I know companies will drop a debt when a certain amount of time has gone by, but what are those standards?
I keep getting calls from a hospital saying there is a bill due (it's a recording) but the calls aren't for me. I've called several times to tell them it's the wrong number, but I keep getting calls. When will they write it off and leave me alone?
How long until a bill gets written off as a bad debt?
If the calls are directed to your name, not just your number, then you have to inform them in writing that you contest their claim.
If they have a wrong number it might still be a good idea to drop them a note to tell them that the person they are trying to reach has abandoned this phone number or never had it.
It might also be helpful to you to mention that their calling you is causing you distress, so please STOP.
How long it takes for them to attempt to collect through the courts varies. Some will attempt as soon as they are confident that they are not getting paid without it,,, some wil just go on dunning until the law in your (or their) jurisdiction no longer allows them to sue.
Reply:If calling the hospital, are you calling the number they left or just the main number for the hospital?
Make sure it's actually the hospital calling you and not a collection agency.
Each company sets its own standards for collection and write off.
You could try sending them a letter and explaining again that they have the wrong phone number and that the harassment needs to stop.
And try not to let it get to you. Be happy it's not you who owes money. =)
purchase flowers
Saturday, October 24, 2009
What Do I need to Qualify for Debt Consolidation Loan?
Not credit counseling, but debt consolidation loan. Can't find any good info on the web, so your educated opinion would be helpful. What are credit requirements, home equity requirement, debt service ratio and other factors?
If you know a good resource that would be very helpful as well!!
Thanks.
What Do I need to Qualify for Debt Consolidation Loan?
I get this question all the time as a senior loan officer for a large mortgage brokerage firm. Credit requirements are a little tighter now, but there are still lender who will offer to consolidate your debt if you have the following:
1. Credit score of 680 or higher.
2. Debt to income ratio of 45% or lower (if CR score is higher, then ratio can be higher)
3. Home loan to value can be as high as 95%
for more information go to my website: www.windsorcap.com/rlicon
If you know a good resource that would be very helpful as well!!
Thanks.
What Do I need to Qualify for Debt Consolidation Loan?
I get this question all the time as a senior loan officer for a large mortgage brokerage firm. Credit requirements are a little tighter now, but there are still lender who will offer to consolidate your debt if you have the following:
1. Credit score of 680 or higher.
2. Debt to income ratio of 45% or lower (if CR score is higher, then ratio can be higher)
3. Home loan to value can be as high as 95%
for more information go to my website: www.windsorcap.com/rlicon
What is the best way to pay off my credit card debt?
I owe 3000 in credit card debt, between 3 of them, going threw a divorce, and before i got separated my wife didn't pay on them for the previous 2 months, and now i am getting hit with over limit fees and late fees, and having trouble making the payments, what should i do?
What is the best way to pay off my credit card debt?
Go to a credit counseling service and explain your problem. They will make arrangements with your creditors for you to make set monthly payments that you can afford without penalties.
Reply:Set yourself up with a budget. With 3,000 on three cards, your minimum payments cannot being that high (not sure what your income is). However, set a budget and pay as much as you can afford on them every month. If you hit a hard time and cannot pay the payments on all of them, pay the cards with the highest interest first. Also, consider consolidating all the debt onto one card (making only one payment a month), or getting a personal loan for $3,000, paying off all the cards, and then making a payment to your local bank or whoever you got the loan from. It will take time, but you just need to pay attention to where your money is going and find areas where you can cut costs.
Reply:Can you work any overtime?
Try to find sites online that will help you in paying your monthly payments. A lot of times you can find a way to work online so that you can work around your regular schedule.
I have been working to pay down 4K. Trust me, it will take time to get it paid down, especially if you are only able to pay a little bit more that your minimum, but it will get paid as long as you work on getting it paid off.
If you could pay $150.month for 2 years, this would be $3400. You probably will owe more than that in interest (balances + interest) but if you could do this, you could probably have it paid down in 25-26 months.
Another thing, call your creditors and tell them what is going on. In the financial crisis everyone is in, they might wave the late fees and overlimit fees or at least work with you. All they can do it say no, so it is worth a shot.
Reply:1. Stop using them, if you are.
2. Contact the credit card companies and see if they can waive a late charge or over limit charge. Let them know you have every intention of paying them off. Most credit card companies will work with now adays.
3. Ask for a lower rate and/or some type of a temp lower rate, waive over limit fees, etc for the next 6 months until you get caught up.
Best of luck.
Reply:Talk to your credit card companies and ask if they will work with you. Most credit card companies are willing to meet you half way.
What is the best way to pay off my credit card debt?
Go to a credit counseling service and explain your problem. They will make arrangements with your creditors for you to make set monthly payments that you can afford without penalties.
Reply:Set yourself up with a budget. With 3,000 on three cards, your minimum payments cannot being that high (not sure what your income is). However, set a budget and pay as much as you can afford on them every month. If you hit a hard time and cannot pay the payments on all of them, pay the cards with the highest interest first. Also, consider consolidating all the debt onto one card (making only one payment a month), or getting a personal loan for $3,000, paying off all the cards, and then making a payment to your local bank or whoever you got the loan from. It will take time, but you just need to pay attention to where your money is going and find areas where you can cut costs.
Reply:Can you work any overtime?
Try to find sites online that will help you in paying your monthly payments. A lot of times you can find a way to work online so that you can work around your regular schedule.
I have been working to pay down 4K. Trust me, it will take time to get it paid down, especially if you are only able to pay a little bit more that your minimum, but it will get paid as long as you work on getting it paid off.
If you could pay $150.month for 2 years, this would be $3400. You probably will owe more than that in interest (balances + interest) but if you could do this, you could probably have it paid down in 25-26 months.
Another thing, call your creditors and tell them what is going on. In the financial crisis everyone is in, they might wave the late fees and overlimit fees or at least work with you. All they can do it say no, so it is worth a shot.
Reply:1. Stop using them, if you are.
2. Contact the credit card companies and see if they can waive a late charge or over limit charge. Let them know you have every intention of paying them off. Most credit card companies will work with now adays.
3. Ask for a lower rate and/or some type of a temp lower rate, waive over limit fees, etc for the next 6 months until you get caught up.
Best of luck.
Reply:Talk to your credit card companies and ask if they will work with you. Most credit card companies are willing to meet you half way.
Will paying an old debt renew the 7 year time it shows on my credit report?
I have a small debt that will disapper from my credit report in two years. I would like to pay off in hopes of them removing it from my report, but I'm affraid that I would be opening a can of worms. Should I leave it alone?
Will paying an old debt renew the 7 year time it shows on my credit report?
Derogatory items age off your credit report 7-1/2 years from the date of first deficiency. NOTHING restarts that clock.
Paying off derogatory items will not improve your score, unless you get the item removed. If this is a single entry item, like a medical or utility bill, you can probably negotiate a delete for pay -- you pay
$x and they remove the item. You can probably offer 10% on a 5 year old debt.
Get a written settlement agreement and keep it, along with your payment proof, forever. Do not give the collection agency direct access to your bank account.
Reply:No...there is only one 7-year time period which cannot be restarted under any circumstances.
Honestly, the negative effects of debt this old should be over by now and should not be affecting your credit. Making payments on old debt can bring this negative even to the front of the line on your credit history and could theoretically damage your credit. Equifax has stated that this issue has been corrected....Still, for something this close to coming off....it might not be worth the trouble.
Reply:no if you have the funds to pay it do so it will show up in your favor as account paid in full working for you not against you
Will paying an old debt renew the 7 year time it shows on my credit report?
Derogatory items age off your credit report 7-1/2 years from the date of first deficiency. NOTHING restarts that clock.
Paying off derogatory items will not improve your score, unless you get the item removed. If this is a single entry item, like a medical or utility bill, you can probably negotiate a delete for pay -- you pay
$x and they remove the item. You can probably offer 10% on a 5 year old debt.
Get a written settlement agreement and keep it, along with your payment proof, forever. Do not give the collection agency direct access to your bank account.
Reply:No...there is only one 7-year time period which cannot be restarted under any circumstances.
Honestly, the negative effects of debt this old should be over by now and should not be affecting your credit. Making payments on old debt can bring this negative even to the front of the line on your credit history and could theoretically damage your credit. Equifax has stated that this issue has been corrected....Still, for something this close to coming off....it might not be worth the trouble.
Reply:no if you have the funds to pay it do so it will show up in your favor as account paid in full working for you not against you
What factors regulate national debt or surpluses around the world?
Why can't africa spend billions of dollors over their budget to start helping the poor and dying up on their feet. And yet america can spend hundreds of billions on a war. When does debt of a country matter? Also why does a province like for ex: Alberta in Canada sit on 8 billion dollors, what do they do with it, isnt it insane?
What factors regulate national debt or surpluses around the world?
Africa is not rich enough or credit approved enough to spend billions on their population. Even if they are, they spend it on themselves, the governments are self-gratifying. It is insane that Alberta can sit on 8 billion. What is your source?
The United States Congress approves all expenditures of the U.S. government. Remember, Kerry said he approved the war and then voted against it? In that vote Kerry approved money and permission for the Iraq war to continue.
The U.S. is probably the exception to the rule when it comes to trillions in debt. The World Bank would go into bankruptcy itself if it decided to forclose on its largest debtor!
Reply:You can only have debt if you have credit. By far the USA has the largest debt because it commands the best credit.
A budget surplus can come from a booming economy or bad planning, In any case it is an anomaly and must be addressed best by lowering taxes.
The main reason there are poor and dying in Africa is because their governments don't care. Actually mostly those governments care how to stash away the "international help" in Swiss bank accounts.
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What factors regulate national debt or surpluses around the world?
Africa is not rich enough or credit approved enough to spend billions on their population. Even if they are, they spend it on themselves, the governments are self-gratifying. It is insane that Alberta can sit on 8 billion. What is your source?
The United States Congress approves all expenditures of the U.S. government. Remember, Kerry said he approved the war and then voted against it? In that vote Kerry approved money and permission for the Iraq war to continue.
The U.S. is probably the exception to the rule when it comes to trillions in debt. The World Bank would go into bankruptcy itself if it decided to forclose on its largest debtor!
Reply:You can only have debt if you have credit. By far the USA has the largest debt because it commands the best credit.
A budget surplus can come from a booming economy or bad planning, In any case it is an anomaly and must be addressed best by lowering taxes.
The main reason there are poor and dying in Africa is because their governments don't care. Actually mostly those governments care how to stash away the "international help" in Swiss bank accounts.
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Is it more important financially to lock in a good mortgage rate or pay off outstanding credit card debt?
Assume $8,000 credit card debt. Should I pay off cards first? I have a very high credit score due to paying off two new cars (long story).
Is it more important financially to lock in a good mortgage rate or pay off outstanding credit card debt?
let me if i can give you some advice
first get out of debt , cut up the credit cards and never use another one for as long as you live i am not trying to be rude , but very serious , debt is dumb , debt destroys more things then you know . at 42 i am and will always be 100% debt free
i have never owned a credit card , never bought a car with a loan have never taken a loan until i bought my house ( the only thing anyone should ever use credit for ) and i was approved
in less then 2 hours ( ps i had no FICO SCORE )
lenders do still look for people that stay out of debt
read this
www.daveramsey.com
Reply:Paying off your credit card debt will help you to get a better mortgage rate by increasing your FICO score. So pay off the credit card first and continue to save what you can to buy a home sometime in the future.
Reply:Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58% .It's legitimate.I came across this company on NBC News.Check it out here:
http://shortlinks.co.uk/4cl
Reply:Pay off the cards. Don't use the money to buy 'points'.
Better yet, don't buy a house until:
1) You have no more credit card debt.
2) You have $25,000 in the bank for emergencies.
3) You have a 20% down payment in the bank in addition to the $25,000.
Reply:Always pay off the credit card debt. Carrying balances of more than 30% of your limit negatively impacts your score. Not to mention the high interest rates.
A mortgage company might insist you pay down credit cards before approving you for a loan.
Reply:I would lock in that good rate! However, if you can pay off the debt from the credit cards right now, I would highly suggest doing that. You will eliminate all that debt from your credit report and your lending company will be glad to see that and possibly you may even get a slightly lower rate because it is not on there anymore. Also, you want to make sure you get a fixed mortgage so they can not increase your interest rate. Do not get a balloon, they will ruin your life! And you will pay 2x the interest in then end and it will take to 2x the years to pay off.
Reply:pay off the debit
Reply:If we're talking about a 30 year mortgage then I'd lock that in. You'd pay more in interest charges than you'd save by paying off your cards. Once you have you mortgage than pay extra on your cards than the minimum fee to get rid of them.
Reply:The interest rat of the credit card is very high then the mortgage rate. So first pay the credit card debt.
Is it more important financially to lock in a good mortgage rate or pay off outstanding credit card debt?
let me if i can give you some advice
first get out of debt , cut up the credit cards and never use another one for as long as you live i am not trying to be rude , but very serious , debt is dumb , debt destroys more things then you know . at 42 i am and will always be 100% debt free
i have never owned a credit card , never bought a car with a loan have never taken a loan until i bought my house ( the only thing anyone should ever use credit for ) and i was approved
in less then 2 hours ( ps i had no FICO SCORE )
lenders do still look for people that stay out of debt
read this
www.daveramsey.com
Reply:Paying off your credit card debt will help you to get a better mortgage rate by increasing your FICO score. So pay off the credit card first and continue to save what you can to buy a home sometime in the future.
Reply:Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58% .It's legitimate.I came across this company on NBC News.Check it out here:
http://shortlinks.co.uk/4cl
Reply:Pay off the cards. Don't use the money to buy 'points'.
Better yet, don't buy a house until:
1) You have no more credit card debt.
2) You have $25,000 in the bank for emergencies.
3) You have a 20% down payment in the bank in addition to the $25,000.
Reply:Always pay off the credit card debt. Carrying balances of more than 30% of your limit negatively impacts your score. Not to mention the high interest rates.
A mortgage company might insist you pay down credit cards before approving you for a loan.
Reply:I would lock in that good rate! However, if you can pay off the debt from the credit cards right now, I would highly suggest doing that. You will eliminate all that debt from your credit report and your lending company will be glad to see that and possibly you may even get a slightly lower rate because it is not on there anymore. Also, you want to make sure you get a fixed mortgage so they can not increase your interest rate. Do not get a balloon, they will ruin your life! And you will pay 2x the interest in then end and it will take to 2x the years to pay off.
Reply:pay off the debit
Reply:If we're talking about a 30 year mortgage then I'd lock that in. You'd pay more in interest charges than you'd save by paying off your cards. Once you have you mortgage than pay extra on your cards than the minimum fee to get rid of them.
Reply:The interest rat of the credit card is very high then the mortgage rate. So first pay the credit card debt.
Why does everyone automatically judge and make assumptions when people say they are in debt?
Why is it so hard to believe that some people who are in debt didn't get there by being irresponsible? When people are asking for help sometimes it seems as if people are angry and judgemental when they post their answers. It just doesn't seem right. Sometimes things happen that are out of your control. Being in debt doesn't automatically mean that you are a horrible irresponsible person.
Why does everyone automatically judge and make assumptions when people say they are in debt?
