Warning Signs of a Debt Settlement Scam

With millions of Americans facing hard times and unbearable amounts of debt, it comes as no surprise that debt settlement companies are everywhere, advertising that they can settle debt for pennies on the dollar, stop creditor calls and preserve your credit. Unfortunately, most of these companies make unreasonable or even illegal claims, and you can get yourself into even greater trouble by signing up for their services, left in the end with an even greater amount of debt and thousands gone in fees.

Before you consider debt reduction services, make sure you know the following warning signs of a scam. 

1. They claim they can dramatically reduce your debt

This is the primary claim associated with debt reduction services, of course, but it's a serious red flag if a debt settlement company claims they can and will do so. It's true that some of your creditors may be willing to reduce your balance, but this is an unrealistic claim and they cannot make any sort of guarantee.

2. They claim they will stop collection calls and prevent legal action

Be aware that debt settlement companies have absolutely no control over the debt collection practices of your creditors. This means they cannot stop collection calls, and they absolutely cannot prevent legal action against you. Unfortunately, many creditors are known to become more aggressive, not less, when they find out you are working with one of these companies. That means collections will start sooner, and you will be more likely to be sued in court. In this case, the company cannot help you.

3. They charge a high upfront fee

Did you know it is illegal for debt settlement services to be charged upfront? A debt settlement company must successfully settle at least one debt before charging you, so be aware of your rights. Also, a legitimate company bases fees on the amount you owe to your creditors and it's directly tied to their performance on your behalf. Don't agree to pay huge fees for a service you do not know you will even receive.

4. They tell you your credit will be unharmed

Do not trust any company that provides debt reduction services if they tell you your credit will not be affected. The truth is your score will be affected when a debt settlement company gets involved. You will most likely be told to stop paying your accounts to create incentive (which causes late payments on your credit), and even the successful settling of a debt is a red mark on your credit that remains for 7 years.

5. They tell you not to speak with creditors

Finally, be aware that this is only an attempt to keep you from knowing the real status of your accounts. This is not something a reputable company will do, and one of the many reasons you may be better off working with a debt settlement attorney who is bound by the law and works in your best interests.

Understanding General Business Liability Insurance

Small businesses face a great deal of uncertainty, and that's why small business liability insurance is so important. Accidents can happen at any time, no matter how hard you try to avoid them, and sometimes in spite of your efforts. There are many names for liability insurance, including commercial or business general liability insurance, but it's really just a form of protection for your business's assets.

General Business Liability Insurance

Liability insurance is meant to protect your assets by paying for costly obligations like medical bills if you are sued by someone who is hurt on your property, or regarding property damage or an employee or yourself causing injury. Business general liability insurance will also cover the cost for a legal defense along with a settlement if you are sued, including non-monetary losses and compensatory damages.

This form of insurance will also protect you against claims of false or misleading advertising against your business, while also protecting against liability as a tenant if you cause any damage to the business space you rent.

Do You Need Liability Insurance?

Does your business really need liability insurance? Consider this: about 80% of all businesses in the U.S. are partnerships or sole proprietorships, which means personal assets are at risk. If the business is sued, a judgement may be ordered that could cost you your life savings, your retirement and even your home. Small business liability insurance gives you the protection you need if you are sued for personal injuries or property damage by covering both the damages and legal costs. Even one accident can easily put you out of business, with legal costs alone easily topping $300,000 just to defend yourself.

Unfortunately, we live in a litigious society, and it's not unlikely that you will find yourself facing a claim at some point in time. General business liability insurance can actually save your business and it isn't nearly as expensive as you might guess. Depending on your business type and coverage, the annual premium may be somewhere between $750 to $2,000. Compare that to the cost of defending yourself in court and paying a substantial settlement!

While some business owners choose to buy liability insurance as a separate policy, it may be in your best interest to purchase it as a part of a Business Owner's Policy, which includes other important forms of business insurance.

The Details of Your Policy

Your liability insurance policy will have a maximum amount the policy will pay out for a claim. If your policy caps coverage at $350,000 and you are sued for $300,000 in medical expenses for an injury caused by a workplace hazard plus an additional $75,000 in legal fees, you will then need to pay the extra $25,000.

