FINANCIAL FREEDOM

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Small Claims Courts and How They Work

Written by Dian Herdiana on 5:54 AM

Submitted by clunsford

So you’ve decided to go down to the courthouse and go to the Small Claims Division. What now you ask. Let’s take a look at the how and why regarding small claims courts. How did they come about and why are they used so extensively.

The first small claims court was created in Cleveland in 1913. Within a few years every state had such a court of limited jurisdiction. Small claims courts are attractive for consumers who want to collect a small debt or recover damages for a faulty product or for shoddy service. However, small claims courts are used heavily by businesses and public utilities that want to collect payments from customers for unpaid bills. In a single court session, a department store, utility company, or hospital may obtain judgments against a long list of debtors, making the process very economical.

We do not need an attorney to represent us. When you do go to courtroom, you will perhaps be surprised to see this group of people, wearing official badges and sitting in the jury box. Relax; you didn’t accidentally stumble into some major hearing about to take place. Read on.

These folks are called mediators. They have been handpicked by the court and are highly qualified to act on most cases. They have years of knowledge and experience that effectively works for both parties. When the clerk of the court calls your name and the name of the other party, you will both stand up. When the clerk of the court recognizes both parties are present, he or she will hand a mediator your file at which point your little group goes off into a private room.

The mediators do not get to see the file beforehand. The mediator looks at the file, read the statement of claim and asks if there is any conciliatory manner in which the problem can be solved, short of a trial before a judge. During the discussion that follows both parties soon realize the additional costs, time and chances of losing might be. The mediator’s efforts are to settle this out of court. If there is no chance for settlement, you are then instructed to go back into the courtroom and wait for the judge.

It’s unlikely you will have a trial that day. The clerk of the court has to schedule it for another day. Sometimes the judge will hear trials that day but you have no idea at what time. If you do decide to stick around that make sure you are ready when your name is called. If you or the other party is not present then the absent party loses by default.

The small claims courts work very efficiently and you can receive rewards up to $7500 depending on the state in which you reside. How to collect is another matter entirely.

About the Author

Chuck Lunsford is the owner and developer of EasyFloridaHomeLoans.com. He offers advice on how to get your credit in order and working for you. Visit his website and learn more about florida mortgage rates.


Source: ArticleTrader.com

Second Mortgage a Good First Step

Written by Dian Herdiana on 5:47 AM

A second mortgage can be the first step to climbing out of debt, especially for homeowners who have bad credit. A second mortgage is a loan taken out in "second position" on a property that already has a mortgage. There are fixed-rate loans, adjustable-rate loans and home equity lines of credit (also known as HELOCs). Fixed-dollar-amount mortgages are the way to go when you need all the money at once. A HELOC is a credit line that can be drawn upon as needed up to the limit of the loan.

"Bad Credit" Second Mortgages
Your right to credit is guaranteed by the Equal Credit Opportunity Act. You can't be denied credit based on race, gender, marital status or ethnicity. But how much money you can borrow and how much interest you will be charged will depend on your credit score.

Credit is easy to get and hard to control. Not using it properly will get you a low FICO score from the three major credit bureaus. Generally, a score of 680 or better signifies good credit. Scores in the 680-620 range are still considered good, but will cause creditors to take a second look before lending you money. 620 and lower, and you are in the bad credit range.

Here are some indications that you are in bad credit territory:

  • You have to apply for new credit cards to pay off old ones, thus rotating but not retiring your debt.

  • You can only make the minimum payments on your loans and cards each month.

  • You are at the limit on all your cards and accounts.

  • You have to get subprime financing when you need to borrow money.

Improving Your Financial Situation
It's a catch 22 that getting a bad credit second mortgage can lower your FICO score initially, but it can also help raise it in the long run-if you use the money to pay off high interest debts. This new loan doesn't reduce your debt; it just restructures it to help you get back on your feet financially. An added bonus is that the interest you pay is tax deductible. The IRS says joint filers can deduct all the interest to a maximum of $100,000 on home mortgages.

It's easy to shop and compare bad credit second mortgages online at reputable sites like www.badcreditsecondmortgages.com. The no-obligation application process is quick and confidential. Interest rates are still relatively low, but might rise in 2006, so now is a great time to see if a second mortgage is a good financial move for you.

Author Bio
Mike Hamel is the author of several books and the Senior Writer for AIM Techs (www.salesandmarketingllc.com), an Internet marketing company that specializes in improving visitor-to-sale conversions using proprietary software and advanced SEM techniques.

Article Source: http://www.ArticleGeek.com - Free Website Content

Students – Be Careful With Credit

Written by Dian Herdiana on 9:33 AM

So, you’re a student attending college, and you’ve been tempted by the idea of credit cards. Nothing unusual there, most of us from all walks of life have the same temptation. The difference for you the student is, as you’re just starting out, the way you deal with credit now can affect you in many ways, for a long time into the future. In years to come you may need a mortgage, a car, etc, and establishing a good credit record now will be very useful. These days your credit history can even affect the way potential employers look at you.

For a lot of young people getting a credit card when they have no credit history is nigh on impossible, but fortunately college students are in a better position. They are seen as less of a risk by the credit card companies than certain other groups of youngsters, and so are more likely to be offered a card. Using this first credit card responsibly is extremely important.

The reason you have to be careful is that your use of the student credit card is monitored very closely by the issuing company and the credit bureaus, and because you don’t yet have a good credit history behind you, any slip-ups like late payments etc are viewed rather seriously. So, it is absolutely vital that you make at least the minimum payment every month. Even better, if you could manage to pay a bit more than the minimum each month then that would stand your account in very good order.

As it’s your first credit card, you will probably be paying a high rate of interest. This is why it’s important to use your credit card wisely. Once you are viewed as a responsible user of credit, you should be offered credit cards with much lower interest rates. Also, further down the line you will be able to attain better deals from the aforementioned mortgage companies, loan companies, etc.

If you take liberties and misuse your credit during your college years, then you could well live to regret it. Never mind the scary tales of students getting into trouble with credit cards, if you have some common sense and a bit of self control you should definitely get yourself a credit card and start building that credit.

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Author Info:

James Hunaban: James Hunaban is the owner of http://www.credit-cards-aplenty.com/ and http://credit-cards.jims-info.com/ sites full of Credit Card information.

About Me

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