase Louden - Financially independent consumer! ...read more
Jeff Wilson (name changed to protect privacy) was always a hard worker, whether working for his telecommunications company during his 30 year career, or serving his country as a medic in the Korean War. Throughout his life, he witnessed many economic, political, and social events that changed the world around him. Throughout all of this, Jeff managed to move forward and climb his way up the corporate ladder, where he started working on basic parts as a young man after the war. Through hard work, loyalty, and developing a reputation for getting the job done, Jeff eventually became one of the highest paid technicians at his company, taking home well over $100,000 a year. He raised a family and saw two kids off to college and into blossoming careers of their own. Jeff is by all accounts a successful, hard working American. He had good investments, paid off his credit cards on time, and made regular monthly payments on his mortgage.He began investing his significant savings into different assets, including rare coins and memorabilia. Jeff developed a close relationship with a few antique coin dealers; they seemed to have great advice and they were friendly, positive guys. Before he knew it, he had invested nearly all of his savings into rare coins. He knew that it was a good investment though; the coin dealers had promised large returns and they seemed to know what they were talking about. By the middle of 2007, Jeff noticed some of his assets beginning to depreciate a little. It wasn’t much cause for concern, but it did cause him to second guess his investment, and the advise from the “experts” he trusted. Then, the bottom fell out of the economy, and like so many Americans, Jeff watched the value of his assets and his home plummet. Luckily, he was caught up on mortgage payments and only had 5 more years of payments until the house was fully paid off. However, the loss of assets came as a shock, and he was down to nearly a third of what he originally invested. Even worse, he had bought nearly $100,000 of the coins on credit that he had been making payments on. One of the coin dealers convinced him that it was okay, and he had broken his habit of paying off credit cards every month. While this was a rising tide of bad economic news, Jeff was still employed, and still in his house. Then, during a routine doctor visit, he received the news that no one wants to hear. Cancer. Fortunately, it was detected early enough, and through several rounds of chemotherapy and months of prescriptions, the doctors told him that it was in full remission. Jeff had beaten one of the most feared medical problems known to man. In the meantime, the credit card bills had piled up, the medical bills came pouring in, and it seemed that there was a new penalty fee or raised interest rate every day. Jeff was now renting, as he had to sell the house he lived in for 28 years to pay medical bills. He didn’t dare cash in any of his coins, and hoped they would once again be able to build value. But every day he checked, the rates stayed low and it began to look more and more like he was going to have to adjust the new reality of working his way out of debt. He was making all of his payments on time, but it seemed like it would take a long time to get over his debt. He had been receiving calls from someone who claime to work for a company that could reduce his debt amounts. The only problem was, he wasn’t a certified professional and had been pestering Jeff to pay hundreds upfront and enroll his debt in the new program, which he said would be much faster. Without really giving it much thought, he enrolled his debt in the new debt service from Five Mountain Financial and began paying them upfront fees before anything was done with his debt. Busy working overtime at TeleSun; he was still bothered by thoughts of his debt during the day at work. This seemed like a very hands – off approach, and he had not been able to get in touch with anyone at the debt company. He made his regular payments for several months; but one day, while he was eating dinner after work, Jeff got a phone call from Discover Bank. They were extremely demanding and Jeff began to get a little worried. They said they had not heard from his new debt agency at all and that he was going to be sued in court over the debt! Jeff took down the collector’s information and then tried again to call Five Mountain Financial. He heard the familiar voicemail as he felt his temper start to flare. How could they take these payments each month and then not even pick up his calls? Even worse, Discover Bank was talking about lawsuits! Still upset, Jeff walked into his computer room and sat down. The old way of dealing with things wasn’t working. He decided to be proactive, and found a company with a good BBB rating which was made up of Certified Debt Specialists. The C.D.S. that Jeff talked to was very understanding and immediately helped Jeff understand that companies are no longer allowed to charge upfront fees. The C.D.S. also helped Jeff compose some letters based on consumer protections in the Fair Debt Collection Practices Act which stopped a good amount of the phone calls that had been pouring in from collection agencies. Jeff decided to cancel with Five Mountain Financial, and stopped paying them hundreds of dollars per month. The specialist who was assigned to him immediately started tackling the biggest problem, Discover Bank. Within a day, the certified specialist helped Jeff reach an agreement that he could pay with Discover. He also referred Jeff to an attorney in his state who dealt with credit card lawsuits, if he ever happened to get one. Jeff learned that was an occasional occurrence when debt is negotiated, so it was good to be prepared for the other accounts. Then, the specialist got to work Over the next several months, Jeff received a negotiated agreement to pay 30% of the amount owed on one card, 45% on another, and 42% on another card. He started to believe for the first time since this all started, that he would be able to avoid the lengthy bankruptcy process after all. He only made payments when each agreement was negotiated and paid; and he liked that the amount he paid was based on the amount that was saved. So that’s what Performance Based Debt Negotiation means, he thought. Things were going so well that Jeff decided to make a big decision to speed up the negotiation process: he cashed in on a portion of his antique coins and memorabilia and put it in his settlement fund. The settlements progressed rapidly, and by the end of the year, 9 months after he started working with a Certified Debt Specialist, he was completely out of debt. $176,000 was the total amount of debt he had started with, an amount that seemed to leave no option but bankruptcy or lawsuits. By making personal financial sacrifices and coordinating often with his C.D.S., Jeff was able to stick to the program and save a large percentage of what he owed, enabling him to overcome financial hardships he had been struggling with for several years. Jeff’s story illustrates just how complex our relationship with money can be, and the many factors that can overlap in contributing to debt. With a careful strategy and the help of certified professionals, it is possible to deal with large amounts of debt or relatively small amounts. The impact of debt can vary from person to person, including the emotional impact and the way it affects one’s personal budget and use of income. This story is based on a real life client of one of the Certified Debt Specialists at Horizon Debt Group. ...read more