If you have a high-risk business or you already have a liability insurance policy, you can opt for excess coverage which increases this limit. This may be necessary in some cases if one of your clients requires your business have a certain amount of coverage to complete work.

The Importance of being Insured

The world can be a very scary place. Every day, people are faced with innumerable challenges, and sometimes they face events that are not only unavoidable, but can have tragic results. When accidents or natural disasters occur in your life, you need something in place you can trust to be in your corner and help you salvage and rebuild your life. You need a safety net that allows you to run not only your life but your day to day operations without having to worry about what will happen to you if something disastrous occurs. You need insurance policies.

There are many different types of insurance policies out there. They can cover anything from house fires to tornadoes tearing through your warehouse. Everyone should have multiple policies in place to take care of their personal needs should something happen to themselves or the things they own. Homeowners insurance takes care of the house, automobile insurance takes care of the car, and life insurance policies take care of your loved ones. Having these policies in place is smart and helps in protecting the ones you love. These personal policies are all well and good, but one must consider the consequences of not protecting their business with general business liability insurance policies.

If something were to occur within your company or business and lawsuits and liability issues result, what are you going to do if you’re not covered? Having a general liability insurance policy is a smart way to make sure that you will have the legal and financial help you need should your company suffer a tragic or costly event in the workplace. If your commercial business insurance policy is not in place when an accident or natural disaster occurs you are opening yourself up, personally, to some very expensive consequences. These consequences could overflow from your business into your personal finances and cause any number of setbacks that you may not recover from.

Insurance is designed to allow you to run your business with the knowledge that if a bad situation occurs; the consequences will be taken care of. Insurance makes it possible to rebuild, to restructure, and to retain what is yours. You don’t want to spend your life building a legacy for your family only to find that at the first sign of disaster all of your hard work goes right down the drain. You have to protect your investments and that means making sure all of your assets are covered. So when your laying out your business plan, make sure you get yourself covered, and get a commercial business or general liability insurance policy. Don’t lay the foundation for your life’s work without a safety net place.

The Best Insurance Leads are Fresh Leads

Regardless of how you acquire and cultivate leads, there's one thing that's certain: the warmer the leads, the faster you sell. This is especially true when you buy life or health insurance leads, as these prospects will most likely be contacted by numerous agents in a short amount of time.

Unfortunately, in the rush to sell to business leads, many agents simply overlook the quality of the leads they themselves are buying. This is a huge mistake that may cost them their entire business. While there are definitely many types of leads you can buy, you want to get the best, regardless of the niche you operate in. In general, the best leads are the freshest. Keep in mind there are plenty of unreliable lead generation companies out there willing to sell you stale, month-old (or in some cases year old!) leads that turn out to be a dud after you waste your time and money chasing them down.

This is a common practice among the poor quality companies that sell life insurance leads. Many will sell leads that go on and on, circulating amongst dozens or hundreds of agents for years! Fresh leads that have been captured within the last day or even hour of someone requesting information is important, because these people are still in the market to buy. They haven't moved on, and they are waiting to hear from agents who can give them more information and quotes. The fresher the business leads you buy, the greater your chances of selling a policy.

You've probably been in the business long enough to understand that getting a potential customer on the phone quickly, discussing their needs, answering questions and providing great service puts you a lot closer to a fast sale than calling someone who has just spent the last week receiving and dodging calls from nearly every agent in town. When you're working to make a profit, the last thing you want is wasting your valuable time on unproductive calls with leads who don't want to hear what you have to say.

That's where fresh health or life insurance leads come in. You get to leads no one else has spoken to yet, which greatly increases your chances of making a sale. Remember, this is not like cold calling either; insurance leads from a reputable company are people who have requested information from agents. Fresh leads tend to close quickly, assuming you work with due diligence. Just because you're the only person getting the leads doesn't mean you can let them fall through the cracks and not work them as fast as possible.

