Now Thats a Debt For the Experts

Now That's a Debt For the ExpertsFor someone who has never considered writing for money, it's not unusual to assume that it's a purely entrepreneurial activity. But for many of us, paper and ink are involved. In some cases, as with terms of service, where a creditor's written by an attorney, there is also a bit of interpretation involved in a paper that is necessary to follow terms of service. And if you find yourself in a position where the terms of service for a debt that you've written for you are incorrect, you need to act quickly.Writing for money can be just the thing to break your financial crunch. But like any other job, it's important to look at the details. Take the following simple example:Loan repayment terms: 'You agree to repay your account by giving a total of $1000 to the creditor with no deduction for late payment or fee.' The creditor is obligated to pay you the amount that you agreed to pay. The lender is in a good position to demand the interest and fees that you agreed to pay, as well as the principal amount of the loan. You have no obligation to pay anything until your account is paid.Interest: Let's say that your interest rate was calculated based on the prime rate at the time you first signed the loan. You request a rate that is higher, at the point when you filed for the loan. The creditor now believes that you can pay off the loan, which allows them to expect a lower rate of interest. You will not be able to maintain your debt balance while paying the higher interest rate.The choice is easy, really. If you are going to continue to pay a higher interest rate, it's best to have the original terms that are set in writing. If you continue to live with the incorrect terms, the terms are likely to be used against you in the future.Whichever you choose, you should keep in mind that each term should be exactly as written. Otherwise, you're going to end up with something that's not even recognizable as the terms of service for the original debt . It's also critical to read between the lines of the document, carefully considering the importance of each term. If you find that you've forgotten something important, consult an attorney or an expert in debt and contract law, and make corrections to the document to ensure that it meets your obligations.If you find yourself with debt that you'd like to eliminate, write for money! It can be the route to a debt-free future.