Category: Nonprofit

Nonprofit Debt Relief Companies

Terje Brooks Ellingsen asked:

Consolidation is nothing but the process of negotiating the rate of interest that will ultimately determine by how much the borrower’s payments will be reduced and what his overall settlement will look like. So any money above and beyond your normal payment is applied solely towards the principle of the loan.

There are numerous types of debt, including basic loans, syndicated loans, bonds, and promissory notes. Debt, especially large sums of debt, can also be secured through a mortgage or other security interest over some of the debtor’s property, in which case the creditor will have some rights over that property in the event that the debtor becomes unable to repay the debt and defaults on the loan.

Debt is a hard thing to live with, reduce debts today! Debt consolidation allows a consumer to present their financial case to a lender who may be willing to take on the burden of paying off debts in exchange for one monthly payment made to the lender. You’re in for Disappointment If You’re Looking for Nonprofit Debt Relief Companies

In recent years, the Federal Trade Commission (FTC) has slapped fines on numerous fraudulent companies masquerading as nonprofit debt negotiation and debt relief organizations. The promises these companies make are tempting…but consumers who fall for it, hook, line, and sinker, are in for a disappointment.

Claims Made by “Nonprofit” Debt Relief Companies

Nonprofit Services – These organizations make a big show of helping you out of the goodness of their hearts.

Reduce Debt – No matter what type of debt you’ve incurred, these organizations are willing to promise they can reduce the amount of debt by a certain percentage (approximately 10 to 50%).

Better than Bankruptcy – Using frame psychology, these organizations give consumers the choice between do-or-die alternatives: work with them or risk bankruptcy. No Impact on Credit Rating – Working with a nonprofit debt relief company will supposedly have zero impact at all on an individual’s consumer rating.

What They’ll Ask You to Do

In return, these companies will ask you to pay a specific amount of fee for periodic intervals. For that fee, you can ignore your bills and stop paying your creditors. For that fee, you’ll let them do all the worrying.

The Truth about Nonprofit Debt Relief Companies

There are a number of different types of debt consolidation loans: home equity loan, line of credit, or second mortgage.

The main reason for this risk is that in order to secure a lower interest rate (and thus a cheaper overall payment rate), you’ll need to present some sort of collatoral to back the loan. There are numerous groups, individuals, or products on the market that are designed to help individuals dig their way out of and recover from debt. Although these products are available, there are still thousands of individuals that choose not to receive assistance. It is true that some individuals may be able to recover from debt on their own; however, it will likely take a large amount of time and stress.

If you have some cash handy, you might as well pay off some debt, especially the one that is on higher APR credit cards. Some people have expressed skepticism that you can actually negotiate with creditors using our strategy or other creative methods of reducing debts.

Take a step back and ponder carefully on the claims made by these companies. Do they ring true? Do they sound too good to be true? If so, they probably are. These companies might be nonprofit on paper but that doesn’t mean they’re not earning from their clients. They can just as easily overstate their operating expenses to make their balance sheets reflect illusionary break-even margins.

An Example of a Fraudulent Nonprofit Debt Relief Company

Early in 2005, the FTC had filed a complaint against the National Consumer Council, a front group of debt relief and negotiation companies, for deceiving almost 45,000 customers seeking instant freedom from debt. Under the NCC umbrella were other companies with nice-sounding names like London Financial Group and Financial Rescue Services. Falsely claiming that all their clients’ debt problems would be solved simply by depositing money into their accounts and getting their services aggravated the debt situation of their clients instead.

Are There Truly Legitimate Nonprofit Debt Relief Companies?

Yes, although they’re very rare. The best way to personally determine whether a debt relief company’s for real or not is to ask for information from the Better Business Bureau and other similar institutions. They’ll be able to tell you if there are already consumer complaints filed against the debt relief company you plan to transact with.

It may be more convenient to make one payment rather than several. Or you can improve your cash flow in the short term by reducing monthly outgoings. But this may cost you more over time because you are paying the debt off over a longer period of time. In a credit card debt consolidation, your average interest rate may be reduced. All your loans can also be transferred to one single card that has a lower interest rate than the ones you are currently paying.

Stop spending on things that aren’t absolutely necessary. Each individual will have to define what “necessary” means, but it may mean taking a sack lunch to work, bringing your own coffee instead of stopping at Starbucks, and canceling that subscription to HBO.