Don't feel bad. About 75% of people who are judging you are also in debt. Probably even further than you are. And most of them are in debt because they just can't give up their fancy houses and their Fancy cars, vacations, etc. Whatever makes them feel superior enough to judge you for being in debt. I'm in debt, partially due to bad decisions, but mostly just due to medical bills and other life necesities. If someone wants to judge me for that then so be it. It would seem to me that someone asking for help, not money, would be doing the responsible thing.
Reply:Yea I know what you mean. I am in a lot of debt b/c of college. All I want is to have a good paying job and the only way to do that is through college. So of course I am in a huge amount of debt but I am trying my best to pay it off now so I won't be in bigger debt later. I also come from a very poor family and not many people understand what it's like to be so poor that you can't afford anything but canned corn and box macaroni. Yuk!
Reply:Your partly right I think. If your in debt because of college or for medical reasons or something like that its understandable.
If your in debt because you live out of your means I don't feel bad for you. Examples; eating out at restaurants constantly, shopping too much, needing stuff from Pottery Barn vs WalMart, not saving for retirement or living in a house you can't afford... etc etc.
People can't help but judge. You do the same thing to other people in other situations.
Reply:Sorry to hear you've been made to feel like everyone is being judgmental towards you. Debt is a fact of life for most of us since childhood.
But nowadays there are role models like Dave Ramsey who is dedicated to helping people regain their wealth. Read The Total Money Makeover and it will change how you look at money as well as give you a plan. www.daveramsey.com
Good Luck
Reply:Very true! Because we live in a society that says make tons of money and not be in debt! To get rid of debt go to Consumer Credit Counseling a non for profit agency helping consumers become debt free. Best Wishes and Happy Debt Free Living!
Reply:You are somewhat right. I would think that ultimately it is in your control unless it is at gun point! But it does not mean that unexpected things did not happen along the way to spin it out of control. Anyway you slice it, anger is not going to help anyone regardless of why you got there. Consider the source, I would guess the vast majority of users here are kids or young adults that don't have a pot to piss in.
Reply:Oh, you mean the people, who just say....Just pay your bill!!
Most of them are bill collectors.
Personally, I have two negative things on my credit report that keep coming up regularly, but they are both medical...Sorry I am not paying a $600 medical bill for surgery that my son had that was supposed to be covered 100% by insurance. They can ping for the next 3 years and then it will drop off anyways.
Why does everyone automatically judge and make assumptions when people say they are in debt?
Don't feel bad. About 75% of people who are judging you are also in debt. Probably even further than you are. And most of them are in debt because they just can't give up their fancy houses and their Fancy cars, vacations, etc. Whatever makes them feel superior enough to judge you for being in debt. I'm in debt, partially due to bad decisions, but mostly just due to medical bills and other life necesities. If someone wants to judge me for that then so be it. It would seem to me that someone asking for help, not money, would be doing the responsible thing.
Reply:Yea I know what you mean. I am in a lot of debt b/c of college. All I want is to have a good paying job and the only way to do that is through college. So of course I am in a huge amount of debt but I am trying my best to pay it off now so I won't be in bigger debt later. I also come from a very poor family and not many people understand what it's like to be so poor that you can't afford anything but canned corn and box macaroni. Yuk!
Reply:Your partly right I think. If your in debt because of college or for medical reasons or something like that its understandable.
If your in debt because you live out of your means I don't feel bad for you. Examples; eating out at restaurants constantly, shopping too much, needing stuff from Pottery Barn vs WalMart, not saving for retirement or living in a house you can't afford... etc etc.
People can't help but judge. You do the same thing to other people in other situations.
Reply:Sorry to hear you've been made to feel like everyone is being judgmental towards you. Debt is a fact of life for most of us since childhood.
But nowadays there are role models like Dave Ramsey who is dedicated to helping people regain their wealth. Read The Total Money Makeover and it will change how you look at money as well as give you a plan. www.daveramsey.com
Good Luck
Reply:Very true! Because we live in a society that says make tons of money and not be in debt! To get rid of debt go to Consumer Credit Counseling a non for profit agency helping consumers become debt free. Best Wishes and Happy Debt Free Living!
Reply:You are somewhat right. I would think that ultimately it is in your control unless it is at gun point! But it does not mean that unexpected things did not happen along the way to spin it out of control. Anyway you slice it, anger is not going to help anyone regardless of why you got there. Consider the source, I would guess the vast majority of users here are kids or young adults that don't have a pot to piss in.
Reply:Oh, you mean the people, who just say....Just pay your bill!!
Most of them are bill collectors.
Personally, I have two negative things on my credit report that keep coming up regularly, but they are both medical...Sorry I am not paying a $600 medical bill for surgery that my son had that was supposed to be covered 100% by insurance. They can ping for the next 3 years and then it will drop off anyways.
Can I cancel my UK student loan debt by living in a foreign country?
I have a debt with the student loans company in the UK, taken out between 2002 and 2005.
I've heard that if I live in a foreign country for a number of years my debt can be cancelled. Is this true? How does it work?
Can I cancel my UK student loan debt by living in a foreign country?
No. It's a myth. You'd still owe the money.
I've heard that if I live in a foreign country for a number of years my debt can be cancelled. Is this true? How does it work?
Can I cancel my UK student loan debt by living in a foreign country?
No. It's a myth. You'd still owe the money.
What happens when a credit card company takes you to court for an unpaid debt?
What happens when a credit card company takes you to court for an unpaid debt? What can you expect from the hearing? and does the defendant have an opportunity to negotiate a debt settlement?
What happens when a credit card company takes you to court for an unpaid debt?
More than likely as is in most cases...they bring you to court to file a judgement. If they win the court case they will then be permitted to put a jugement against you. If you have a judgement - they can put a lein on any property you own and possibly collect the owed funds via assets (bank accounts), and even attach your wages. Each state has their own rules. If you need help...
Ron Marchiani, Integritycrs.com, 888-328-9328
Reply:They will want to know why the debt hasn't been paid. Expect to lose though. The court does have the power for you to make a deal for monthly payments. But that should have been done prior to it ending up in court. They can garnish your wages or force you to sell property.
They'll probably also stick you with court costs.
The only thing you can do it file for bankruptcy. But then your credit would be toast for at least 7 years.
Reply:First hand.. this just happened to me in the past 3 months.
3 yr old write off-
Original CC was for $300, Credit card company wrote off $687 after fees and interest, collection agency wanted $648+ court fees and attorney fees amount was then $1400.
I received a court filing but the court scheduled a mediation first.
Went to mediation and stated the debt was not mine. Asked them to show my application and every charge receipt.
The mediator stated they had 60 days to follow up with the proof.
56 days later they called me staing they proved the debt and wanted money before we went back to mediation, they only showed 3 past old CC statements but could not show the application or my sig on any of the charges.
60 days later i went back to mediation they did not show up because they could not get the proof from the original bank %26lt;they were just a collection agency%26gt;.
I won by default.
There are many laws that protect a defendants but you must know what the channels are. Might help to get a cheap lawyer at least to help you thru the motions you have available to you.
But if you DO lose then yes at worst they could garnish your wages ONLY if your single.
If you have children dependants they cannot garnish.
good luck
Reply:It's too late to negotiate. You will have to pay the amount and court costs and your wages/property can be attached for the amount.
Reply:A bit late to negotiate. Expect a judgment in their favor followed by wage garnishment.
ginkgo
What happens when a credit card company takes you to court for an unpaid debt?
More than likely as is in most cases...they bring you to court to file a judgement. If they win the court case they will then be permitted to put a jugement against you. If you have a judgement - they can put a lein on any property you own and possibly collect the owed funds via assets (bank accounts), and even attach your wages. Each state has their own rules. If you need help...
Ron Marchiani, Integritycrs.com, 888-328-9328
Reply:They will want to know why the debt hasn't been paid. Expect to lose though. The court does have the power for you to make a deal for monthly payments. But that should have been done prior to it ending up in court. They can garnish your wages or force you to sell property.
They'll probably also stick you with court costs.
The only thing you can do it file for bankruptcy. But then your credit would be toast for at least 7 years.
Reply:First hand.. this just happened to me in the past 3 months.
3 yr old write off-
Original CC was for $300, Credit card company wrote off $687 after fees and interest, collection agency wanted $648+ court fees and attorney fees amount was then $1400.
I received a court filing but the court scheduled a mediation first.
Went to mediation and stated the debt was not mine. Asked them to show my application and every charge receipt.
The mediator stated they had 60 days to follow up with the proof.
56 days later they called me staing they proved the debt and wanted money before we went back to mediation, they only showed 3 past old CC statements but could not show the application or my sig on any of the charges.
60 days later i went back to mediation they did not show up because they could not get the proof from the original bank %26lt;they were just a collection agency%26gt;.
I won by default.
There are many laws that protect a defendants but you must know what the channels are. Might help to get a cheap lawyer at least to help you thru the motions you have available to you.
But if you DO lose then yes at worst they could garnish your wages ONLY if your single.
If you have children dependants they cannot garnish.
good luck
Reply:It's too late to negotiate. You will have to pay the amount and court costs and your wages/property can be attached for the amount.
Reply:A bit late to negotiate. Expect a judgment in their favor followed by wage garnishment.
ginkgo
How to report harrassing debt collectors?
We just received about 10 calls in a five minute span from a debt collector. The woman on the phone also threatened to throw us in jail. How do we go about reporting this because I know it is illegal? We are working out payment arrangements so I don't need the "pay your bills" speech, I just need to know how to go about reporting this problem.
How to report harrassing debt collectors?
Threatening to have you thrown in jail is a violation of the FDCPA and if you could prove she said that, you could easily win a $1000 lawsuit against them.
Send them a certified return receipt letter telling them to cease and desist all phone calls and only contact you through the mail. After they receive that letter, every call is another violation of the FDCPA.
You can also report them to the FTC and your attorney general.
Reply:Call her agency back and talk to a supervisor. If it is a decent agency your problem will be solved in two minutes or less. The woman will be without a job. They should have records of all the calls she has made. You could also report them to the attorney general if that doesn't work. She obviously doesn't care about her job or she works for a sleazy agency.
I'm not calling you a liar, but I do find it hard to believe that it would happen. There are so many rules agencies have to follow. They can't tell you they are going to put you in jail, unless they fully intend to. They don't have the power to do that. When I woked for an agency we were monitored so closely. Good luck in getting it resolved.
Reply:Here is a link to locate your states laws regarding this issue
http://www.fair-debt-collection.com/stat...
Although the FDCPA does not specifically say how many times collectors can call, the Federal Trade Commission (FTC) has published their interpretation of the law which says debt collectors may not call repeatedly or continuously under the circumstances. The FTC goes on to say that collection calls must be meaningful and for a legitimate purpose. In other words the calls must be for a productive purpose such as verifying information, following up on a previous conversation, arriving at an agreement and so forth. They cannot keep calling you repeatedly or continuously for the sole purpose of demanding payment; doing so so is harassment.
It's important to note that creditors are exempt from this federal requirement however, your State Laws may prohibit this activity.
Hope this helps
I invite you to join the following Yahoo group "DontGetRippedOff" dedicated to helping those in financial trouble, Here you will find information to help you with debt collection agencies.
http://finance.groups.yahoo.com/group/do...
Reply:YOU CAN SUE THEM AND GET YOUR $$. AND THE WOMEN WILL GET FIRED. TRY TO RECORD THE CONVRSTN NXT TIME OR TT A SUPERVSR.
How to report harrassing debt collectors?
Threatening to have you thrown in jail is a violation of the FDCPA and if you could prove she said that, you could easily win a $1000 lawsuit against them.
Send them a certified return receipt letter telling them to cease and desist all phone calls and only contact you through the mail. After they receive that letter, every call is another violation of the FDCPA.
You can also report them to the FTC and your attorney general.
Reply:Call her agency back and talk to a supervisor. If it is a decent agency your problem will be solved in two minutes or less. The woman will be without a job. They should have records of all the calls she has made. You could also report them to the attorney general if that doesn't work. She obviously doesn't care about her job or she works for a sleazy agency.
I'm not calling you a liar, but I do find it hard to believe that it would happen. There are so many rules agencies have to follow. They can't tell you they are going to put you in jail, unless they fully intend to. They don't have the power to do that. When I woked for an agency we were monitored so closely. Good luck in getting it resolved.
Reply:Here is a link to locate your states laws regarding this issue
http://www.fair-debt-collection.com/stat...
Although the FDCPA does not specifically say how many times collectors can call, the Federal Trade Commission (FTC) has published their interpretation of the law which says debt collectors may not call repeatedly or continuously under the circumstances. The FTC goes on to say that collection calls must be meaningful and for a legitimate purpose. In other words the calls must be for a productive purpose such as verifying information, following up on a previous conversation, arriving at an agreement and so forth. They cannot keep calling you repeatedly or continuously for the sole purpose of demanding payment; doing so so is harassment.
It's important to note that creditors are exempt from this federal requirement however, your State Laws may prohibit this activity.
Hope this helps
I invite you to join the following Yahoo group "DontGetRippedOff" dedicated to helping those in financial trouble, Here you will find information to help you with debt collection agencies.
http://finance.groups.yahoo.com/group/do...
Reply:YOU CAN SUE THEM AND GET YOUR $$. AND THE WOMEN WILL GET FIRED. TRY TO RECORD THE CONVRSTN NXT TIME OR TT A SUPERVSR.
How long is a debt to a hospital valid?
Over two years ago I had outpatient surgery at the local hospital. My insurance co-pay was $50. I think I paid it, but I just got a collection agency letter, so when I called the hospital they told me that they had done an audit, and that's how they found it. They didn't bother to send me a bill, they just sent it to collections. I have no proof that I paid it, because I use a different bank now. I just can't imagine that I would let bills slip by back then, so I don't think it was unpaid back then. What can I do? Should I just pay the $60 (they're charging interest) or is there a legitimate way to make them cancel this two year old debt that they haven't cared about until now?
How long is a debt to a hospital valid?
If it is a private hospital it is valid until paid. State funded hospital 3 yrs. And yes they are charging interest and collection fees. They can garnish your wages unless you set up payment and pay something monthly. If you don't pay, it will go on your credit record for 7 yrs.
Reply:I would pay the 60 and be done with it, if you can't prove that you paid it then they can pretty much do what ever they want! I have been through this same thing and trust me it's much easier just to pay it!
Reply:Unfortunately, if you cannot prove you paid it they can keep it in collection. If reported it can remain on your credit for up to 7 years I think. If you have the date, you might be able to have your old bank check on if for you.
Reply:Depends upon the state you reside in. Most debts are good for at least 7 years, and if you owe the Government school loans or the IRS these can go on into eternity. Check your records if you have a cancelled check or see one was sent in your check register. Just becuase you changed banks doesn't mean you can't get a copy of a cancelled check. Or pay the bill and be done with it.
Reply:Although the debt can only remain on your credit report for 7 years, the debt is valid forever, or until they decide to write it off or you can prove you paid it. If neither of you has record of payment, they assume that it was not paid. As long as they are willing to collect, they can contact you until you die, and then contact the executor of your estate.
It doesn't matter how long it took them to notice it. If you owe it, you owe it.
Reply:Contact your old bank for your account records. They are required to keep them for X amount of years. If you can't find proof in those then pay the bill.
