Provided by the Bucks County Department of Consumer Protection:
Right now is the perfect time to make a resolution for your financial protection. The Bucks County Consumer Protection staff offer the below tips on getting and/or keeping control of your money and credit rating.
GYM MEMBERSHIPS
If you are contemplating signing up for a new gym membership, the most important aspect is to know the terms of the contract.
Is it a year-long contract or a month-to-month agreement?
Most health clubs offer a one-year initial term, with no option to cancel without a steep cancellation fee. There is a small window of opportunity to cancel under the PA Health Club Act Rule where a consume may cancel a health club membership by delivering or mailing (via certified mail, return receipt requested), written notice to the health club. The notice must say that you do not wish to be bound by the contract. This letter must be delivered or mailed before midnight of the third business day after you sign and receive a copy of the contract.
Remember to also assess the initiation fee, coupled with the monthly fee.
Before committing to a membership, take a thorough tour of the gym so you can see how well the facility is maintained.
PAYING OFF DEBT
This may be a good time to look at your outstanding debt and create a plan, that you believe that you can manage, to pay it off.
• There are inexpensive money-management software programs you can use to assist you in tracking your finances and creating a plan to reduce your debt or you can simply list your debt on paper by writing the name of the company you owe money to and the balance of what you owe.
• Next, you should establish a system for paying down your debt and stick to it. Paying more than the monthly minimum due will help you pay off your debt faster and save you some money on the interest charges.
• After reviewing your budget and creating a payment plan, check your current credit report to make sure the information is accurate, then, if applicable you can then add any debt collection agencies to your list.
• You have options and rights when dealing with collection agencies. If you notice any errors in your credit report, reach out to both the lender that issued the inaccurate information and the credit bureau that is reporting it. We suggest that you review the Fair Debt Collection Practices Act on the Federal Trade Commissions website: Fair Debt Collection Practices Act | Federal Trade Commission
If the information on your credit report is accurate, calculate how much you can afford to pay to any debt collection agency. Then contact the company that you owed money to initially and agree to make a lump sum payment. This is the most cost effective and allows you to negotiate a lower payment amount. If you do agree on a lesser amount to settle your debt to a Collection agency, make sure that they send you an email, prior to making payment, stating that the amount you agreed to settle on, makes your debt “paid in full.” Have the debt collection agency, list the original debt, the amount you are paying, the date, and the “paid in full comment.” Only after securing this letter you should make your payment. You can also request to make installment payments, but this option could put you at risk of restarting the statute of limitations on a debt and restarting the time period for how long the negative information continues on your credit reports.
To learn how to protect yourself from scams and fraud, please visit our website at; www.buckscounty.gov/cp.
Monthly Fraud Alerts brought to you by Bucks County Crimes Against Older Adults Task Force 24-hour hotline: 1-800-490-8505, Bucks County District Attorney’s Office: 215-348-6344, A Woman’s Place (AWP): 1-800-220-8116, Bucks County Area Agency on Aging: 267-880-5700, Bucks County Office of Consumer Protection: 215-348-6060, Bucks County Coroner’s Office: 215-348-3852, Bucks County Register of Wills: 215-348-6265, Network of Victim Assistance (NOVA): 1-800-675-6900, and U.S. Dept. of Health and Human Services/OIG: 1-800-447-8477.
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