The first step toward taking control of your financial situation, is to do a realistic assessment of how much money you earn and how much money you spend. Start by listing your income from all sources. Then, list your “fixed” expenses – those that are the same each month – like mortgage payments or rent, car payments, and insurance premiums.

How Nonprofit Groups Raise Funds?

OM PRAKASH asked:

Another unique way for nonprofit groups to raise funds is by selling items on eBay. The world’s largest auction marketplace has some special guidelines for nonprofits to follow.

The program is called eBay Giving Works. There are two different fundraising approaches for nonprofits on eBay – direct sales of auction items by the nonprofit group or through Community Selling. In Community Selling, an eBay seller donates a portion of the auction proceeds to a specific nonprofit organization.

Direct sales

this approach is straightforward. You can sell just about anything on eBay including items that have been donated to your group. So, you can setup a regular process to list items for sale every week or just do monthly or quarterly auctions.

To get started, you must register with eBay by completing a simple online form and get an eBay seller ID.

All funds from your own direct auction sales come directly to your nonprofit as specified in your seller account setup. Net proceeds from each auction come through PayPal or if you wish, a check or money order is mailed by the winning bidder.

EBay Giving Works

to be included in eBay’s Giving Works program, you’ll need to verify your nonprofit status with MissionFish, eBay’s nonprofit partner.

Details are on the site, but you’ll be asked to provide a copy of your IRS 501(c) (3) letter or other proof of tax-deductibility. You’ll also need to send in a voided bank check to setup your monthly electronic funds transfer of donations raised from Community Selling.

Mission Fish’s support also includes a listing in the nonprofit directory for eBay Giving Works, collecting and disbursing sellers’ donations, providing sellers with tax receipts, and tracking donations online.

Community Selling

Using the Community Selling approach, anyone can sell items on eBay and designate your group to receive anywhere from 10% to 100% of the net auction proceeds.

This works great if you have a diverse group of supporters spread over a large geography. Simply register your nonprofit, as mentioned above, and then ask your supporters for help by auctioning items on eBay.

Many times people have gifts they received, but have never used, or used items they’d like to get rid of. They can sell the items via the auction process and share some of the proceeds with your nonprofit.

Be sure to provide them with instructions on how the process works and include links to the eBay nonprofit FAQ page for additional details.

Summary

it’s easy to sell anything on eBay. You just need something to sell and a digital camera to take pictures of it for your auction listing. Include a detailed description of the item, set your minimum price, and you’re good to go.

Once the auction closes, collect payment from the seller, usually via eBay’s PayPal subsidiary, and then ship the item. Repeat the process as often as possible.

Help your group out today by starting your own nonprofit eBay fundraiser!    

New York Nonprofit CEO Compensation

Ron Mattocks asked:

The New York Post ran an article on June 8, 2008, titled NY Is #1 In Charity CEO Pay.  The article revealed either an embarrassing lack of understanding on the part of author Bruce Golding, and his editors at the Post, or a deliberate attempt to mislead the public.

Anyone who has ever lived in or visited New York City knows it is expensive.  The cost of living, or operating any business in New York City ranks at the highest levels in any comparisons of major metros.  Those employed by nonprofit organizations pay the same rental rates, the same commuter fees, and the same income taxes as those who work in the for-profit arena.  Nonprofit organizations compete for human resources, and although they cannot typically pay the same rate as for-profits, they must pay at a level proportionate to the local cost of living if they expect to recruit or retain skilled staff.

I find the use of the word “charity” in the headline and throughout the article to be troublesome.  The two specific cases referenced for high salaries paid to CEOs are the Metropolitan Opera and the Museum of Modern Art.  Both are incorporated as nonprofit organizations to serve the public, but not all nonprofit organizations are charities.  Many nonprofits serve the public under the umbrella of nonprofit law on a fee-for-service basis, including hospitals, universities, and even art museums or operas.  Under nonprofit law their tax burden is limited or eliminated, and they can raise capital through tax deductible donations. But that does not make them charities in the truest sense of the word.