Reply:There is no limitation on time for them to attempt to retrieve this bill however because it is a medical bill there is no penalty toward your credit rating should you decide to apply for a loan or credit card. Medical bills can not be held against you when attempting to complete such transactions. This doesn't really answer your question but I thought you might like to know should you be wondering how it effects your credit score.
Reply:call your insurance company at the time. they should have the record. Then for just $60 i would just pay it.
How long is a debt to a hospital valid?
If it is a private hospital it is valid until paid. State funded hospital 3 yrs. And yes they are charging interest and collection fees. They can garnish your wages unless you set up payment and pay something monthly. If you don't pay, it will go on your credit record for 7 yrs.
Reply:I would pay the 60 and be done with it, if you can't prove that you paid it then they can pretty much do what ever they want! I have been through this same thing and trust me it's much easier just to pay it!
Reply:Unfortunately, if you cannot prove you paid it they can keep it in collection. If reported it can remain on your credit for up to 7 years I think. If you have the date, you might be able to have your old bank check on if for you.
Reply:Depends upon the state you reside in. Most debts are good for at least 7 years, and if you owe the Government school loans or the IRS these can go on into eternity. Check your records if you have a cancelled check or see one was sent in your check register. Just becuase you changed banks doesn't mean you can't get a copy of a cancelled check. Or pay the bill and be done with it.
Reply:Although the debt can only remain on your credit report for 7 years, the debt is valid forever, or until they decide to write it off or you can prove you paid it. If neither of you has record of payment, they assume that it was not paid. As long as they are willing to collect, they can contact you until you die, and then contact the executor of your estate.
It doesn't matter how long it took them to notice it. If you owe it, you owe it.
Reply:Contact your old bank for your account records. They are required to keep them for X amount of years. If you can't find proof in those then pay the bill.
Reply:There is no limitation on time for them to attempt to retrieve this bill however because it is a medical bill there is no penalty toward your credit rating should you decide to apply for a loan or credit card. Medical bills can not be held against you when attempting to complete such transactions. This doesn't really answer your question but I thought you might like to know should you be wondering how it effects your credit score.
Reply:call your insurance company at the time. they should have the record. Then for just $60 i would just pay it.
What is the biggest debt that someone you know has?
I heard of someone with 55 k debt, and was still spending on credit cards!
What is the biggest debt that someone you know has?
A dodgy Soul !?
Reply:I work with a girl was 3 years ago was £60K in debt. Since then she has been on many overseas holidays etc so hate to think what the amount is now!
Reply:I used to have a friend with debts of about £15,000 - £20,000 at the age of 24. I really don't know how she managed to get into so much debt at such a young age. She lived at home rent free, wasn't the type of person to go out clubbing/drinking much. Didn't go to uni so her debts weren't from student loans. I think she used to spend a lot of her money on her boyfriend. That's just crazy!!
Reply:My Uncle Sam owes trillions, and his "son" GW is running up the debt even higher.
Reply:I've got friends who have 30K plus mortgage.
Mostly a case of "I've £10 in my wallet so I'll spend £20"
Silly Billies.
What is the biggest debt that someone you know has?
A dodgy Soul !?
Reply:I work with a girl was 3 years ago was £60K in debt. Since then she has been on many overseas holidays etc so hate to think what the amount is now!
Reply:I used to have a friend with debts of about £15,000 - £20,000 at the age of 24. I really don't know how she managed to get into so much debt at such a young age. She lived at home rent free, wasn't the type of person to go out clubbing/drinking much. Didn't go to uni so her debts weren't from student loans. I think she used to spend a lot of her money on her boyfriend. That's just crazy!!
Reply:My Uncle Sam owes trillions, and his "son" GW is running up the debt even higher.
Reply:I've got friends who have 30K plus mortgage.
Mostly a case of "I've £10 in my wallet so I'll spend £20"
Silly Billies.
What is the interest on the national debt?
In 1980 the statistical abstraction of the United states stated that the interest on the national debt was 25% of every tax dollar. In 1988 I heard that it had risen to 33% of every tax dollar. I was wondering if anyone could tell me what the debt takes from each tax dollar now.
What is the interest on the national debt?
The codification of the imposition of direct rule in terms of "effective occupation" necessitated routine recourse to armed force against indigenous states and peoples. Uprisings against imperial rule were put down ruthlessly, most spectacularly in German South-West Africa and German East Africa in the years 1904-1907.
Britain's 1882 formal occupation of Egypt (itself triggered by concern over the Suez Canal) contributed to a preoccupation over securing control of Nile valley, leading to the conquest of the neighboring Sudan in 1896 -1898, which in turn led to confrontation with a French military expedition at Fashoda (September 1898).
http://loan-guides.freevare.com
In 1899, Britain set out to complete its takeover of the future South Africa, which it had begun in 1814 with the annexation of the Cape Colony, by invading the Afrikaner republics of the gold-rich Transvaal and the neighboring Orange Free State. The chartered British South Africa Company had already seized the land to the north, renamed Rhodesia after its head, the Cape tycoon Cecil Rhodes
Reply:To Be honest,It will take a little time to find the answer for the question of yours.have a look at the resource here http://www.DebtFreetips.info/debt-free.h... for your reference .
azalea tree
What is the interest on the national debt?
The codification of the imposition of direct rule in terms of "effective occupation" necessitated routine recourse to armed force against indigenous states and peoples. Uprisings against imperial rule were put down ruthlessly, most spectacularly in German South-West Africa and German East Africa in the years 1904-1907.
Britain's 1882 formal occupation of Egypt (itself triggered by concern over the Suez Canal) contributed to a preoccupation over securing control of Nile valley, leading to the conquest of the neighboring Sudan in 1896 -1898, which in turn led to confrontation with a French military expedition at Fashoda (September 1898).
http://loan-guides.freevare.com
In 1899, Britain set out to complete its takeover of the future South Africa, which it had begun in 1814 with the annexation of the Cape Colony, by invading the Afrikaner republics of the gold-rich Transvaal and the neighboring Orange Free State. The chartered British South Africa Company had already seized the land to the north, renamed Rhodesia after its head, the Cape tycoon Cecil Rhodes
Reply:To Be honest,It will take a little time to find the answer for the question of yours.have a look at the resource here http://www.DebtFreetips.info/debt-free.h... for your reference .
azalea tree
How can you settle a credit card debt without using a "credit counselor"?
I have credit card debt with 2 companies. I want to try to settle the debt for about 2/3rds of the total with each one. Anyone know hwow I can do this without using a credit professional?
How can you settle a credit card debt without using a "credit counselor"?
Hi mawmaw mary!
Looking at the other answers so far, I see some good info mixed with some incomplete info and also some inaccurate info.... So here's a quick step by step guide for you to accomplish your goal:
Settling for 2/3rds is a reasonable goal.
First let's clear up a few things, then I have three "keys" for you to follow...
Overall, "doing yourself", consumers average settlements of about 75%. Professionals average less than 50%, and usually charge about 15% in fees, putting the total cost to use a professional at about 65% or less on average.
Creditors do give professionals "special treatment" because they deal with each other every day. Large professional negotiators are the bread and butter for most collector these days. Also, when a professional representing many clients comes to the table with $ Millions of dollars, this creates serious leverage and creditors are willing to settle for substantially less than any individual would ever be able to achieve on their own.
Still, I've helped many folks who have a knack for negotiating, documenting and following up (the three critical skills you'll need to do this) to get settlements as low as 45-60%. Here's the keys to accomplish this yourself:
KEY # 1) Your accounts must be delinquent.
Creditors will not settle for anything less than the full balance until your accounts are seriously past due, usually 180 days + after "charging off". This is because when creditors "charge off" an account (an accounting entry), they are taking a tax benefit on the account by writing it off as a loss. This devalues the account, and it is no longer worth the full balance owed. In fact, the normal course of business is to sell the "bad debt" to a third party debt collector.
FACT: In 2006, "bad debt" was sold to collectors for an average of $0.034 cents on the dollar. That's 3.4%! Keep this in mind. This is exactly WHY debt settlement works so well, because it's a better deal to the creditor or collector than any other option, such as a lawsuit, collections or bankruptcy.
KEY # 2) Documentation BEATS Conversation, every time.
DO NOT make any payments by phone. Collectors will almost always ask for a check by phone. Say this:
"Unfortunately I’m unable to make a payment at this time; and am hoping to bring resolution to this matter as soon as possible. I understand you want me to make a payment right now, but that just isn’t possible. I will have $_________ (state an amount that's roughly 35-50% of your balance, not a percentage) soon and want to settle one of my two accounts, whoever will give me the best deal. Can you please send me an offer in writing?'
Track everything (documentation)... who you speak to, their name, phone number and extension, date and time. Keep everything organized in a folder, easily accessible.
HINT: You can do this initially or in response to a settlement offer that's too high... Write a "Hardship Letter". Hand write or type up a letter describing your situation, your inability to pay and include information such as, divorce, medical issues, loss of job, disability or reduced income. Any information regarding your personal hardship will help your negotiation, so don't hold back. Send this letter along with a request to settle the account for $_______ (again, a random amount roughly equal to 35-50% of your current balance).
NOTE: Certain creditors such as CitiBank, Chase if you live in FL, NY or OH and Target will not settle for such small amounts. You should accept 60% to 75% in these situation and consider it good. All three are more likely to pursue legal action as well.
KEY # 3) Use certified mail with return receipt.
Once you get an acceptable settlement offer in writing, send a check, but first... Write your account number for the account you are settling on the check and in the memo write "FOR PAYMENT IN FULL". Send the check along with a COPY of the settlement offer certified mail with return receipt.
BULLSEYE LETTER? In over seven years full time in this debt and credit business, I've never heard of a bullseye letter. I'm an optimist, but it's unrealistic to think you can settle your debt for about half of what you owe and at the same time have the creditor send you a letter to have the account removed from your credit report. However, once the account is paid to a zero balance, then you can do the normal process of credit repair and quite possibly have the account removed through disputing it and requesting verification.
FYI: "credit counselors" do not settle debt. They usually are able to reduce interest rates but collect the full balance through a debt management plan where you pay them one single payment each month while they turn around and pay your creditors for you (hopefully), in full.
** If you ever consider professional debt settlement, be sure to READ THIS WARNING FIRST: http://ezinearticles.com/?Debt-Settlemen...
Reply:If you have cash and are ready to settle, contact the credit card company directly. Make sure to sift through the maze and talk to someone who can make a decision, or send an offer by certified mail with a return receipt. Start out with an offer of 40%. When they counter at 60%, accept under the condition they give you a "BULLSEYE" letter. It probably won't work, but if you can get that letter, you present it to the three major credit rating agencies and they remove the negative credit ratings for that account!
You do not need to use a service %26amp; can handle this yourself, but they probably will not talk to you unless you are ready to settle (by paying) immediately.
Reply:Your credit card companies are not going to offer you settlements like 50%, for example, if you are current (not behind) on your payments. Basically, the only way you can get into a position to negotiate settlements is to deliberately let your accounts go into default.
If you are current on your accounts, this process will ruin your credit rating as your accounts will all go into default.
You don’t have to pay any firm to attempt settlements. You can try this own your own. Just remember, if you currently have good credit, this process will ruin your credit and there’s no guarantee that your creditors will accept settlements. If you are currently in default on your credit cards, you can make your own settlement offers. You don’t need to pay anyone to do this for you. Your credit card companies are under no obligation to accept any settlement from you or any outside firm that you you hire....so be careful. They have every right to refuse.
Get all terms about the settlement IN WRITING and get this BEFORE you pay them anything. NEVER accept verbal promises over the phone regarding any settlement....if you do, they might deny that any settlement was ever made once they get your money and continue collection activity.
Reply:contact each company and make them an offer, see what they say, they may decide that they can make more money by selling the debt on, sometimes Credit Counsellors have more clout , print out a Common Budget Statement from the internet, fill that in and include this with your offer, it may help.
Reply:What you can do on your own the credit professional can do as well. Banks do NOT cut special deals with credit professionals -- I am telling you from real experience.
Unless you are seriously delinquent no bank will negotiate with you! Sorry if this is not what you wanted to hear but it is the truth :)
Reply:
I was in debt about till about 6 months ago. I found this free E-Book that basically answered every single one of my question and helped me get totally out of debt. Its at http://www.inarinbows.com/debt .It was %100 free and within 20 seconds your emailed both ebooks. I now am able to answer the phone every time it rings and actually know for the first time in my life its not a creditor.check out http://www.inarinbows.com/debt
Reply:yes you can call them they would rather settle then to not get any money from you at all
How can you settle a credit card debt without using a "credit counselor"?
Hi mawmaw mary!
Looking at the other answers so far, I see some good info mixed with some incomplete info and also some inaccurate info.... So here's a quick step by step guide for you to accomplish your goal:
Settling for 2/3rds is a reasonable goal.
First let's clear up a few things, then I have three "keys" for you to follow...
Overall, "doing yourself", consumers average settlements of about 75%. Professionals average less than 50%, and usually charge about 15% in fees, putting the total cost to use a professional at about 65% or less on average.
Creditors do give professionals "special treatment" because they deal with each other every day. Large professional negotiators are the bread and butter for most collector these days. Also, when a professional representing many clients comes to the table with $ Millions of dollars, this creates serious leverage and creditors are willing to settle for substantially less than any individual would ever be able to achieve on their own.
Still, I've helped many folks who have a knack for negotiating, documenting and following up (the three critical skills you'll need to do this) to get settlements as low as 45-60%. Here's the keys to accomplish this yourself:
KEY # 1) Your accounts must be delinquent.
Creditors will not settle for anything less than the full balance until your accounts are seriously past due, usually 180 days + after "charging off". This is because when creditors "charge off" an account (an accounting entry), they are taking a tax benefit on the account by writing it off as a loss. This devalues the account, and it is no longer worth the full balance owed. In fact, the normal course of business is to sell the "bad debt" to a third party debt collector.
FACT: In 2006, "bad debt" was sold to collectors for an average of $0.034 cents on the dollar. That's 3.4%! Keep this in mind. This is exactly WHY debt settlement works so well, because it's a better deal to the creditor or collector than any other option, such as a lawsuit, collections or bankruptcy.
KEY # 2) Documentation BEATS Conversation, every time.
DO NOT make any payments by phone. Collectors will almost always ask for a check by phone. Say this:
"Unfortunately I’m unable to make a payment at this time; and am hoping to bring resolution to this matter as soon as possible. I understand you want me to make a payment right now, but that just isn’t possible. I will have $_________ (state an amount that's roughly 35-50% of your balance, not a percentage) soon and want to settle one of my two accounts, whoever will give me the best deal. Can you please send me an offer in writing?'
Track everything (documentation)... who you speak to, their name, phone number and extension, date and time. Keep everything organized in a folder, easily accessible.
HINT: You can do this initially or in response to a settlement offer that's too high... Write a "Hardship Letter". Hand write or type up a letter describing your situation, your inability to pay and include information such as, divorce, medical issues, loss of job, disability or reduced income. Any information regarding your personal hardship will help your negotiation, so don't hold back. Send this letter along with a request to settle the account for $_______ (again, a random amount roughly equal to 35-50% of your current balance).
NOTE: Certain creditors such as CitiBank, Chase if you live in FL, NY or OH and Target will not settle for such small amounts. You should accept 60% to 75% in these situation and consider it good. All three are more likely to pursue legal action as well.
KEY # 3) Use certified mail with return receipt.