If your leads aren't interested in buying the day you call, don't forget the importance of follow-up, just as you would with any other type of lead. Some people take up to 6 weeks to purchase a policy after requesting a life or health insurance quote online, so you'll probably lose a sale if you only call once. Don't make assumptions or try to make up the person's mind for them. Offer information and leave the decision up to them, but don't forget your follow-up procedure to see greater success when you buy leads online.

Struggling with Debt? Here are Your Options

With the economy still recovering, millions of Americans are struggling with consumer debt. If you're barely managing to hang on, or debt collectors are already hassling you, the best thing you can do is come up with a plan of action as soon as possible.

If you're facing a level of debt you can't afford, you do have a few options available to you. These include:

• Setting up a budget and contacting creditors yourself

• Getting help from a credit counseling agency

• Turning to debt settlement companies

• Working with a debt settlement attorney

• Filing for bankruptcy

What are the Consequences of Not Paying Debt?

If you're having trouble paying your bills, it's important to understand the type of debt you have and the consequences of not paying. There are two types of debt: secured and unsecured.

Debt may be secured by property, or collateral, to guarantee repayment of your loan. If you can't repay your secured debt, the creditor can take back the property without suing you or getting a court judgement. Common examples include car loans, mortgages and home equity lines of credit.

Debt may also be unsecured, which means it is not attached to any particular property. If you don't pay this type of debt, creditors may sue you and get a court judgement, which may mean your wages will be garnished. Examples include credit card debt and medical bills.

Tax debt and student loans are in a separate category, as the government is allowed to take drastic action without getting a court judgement. These debts are generally not dischargeable in bankruptcy, unlike the first two categories.

1: Contacting Creditors Yourself

If you go this option, you should begin by making a budget and listing all of your outstanding debt. Look for ways to reduce your spending and expenses, and increase your income, then come up with a realistic amount you can put toward debt every month.

From there, contact creditors one by one and explain the situation to hopefully get a payment plan. You may be able to negotiate for reduced late fees, a discount on the balance or a lower interest rate.

2: Credit Counseling

Credit counseling agencies are another option if you can't work out a plan with your creditors, or you need help. An accredited, nonprofit credit counseling agency may offer money management classes, budget counseling, debt counseling and refer you to other agencies to help. Some may even help you contact creditors and set up a debt management plan.

3: Debt Settlement Companies

Companies that offer debt reduction services are one option available to you, although you need to be aware of the reality. These companies often make unrealistic promises they cannot keep, such as guaranteeing your creditors will discount your total debt, and their fees can be very high.

Most will also get you into trouble by causing even further damage to your credit by telling you to stop paying your creditors, instead diverting this cash into an account and paying their fees. The idea is, after 6-12 months, this lump sum will be used to reach a settlement agreement with your creditors, but that does not always happen.

Instead, your creditors may increase their collection actions against you or take you to court when they learn you're using debt reduction services. If they sue you, these companies cannot represent you in court or offer legal advice. They also cannot stop phone calls from your creditors, and the cost to sign up for their services can easily cost you thousands. Many will also not tell you that you may owe taxes on any debt that is successfully forgiven.

4: Debt Settlement Lawyers

While the services a debt settlement attorney offers ay seem similar to a debt settlement company, working with an experienced law firm comes with some distinct advantages. Attorneys often have better leverage against your creditors, who have their own army of lawyers on their side. A lawyer will also be able to give legal advice and represent you in court if your creditors sue you, working to obtain a pre-judgement settlement of your debt. If a judgement against you is obtained, they will assist you further in protecting your assets.

5: Bankruptcy

Finally, do not overlook bankruptcy as an option. While most people want to avoid it at all costs, it may be your best option if even a settlement won't be affordable to you. Bankruptcy has its consequences, including damage to your credit and possible employment issues, but it will completely erase most debts, including a mortgage, car loan, credit card debt and other consumer debt, allowing you to get a fresh start on life.