True charities, on the other hand, are totally benevolent, serving populations that cannot help themselves nor can they pay a fee-for-service.  The Bowrey Mission, founded in 1878, is a wonderful example of a New York City charity.  During the past year, this nonprofit charity served over 400,000 meals and provided over 80,000 nights of shelter in their efforts to care for the 3,300 men and women living on the streets of New York City without shelter. Executive Director Ed Morgan is a gentle, compassionate man who came to the Bowrey Mission to serve, following a stellar corporate career.  According to the most recent IRS filings, the combined salaries of the top five managers total less than $300,000 (combined) to run this $9 million operation with over 100 employees.

The nonprofit community is a national treasure, and is rich in diversity serving every imaginable need through business models that range from totally benevolent (i.e. charitable) to fee-for-service operations that sustain themselves.  Diligent nonprofit boards take great care to establish executive compensation based on local cost of living, combined with market value of skills and experience based on comparable positions and responsibilities.  For the New York Post to imply that New York’s nonprofit community at large has been irresponsible in executive compensation, and to do so by referencing two highly paid (and appropriately so) nonprofit executives, is to grossly distort reality.  If every nonprofit serving New York City were to close down, government and industry could not fill the gaps, and the city would be in chaos.  We are all beneficiaries of the nonprofit community, and must do all we can to assure its integrity and continuing fiscal well being.

Nonprofit Credit Card Debt Consolidation

Li Ming Wong asked:

When you are looking at working with a company on consolidating your debts, this can include all kinds of debt including credit card debt. This article will focus on nonprofit credit card debt consolidation along with other types of debt which can be included within your debt consolidation plans. The first part of this article will focus upon nonprofit credit card debt consolidation and the second part will explain how you can do this yourself as well.

Nonprofit credit card debt consolidation is something which any individual struggling with debt consolidation should look into. Interest rates on credit cards can range anywhere from 14% higher. It has been noted by that one credit card has seen an interest rate around 45%. One of the struggles which many individuals have is that the rates on credit cards are so high that it is all that they can do to make the minimum monthly payment. If you only make the minimum monthly payment on a credit card, it will take you roughly 25 to 27 years to pay off a credit card bill. You need to take additional steps to help you pay off your credit card debt and this is where nonprofit credit card debt consolidation comes into play. Interest rates on credit cards can be negotiated and this is where using a nonprofit debt consolidation company can have a huge impact. They will negotiate with your credit card companies to lower your interest rate to save you money every month. Credit card companies are interested in making as much interest as possible but the companies are also very concerned with receiving the money back which they have loaned out. They will be willing to potentially negotiate with a nonprofit debt consolidation company on the good faith that you will be paying back you credit card debt.

Nonprofit credit card debt consolidation is something which a credit counseling agency can do but you can also look at doing this yourself if you are struggling to put money together. You may want to call your credit card companies directly and ask if they can lower your rate if you create a payment plan but this will entail them closing out your credit card. This may be something to think about if you have no money but the nonprofit debt consolidation companies do have great experience and their fees are usually justified when working to pay off your credit card debt. You may want to look at the fees as an investment on paying off your credit card debt.

Hopefully this article on nonprofit credit card debt consolidation has given you some insight into what must be done. Credit card debt is one of the greatest forms of debt in America and you need to take steps to work on. This is something that you can do yourself but using a nonprofit debt consolidation company can make sense as they have great experience in working with creditors to pay off bills and creates monthly budgets for you.

PLASTICOS as included in List of Nonprofit Organizations

Janie W. Puentes asked:

Today the world is suffering from global crises like for example the financial instability of different countries in the world. With this kind of scenario, can we still see the spirit of charity?

Human being is born with an innate love to help his fellowmen in any form, in any ways. He will find a way to help other people. Now that many hardships are coming into our way, still there are non-governmental groups, foundations, and organizations that are willing to help the less fortunate people. Read the newspaper, watch the news from televisions, or browse the internet and you will see the list of nonprofit organizations in the world that are helping people in deprived communities despite the global crises.

Plasticos Foundation being one of those philanthropic organizations in the world is an active plastic surgery foundation that focuses on helping and improving the lives of children with body deformities through plastic surgery. Most of their patients who undergo such medical procedure have difficult and primitive conditions such as cleft, cleft palate, hare lip, webbed hands or feet, burn scars, and tumors. But because of the determination to help and the spirit of love, care, and kindness of the said organization, a new door of hope has been opened for the children. As the children walk into this door, they will deeply understand that they are part of the society.