Once you get an acceptable settlement offer in writing, send a check, but first... Write your account number for the account you are settling on the check and in the memo write "FOR PAYMENT IN FULL". Send the check along with a COPY of the settlement offer certified mail with return receipt.
BULLSEYE LETTER? In over seven years full time in this debt and credit business, I've never heard of a bullseye letter. I'm an optimist, but it's unrealistic to think you can settle your debt for about half of what you owe and at the same time have the creditor send you a letter to have the account removed from your credit report. However, once the account is paid to a zero balance, then you can do the normal process of credit repair and quite possibly have the account removed through disputing it and requesting verification.
FYI: "credit counselors" do not settle debt. They usually are able to reduce interest rates but collect the full balance through a debt management plan where you pay them one single payment each month while they turn around and pay your creditors for you (hopefully), in full.
** If you ever consider professional debt settlement, be sure to READ THIS WARNING FIRST: http://ezinearticles.com/?Debt-Settlemen...
Reply:If you have cash and are ready to settle, contact the credit card company directly. Make sure to sift through the maze and talk to someone who can make a decision, or send an offer by certified mail with a return receipt. Start out with an offer of 40%. When they counter at 60%, accept under the condition they give you a "BULLSEYE" letter. It probably won't work, but if you can get that letter, you present it to the three major credit rating agencies and they remove the negative credit ratings for that account!
You do not need to use a service %26amp; can handle this yourself, but they probably will not talk to you unless you are ready to settle (by paying) immediately.
Reply:Your credit card companies are not going to offer you settlements like 50%, for example, if you are current (not behind) on your payments. Basically, the only way you can get into a position to negotiate settlements is to deliberately let your accounts go into default.
If you are current on your accounts, this process will ruin your credit rating as your accounts will all go into default.
You don’t have to pay any firm to attempt settlements. You can try this own your own. Just remember, if you currently have good credit, this process will ruin your credit and there’s no guarantee that your creditors will accept settlements. If you are currently in default on your credit cards, you can make your own settlement offers. You don’t need to pay anyone to do this for you. Your credit card companies are under no obligation to accept any settlement from you or any outside firm that you you hire....so be careful. They have every right to refuse.
Get all terms about the settlement IN WRITING and get this BEFORE you pay them anything. NEVER accept verbal promises over the phone regarding any settlement....if you do, they might deny that any settlement was ever made once they get your money and continue collection activity.
Reply:contact each company and make them an offer, see what they say, they may decide that they can make more money by selling the debt on, sometimes Credit Counsellors have more clout , print out a Common Budget Statement from the internet, fill that in and include this with your offer, it may help.
Reply:What you can do on your own the credit professional can do as well. Banks do NOT cut special deals with credit professionals -- I am telling you from real experience.
Unless you are seriously delinquent no bank will negotiate with you! Sorry if this is not what you wanted to hear but it is the truth :)
Reply:
I was in debt about till about 6 months ago. I found this free E-Book that basically answered every single one of my question and helped me get totally out of debt. Its at http://www.inarinbows.com/debt .It was %100 free and within 20 seconds your emailed both ebooks. I now am able to answer the phone every time it rings and actually know for the first time in my life its not a creditor.check out http://www.inarinbows.com/debt
Reply:yes you can call them they would rather settle then to not get any money from you at all
What happens when a credit company "writes off" your debt? What if you filed for bankruptcy?
I filed for bankruptcy Jan 2005. Credit card company "wrote off" the debt Jan 2005. I thought it was included with my bankruptcy, but when I check my credit report, it claims I still have the debt, it's just written off. To be specific, my credit report states that I still have this amount from the one creditor as "revolving debt". Shouldn't it state that it was included in Chapter 7 like all of the other creditors state? Any help would be wonderful. I just want to know if I have something valid to dispute.
What happens when a credit company "writes off" your debt? What if you filed for bankruptcy?
Provide a copy of your Discharge Order along with Schedule F showing the debt listed in your petition. The credit bureau must show a 0 balance for all accounts included in your bankruptcy.
Reply:I used to be a loan officer for 2 years and looked at 40 + credit reports a day. I saw a ton of bankruptcies in that time, and never did they report correctly after the BK.
Please, I urge you, get a copy of your reports, and dispute all the incorrect ones. get it cleaned up by writing to both the credit bureaus and the companies. yes, it's a pain in the a$$ but worth it.
Also, and this is a little known fact, you can put a statement at the bottom of your credit report about why you filed bankruptcy. Don't need to go into elaborate detail, just a blurb about medical, divorce, job loss, circumstances. Doing so enables future lenders to evaluate your bureau more seriously, and I promise it makes a difference. When I saw those on the report, I was more inclined to give the person a loan and help them re-establish their credit.
Best of luck to you. You are not alone in this...
Reply:I think to write off means they basically gave up and they can't contact you.....You have nothing to worry about anyways..if they try to get you to pay you say you filed bankrupcty no matter what they can't do anything
What happens when a credit company "writes off" your debt? What if you filed for bankruptcy?
Provide a copy of your Discharge Order along with Schedule F showing the debt listed in your petition. The credit bureau must show a 0 balance for all accounts included in your bankruptcy.
Reply:I used to be a loan officer for 2 years and looked at 40 + credit reports a day. I saw a ton of bankruptcies in that time, and never did they report correctly after the BK.
Please, I urge you, get a copy of your reports, and dispute all the incorrect ones. get it cleaned up by writing to both the credit bureaus and the companies. yes, it's a pain in the a$$ but worth it.
Also, and this is a little known fact, you can put a statement at the bottom of your credit report about why you filed bankruptcy. Don't need to go into elaborate detail, just a blurb about medical, divorce, job loss, circumstances. Doing so enables future lenders to evaluate your bureau more seriously, and I promise it makes a difference. When I saw those on the report, I was more inclined to give the person a loan and help them re-establish their credit.
Best of luck to you. You are not alone in this...
Reply:I think to write off means they basically gave up and they can't contact you.....You have nothing to worry about anyways..if they try to get you to pay you say you filed bankrupcty no matter what they can't do anything
How does consolidating credit debt effect a credit rating?
My credit rating is probably better than the average as I pay all my credit bills on time, but I'd like to consolidate all the debt for a lower interest rate, with an eye on paying it all off faster. Would it be better to pay off the balances individually than to consolidate? How will zero credit card balances effect my credit rating?
Any suggestions, and any recommended books, would be appreciated. Thank you!
How does consolidating credit debt effect a credit rating?
Consolidating debt is an ideal way to reduce your amount and tenure of debt. You make a single payment to one lender on a certain date and this will help you clear off the debts faster.
I would recommend you to visit this site for more info about consolidating debt:
http://www.debt-explained.com/category/W...
Reply:I am familiar with consolidating credit debt. You are right, pay it all off faster at a lower interest rate. First, once you've paid off all the debt, leave the cards OPEN. That is the major problem people have, they cut up cards that have high limits and that have been open for years. Do not do that. Leave the accounts open and just cut up the cards if you cannot control yourself enough to not use it. Other than that just keep it to a normal amount 5-10. I prefer the double miles cards or cash back cards. Just keep paying the bills on time. Best of luck.
Reply:As long as the accounts are paid on time and according to the original cardholder agreement, consolidation will not affect your credit rating. If you go through a credit counselor where they negotiate lower rates, yes it will affect you. But if you just get a loan or use a lower interest rate card to transfer higher interest rate balances to, that will not affect your rating. The greatest effect will be the percentage of your total credit that you are using. So paying them off or paying them down will increase your credit score.
Reply:The only negative thing on your report is if you run a lot of inquiries looking around for the good deal. This will lower your score. If you don't already have a lot of credit inquiries and know the card you want then do it! Make sure you're checking things like balance transfer fees and counting them in your equation.
Any suggestions, and any recommended books, would be appreciated. Thank you!
How does consolidating credit debt effect a credit rating?
Consolidating debt is an ideal way to reduce your amount and tenure of debt. You make a single payment to one lender on a certain date and this will help you clear off the debts faster.
I would recommend you to visit this site for more info about consolidating debt:
http://www.debt-explained.com/category/W...
Reply:I am familiar with consolidating credit debt. You are right, pay it all off faster at a lower interest rate. First, once you've paid off all the debt, leave the cards OPEN. That is the major problem people have, they cut up cards that have high limits and that have been open for years. Do not do that. Leave the accounts open and just cut up the cards if you cannot control yourself enough to not use it. Other than that just keep it to a normal amount 5-10. I prefer the double miles cards or cash back cards. Just keep paying the bills on time. Best of luck.
Reply:As long as the accounts are paid on time and according to the original cardholder agreement, consolidation will not affect your credit rating. If you go through a credit counselor where they negotiate lower rates, yes it will affect you. But if you just get a loan or use a lower interest rate card to transfer higher interest rate balances to, that will not affect your rating. The greatest effect will be the percentage of your total credit that you are using. So paying them off or paying them down will increase your credit score.
Reply:The only negative thing on your report is if you run a lot of inquiries looking around for the good deal. This will lower your score. If you don't already have a lot of credit inquiries and know the card you want then do it! Make sure you're checking things like balance transfer fees and counting them in your equation.
How long can a collection agency try to collect on a debt?
I owned a business (sole proprietorship) which was closed. All but one debt was paid off. The business has been closed for 12 years, and about 4 years after it closed, I got invoices for an unpaid phone bill. I still haven't paid it, and strangely it has not showing up on my credit report for any of the 3 bureaus. I have very good credit and this collection is just not on there. I heard that 7 years was the limit that an agency can collect on something. I have no intentions of paying it since its not on my reports, but I am tired of getting bills from this company, and have asked them to stop sending me bills, but they keep on coming anyway! Any ideas?? Thanks.
How long can a collection agency try to collect on a debt?
OK, how about a real answer without all the preaching ?
The statute of limitations for most states is 6 year. Each state is different so you will need to look yours up...but none of them are 12 years...you are safe.
The SOL is the legal timeframe a company has to sue you for a debt. If they don't do it, they forfeit the right to collect.
As for credit reporting, that time is 7 years, beginning from the date of the delinquency. Again, this will never appear on your credit report.
But here comes the sticky part.....
You say this is a business debt? The FDCA does not protect businesses from debt collections. They can continue tho send you letters or call you as much as they want. Just send them one more letter informing them that you know your rights, and all they are doing is wasting postage and killing a lot of trees....because they can not sue you for this debt.
Reply:I do not think they can collect after 12 years, but better confirm this with Citizens Advice as the law is different in different states.
You made a mistake contacting them as you have now confirmed you are receiving their letters and they can continue harassing you. Unless the bill is big, in which case they may send a collector to you, start returning their letters marked "Not at this adders, return to sender"
Reply:You are better off to pay it. It's your debt and you should take responsibility for it. Not only that, there is a chance they can report it to your credit and you are risking your "good credit". Good credit is hard to get and I think it's foolish to risk it over a phone bill. Pay it.
As a side not, I've seen credit reports where people saw a collection agency on there and told me it was from an account 15 yrs ago. This happens because a company might write it off and sell it to a collection agency. Then 5 yrs later that collection agency sells it to another one for pennies on the dollar and the vicious cycle continues.
Reply:The seven year limit you're referring to applies to negative activity on your credit report. For example a late payment or bankrupcy will drop off your report after seven years.
BUT! that doesn't really apply to your situation. You're lucky that the collection agency hasn't reported you for this debt. Regardless of what you've been reported for, you still owe this company for the services they provided. They still provided you with a service and you have never held up your end of the agreement by paying them.
The only way to get the company off your back is to settle the debt. You do have a small advantage since you've let this linger for such a long time, the agency is probably more willing to settle for a significantly lesser amount that what you owe. You've got to get in touch with them to talk about what they're willing to accept. You could be presently suprised by how little they might accept to settle the debt.
But don't assume that just because you don't see them on your report that they'll just go away. If they've never reported you, they still could. The last thing you want is for them to report you now, it would look terrible on your credit to have it reported now with a unsettled account that's 12 years old!
Reply:Generally the credit reporting agencies show 5 years of payments and charges, since it was 12 years ago it likely won't show up.
Reply:you might call the company and enquire about the bill and tell
them everything you did ,they might just give up on it or not.
talk to them .
Reply:When I spoke to my lawyer before doing my bankruptcy, he said that any phone bills would not show up on my credit history and that if I owed any money to the phone co. that I had to let him know so it could be included in my bk. He didn't say why phone bills don't go on your report, they just don't.
Reply:If it's not on the big 3 report , I don't sweat it . . .
AND someone called me about some ancient gym bill in my name ( from a town I never lived in ).
Soooo, I figure it was an ID theft artist , looking for info to rip people off .
Old bills can be hanging around collection agencies and employees can be crooks that do ID theft also .
Some college clerks sell name / ss info for $$$$ .
I figured that one out after there were attempts to open cell phone acounts under my maident name with my ss # , where I went to college 3 decades ago .
%26gt;
Reply:Studly gave you good advice...So I'll yield my answer...
Reply:This can stay on your credit for up to ten years. As long as the company keeps this as an open debt they can call you forever. Good luck.
Reply:They will collect your debt after you are dead and they get their mits in the estate.... I just wonder why they have not turned it over to collections??? Oh--well...
You could pay the bill???
Reply:They will eventually start putting it on your credit report. Why don't you quit being a deadbeat and pay YOUR bill? You ran up the bill why shouldn't you pay it? Geez, I hate people like you! Also, even if they haven't put it on yourc redit yet, they can put it on and make it retroactive. Which means, they could put it on and show that you have had the bill for 12 years and never bothered to pay it. See how good your credit is then!
lily
How long can a collection agency try to collect on a debt?
OK, how about a real answer without all the preaching ?
The statute of limitations for most states is 6 year. Each state is different so you will need to look yours up...but none of them are 12 years...you are safe.
The SOL is the legal timeframe a company has to sue you for a debt. If they don't do it, they forfeit the right to collect.
As for credit reporting, that time is 7 years, beginning from the date of the delinquency. Again, this will never appear on your credit report.
But here comes the sticky part.....
You say this is a business debt? The FDCA does not protect businesses from debt collections. They can continue tho send you letters or call you as much as they want. Just send them one more letter informing them that you know your rights, and all they are doing is wasting postage and killing a lot of trees....because they can not sue you for this debt.
Reply:I do not think they can collect after 12 years, but better confirm this with Citizens Advice as the law is different in different states.
You made a mistake contacting them as you have now confirmed you are receiving their letters and they can continue harassing you. Unless the bill is big, in which case they may send a collector to you, start returning their letters marked "Not at this adders, return to sender"
Reply:You are better off to pay it. It's your debt and you should take responsibility for it. Not only that, there is a chance they can report it to your credit and you are risking your "good credit". Good credit is hard to get and I think it's foolish to risk it over a phone bill. Pay it.
As a side not, I've seen credit reports where people saw a collection agency on there and told me it was from an account 15 yrs ago. This happens because a company might write it off and sell it to a collection agency. Then 5 yrs later that collection agency sells it to another one for pennies on the dollar and the vicious cycle continues.
Reply:The seven year limit you're referring to applies to negative activity on your credit report. For example a late payment or bankrupcy will drop off your report after seven years.
BUT! that doesn't really apply to your situation. You're lucky that the collection agency hasn't reported you for this debt. Regardless of what you've been reported for, you still owe this company for the services they provided. They still provided you with a service and you have never held up your end of the agreement by paying them.
