Consumer Woes When Small Businesses Close Without Delivering Goods and Services
What do you do when the vocational school you have paid the tuition, locks the door and doesn't answer the phone? How do you get the watch back that you put in for repair on Wednesday when the jewelry store has a “gone out of business sign” in the window when you arrive on Monday to pick it up? How do you get your pre-paid two year membership back when the health club doesn't open its doors and all you get is a recorded message when you call? This is happening to thousands!
N.C. Attorney General Roy Cooper says knowing your rights and filing claims immediately at the Attorney General's Office is key to getting at least some of your hard earned money back. Contact your bank and credit cards to cancel any authorized scheduled charges! If a company ceases doing business and is stonewalling you, your state Attorney General's Office is the place to go. When several people have filed complaints with the Attorney General's office over the damages done by a company going out of business they can take action against the owners. This is where your receipt comes in. It is your proof that the business took your money! Contact your state Department of Justice as soon as you realize the situation and take the actions recommended.
Third Leg of Obama’s Mortgage Assistance Program Announced May 14
Government is now offering financial incentives to lenders that help people sell their properties at a loss when the mortgage far exceeds the current value. The idea is to encourage lenders to let homeowners do a short sale or deed-in-lieu transaction rather than go into foreclosure. A short sale is one that does not fully satisfy the original mortgage but all the money from the sale goes to the lender and the homeowner is 'forgiven' the difference. Deed-in-lieu of foreclosure is when the homeowner transfers the ownership of the property to a loan servicer – a group of investors that own a large number of North American mortgages - because there are no individual buyers.
Taking advantage of the plan will still impact the individual's credit score but not as severely as a foreclosure. Before a homeowner can be considered for this plan they must be ineligible for a modified loan. Banks that received bailout money are mandated to offer this program to their mortgagees.
Lenders will receive up to $1,000 for each short sale/deed-in-lieu accepted. The former homeowner may receive up to $1,500 for relocation. The road to that end is complicated and may take until mid-summer to get rolling. Many mortgage company employees will need to be educated on the plan and its requirements before they can help distressed homeowners make use of it.
Did You Receive the Car Warranty Call?
Voice Touch and Transcontinental Warranty received a restraining order to halt calls and had their companies assets frozen by a federal court Friday, May 15, 2009 for conducting automatic calling campaigns that falsely let people to believe their auto warranties were expiring. Receivers were also appointed over Transcontinental and business partner Network Foundations to ensure that the $10 million taken in sales does not get lost and records are not destroyed before the preliminary injunction hearing on May 29.
Coastal Credit Solutions, Inc. operates a financial market place that matches Consumers and Businesses with debt eliminating and/or alternative financing service providers. If you have over $5,000 personal or business credit card debt or are seeking small business financing, please call us 866-205-8370 for a FREE no obligation consultation.
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