Liability Insurance for Small Businesses

In everyday life, insurance is a necessity such as having automobile insurance for those unexpected accidents that may happen while one is on the road. Without insurance, our lives would be uncontrollable as an accident may be catastrophic in terms of economics. It is also the same for health insurance; without it, medical care can become expensive. Likewise, a small business must have insurance to protect it from unexpected consequences resulting from a number of factors one may not initially expect. Without it, a small incident may ruin the business.

Having your own business is one of the most rewarding aspects of being in the business world. And being a small business owner come the risks involved. Yet, one of the most important parts of a small business is insurance. While there are many types of insurances available for businesses, one of the most common insurance is liability. This type of insurance is required for small businesses to protect against losses and protects the business from losing its assets.

When seeking out liability insurance for your small business, it is important to work with your insurance agent in determining the type of insurance needed as well as meeting the minimum requirement to maintain insurance and the type of business. There are several types of liability insurance: general, professional, product, and commercial property. General liability insurance covers property damage and injury claims whereas professional liability insurance covers malpractice issues, negligence, errors, and omissions. Product liability is as such, it covers the product only if it causes harm to the customer. Commercial property insurance covers everything on the property. The commercial property insurance also has two types: all-risk, and peril-specific. All-risk insurance protects against everything unless specified in the insurance policy whereas a peril-specific policy only covers what is specified in the contract.

Each type of insurance coverage depends on the type of business. An insurance agent will be of assistance in determining the type of coverage needed for your business. Depending on the type of business, there may also be additional insurance required. While initial loss coverage may be needed, the additional coverage will protect the business from these charges such as legal fees in the event of an unfortunate outcome. In addition to finding the right licensed insurance agent, it is important to assess the risk factors of the business in order to find the right policy. Plus, it is also important to update your policy on an annual basis as your business may increase and therefore, you will need to increase the insurance value so as not to be liable for additional losses. It should not be hard for a small business owner to understand the liability issue surrounding the business in the event of unforeseen circumstances, and the reason having insurance is meant for protecting the business.

Guide to Buying Life Insurance Leads Online

Gone are the days when insurance agents were forced to spend long hours tracking down prospects the hard way, with hours spent making connections, building relationships and meeting with people one-on-one. Today, many agents grow their business by purchasing high-quality leads from a company that specializes in insurance and business to business lead generation. These companies generate leads online from qualified prospects interested in buying insurance, and the agent buys the leads, typically at a flat price per lead.

With life insurance leads, the cost will typically be determined by the quality of the lead itself. Common lead types include substandard, final expense, standard and premium life insurance leads, with substandard leads being the cheapest.

Premium life insurance prospects are typically between the ages of 45 and 70 with no major health conditions, such as drug or alcohol abuse, hepatitis, HIV/AIDS, vascular disease, cancer, heart disease, mental health problems or emphysema. Standard life leads are those aged 25 through 44 with no major health conditions. Final expense life leads are between the age of 50 and 80 with a maximum $25,000 policy, while substandard leads fall outside of these groups and may have pre-existing conditions.

When you buy life leads or health insurance leads, for that matter, you will usually receive a full profile of the prospect, including contact information, current insurance and provider, when their current policy expires, coverage options and their health conditions. Many companies that sell business leads also allow you to filter leads to receive only the leads that make sense for your business. This includes geographic filters, lifestyle filters and demographic filters to help you maximize your investment.

As with anything though, quality is important. When comparing the cost per lead, remember to consider the potential return. Many agents start out with a batch of 50 to 100 leads to help them determine their return on investment (ROI), but it's also important to keep in mind most agents take some time to get their process down, so the success rate should climb after a bit of experience.

It's also essential to work only with companies that sell high-quality, fresh insurance and business leads. Unfortunately, there are poor quality companies who will simply resell old leads dozens or even hundreds of times. While their pricing is very low, you're getting a poor value because these leads will not lead to conversions, and you'll be wasting your time tracking down prospects who may have changed their contact information and are most likely not interested in insurance any longer.

Buying insurance leads truly is the way of the future, allowing any agent to maximize their budget and gain access to qualified leads with little time and money. If you're still doing things the old-fashioned way, consider going a test run and buying a batch or two of high-quality life insurance leads to see why millions of agents turn to this strategy to grow their business.