The only way to get the company off your back is to settle the debt. You do have a small advantage since you've let this linger for such a long time, the agency is probably more willing to settle for a significantly lesser amount that what you owe. You've got to get in touch with them to talk about what they're willing to accept. You could be presently suprised by how little they might accept to settle the debt.
But don't assume that just because you don't see them on your report that they'll just go away. If they've never reported you, they still could. The last thing you want is for them to report you now, it would look terrible on your credit to have it reported now with a unsettled account that's 12 years old!
Reply:Generally the credit reporting agencies show 5 years of payments and charges, since it was 12 years ago it likely won't show up.
Reply:you might call the company and enquire about the bill and tell
them everything you did ,they might just give up on it or not.
talk to them .
Reply:When I spoke to my lawyer before doing my bankruptcy, he said that any phone bills would not show up on my credit history and that if I owed any money to the phone co. that I had to let him know so it could be included in my bk. He didn't say why phone bills don't go on your report, they just don't.
Reply:If it's not on the big 3 report , I don't sweat it . . .
AND someone called me about some ancient gym bill in my name ( from a town I never lived in ).
Soooo, I figure it was an ID theft artist , looking for info to rip people off .
Old bills can be hanging around collection agencies and employees can be crooks that do ID theft also .
Some college clerks sell name / ss info for $$$$ .
I figured that one out after there were attempts to open cell phone acounts under my maident name with my ss # , where I went to college 3 decades ago .
%26gt;
Reply:Studly gave you good advice...So I'll yield my answer...
Reply:This can stay on your credit for up to ten years. As long as the company keeps this as an open debt they can call you forever. Good luck.
Reply:They will collect your debt after you are dead and they get their mits in the estate.... I just wonder why they have not turned it over to collections??? Oh--well...
You could pay the bill???
Reply:They will eventually start putting it on your credit report. Why don't you quit being a deadbeat and pay YOUR bill? You ran up the bill why shouldn't you pay it? Geez, I hate people like you! Also, even if they haven't put it on yourc redit yet, they can put it on and make it retroactive. Which means, they could put it on and show that you have had the bill for 12 years and never bothered to pay it. See how good your credit is then!
lily
Who or where can I go for professional financial advise on saving money/paying debt?
I would like to be able to sit down with some one and basically say here are my pay stubs, here is my current debt (credit cards statements/ car payment) and have them devise a budget for me. Have them work with me and say okay here is the best scenerio and budget you need to stick to to work off your debt and save money.
Would I seek out a financail advisor (at the bank)? I appreciate any advise.
Who or where can I go for professional financial advise on saving money/paying debt?
Since you would have to pay for financial advice, there is nothing cheaper than devising a budget for yourself. You can use software based systems, like Quicken, but I believe if you can spend a solid weekend on this, it should be enough to put in some elbow grease and get budgeting!
First, take a look at your paystubs. Are you putting any money into a 401(k)? This is the best and easiest way to save since many employers have a match (free money) and you are contributing pre-tax dollars, which also lowers your tax burden. Try to max your contributions if you can.
Then, after all is deducted from your paycheck, what do you take home after taxes and benefits?
Subtract monthly debts
Take a look at your historical spending. Do you eat out or cook, do you spend on entertainment, clothes or other things? What are your spending habits and where can you reduce? Just looking at your spending pattern will give you a lot of information on where the money goes and how you can curb it.
Then, whatever is left over should go towards paying off your debt. But, if there is enough to put away some money in an emergency cash fund (look at online savings funds - ING, HSBC, Emigrant), you should really be both saving and reducing debt simultaneously. You have to take advantage of compounding for your savings and reduce those debt payments to free up more cash flow.
GOOD LUCK!!!!
Reply:I think Actuary Consultant of Risk Management can help you
Reply:hi. i am shrinivas in my opinion. nowdays lots of financial advisers mushroomed everywhere they dont know anything about economics.i can firmly say even they dont know how to manage finance @ his own home.. so, i can say that he will perfect to advice you. who know the realities of life . like me i have seen lots of sheds of life in very short time @age 28..
now i am working with max new york life just call 91-09373699933 or mail me i will be there any time, anywhere.
just for you.. thanks....
Reply:The best way is to talk to people that you want to be like in the next 20 -30 years because if they are sucessful they can point you in the right direction . Also it is important to ask financial advisors about there financies .myecon is a great group of financial advisors look up one close to you or anywhere they can help with,out charging you any money my site is www.debtblaster.myecon.net
Reply:Actually I would tend to disagree with the response provided that indicates you will need to pay for financial advice or planning. I happen to run a business in financial services that caters to individuals who are not able to pay what can otherwise be high fees for professional advice.
Traditionally, I will sit with a family on a tight budget, perhaps with no retirement or educational planning in place, or with debt they cannot seem to eliminate, and put together just the type of plan you seem to want for not cost at all. Our firm is compensated by the providers with whom we work, on a commission basis.
If you would like to contact me I would be happy to discuss some options with you further. We are a national firm, and I am sure we have an office in your area.
My e-mail address for these purposes is pphilipswfg@yahoo.com.
Would I seek out a financail advisor (at the bank)? I appreciate any advise.
Who or where can I go for professional financial advise on saving money/paying debt?
Since you would have to pay for financial advice, there is nothing cheaper than devising a budget for yourself. You can use software based systems, like Quicken, but I believe if you can spend a solid weekend on this, it should be enough to put in some elbow grease and get budgeting!
First, take a look at your paystubs. Are you putting any money into a 401(k)? This is the best and easiest way to save since many employers have a match (free money) and you are contributing pre-tax dollars, which also lowers your tax burden. Try to max your contributions if you can.
Then, after all is deducted from your paycheck, what do you take home after taxes and benefits?
Subtract monthly debts
Take a look at your historical spending. Do you eat out or cook, do you spend on entertainment, clothes or other things? What are your spending habits and where can you reduce? Just looking at your spending pattern will give you a lot of information on where the money goes and how you can curb it.
Then, whatever is left over should go towards paying off your debt. But, if there is enough to put away some money in an emergency cash fund (look at online savings funds - ING, HSBC, Emigrant), you should really be both saving and reducing debt simultaneously. You have to take advantage of compounding for your savings and reduce those debt payments to free up more cash flow.
GOOD LUCK!!!!
Reply:I think Actuary Consultant of Risk Management can help you
Reply:hi. i am shrinivas in my opinion. nowdays lots of financial advisers mushroomed everywhere they dont know anything about economics.i can firmly say even they dont know how to manage finance @ his own home.. so, i can say that he will perfect to advice you. who know the realities of life . like me i have seen lots of sheds of life in very short time @age 28..
now i am working with max new york life just call 91-09373699933 or mail me i will be there any time, anywhere.
just for you.. thanks....
Reply:The best way is to talk to people that you want to be like in the next 20 -30 years because if they are sucessful they can point you in the right direction . Also it is important to ask financial advisors about there financies .myecon is a great group of financial advisors look up one close to you or anywhere they can help with,out charging you any money my site is www.debtblaster.myecon.net
Reply:Actually I would tend to disagree with the response provided that indicates you will need to pay for financial advice or planning. I happen to run a business in financial services that caters to individuals who are not able to pay what can otherwise be high fees for professional advice.
Traditionally, I will sit with a family on a tight budget, perhaps with no retirement or educational planning in place, or with debt they cannot seem to eliminate, and put together just the type of plan you seem to want for not cost at all. Our firm is compensated by the providers with whom we work, on a commission basis.
If you would like to contact me I would be happy to discuss some options with you further. We are a national firm, and I am sure we have an office in your area.
My e-mail address for these purposes is pphilipswfg@yahoo.com.
What is the best company/solution to consolidate my credit card debt with?
If I do not have a perfect credit score and I am past due in some credit cards what is the best company to consolidate debt with so I can make one payment?
What is the best company/solution to consolidate my credit card debt with?
hi, these links sometimes do seem to help people in trouble, hope there's something in there that helps you out!
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
good luck.
Reply:A service where you go in person, not on the phone or online.
Reply:This is a free service site that seems to have offices pretty much everywhere. I live in the middle of the desert in NM and we have an office at our YMCA.
You may want to look into it:
https://www.debtadvice.org/returningclie...
Reply:hi,
here you'll find tons more info than I could possibly
post here. It'll take a bit but it's your money and well worth
taking your time over it
http://credit-cards.ebookorama.com
and here http://finance.ebookorama.com
also plenty more to read here
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
good luck!
Reply:If you are already behind, a consolidation loan with favorable terms is very unlikely. You may wish to speak with a credit counselor to make sure that you can mitigate further damage to your credit and your financial situation.
Make sure you find an agency that has a satisfactory rating with the Better Business Bureau.
Reply:free consumer counseling service can help you and get you on the right track
Reply:Consolidation might not be your best bet - you need to figure out how to pay it off and stop adding to the debt.
Credit counselors can sometimes get your interest rate reduced on existing balances. The tradeoff is usually not being able to use the card any more.
Watch out, some supposed credit counselors are scams. Consumer Credit Counseling seems to be legit.
Good luck.
Reply:Forget it when we invade we will enslave you all credit will be the last thing on your tiny mind!!!!
Reply:here's a few selected ones, I am with one of them
http://debt-consolidation.50webs.org
Reply:I use citifinancial for personal/consolidation loans up to 10 grand...over 10 gs' I use california financial group...here is citi's web where you can find a branch..https://secure.citifinancial.com/branchl...
What is the best company/solution to consolidate my credit card debt with?
hi, these links sometimes do seem to help people in trouble, hope there's something in there that helps you out!
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
good luck.
Reply:A service where you go in person, not on the phone or online.
Reply:This is a free service site that seems to have offices pretty much everywhere. I live in the middle of the desert in NM and we have an office at our YMCA.
You may want to look into it:
https://www.debtadvice.org/returningclie...
Reply:hi,
here you'll find tons more info than I could possibly
post here. It'll take a bit but it's your money and well worth
taking your time over it
http://credit-cards.ebookorama.com
and here http://finance.ebookorama.com
also plenty more to read here
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
good luck!
Reply:If you are already behind, a consolidation loan with favorable terms is very unlikely. You may wish to speak with a credit counselor to make sure that you can mitigate further damage to your credit and your financial situation.
Make sure you find an agency that has a satisfactory rating with the Better Business Bureau.
Reply:free consumer counseling service can help you and get you on the right track
Reply:Consolidation might not be your best bet - you need to figure out how to pay it off and stop adding to the debt.
Credit counselors can sometimes get your interest rate reduced on existing balances. The tradeoff is usually not being able to use the card any more.
Watch out, some supposed credit counselors are scams. Consumer Credit Counseling seems to be legit.
Good luck.
Reply:Forget it when we invade we will enslave you all credit will be the last thing on your tiny mind!!!!
Reply:here's a few selected ones, I am with one of them
http://debt-consolidation.50webs.org
Reply:I use citifinancial for personal/consolidation loans up to 10 grand...over 10 gs' I use california financial group...here is citi's web where you can find a branch..https://secure.citifinancial.com/branchl...
What is the law regarding a business refusing payment on a debt?
A credit agency refused our payment we sent them. Isn't there a law in the state of Idaho which states that refusal of payment means the debt is paid?
What is the law regarding a business refusing payment on a debt?
http://www.debt.jims-info.com/
Reply:If you are referring to a collection agnency refusing a payment, they are well within the law to refuse anything but the full amount demanded. They are under NO obligation to accept any payments whatsoever. When you default on a debt, the acceleration clauses in every credit card agreement says the debt becomes immediately due and payable IN FULL.
Refusing payment does NOT make the debt void in this type of situation. The terms they are collecting under are the same terms you agreed to when you got the credit card.
Reply:Call your local magistrate judge's office. They can help you get the information you need. All laws are different in every state. Here a business can refuse a payment, has to do so in writing and the bill can be voided as a result. This is only if there is not a prior agreement between the parties for a certain amount. But it is always better to keep good records; bills, receipts, phone logs and get everything in writing from the business. This can be a big help if you need to take any kind of action.
What is the law regarding a business refusing payment on a debt?
http://www.debt.jims-info.com/
Reply:If you are referring to a collection agnency refusing a payment, they are well within the law to refuse anything but the full amount demanded. They are under NO obligation to accept any payments whatsoever. When you default on a debt, the acceleration clauses in every credit card agreement says the debt becomes immediately due and payable IN FULL.
Refusing payment does NOT make the debt void in this type of situation. The terms they are collecting under are the same terms you agreed to when you got the credit card.
Reply:Call your local magistrate judge's office. They can help you get the information you need. All laws are different in every state. Here a business can refuse a payment, has to do so in writing and the bill can be voided as a result. This is only if there is not a prior agreement between the parties for a certain amount. But it is always better to keep good records; bills, receipts, phone logs and get everything in writing from the business. This can be a big help if you need to take any kind of action.
What will my credit report show if I choose to settle an old credit card account with a debt collector?
I would like to settle a few closed credit accounts that have been charged off and bought out by debt collectors. The collection agency is offering me a discounted rate to pay off this account. If I choose this option, will my credit report eventually show this account closed and paid off, as stated by the agency?
What will my credit report show if I choose to settle an old credit card account with a debt collector?
Think very carefully before you do this. Depending on your state, debts are only legally collectible for a certain period of time. In addition, they can only be reported for a certain period of time. Depending on when the last activity was on your account, you may have passed this time threshold, or are approaching it, but paying a lesser amount will re-start the reporting time clock. Do some research and find out what the statute of limitations are in your state. You may have to live with a crappy credit report for just a little while longer until such time when the negative stuff begins to fall off.
This site also provide some tips about this -
http://creditreport.fateback.com
Have a nice day.
Reply:It will not come off your credit report for 7 years, unless you make an arrangement with the original creditor in exchange for paying it off.
If it has been purchased by a debt collector, you probably don't have to pay it at all. Since the debt collector didn't loan you any money, you can easily remove any entry they put on your credit report.
You can get a free credit repair report, and also check your state's statute of limitations on collecting debts at the site below.
Reply:
I'm an expert on this, I would suggest you take a tour here http://www.CarInsuranceTip.info/free-car... ,there are expert's tips there.
Reply:It will be shown as a charge off which will be on your credit for 7 years. you might want to choose another avenue if you can.
myspaces.com
What will my credit report show if I choose to settle an old credit card account with a debt collector?
Think very carefully before you do this. Depending on your state, debts are only legally collectible for a certain period of time. In addition, they can only be reported for a certain period of time. Depending on when the last activity was on your account, you may have passed this time threshold, or are approaching it, but paying a lesser amount will re-start the reporting time clock. Do some research and find out what the statute of limitations are in your state. You may have to live with a crappy credit report for just a little while longer until such time when the negative stuff begins to fall off.
This site also provide some tips about this -
http://creditreport.fateback.com
Have a nice day.
Reply:It will not come off your credit report for 7 years, unless you make an arrangement with the original creditor in exchange for paying it off.
If it has been purchased by a debt collector, you probably don't have to pay it at all. Since the debt collector didn't loan you any money, you can easily remove any entry they put on your credit report.
You can get a free credit repair report, and also check your state's statute of limitations on collecting debts at the site below.
