October 16, 2000

Welcome to 0nly4Homebuyers Issue 25
Please visit our sponsor, Creative Mortgage Company
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Life After Divorce
by Cindy Snyder
http://www.creativemortgageco.com/

When you get divorced and the decree is final, the first thing you want
to be
sure to do is close any and all joint accounts with your ex-spouse.
Otherwise
you will be liable for all charges. It does not matter than you are no
longer
legally married. When the account was opened and the credit was
extended,
you were married. As far as the creditor is concerned....you owe the
money
and they don't care who made the charges.

For example, you have a Visa in both names. Now your divorce decree
states
that you are each responsible for your own debts, right? Well if the
Visa card
happens to have both your names on it, then you are each, equally liable
for all
charges to that card.

So if your Ex decides to go on a spending spree and then not pay the
bill or for that
matter, just not pay the bills on time....it goes on YOUR credit
report. So make sure
that ALL joint accounts are closed.


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Seven Ways To Make A Million
By Doris Dobkins

Do you want to have a secure retirement? Do you want to live
comfortably in your old age? If so, the latest statistics say you need
a million dollars. Wow, a million dollars, that's a lot of money. Yes
it is but with inflation it won't even be worth as much as it is now.
So it's time to start planning NOW for your future.

To have One Million Dollars at a future date, if you average an annual
rate of return of 10% and make regular monthly investments, here is how
much money you need to invest each month to reach your goals:

$5,000 a month for 10 years = $1,024,225
$2,600 a month for 15 years = $1,077,623
$1,400 a month for 20 years = $1,063,116
$800 a month for 25 years = $1,061,467
$480 a month for 30 years = $1,085,034
$300 a month for 34 years = $1,027,617
$100 a month for 45 years = $1,048,250

The questions now are easy. How old are you?
How many years until you want to retire?
How much do you need to be saving a month?

If you can't afford the monthly amount, start looking for ways to
increase your income or decrease your expenses to meet that monthly
goal.

Don't say you can't do it, say you can and find a way to make it
happen.

Creating a plan is the first step towards retirement success. Please
start now. Don't wait any longer until it is too late. $100 a month is
all you have to save if you are 20 years old. The earlier you start,
the better off you will be. Do whatever it takes to reach your monthly
investing goal.

If you like to forecast and plan with financial calculators, here's the
calculator I used:

http://www.homebank.net/workingCalcs/calcul3.htm

Remember to write down your plan, evaluate it on a regular basis and
rejoice in your success.

== ** == ** == ** == ** == ** == ** == ** == ** ==

Doris S. Dobkins, is a money saving expert and the author of the book
"Financial Freedom from A-Z". She is also the publisher of a weekly
online ezine $mart Money New$ full of financial strategies and money
saving tips. To subscribe, send an email to: news@...
or visit her web site today at: http://www.creativefinances.com
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Here's a chance to find out for FREE:
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How To Deal With Debt Collectors

Debt Collectors are in a class by themselves. These are people that
will say
anything, do anything to get you to pay them first. They will tell you
how
they are going to take you to court, take your house, your car, ruin
your
credit rating and a whole slew of other nasty things. Some have even
been
known to swear at you and not many are willing to work with you.

The first thing you need to remember about collectors is to not lose
your
cool and don't let them get to you. Be straight forward, firm and above
all
polite. When they call and start harassment procedures, simply tell
them
that you have had financial difficulties lately and you have had to
prioritize your debts. Your mortgage and living expenses come first and
you
are not able to make payments right now. As soon as you are able you
will
contact them to start making payments again. They will keep calling,
but
this is basic response that you will need to use. As the collection
procedure moves on, a creditor may transfer it to an outside collection
agency.

Third party collectors are the most brutal of the breed. This is where
your
patience will be tested. The following is a list of things collectors
cannot
do. These are all violations of the Fair Debt Collection Practices Act.

