The Number One Way To Get Out Of Debt

How do you get out of debt? If you’re like most Americans, you owe several different entities money. These could include a car dealer, mortgage broker, credit card companies, the government (for student loans), or your local bank or credit union. How do you decide who to pay off first? Should you start with the largest debt, the smallest one, the one with the most interest?

This article will take you through each step of the how-to of getting out of debt. By the time you finish, you will have a vital tool in your financial freedom toolbox.

Step 1: Start spending less than you make every month. You may need to create a written budget every month in order to be able to do so, allocating only so much every month for groceries, clothing, entertainment, and so on.

Step 2: List your debts in order from smallest to greatest. Don’t worry about the interest rate. You want to start paying off the smallest debts first, because you will see results quickly and therefore your motivation to get out of debt will grow.

Step 3: Pay off the smallest debt first. Get all the extra money you can. Put yourself on a tight budget, stop going out to eat or to the movie theater, sell stuff that you don’t need, take on a part-time job or start a side business. Put all that extra money toward the debt.

Step 4: While you pay off the smallest debt, continue to make minimum payments on your other debts. You want to keep all your payments up to date. Going into default is sometimes unavoidable, but always unpleasant.

Step 5: When the first debt is paid off, start working on the second debt. Use whatever extra money you can come up with. You should have a little more money with this debt because you are paying the minimum monthly payment on one less debt.

Step 6: Continue on with each progressively larger debt. With each debt, you should a little more money to throw at it every month because you now have fewer minimum monthly payments. This is called “the debt snowball.”

Step 7: Celebrate! When you have paid off all of your debts, not including a mortgage, celebrate! Just don’t get into to debt to do it. Stand up in front of you Sunday school class and shout your victory. Invite a few friends over for a party. Go to your favorite restaurant for the first time since you started paying off debt.

In fact, if you pick a fun debt-free reward ahead of time, it will help you to stay motivated to keep on attaching your debt.

Getting out of debt is a simple process. The hard part is getting out of the overwhelm when you look at your bills. Take each step at a time, and you will succeed at becoming debt-free.

Renowned Venture Capital Firms in London

As the world is becoming faster day-by-day, the trend of doing business with small startups is also increasing and people are finding different opportunities to get capital for their startups. The trend of venture capital firms is also increasing day by day. Venture capital firms are actually the investors who provide some amount of money to the start businesses to have some growth in their businesses.

Venture capital firms are a good source of external funding and they provide a long-term effect to the startups. A large number of venture capital firms are now operating in the business sector and this article will be focusing on some top venture capital firms that are very much beneficial for the small businesses that have just started their businesses and need money for growing their business.

Among some big venture capital firms, Accel Partners is one of the biggest companies in London that are providing capital services to the small businesses and the businesses which have just started and need investments for growth. The company deals in the sectors of internet and digital media and its investment size ranges from $500,000 to $50m. There offices are situated in London and they have been investing in various businesses including QlikTech and Playfish. Accel Partners also provide consultancy services to the small businesses that are new in the market and need some guideline to wisely use their investments.

Another company, named Atlas Venture is also among the venture capital firms that are providing investments to the businesses. This particular firm specializes in the sectors of Tech and life sciences, which means that they provide investments to the businesses who deal in technical stuff and something related to life sciences.

Its investment size is same as that of Accel partners and its offices are also located in different areas of London. All the venture capital firms located in London work with the rule and standards of the European market and they try to guide the other businesses according to the standards of European market as well. Some important investments of Atlas Venture includes Seedcamp, Seatwave and daily motion.

DN capital is also among the list of some notable venture capital firms who have a good rating in the European market and many businesses trust on them for their investment for the purpose of growth in the future.

The sectors in which they have been investing up till now includes software, eCommerce and digital media. Its investment size in much larger than Accel partners and Atlas Venture. The investment range includes $1m to $10m and some important platforms where they have invested include OLX, Endeca, Mister Spex and Shazam.

From these companies, we can conclude that it is a notable venture capital firm that has invested in some big online companies’ and software and these software are actually working very well.

Venture capital firms are contributing in a very positive way in the businesses of the country. It helps the small businesses to grow in the long term and have a successful future.

The trend that has been observed is that when a new business is established, there are very few chances of them to have a growth potential in the long term because of lack of capital. But with the help of venture capital firms, they get an edge over other small businesses that are not seeking any guidance from the venture capital firms. Remember that business is all about risk and you will never want to put your business in some risk where there is no chance of profit maximization.

Application of the Hearsay Evidence Rule in Debt Collection

‘Hearsay’ as we know is just what it means; what we hear someone else say or what is heard by someone from another third-party. These terms are mostly used in legal parlance in court hearings of evidence and testimonies provided by witnesses other than the actual declarant, which statements are cross-examined by lawyers and prosecutors. In such situations, ‘hearsay evidence’ is used to denote an out-of-court statement made by a person or persons which is introduced into the court proceedings to prove the factual truth of a matter under argument.

The Hearsay Evidence rule dictates that not all hearsay evidence is admissible as evidence in a court case or legal proceedings, unless a specific exception applies. This is simply because hearsay applies to facts or statements made by people who are actually present in court or under oath to verify the veracity of the statements.

In matters of debt recovery or collection, as we know, there are several instances where recovery proceedings are handled or settled through legal proceedings in a court of law. However this is an area where the Hearsay Evidence Rule applies in the sense that collection agencies sometimes use whatever resources they have at their disposal to recover amounts owed.

Sometimes it happens that collection agencies or ‘debt buyers’ are not in possession of documents proving that the debtor owes money to the creditor, such as the original loan or contract document. In such cases, agencies take advantage of the debtor’s ignorance of collection laws to get default judgments passed so that they can legally access personal information of the debtor such as bank accounts, salary statements other personal details. If they manage to do this, a debtor’s assets may be frozen and become inaccessible unless the amounts owed are returned.

However, in instances where such legal injunctions are not possible, creditors and collection agencies try to use statements of friends and associates to make statements under oath. The Hearsay Evidence Rule implies that no oral or written statements can be given by any witness out of court to provide evidence in a matter of dues recovery.

We may well ask why then do collection agencies and creditors resort to such activities. The truth is that collection agencies deal with thousands of delinquent accounts and have practically no real idea of monies owed unless the creditor provides them the details. In the absence of original documents or statements, it is up to the collection agency to prove that the debtor owes the money to the creditor.

Each claim followed up by the debt collection agency is an essential factor in the debt buyer’s damages; for every dollar recovered their commissions are paid in pennies. To boost their claims, they usually present old credit card statements or loan documents to indicate how much money the debtor owes.

The Hearsay Evidence Rules apply here. Billing statements are not admissible in court because they are considered material provided by an out-of-court witness to prove the truth in a disputable matter. Hence, monthly credit card or loan statements are inadmissible evidence as they are ‘nothing more than hearsay’.

Of course, it is ethical to pay off dues on time; if however financial constraints happen it is better to re-examine and work out a deal to pay a reduced debt on terms that makes repayment easier. However, many collection agencies are known to arm-twist and use practices of intimidation to recover debts which is strictly illegal and not in keeping with the Fair Debt Collection Practices Act.