Reply:
I'm an expert on this, I would suggest you take a tour here http://www.CarInsuranceTip.info/free-car... ,there are expert's tips there.
Reply:It will be shown as a charge off which will be on your credit for 7 years. you might want to choose another avenue if you can.
myspaces.com
What is the best way to pay off my credit card debt?
I have less than $5,000 in credit card debt, but it kind of has me in a bind. It seems I'm only paying off the interest while the actual balance never goes down. I applied online for a personal loan, but was rejected. I was thinking of maybe using a credit consolidation service to help me out. What ones are reputable? Which ones have you personally used and what were your thoughts on them? Any help is greatly appreciated.
What is the best way to pay off my credit card debt?
There is no magic answer.
Income minus expense.
If you dont have enough money to pay off your bills, you need to earn more, or reduce expenses to pay down your credit.
Credit consolidation isnt going to solve the problem, just create ONE bill out of many PLUS their fees.
Set a goal to have 50% paid off by this time next year. That's only $200 a month.
Good Luck
Reply:Do you know your credit score? If you already be declined with a personal loan already, I would not suggest you to try to apply with other lenders again. Because that would hurt your credit score. Your balance never gone done is because you must had been paying minimum balances, which might be lower then your accrued interests. That meant the accrued interests had accrued interest on it. How to pay off your credit card debt steps are: 1. STOP CHARGING TO ANY CREDIT CARDS. 2. Focus on your budget, cut monthly expenses and pay as much as you can every month. 3. Find a way to increase you income by switching a higher pay job, or get additional part time job. Good luck!
Reply:You would be far better off to put yourself on a strict budget until you've paid the cards off. If you use a service you'll ding your credit rating, which could cost you thousands later on; especially if you want a mortgage. Don't look for a quick way out.
Reply:I did a balance transfer to a new card (almost exactly $5,000) that has no interest for the first 12 months. I'm planning to pay it down over 2 years (about $206/month) and may switch to another interest free card next year if possible. Otherwise, my new card is a fixed 8.99% interest rate, which is still lower than my other card was anyway.
Reply:I experienced a similar problem last year but I wrote to my credit card company, saying that the interest payments are always higher than the minimum payment, hence if I continue to make the minimum payment only then my balance will increase instead of decreasing. I was actually very disappointed with the company and demanded an explanation. Eventually they reduced the interest rate for a period of time.
The other thing you could do is apply for a balance transfer to another credit card, that way you'll get promotional interest rates from the new company and hopefully be able to reduce the balance.
Good luck either way.
Reply:go to cnnmoney.com. There is a place on there for getting out of debt. You enter all your credit card dollar amounts and interest rates and it shows you the best way to get out of debt.
Reply:If a person has accumulated a large amount of credit card debt due to multiple credit cards, the need for a proper counseling for credit card debt consolidation can't be understated. Credit card debt consolidation counseling helps a person get vital insights into the facts that can help him get control over the credit card debt.
Credit card debt consolidation counselors are experts with a good knowledge of debt management, budgeting and behavioral patterns of credit card holders. These services are vital for those struggling to manage their credit card debts. Also called credit counseling or debt counseling the credit card debt consolidation counseling brings immediate relief to a credit card holder.
A person seeking credit counseling can get it from two types of organizations. The professional or commercial organizations, and the non-profit organizations. As depicted by its name or categorization, the commercial organizations charge money for their credit counseling sessions and consolidation help on the other hand the non-profit organizations offer free of charge services. Just because the non-profit organizations are free, it doesn't undermine their quality of service. The persons associated with such organizations are thorough experts and have lived the trauma of being under credit card debt themselves and hence bring their vital experience to the credit card holder.
Read more from: http://www.credit-card-gallery.com/artic...
What is the best way to pay off my credit card debt?
There is no magic answer.
Income minus expense.
If you dont have enough money to pay off your bills, you need to earn more, or reduce expenses to pay down your credit.
Credit consolidation isnt going to solve the problem, just create ONE bill out of many PLUS their fees.
Set a goal to have 50% paid off by this time next year. That's only $200 a month.
Good Luck
Reply:Do you know your credit score? If you already be declined with a personal loan already, I would not suggest you to try to apply with other lenders again. Because that would hurt your credit score. Your balance never gone done is because you must had been paying minimum balances, which might be lower then your accrued interests. That meant the accrued interests had accrued interest on it. How to pay off your credit card debt steps are: 1. STOP CHARGING TO ANY CREDIT CARDS. 2. Focus on your budget, cut monthly expenses and pay as much as you can every month. 3. Find a way to increase you income by switching a higher pay job, or get additional part time job. Good luck!
Reply:You would be far better off to put yourself on a strict budget until you've paid the cards off. If you use a service you'll ding your credit rating, which could cost you thousands later on; especially if you want a mortgage. Don't look for a quick way out.
Reply:I did a balance transfer to a new card (almost exactly $5,000) that has no interest for the first 12 months. I'm planning to pay it down over 2 years (about $206/month) and may switch to another interest free card next year if possible. Otherwise, my new card is a fixed 8.99% interest rate, which is still lower than my other card was anyway.
Reply:I experienced a similar problem last year but I wrote to my credit card company, saying that the interest payments are always higher than the minimum payment, hence if I continue to make the minimum payment only then my balance will increase instead of decreasing. I was actually very disappointed with the company and demanded an explanation. Eventually they reduced the interest rate for a period of time.
The other thing you could do is apply for a balance transfer to another credit card, that way you'll get promotional interest rates from the new company and hopefully be able to reduce the balance.
Good luck either way.
Reply:go to cnnmoney.com. There is a place on there for getting out of debt. You enter all your credit card dollar amounts and interest rates and it shows you the best way to get out of debt.
Reply:If a person has accumulated a large amount of credit card debt due to multiple credit cards, the need for a proper counseling for credit card debt consolidation can't be understated. Credit card debt consolidation counseling helps a person get vital insights into the facts that can help him get control over the credit card debt.
Credit card debt consolidation counselors are experts with a good knowledge of debt management, budgeting and behavioral patterns of credit card holders. These services are vital for those struggling to manage their credit card debts. Also called credit counseling or debt counseling the credit card debt consolidation counseling brings immediate relief to a credit card holder.
A person seeking credit counseling can get it from two types of organizations. The professional or commercial organizations, and the non-profit organizations. As depicted by its name or categorization, the commercial organizations charge money for their credit counseling sessions and consolidation help on the other hand the non-profit organizations offer free of charge services. Just because the non-profit organizations are free, it doesn't undermine their quality of service. The persons associated with such organizations are thorough experts and have lived the trauma of being under credit card debt themselves and hence bring their vital experience to the credit card holder.
Read more from: http://www.credit-card-gallery.com/artic...
How long does it take for a debt not to be binding?
How many years does it take for debt to not be binding on you?
Does debt ever go away?
How long does it take for a debt not to be binding?
Depends on who you owe. If it's the gov't, the debt will never go away. Also, if it has interests attached to it, then you will owe more than you originally borrowed. If you a company, they will eventually write you off as a loss but it depends on which company and their standards. If it's a person you owe money to and they want to collect, they have to sue you within let's say 5 years or less. If not, then the debt will be forgiven.
Reply:until you clear it!
now stop leeching and pay off your dues!
Reply:Debt does not disappear unless you pay it off. Negative credit items should only stick around for 7 -10 years. But the catch to that is if the creditor sells the debt to an agency, it starts the cycle over again. Theoretically, the debt could stick around forever.
Does debt ever go away?
How long does it take for a debt not to be binding?
Depends on who you owe. If it's the gov't, the debt will never go away. Also, if it has interests attached to it, then you will owe more than you originally borrowed. If you a company, they will eventually write you off as a loss but it depends on which company and their standards. If it's a person you owe money to and they want to collect, they have to sue you within let's say 5 years or less. If not, then the debt will be forgiven.
Reply:until you clear it!
now stop leeching and pay off your dues!
Reply:Debt does not disappear unless you pay it off. Negative credit items should only stick around for 7 -10 years. But the catch to that is if the creditor sells the debt to an agency, it starts the cycle over again. Theoretically, the debt could stick around forever.
Can you contest a debt thats listed on your credit?
My husband has some thing on his credit from a former apartment building where he broke the lease due to the management company severly not doing their job (they didnt take care of noisy neighbors, didnt make repairs or provide much needed pest control). We've even reported the apartment complexs to the Apartment Association, but im not sure if he can contest their outragegous charges. He also has a debt from a cell phone company %26amp; an insurance company trying to charge him for service after he asked them to turn the service off (no, they're not cancellation fees either). Can he contest any of these? And if so, how do you go about doing that? Do we need to hire an attorney?
Can you contest a debt thats listed on your credit?
Yes, you may contest them. You can request an investigation by the credit reporting bureau into the validity of the debt. You can also submit a statement on your credit report that anyone that pulls up your credit may see concerning the debt. I would wait to do the latter until you see if it is dropped from the file due to the investigation.
Reply:I would suggest at least speaking with an attorney. You can tell the credit bureau that you are contesting specific charges, but getting them resolved will have to be done with the vendors.
Reply:That's all pretty lame to tell you the truth. The time to contest charges is when the company is trying to collect the money. My guess is that your husband ignored them and they did a charge off. You can't owe an apartment company money and use the excuse that "they didn't do their job". You didn't pay your rent. A lease is a legal document and they can and probably did hold him accountable for the entirety of the lease contract.
Reply:You can dispute anything on your credit for any reason. This is something you can do yourself or you can hire a credit service to help you with it. We are a low cost service. Check out our website www.jcwilliamscreditservice.com
Most people prefer to use our services because of the time consumption of disputing your own credit.
Reply:You can dispute anything on your credit report. However, they only receive information from the company who gave them the information. So most likey that will not go anywhere because the companies will report it as still valid. You will need to talk to the companies the problems are with personally.
You can hire an attorney, but you just need to ask is the attorney going to cost more than the debt? Unless this debt is over $1000 or so you might be better trying to do it yourself or just paying them off.
Write to the companies and ask for the bill that states what the charges are for. Compare this with exactly what your contract says to see if there was not some fine print you had missed.
Can you contest a debt thats listed on your credit?
Yes, you may contest them. You can request an investigation by the credit reporting bureau into the validity of the debt. You can also submit a statement on your credit report that anyone that pulls up your credit may see concerning the debt. I would wait to do the latter until you see if it is dropped from the file due to the investigation.
Reply:I would suggest at least speaking with an attorney. You can tell the credit bureau that you are contesting specific charges, but getting them resolved will have to be done with the vendors.
Reply:That's all pretty lame to tell you the truth. The time to contest charges is when the company is trying to collect the money. My guess is that your husband ignored them and they did a charge off. You can't owe an apartment company money and use the excuse that "they didn't do their job". You didn't pay your rent. A lease is a legal document and they can and probably did hold him accountable for the entirety of the lease contract.
Reply:You can dispute anything on your credit for any reason. This is something you can do yourself or you can hire a credit service to help you with it. We are a low cost service. Check out our website www.jcwilliamscreditservice.com
Most people prefer to use our services because of the time consumption of disputing your own credit.
Reply:You can dispute anything on your credit report. However, they only receive information from the company who gave them the information. So most likey that will not go anywhere because the companies will report it as still valid. You will need to talk to the companies the problems are with personally.
You can hire an attorney, but you just need to ask is the attorney going to cost more than the debt? Unless this debt is over $1000 or so you might be better trying to do it yourself or just paying them off.
Write to the companies and ask for the bill that states what the charges are for. Compare this with exactly what your contract says to see if there was not some fine print you had missed.
What is the Statutes of Limitations in Florida for credit card debt?
I have a debt that's over ten years old and a collection company threatening to sue. I think they're fishing. The last payment was made around the year 2000 through a credit consolidation company. Nothing since. I didn't agree to pay them anything, I didn't say that I owe the amount they claim but I also didn't deny it.
Is this something I should worry about?
What is the Statutes of Limitations in Florida for credit card debt?
In Florida the limit is 4 years. If it's been 8 years since you made a payment, and you've lived in Florida the entire time, you can tell them to pack sand. If they make any threats at all tell 'em you're going to file a complaint with the Federal Trade Commission.
If you lived in Florida, then left the state, then came back, the time you lived outside the state does not count toward the 4 years. So the time stops, then starts again when you come back.
Reply:Going to hell for being a cheat.
You created the debt so be a man and pay it off!
You got a problem with paying for your purchases?
Reply:no most credit depts expire after seven years they are fishing ignore it
Reply:i don't know about Florida but i live in Texas and we had a pharmacy that has been closed for 20 years and 1 company still bothers us every 2 years, have to go to a attorney for a debasition to see if we have anything they can take from us, it's crazy and i am so sick of them, plus they continue adding interest on top of that to the point we will never be able to pay them back. normally it's 7 years for your credit report.
Genealogy
Is this something I should worry about?
What is the Statutes of Limitations in Florida for credit card debt?
In Florida the limit is 4 years. If it's been 8 years since you made a payment, and you've lived in Florida the entire time, you can tell them to pack sand. If they make any threats at all tell 'em you're going to file a complaint with the Federal Trade Commission.
If you lived in Florida, then left the state, then came back, the time you lived outside the state does not count toward the 4 years. So the time stops, then starts again when you come back.
Reply:Going to hell for being a cheat.
You created the debt so be a man and pay it off!
You got a problem with paying for your purchases?
Reply:no most credit depts expire after seven years they are fishing ignore it
Reply:i don't know about Florida but i live in Texas and we had a pharmacy that has been closed for 20 years and 1 company still bothers us every 2 years, have to go to a attorney for a debasition to see if we have anything they can take from us, it's crazy and i am so sick of them, plus they continue adding interest on top of that to the point we will never be able to pay them back. normally it's 7 years for your credit report.
Genealogy
How can you pay debt in National Collection?
I want to improve my credit and pay off that debt, but I don't know how!
How can you pay debt in National Collection?
I recommend you check Suze Ormans website she is a financial advisor. She also has a goor show on msnbc every week. She gives great advice especially for women.
she alos made a great deal with ameritrade for a high intrest savings account to give bonuses for saving money.
From watching suze she would tell you to be careful paying off collections.
Paying off collections wont inprove your credit any. and if its been in collection for 5 years and you pay it off it will stay on your report 7 more years.
If its been almost 7 years I wouldnt bother paying them off as they will come off your credit report and the statute of limitations has run out they cant do anything about the debt.
she has many sections on her website for the answers you are looking for.
How can you pay debt in National Collection?
I recommend you check Suze Ormans website she is a financial advisor. She also has a goor show on msnbc every week. She gives great advice especially for women.
she alos made a great deal with ameritrade for a high intrest savings account to give bonuses for saving money.
From watching suze she would tell you to be careful paying off collections.
Paying off collections wont inprove your credit any. and if its been in collection for 5 years and you pay it off it will stay on your report 7 more years.
If its been almost 7 years I wouldnt bother paying them off as they will come off your credit report and the statute of limitations has run out they cant do anything about the debt.
she has many sections on her website for the answers you are looking for.
Can my chcking account be legally restrained if I am paying on the same debt to the city marshall?
I am paying on a debt to the city marshall every two weeks. On my first payment to the city marshall I sent a check following 2-3 days later the same debtor had a restraint placed on my checking account. Can this be done even if I am sending the city marshall a payment every 2 weeks? I do not know if this violates the Fair Debt Act.