Yes, there is a global problem existing now, but you will see that the big list of nonprofit organizations in the world is not affected or getting small in number, but in contrary it is increasing. It is because each people have an inherited love for his fellow. There is no such thing as difficult in a family that is helping each other.

Plasticos Foundation including the other philanthropic organizations in the world should be given recognition for the expression of kindness that they contributing to the world. They are the reflection of God’s great love for his people and they are just giving it back as a sign of love for Him. Any form of help is highly appreciated by God. Helping with love is very meaningful in his eyes than helping people just for the fame. These organizations are the things that the world should be proud of and we should be thankful that because of God’s gift for the people, the love for others, there is no such word as PROBLEM.

Free Nonprofit Debt Consolidation Quote: a Small Cost to Pay for your Peace of Mind

Apurva Shree asked:

Free nonprofit debt consolidation quote is the best way to establish the authenticity of an online debt consolidation company. Online debt consolidation is largely prevalent these days. But it is very difficult to ascertain the credentials of a company, by what they claim online. Therefore, when you receive a quote after giving all your details, you can clearly judge that the company has carefully reviewed your situation and accordingly offered the best possible solution.

Recognizing The Winner

As described above, a company that gives a free nonprofit debt consolidation quote is the one you can trust. On the other hand, if an online company asks for money, even before offering a quotation, you should sense trouble and keep away from such companies. The real players of the game will assess your income, expenditure and your total dues. In the form of a quote, they will let you know the cost of their service.

Further to make sure that the consolidation company is lawful, you can contact the Better Business Bureau. They have the records of all the grievances of the customers, if any, against the companies. It could include steep charges, any wrong practice or some breach of trust. Another way of assuring that you do not fall into wrong hands is by going by the testimonials of the previous customers of the company and learning about their experience.

Immediate Satisfaction

Another immense advantage of free nonprofit debt consolidation quote is that the moment you receive it, you feel satisfied and hopeful that your debts can be taken care of; that there exists a solution to your problem. Also, as soon as you apply for their services, they take over all your worries on their shoulders. They directly tackle with your creditors and you stop receiving harassing calls from them. The instant relief that debt consolidation can offer in the form of free quotes is commendable.

Free nonprofit debt consolidation quote is also available to rid you of your credit card debts. Credit card debt consolidation help is just another form of debt consolidation that only deals with credit card debts. Credit card companies often lure gullible borrowers into taking more debt. By paying the minimum amount each month, you still remain eligible to make purchases on your credit card until you exceed your maximum card limit. Thus you find yourself neck deep in debt. Debt consolidation help also merges your debts corresponding to various credit cards and eases your pain of making multiple payments each month.

Therefore, debt consolidation credit help can be very beneficial in solving your debt related problems. It’s surely worth giving a try.

Nonprofit Debt Consolidation Loan

Li Ming Wong asked:

This article will focus upon how to obtain a nonprofit debt consolidation loan and what the benefits are behind doing this. The first part of this article will focus upon the benefits of using a nonprofit debt consolidation loan while the second part of the article will focus upon how you can obtain a nonprofit debt consolidation loan.

A debt consolidation loan is going to be very similar whether it is with a for profit or a nonprofit debt consolidation company. This must be explained upfront because a loan is a loan. You are borrowing money to repay someone and you are making fixed monthly payments until the debt is paid off. Whether you decide to work with a nonprofit or for-profit, you must consider all of the fees associated with it along with the interest rate. When you are applying for a loan, you do need to be approved for loan just as for any other loan that you may have applied for in your life. A nonprofit debt consolidation loan can be a good move for you if you have a great deal of credit card debt or other debt which is at a high interest rate. The interest rate which you will pay is often lower than the rates which you will find on your credit cards. This can allow you to save some money off of interest every month which you can work on applying towards paying down the principal of the loan. Another very important point when considering a nonprofit debt consolidation loan is that nonprofit organizations will be speaking with your best interests in mind. If you decide to work with a for-profit company, the advisers may lean towards pointing you in the direction of a debt consolidation loan which can pay them more if their pay is based upon hitting certain incentives. A nonprofit debt consolidation loan is good in that sense because the company should be looking out for your best interests.

To apply for and obtain a nonprofit debt consolidation loan, you should look to first gather all of your information in one location. If the debt counselor is not able to see all of your debts, he or she will not have a full picture and be able to obtain the best nonprofit debt consolidation loan for you. When looking at a nonprofit debt consolidation loan, the underwriters will often look at your credit score along with what will be paid off. They will also look to see whether or not the debt which is being consolidated into one monthly payment can fit with what you make so you still have room within your budget to eat, drink, and enjoy life.