By Horizon Debt Group, LLC May 20, 2012
Student loans have become a part of the national conversation lately. On the news, there is a significant amount of coverage about the government decision to let current student loan rates double over the summer; and the tough job market has made the burden harder to carry for graduates. Student loans are a fact of life for many people, and are necessary to cover the extremely high cost of education at some colleges and universities. It’s difficult, but possible, to work full time through school as more colleges and universities offer online and distance learning programs. However, those programs still require a huge time investment by the student which leaves less time to work. Student loans can be an important supplemental source of school funding for those who are working their way through college as well, and smaller loan amounts do not equate to less problems if those loans go unpaid. With the United States slowly climbing out of the greatest economic downturn since the Great Depression, people are adapting to a new reality of saving and austerity. For many the combined debt load of a mortgage, student loans, and/or credit cards; along with a lack of income, medical hardship, or difficulty getting into the desired field can leave students with monthly student loan bills that continue to increase. Unlike other types of debt, government backed student loans are not able to be discharged through bankruptcy. Private loans can be, but bankruptcy should always be an absolute last resort. Federal and private loans often require different approaches and resolution strategies, and it can take a long time to get out of student loan debt. Even President Obama did not pay off his student loans until his book became a bestseller. While student loans offer a great benefit during school, they can become very difficult to repay. The combination of rising cost of living and the difficult job market for entry level jobs out of college has contributed to the rising amount of student loan debt. Unlike the mortgage and banking crisis however, student loans are not a bad asset. It is true that people are having a hard time repaying them. But the majority of people who owe student loans will end up getting paying jobs at some point in time which will allow them to pay down their loans. Because unlike “default credit swaps” or “subprime mortgages”, these are not complex derivatives or trading options; they are simply the aggregate amount of money college students in the US have borrowed to pay for their education. These are investments in people that are just beginning their careers for the most part; or getting degrees to further careers they already have. This does not diminish the crushing weight that student loans can carry, and the stress they can cause. The cost of education has skyrocketed at the same time that people are being encouraged to continue on to higher education even after a bachelor’s degree. Choosing a college major can be a difficult choice, and it’s common for students to switch majors, or even schools, several times on the way to obtaining their degrees. Unfortunately, there is no “do-over” on the loans that were taken out for the previous major, and because not all credits transfer across majors or to different schools and departments, changing majors or moving schools can be a big contributor to a large student loan burden. Monthly student loan payments can be very difficult to manage, especially right after graduation or when a deferment ends when the job hunt may still be going on. In a CBS News article, it was mentioned that on average, someone with $60,000 of student loans would have a standard payment of $690 per month for a 10 year term, with interest included. That is a large chunk of a recent graduates monthly budget, and with living expenses, rent, and insurance, not to mention a car or house payment; the total can easily be much more than a starting salary or hourly entry level position. If someone is unemployed or job hunting, it can become impossible to pay that much. The good news is that recent measures have been taken by Congress and President Obama that make it easier for struggling post-grads to find help. The bad news is that they will not automatically move someone on to a better program, so action is required by the person who owes the loans to initiate the process. The best way to do this is by contacting a reputable company or nonprofit with certified staff. There are many programs and options available, and some can overlap to provide even more benefits. Payment plans combined with federal student loan consolidation plans help to keep student loans manageable and organized with one interest rate and one monthly payment. Other programs such as Income Based repayment programs offer much lower monthly payment amounts than the standard plan for most people. According to a CBS News article, the standard monthly payment for someone with $60,000 of debt would drop by $451 per month, reducing the payment amount to just $239 per month. This figure is also calculated for someone with $40,000 income per year; so an individual with less income would have an even smaller payment. The CBS News article goes on to state that there are nearly one million people who are now on the standard repayment plan,who qualify for a lower monthly payment and a new payment plan. One of the most promising programs was enacted by Congress several years ago and is aimed at recruiting more promising graduates to public service fields such as Law Enforcement, Public Education, Public Health Professionals including nurses and health care support occupations, 501(c)(3) Non-Profit organizations, Goverment professionals (local, state, and federal), Military, Public Safety, and Firefighters, among many others. This incredible program offers Student Loan Forgiveness after 120 consecutive payments, and whatever is still owed at that time is erased. Although student loans have become part of the national conversation lately, mostly due to surpassing the amount of credit card debt, there remain many options for those who have used student loans to further their education. The fact that student loans are essentially an investment in the future careers of millions of Americans means they are solidly backed, unlike the unregulated financial instruments that contributed to the subprime lending crisis and the Recession. However, until the economy picks up and graduates are able to gain experience and on-the-job skills, the pressure exerted by student loans on monthly budgets of recent graduates will be significant. This underscores the need to contact a reputable company, non-profit, or certified professional to see what options are available for those with high student loan amounts. ...read more
By Horizon Debt Group, LLC May 15, 2012
By Horizon Debt Group, LLC June 24, 2010
Not being able to pay your creditors due to job loss or other unforeseen circumstances can leave you feeling overwhelmed. Bill collectors will call you at all hours of the day attempting collect. A debt reduction service may be the answer for your situation, but there are scams that you will want to a... ...read more
Making sales these days is highly competitive and if you are not accepting charge and debit cards, you are missing out on sales. There are many different types of processing equipment deals as well as variables in merchant services. Learn how merchant services work and put them to use to make sales yo... ...read more