Can my chcking account be legally restrained if I am paying on the same debt to the city marshall?
Surely check into the "law" in your area ~ there are differences depending upon where you live.
It does sound (though) that the City Marshal could just be registering a restraint on the account to secure their interest in the payment . . . meaning, ordering the bank to pay their claim first above and beyond anyone elses
Reply:It's the city Marshall. They can do what they want to do. End of story.. Sorry though.
Reply:Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://nanoref.com/linksynerg/vgivHQ
Can my chcking account be legally restrained if I am paying on the same debt to the city marshall?
Surely check into the "law" in your area ~ there are differences depending upon where you live.
It does sound (though) that the City Marshal could just be registering a restraint on the account to secure their interest in the payment . . . meaning, ordering the bank to pay their claim first above and beyond anyone elses
Reply:It's the city Marshall. They can do what they want to do. End of story.. Sorry though.
Reply:Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://nanoref.com/linksynerg/vgivHQ
How can I get the location where jobs are advertised by Debt Management Office of Nigeria on-line?
My friend informed me that I should check www.DMO.gov.*** advertisement has been placed for empolyment by Nigeria's Debt Management Office I searched for the advert at that address and the application must be made on-line but I cant find the location can someone please help me out?
How can I get the location where jobs are advertised by Debt Management Office of Nigeria on-line?
I can only help you out with this information , there is a lot of Internet fraud coming out of Nigeria , so don't send money to them for anything .
Reply:You're a ditz, dude, if you do any business with Nigeria or any other country in sub-Sahara Africa in general. There's a lot of scams there as the previous poster mentions. The Nigerian police just started craking on some of the online Nigerian spammers. If you're an African from Africa looking for work there, they might try to kidnap you and enslave you since slavery is "unofficially" still around in Africa and the Arab Gulf countries.
How can I get the location where jobs are advertised by Debt Management Office of Nigeria on-line?
I can only help you out with this information , there is a lot of Internet fraud coming out of Nigeria , so don't send money to them for anything .
Reply:You're a ditz, dude, if you do any business with Nigeria or any other country in sub-Sahara Africa in general. There's a lot of scams there as the previous poster mentions. The Nigerian police just started craking on some of the online Nigerian spammers. If you're an African from Africa looking for work there, they might try to kidnap you and enslave you since slavery is "unofficially" still around in Africa and the Arab Gulf countries.
How long does it take for personal debt to be wiped out in the UK?
Someone I know has £15,000 worth of debt, on credit cards which they haven't paid for 2 years.
The banks do not know their address and haven't contacted them so far. The person also doesn't have a bank account at all now.
Will this debt eventually be written off by the banks, or will it be hanging over them for life?
Many thanks guys :)
How long does it take for personal debt to be wiped out in the UK?
It would take 6 years in total. Then the credit card companies / banks will 'sell the debt on' to Debt recovery companies. These debt recovery companies will find you and try to get you to admit to the debt. If you do admit to the debt (even verbally) then they have you by the short and narrows and you will be liable for the whole lot again on the terms of these debt recovery type companies which is a lot worse. If you simply deny it there is nothing they can do. By admitting it you are giving them a fresh start.
You can be sure that the credit scores of the persons in debt will be very very bad so maybe exploring bankruptcy will be better in the long run as it won't take quite so long.
Reply:My best mate is a credit controller, and whilst it works slightly different for chasing debts from companies, than individuals, he told me that debt is typically written off after six years, or much less if less than about a grand.
I would suggest 'your friend' ;) doesn't register his or her name on the electoral roll, as (trust me) creditors come out of the woodwork years later.
Reply:my fella had some companies chase him after being on the net and this was from 7 years ago so not sure hun x
www.nationaldebtline.co.uk are great they helped us out
just found tele no 0808 08 4000
they will tell you all you need good luck to friend xx
Reply:the debt will remain on record for all time, this person's name will pop up somewhere,sometime you can't hide forever.
Reply:I read that Legally if the debt hasn't been recovered after 6 years there is not alot they can do other than write it off.
Reply:6 years. Apart from council tax and (old poll tax) where they can recover debts up to 20 years.
Reply:If they never contact your friend the debts should, I believe be written off in another 4 years...it`s generally 6 years unless it`s a mortgage then it would be 12.....
Reply:AFTER 6YAERS... I THINK!!!!!!!!!!!!!!!!!!!!!!!
lilac
The banks do not know their address and haven't contacted them so far. The person also doesn't have a bank account at all now.
Will this debt eventually be written off by the banks, or will it be hanging over them for life?
Many thanks guys :)
How long does it take for personal debt to be wiped out in the UK?
It would take 6 years in total. Then the credit card companies / banks will 'sell the debt on' to Debt recovery companies. These debt recovery companies will find you and try to get you to admit to the debt. If you do admit to the debt (even verbally) then they have you by the short and narrows and you will be liable for the whole lot again on the terms of these debt recovery type companies which is a lot worse. If you simply deny it there is nothing they can do. By admitting it you are giving them a fresh start.
You can be sure that the credit scores of the persons in debt will be very very bad so maybe exploring bankruptcy will be better in the long run as it won't take quite so long.
Reply:My best mate is a credit controller, and whilst it works slightly different for chasing debts from companies, than individuals, he told me that debt is typically written off after six years, or much less if less than about a grand.
I would suggest 'your friend' ;) doesn't register his or her name on the electoral roll, as (trust me) creditors come out of the woodwork years later.
Reply:my fella had some companies chase him after being on the net and this was from 7 years ago so not sure hun x
www.nationaldebtline.co.uk are great they helped us out
just found tele no 0808 08 4000
they will tell you all you need good luck to friend xx
Reply:the debt will remain on record for all time, this person's name will pop up somewhere,sometime you can't hide forever.
Reply:I read that Legally if the debt hasn't been recovered after 6 years there is not alot they can do other than write it off.
Reply:6 years. Apart from council tax and (old poll tax) where they can recover debts up to 20 years.
Reply:If they never contact your friend the debts should, I believe be written off in another 4 years...it`s generally 6 years unless it`s a mortgage then it would be 12.....
Reply:AFTER 6YAERS... I THINK!!!!!!!!!!!!!!!!!!!!!!!
lilac
How old does debt have to be to file bankruptcy?
We will be filing for bankruptcy in approximately 1 month. We've already contacted a lawyer..we haven't filed yet because of the holidays. We had our car repossessed last month and received a letter about the sale of it this past weekend. The car sold at auction for approximately $5,000 less than we owed. Is this debt considered new debt? And could be it filed under bankruptcy? Or is there a certain "age" the debt has to be to be claimed?
How old does debt have to be to file bankruptcy?
since you have not file yet yes it will be part of the bk!!!!
Reply:it has to be 90 days since you used any credit accounts and the car is not considered new debt, you can include it. each states laws are different.
How old does debt have to be to file bankruptcy?
since you have not file yet yes it will be part of the bk!!!!
Reply:it has to be 90 days since you used any credit accounts and the car is not considered new debt, you can include it. each states laws are different.
What's the best way to get rid of my study debt?
I have a study debt (14.559,61 euro's) which has an annual interest rate of 2.73%. Every year I must pay back at least 1500 euro's, but I can pay much more, probably around 7000 / year. But for my savings I get 4% interest every year.
What's better: paying it all back as soon as possible or putting it on my savings account first as long as possible?
What's the best way to get rid of my study debt?
Unless you can pay a larger chunk it is better to put the money aside to earn on it. I too am still paying off those school loans. If the rate of your loan remains the same each year better to gain on your money in case of emergency.
Reply:4% is higher, indeed, but what's the taxes you'll have to pay on that (the 7000 earning 4%)?
Reply:i say just pay it all back as soon as possible so you dont have it hanging over your head.
if you want to keep some money in the bank, pay more than double the required amount, then you would still have money in the bank and avoid some of the interest on the loan.
Reply:I have never heard that the debt interest can be 2.73 and savings interest is 4%, then all Banks will shut down!
What's better: paying it all back as soon as possible or putting it on my savings account first as long as possible?
What's the best way to get rid of my study debt?
Unless you can pay a larger chunk it is better to put the money aside to earn on it. I too am still paying off those school loans. If the rate of your loan remains the same each year better to gain on your money in case of emergency.
Reply:4% is higher, indeed, but what's the taxes you'll have to pay on that (the 7000 earning 4%)?
Reply:i say just pay it all back as soon as possible so you dont have it hanging over your head.
if you want to keep some money in the bank, pay more than double the required amount, then you would still have money in the bank and avoid some of the interest on the loan.
Reply:I have never heard that the debt interest can be 2.73 and savings interest is 4%, then all Banks will shut down!
Are there any good debt management companies out there?
I've heard that In charge solutions is a good company. I've heard that they are a non-profit organization.
We have a little over five thousand dollars in credit card debt and other misc. things.
We are only making two thousand dollars a month.
Any answers will be much appreciated!
Are there any good debt management companies out there?
consumer credit counseling services.
they are wonderful. we used them.
not for profit. dont go to anyone who wants to make money off of u.
i think the website is cccs.org
Reply:i am a biz consultant and RE broker
and I do this on the side for free.
kkemper1@mindspring.com
and was a college biz instructor.
We have a little over five thousand dollars in credit card debt and other misc. things.
We are only making two thousand dollars a month.
Any answers will be much appreciated!
Are there any good debt management companies out there?
consumer credit counseling services.
they are wonderful. we used them.
not for profit. dont go to anyone who wants to make money off of u.
i think the website is cccs.org
Reply:i am a biz consultant and RE broker
and I do this on the side for free.
kkemper1@mindspring.com
and was a college biz instructor.
Can an old college debt be tax deductible?
This year I had to pay my old university back for the classes I took because I transfered to a new university. I could not get my transcipts sent to the new school until I sent them payment in full. I was unable to get a loan to pay for this so I cashed in some savings bonds and withdrew some money from my 401k. Is there anyway to off-set the penalties and interest that I encured since this was a school debt? I do have additional expenses for my new school already listed. Thanks!
Can an old college debt be tax deductible?
In order to avoid the 10% penalty on the 401k withdrawal, the withdrawal has to be less than your qualified educational expenses. So it seems that you are exempt from the penalty. Attach Form 5329 to your return.
Tax on the savings bond interest may be excludible as well. Use Form 8815 to figure the exclusion and attach it to your return.
If there are additional educational expenses that were not paid with the 401k withdrawal or the savings bonds, you may be able to take a deduction or credit for those expenses.
Reply:If you took money out of 401(k) and informed the company as to why, you should be able to reduce your early w/d penalty. Also, the savings bonds you would only be taxed on the interest, not the whole value. Also, be sure to optimize between the Lifetime Learning credit and Tuition/Fee deduction. This year it may be wise to have accountant help you since each factor you mentioned has a wide variety of solutions that can benefit you depending on your situation.
floral shops
Can an old college debt be tax deductible?
In order to avoid the 10% penalty on the 401k withdrawal, the withdrawal has to be less than your qualified educational expenses. So it seems that you are exempt from the penalty. Attach Form 5329 to your return.
Tax on the savings bond interest may be excludible as well. Use Form 8815 to figure the exclusion and attach it to your return.
If there are additional educational expenses that were not paid with the 401k withdrawal or the savings bonds, you may be able to take a deduction or credit for those expenses.
Reply:If you took money out of 401(k) and informed the company as to why, you should be able to reduce your early w/d penalty. Also, the savings bonds you would only be taxed on the interest, not the whole value. Also, be sure to optimize between the Lifetime Learning credit and Tuition/Fee deduction. This year it may be wise to have accountant help you since each factor you mentioned has a wide variety of solutions that can benefit you depending on your situation.
floral shops
What will my credit report show if I choose to settle an old credit card account with a debt collector?
I would like to settle a few closed credit accounts that have been charged off and bought out by debt collectors. The collection agency is offering me a discounted rate to pay off this account. If I choose this option, will my credit report eventually show this account closed and paid off, as stated by the agency?
What will my credit report show if I choose to settle an old credit card account with a debt collector?
Think very carefully before you do this. Depending on your state, debts are only legally collectible for a certain period of time. In addition, they can only be reported for a certain period of time. Depending on when the last activity was on your account, you may have passed this time threshold, or are approaching it, but paying a lesser amount will re-start the reporting time clock. Do some research and find out what the statute of limitations are in your state. You may have to live with a crappy credit report for just a little while longer until such time when the negative stuff begins to fall off.
I'm not saying that's the moral or ethical thing to do, but we're not here to judge anyone's moral compass (or lach thereof).
Reply:nothing good. It'll just show it as closed by the credit grantor. The only difference is that it won't show a balance due on that account. But it's still a negative when viewed by a creditor.
Reply:I wouldn't pay the debt collectors anything. The damage is already done, so put the cash away for a rainy day.
Like others said, seven years to clear negative items from your credit report.
Reply:hello, i don't know how old this debt is but if it is older than 7 years on Anything .......fight back. i have learned thru personal experiance the dishonesty and bullying of both the big 3 credit reporting agencies (Experian,Transunion,Equifax) and the debt colection agencies. IF YOUR CREDIT REPORT, AT ANY TIME, REFLECTS WHAT IS NOT TRUE (OR LEGAL)-WRITE THEM A LETTER STATING WHAT IS TRUE.THE SAME GOES FOR THE "DEBT COLLECTORS". GOD BLESS YOU , 777
Reply:it will still show on your fica score as 'collected'
Reply:Yes, if you are working with a credible collection agency or debt counseling service. The "bad" part of your credit will stay on the credit reports for 7 years after the LAST active action.
What will my credit report show if I choose to settle an old credit card account with a debt collector?
Think very carefully before you do this. Depending on your state, debts are only legally collectible for a certain period of time. In addition, they can only be reported for a certain period of time. Depending on when the last activity was on your account, you may have passed this time threshold, or are approaching it, but paying a lesser amount will re-start the reporting time clock. Do some research and find out what the statute of limitations are in your state. You may have to live with a crappy credit report for just a little while longer until such time when the negative stuff begins to fall off.
I'm not saying that's the moral or ethical thing to do, but we're not here to judge anyone's moral compass (or lach thereof).
Reply:nothing good. It'll just show it as closed by the credit grantor. The only difference is that it won't show a balance due on that account. But it's still a negative when viewed by a creditor.
Reply:I wouldn't pay the debt collectors anything. The damage is already done, so put the cash away for a rainy day.
Like others said, seven years to clear negative items from your credit report.
Reply:hello, i don't know how old this debt is but if it is older than 7 years on Anything .......fight back. i have learned thru personal experiance the dishonesty and bullying of both the big 3 credit reporting agencies (Experian,Transunion,Equifax) and the debt colection agencies. IF YOUR CREDIT REPORT, AT ANY TIME, REFLECTS WHAT IS NOT TRUE (OR LEGAL)-WRITE THEM A LETTER STATING WHAT IS TRUE.THE SAME GOES FOR THE "DEBT COLLECTORS". GOD BLESS YOU , 777
Reply:it will still show on your fica score as 'collected'
Reply:Yes, if you are working with a credible collection agency or debt counseling service. The "bad" part of your credit will stay on the credit reports for 7 years after the LAST active action.
How can the US government afford to have a 9 trillion debt?
I mean, surely some day money has to be raised to pay it off? Is running a budget deficit "healthy"? Who do you think is most likely to decrease national debt?