A collector calls you at work knowing that it is inconvenient or your
employer forbids it.
A collector calls before 8:00 am or after 9:00 pm.
A collector makes an excessive number of home calls to annoy or harass
you.
A collector knows you are represented by an attorney, whose contact is
easy
to locate, and the collector continues you call.
A collector tells someone, other than you, your spouse, or your attorney
that
you owe money.
A collector misrepresents the amount or legal status of a debt.
A collector give other creditor information about you that is false, or
should be known to be false.
A collector fails to honor your dispute or cease communication rights.
A collector threatens to take your property or garnish wages if they do
not
intend to do it. Your property cannot be taken and your wages garnished
without a court order. A judgment must be taken before a writ of
execution
can enable the collector to seize property.
A collector uses, or threatens to use, violence or any other illegal
means to
harm your family, your reputation, or your property.
A collector uses profane or obscene language when communicating with
you.
A collector threatens you with criminal prosecution or implies that you
have
committed a crime. Debt and credit issues are a matter of civil law,
not
criminal law.
A collector tricks you into accepting collect calls or telegrams.
A collector cashes, or threatens to cash, a post dated check before the
date
written on the check, if it is postdated by 5 days or more.
A collector claims to be an attorney or sends letters made to look like
it is
from an attorney, unless they are actually an attorney.
A collector sends a letter that is made to look like a government or
court
document when it is not.

There are many things to remember when dealing with creditors, but the
most
important is that you are in no way required to speak to them at all and
there is no law against hanging up on them. If you have told them your
situation and they are still berating you, simply tell them the
conversation
is over and hang up the phone.

The following are what collectors CAN do to you if you fail to pay your
debt.

They can cancel their relationship with you. Your credit card can be
canceled or your doctor can refuse to see you again.
They can report your default with the credit bureaus.
They can begin legal proceedings to collect the debt.

As you can see there is very little they can do to you. The most
worrisome
thing may be the legal proceedings. There are a few things to remember
where
this is concerned. First, it is expensive to take you to court. So,
depending on how much you owe them, they may not even bother. Second,
If
they do sue, you have the right to answer. You do not need an attorney
to
let the court know you are having financial difficulties. If the
creditor
sees you may contest the action, they may drop it all together. Never
let a
court proceeding go on against you without responding. Third, even if
they
do win all that happens is a judgment is entered against you. This just
give
the creditor the ability to try to seize property or wages. Most times
it is
just a judgment that sits there until you can pay it. Again, this may
depend
on how much is owed. Lastly, you may be judgment proof. Some state
laws
protect certain assists and wages against judgments. You would want to
find
out what the laws are in your state.

How To Stop Debt Collection Harassment

1) Stop it before it starts. If you find you cannot pay your bills,
you
want to call your creditors before they call you. You can at least let
them
know your situation and see if there is anything they can do to help you
before the trouble begins.

2) Sending a Cease letter. Writing a letter to the collector can stop
them
in three tracks, up to a point. This only applies to third party
collectors,
not collectors trying to collect their own debt, though some will honor
the
request. What you want to explain in the letter is the difficulty you
are
having and what you hope to do in the future to get back on track. Ask
them
to cease contacting you regarding the account and list the name and
account
number. Sending a copy to the Better Business Bureau doesn't hurt
either.
Any illegal practices that they have used should be listed in the
letter.

3) Letter from a lawyer. If the cease letter does not do the trick,
then
you may consider contacting an attorney to help you. Letters from
attorney's
tend to get more attention from collectors and once they contact AFTER
your
original cease letter, they are now in even more hot water. This may be
a
very good tactic, but may cost money for the attorney.

4) Work it out with the collector. Working out some kind of agreement
with
a collector can work, but is not always the best idea. However, what
they
want to work out with you is to get their payment in full and may ask
you to
borrow money from somewhere else to pay it off. If you can hold off
their
suggestions you can get them to work out some kind of agreement with you
that
will work for you. Remember to keep it within your budget. If you
cannot
afford what they are asking for, then tell them you will have to
consider
other options.

5) Go to a Government Agency. There are agencies out there that govern
collection practices. If you feel you have a collector that is
continually
abusing the Fair Debt Collection Practices Act, seek out one of these
agencies and tell them what is happening with your situation. The
Federal
Trade Commission is where you want to send your complaint. Their
address is
Federal Trade Commission, Bureau of Consumer Protection, Washington, DC
20580.
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Would you like a question answered? E-mail your question to
MNCred1@...
and type question in the subject field. Questions will be answered
anonymously in the next available newsletter and personally by e-mail.
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Carolyn Baker, Vice-president
<A HREF="http://www.mncredit.com/">Minnesota Credit Association</A>
Your first step to becoming debt free!
http://www.mncredit.com

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