Hopefully this article on a nonprofit debt consolidation loan has given you some helpful information. A nonprofit debt consolidation loan can have a very positive impact upon your life but you must also take into consideration all factors available to you. Gather up all information as far as what your bills are and listen to what the advisor has to say. Take your time to make a decision and do not rush into anything immediately.

Free Nonprofit Debt Consolidation – Meet Personally to Discuss the History

Apurva Shree asked:

Free nonprofit debt consolidation company refers to an organization that offers free debt consolidation service. One may need this kind of free debt consolidation help when one finds that the amount of debt has become too much to handle and the things are going out control. If you are also trying to manage your messy financial matters by just talking to the collection agencies and credit card companies then you may end up only frustrated.

Beware Of Scamming Companies

In the process of looking for some outside help you may come across some companies that entice you by saying that they can get you out of trouble quickly. However, you have to cautious here as you cannot rely on whatever company comes your way. Some roguish companies are also in the market to earn money out of hapless individuals steeped in financial difficulties. In sharp contrast, institutions offering you debt consolidation help are there to assist you in the times of financial sufferings without even asking for any fee.

What these free nonprofit debt consolidation companies do is that they arrange a big loan to consolidate all smaller loans that you owe at that point of time. This new loan that you get is available at lower interest rates so there is a significant decrease in the overall cost. Moreover, the loan term is also spread over three to six years so you have to pay a lower monthly installment. This enables you to manage to pay toward the loan with your current earnings.

As far as eligibility to obtain this loan to consolidate other smaller loans is concerned, no specific qualifications are required. However, majority of companies feel that their client should have counseling of a certain degree. This is to ascertain that you have realized what went wrong in the past and you are now ready to repair for a better future. Moreover, counseling also equips you with better debt management tools.

Now the big question is how to find a good company for this purpose. Undoubtedly, the best place is Internet where hundreds of companies are there to provide you this kind of help. The best company for you is one which gives you an opportunity to meet its executives personally. This is very is essential as otherwise there is no way you can tell them about your problem and the reasons responsible for your financial debacle. If a free nonprofit debt consolidation company asks you to send papers then it is not the right choice for you, so take care.

About Your Nonprofit Debt Consolidation

Ranju Kumar asked:

This is an article related to Nonprofit Debt Consolidation. In this article we will provide you the information regarding why you should opt to use No-profit-making Debt Consolidation Company when looking to repay your debt with one monthly payment. Here we have provided the company name which you will be able to look into if needed but the crucial thing to remember is that a nonprofit will generally charge lower fees than a for profit of the company will.

The very first reasons which make us to opt for a Non Profit Consolidations is that they charge lower fees. The major problem when looking at the companies is that there have been a lot of scam artists and this is a trouble is also some times true with nonprofits agencies. So before using them and giving them your sensitive personal and financial data, you’ve to make sure about how long the company has been in business organization. You can also check with your local Better Business Bureau to see if any complaints are registered against the company before you start working with it.

This company can help you out in different ways. They will assist you to build up a refund plan for your debts. They will talk with companies to lower your payments. This can easily help most families or households because there is one single payment.

The payment is generally based upon how much money is made each month. Usually when a person opts to go for an agency, he or she goes at a point when the debt is overwhelming and takes up much of the available income that that person makes. It should look to have you repay the bills in a manner which still allows you to live your life in a comfortable fashion.

There is a company named, Credit Counseling Services. This is a very good example of an outstanding nonprofit agency. This is a place which is there from a lot of years and it is the second biggest debt free company in the country.

As you’ll receive free credit advise and financial plan management frequently,incorporated with your consolidation plan,it will be the best for you. Of course this is a big deal, but you have to check out what fees are then associated with this plan. A few nonprofits will compensate for the free services with higher costs and rates of interest associated with them.

Hopefully the article,”About Your Nonprofit Debt Consolidation” has given you the basic introduction of these Companies. It can be a great affect for you if you’re overwhelmed with debt but you must make sure to do your background work. Keep in mind, if it looks too good to be true it probably is.You will be able to use the example of Credit Counseling Services if you don’t know which company to use.