How can the US government afford to have a 9 trillion debt?
we can't afford it, thats why it's called "dept"
Reply:we will always have debt. having a little debt is alright i wouldn't call it healthy. as a percentage of GDP the sum is not huge, but at one point it needs to be paid down. take the latest budget proposal of 3 trillion dollars a very huge sum in itself yet it will be 450 billion dollars short. now consider in 2001 the federal government took in something along the lines of2.1 trillion dollars and this year they will take in around 2.8 trillion dollars that's a hefty amount of spending. something tells me they can find a couple of hundred billion dollars in savings
Reply:It is scary, most Americans do not even realise that China now has the dollars and China could ruin or strongly influence American policy .
The Chinese government has begun a concerted campaign of economic threats against the United States, hinting that it may liquidate its vast holding of US treasuries if Washington imposes trade sanctions to force a yuan revaluation
Beijing may use its $1.33 trillion (£658bn) of foreign reserves as a political weapon to counter pressure from the US Congress.
Reply:Don't worry. It will get more once Hussein takes the lead.
Reply:The US Federal Reserve (which is actually a private bank owned by offshore elites), has been creating billions of new US dollars daily to loan to the Government and to US banks to keep everything from collapsing.
They can only keep this up for a limited time because a side effect is that the value of the dollar is decreasing because more are continually being created out of nothing.
the bottom line is that this practice will eventually destroy the US economy and financial system, and will depress other economies world-wide.
Reply:The government doesn't 'afford' anything; the people paying taxes do. This will be carried forward to our kids' kids' kids'... and the printing press will magically evaporate it by inflation - meaning you will pay for it.
Reply:Who's gonna come collect? I love the way some people rant about this, like it has some direct effect on their lives. It's like "Man, can't go to the movies this weekend because of our 9 trillion dollar debt...".
Reply:How thay can afford? Well, they have enough of weapons to "cover" such debt...
Reply:We can't afford the debt. It grows 1.49 billion dollars per day. Bush spends money like a drunken sailor.
Reply:in your personal economic picture, would it be healthy for you to always be in debt?
How can the US government afford to have a 9 trillion debt?
we can't afford it, thats why it's called "dept"
Reply:we will always have debt. having a little debt is alright i wouldn't call it healthy. as a percentage of GDP the sum is not huge, but at one point it needs to be paid down. take the latest budget proposal of 3 trillion dollars a very huge sum in itself yet it will be 450 billion dollars short. now consider in 2001 the federal government took in something along the lines of2.1 trillion dollars and this year they will take in around 2.8 trillion dollars that's a hefty amount of spending. something tells me they can find a couple of hundred billion dollars in savings
Reply:It is scary, most Americans do not even realise that China now has the dollars and China could ruin or strongly influence American policy .
The Chinese government has begun a concerted campaign of economic threats against the United States, hinting that it may liquidate its vast holding of US treasuries if Washington imposes trade sanctions to force a yuan revaluation
Beijing may use its $1.33 trillion (£658bn) of foreign reserves as a political weapon to counter pressure from the US Congress.
Reply:Don't worry. It will get more once Hussein takes the lead.
Reply:The US Federal Reserve (which is actually a private bank owned by offshore elites), has been creating billions of new US dollars daily to loan to the Government and to US banks to keep everything from collapsing.
They can only keep this up for a limited time because a side effect is that the value of the dollar is decreasing because more are continually being created out of nothing.
the bottom line is that this practice will eventually destroy the US economy and financial system, and will depress other economies world-wide.
Reply:The government doesn't 'afford' anything; the people paying taxes do. This will be carried forward to our kids' kids' kids'... and the printing press will magically evaporate it by inflation - meaning you will pay for it.
Reply:Who's gonna come collect? I love the way some people rant about this, like it has some direct effect on their lives. It's like "Man, can't go to the movies this weekend because of our 9 trillion dollar debt...".
Reply:How thay can afford? Well, they have enough of weapons to "cover" such debt...
Reply:We can't afford the debt. It grows 1.49 billion dollars per day. Bush spends money like a drunken sailor.
Reply:in your personal economic picture, would it be healthy for you to always be in debt?
What will the bailout do to our debt ratio?
Simply putting a number ($700 billion) to projected additional debt isn't enough to determine if taking on that debt is good, bad, monumentally beneficial, or monumentally stupid. I'm wondering if anybody knows what the bailout is projected to do to our debt ratio as a percentage of GDP. And if anybody can correlate debt ratios to economic growth that would be fabulous. We've always kept our debt contained by growing our economy even faster than the debt. Over the past 5 years I wonder if that's still true. Can anybody point me towards some hard numbers or non-partisan analysis?
What will the bailout do to our debt ratio?
It will be 100 % of GDP.USA is on default.
Don't cry for me Argenti... Oops! Don't cry for me USA!
Reply:Well, they are already talking about having to raise the debt limit about a trillion dollars. That is about the 6th time during the Bush Admin the debt ceiling had to be raised. Never during the balanced budget Clinton years.
Makes you long for the '90s, doesn't it.
Reply:Bailout is Bad -
No Bailout is Bad
What will the bailout do to our debt ratio?
It will be 100 % of GDP.USA is on default.
Don't cry for me Argenti... Oops! Don't cry for me USA!
Reply:Well, they are already talking about having to raise the debt limit about a trillion dollars. That is about the 6th time during the Bush Admin the debt ceiling had to be raised. Never during the balanced budget Clinton years.
Makes you long for the '90s, doesn't it.
Reply:Bailout is Bad -
No Bailout is Bad
What can you do when you have avoided collections on a credit card debt for about a year?
If your account has been over turned to a collection agency and you are avoiding this debt. What are your rights and how long does the collector have to retreave this debt, before it expires and you do not have to pay for it any longer?
What can you do when you have avoided collections on a credit card debt for about a year?
the is a sol which is anywhere from 7 -10 years == i would say they will garish your wages before than!!!
Reply:As a credit analyst, I’ll devote ample time to answer your question. Although my responses will be long, I implore you to bear with me. I'll begin by providing your rights when dealing with a collection agency:
collection agencies are not allowed to:
call your office;
call your home before 8 a.m. or after 9 p.m.;
address you in an abusive manner;
call family or friends in an attempt to collect your debt;
harass you;
make false or misleading statements; or
add unauthorized charges.
If any of the above is happening to you, tell the collection agency to stop harassing you. If it continues, ask for its name and address and report it to the Better Business Bureau, the Federal Trade Commission, or your state's attorney general's office. The federal Fair Debt Collection Practices Act also states that you can demand that the collection agency stop contacting you, except to tell you that collection efforts have ended or that the creditor or collection agency will sue you. However, you must put your request in writing.
Please note: The FDCPA applies only to bill collectors who work for collection agencies, not the original creditors, so you will not be able to get the collection department your credit card company to stop calling you with a letter. Only New York City has a local consumer protection law that requires the original creditor to stop calling you after a written request to do so.
The second part of my answer to your question is that you’ve to stop avoiding the collection agency. Instead, negotiate with them to reduce the amount owed, and also agree with them in writing to delete the debt from your credit report upon receipt of payment. This is because paying off a collection does not immediately erase it from your credit report. It'll be there for seven years and will, believe it or not, be factored into your score.
Meanwhile, please don’t feel dejected over your present financial situation. You can begin again (even right now) by arranging to pay your debt and making sure that, henceforth, your bills are paid on time. As for credit card, please charge only what you know you would be able to pay off when the bills arrive each month. Use your credit card lightly, say about 30% of your available credit limit; you may also carry small balance each month. Although carrying small balance would attract small interest charges, it would still look good on your credit report and score. NEVER MAX YOUR CREDIT CARD EVEN IF YOU COULD PAY IT OFF EACH MONTH, OR OPEN MANY NEW CREDIT ACCOUNTS WITHIN A SHORT PERIOD OF TIME. Doing so will hurt your credit score.
While wishing you best wishes in your endeavor, I hope I was able to answer your question.
Reply:adnana,
Your best be would be to try and pay off the debts, if at all possible.
There's a good article at eHow on steps to take to begin tackling your debt. Take a look at it:
http://www.ehow.com/how_2326032_avoid-es...
How to Stop Escalating Debt
It includes information on companies (both non-profit and for-profit) that can help you with debt consolidation and reduction.
You can also look here for tips on earning some extra cash online:
http://www.ehow.com/how_2254361_money-in...
How to make money on the internet, scam-free
Lastly, here's an interesting alternative to conventional lending...getting a "social networking" loan from Virgin Money (from the same folks who run Virgin Airlines):
http://www.ehow.com/how_2310995_student-...
Social Loans from Virgin Money
Hope these help.
Reply:Pay it - as soon as possible. And you can use credit repair agency to fix your credit - for example this one - http://freecreditreport.hotusa.org - They can clean lots of bad stuff from your credit report - and do it much faster than yourself, so your credit will go up fast.
Reply:Hi,
I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://lnkurl.com/25
Reply:I'm pretty sure it never expires. If it does, it would be like 30 years or so.
The only way to get out of debt is to pay it off, or chapter 11.
Reply:Pay it, you will pay it one way or another. Your credit will suffer immensely, in ways you don't even know. So, just pay it , and get it over with.
Reply:Haha if only our debt actually expired....
Reply:1. Order your credit reports from the 3 bureaus
www.equifax.com
www.experian.com
www.transunion.com
If you're ordering for the first time, get your score (for a fee) from Equifax as their scoring matters most.
2. Make copies of your report and put the originals in a binder. On the photocopied reports use a highlighter and check for any incorrect, outdate, false, etc...info
3. Download a dispute letter(s) from the credit bureaus website and list anything that is wrong. Mail them to their office(s). They have 30 days to reply.
4. If they will not remove something that is not yours or too old (%26gt; 7 years) as them for a debt validation. This may take an additional 30 days.
5. Once the 'baddies' come off, take care not to let any of your other accounts fall into that predicament.
6. If you haven't already make sure your existing accounts are current and paid on time ALWAYS.
7. Get a secured credit card with www.capitalone.com or www.mastercard.com for like $500-1000 or more if you can and use it sparingly. Charge like $50 on the card each month and pay it in FULL and on TIME. Make sure you do this for a minimum of 6 months so that you estabish a positive repayment history.
8. Problem with just letting them 'fall off' is that they may never. You may get sued before that...that's where you suddenly get a summons to appear in court and a judgment for collection against you.
For the 2 collection items...pay them but get a 'pay for delete' from the collectin agency in WRITING...they'll delete it after you pay and it will help your credit score
What can you do when you have avoided collections on a credit card debt for about a year?
the is a sol which is anywhere from 7 -10 years == i would say they will garish your wages before than!!!
Reply:As a credit analyst, I’ll devote ample time to answer your question. Although my responses will be long, I implore you to bear with me. I'll begin by providing your rights when dealing with a collection agency:
collection agencies are not allowed to:
call your office;
call your home before 8 a.m. or after 9 p.m.;
address you in an abusive manner;
call family or friends in an attempt to collect your debt;
harass you;
make false or misleading statements; or
add unauthorized charges.
If any of the above is happening to you, tell the collection agency to stop harassing you. If it continues, ask for its name and address and report it to the Better Business Bureau, the Federal Trade Commission, or your state's attorney general's office. The federal Fair Debt Collection Practices Act also states that you can demand that the collection agency stop contacting you, except to tell you that collection efforts have ended or that the creditor or collection agency will sue you. However, you must put your request in writing.
Please note: The FDCPA applies only to bill collectors who work for collection agencies, not the original creditors, so you will not be able to get the collection department your credit card company to stop calling you with a letter. Only New York City has a local consumer protection law that requires the original creditor to stop calling you after a written request to do so.
The second part of my answer to your question is that you’ve to stop avoiding the collection agency. Instead, negotiate with them to reduce the amount owed, and also agree with them in writing to delete the debt from your credit report upon receipt of payment. This is because paying off a collection does not immediately erase it from your credit report. It'll be there for seven years and will, believe it or not, be factored into your score.
Meanwhile, please don’t feel dejected over your present financial situation. You can begin again (even right now) by arranging to pay your debt and making sure that, henceforth, your bills are paid on time. As for credit card, please charge only what you know you would be able to pay off when the bills arrive each month. Use your credit card lightly, say about 30% of your available credit limit; you may also carry small balance each month. Although carrying small balance would attract small interest charges, it would still look good on your credit report and score. NEVER MAX YOUR CREDIT CARD EVEN IF YOU COULD PAY IT OFF EACH MONTH, OR OPEN MANY NEW CREDIT ACCOUNTS WITHIN A SHORT PERIOD OF TIME. Doing so will hurt your credit score.
While wishing you best wishes in your endeavor, I hope I was able to answer your question.
Reply:adnana,
Your best be would be to try and pay off the debts, if at all possible.
There's a good article at eHow on steps to take to begin tackling your debt. Take a look at it:
http://www.ehow.com/how_2326032_avoid-es...
How to Stop Escalating Debt
It includes information on companies (both non-profit and for-profit) that can help you with debt consolidation and reduction.
You can also look here for tips on earning some extra cash online:
http://www.ehow.com/how_2254361_money-in...
How to make money on the internet, scam-free
Lastly, here's an interesting alternative to conventional lending...getting a "social networking" loan from Virgin Money (from the same folks who run Virgin Airlines):
http://www.ehow.com/how_2310995_student-...
Social Loans from Virgin Money
Hope these help.
Reply:Pay it - as soon as possible. And you can use credit repair agency to fix your credit - for example this one - http://freecreditreport.hotusa.org - They can clean lots of bad stuff from your credit report - and do it much faster than yourself, so your credit will go up fast.
Reply:Hi,
I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://lnkurl.com/25
Reply:I'm pretty sure it never expires. If it does, it would be like 30 years or so.
The only way to get out of debt is to pay it off, or chapter 11.
Reply:Pay it, you will pay it one way or another. Your credit will suffer immensely, in ways you don't even know. So, just pay it , and get it over with.
Reply:Haha if only our debt actually expired....
Reply:1. Order your credit reports from the 3 bureaus
www.equifax.com
www.experian.com
www.transunion.com
If you're ordering for the first time, get your score (for a fee) from Equifax as their scoring matters most.
2. Make copies of your report and put the originals in a binder. On the photocopied reports use a highlighter and check for any incorrect, outdate, false, etc...info
3. Download a dispute letter(s) from the credit bureaus website and list anything that is wrong. Mail them to their office(s). They have 30 days to reply.
4. If they will not remove something that is not yours or too old (%26gt; 7 years) as them for a debt validation. This may take an additional 30 days.
5. Once the 'baddies' come off, take care not to let any of your other accounts fall into that predicament.
6. If you haven't already make sure your existing accounts are current and paid on time ALWAYS.
7. Get a secured credit card with www.capitalone.com or www.mastercard.com for like $500-1000 or more if you can and use it sparingly. Charge like $50 on the card each month and pay it in FULL and on TIME. Make sure you do this for a minimum of 6 months so that you estabish a positive repayment history.
8. Problem with just letting them 'fall off' is that they may never. You may get sued before that...that's where you suddenly get a summons to appear in court and a judgment for collection against you.
For the 2 collection items...pay them but get a 'pay for delete' from the collectin agency in WRITING...they'll delete it after you pay and it will help your credit score
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