Hi,
I am student and am getting nervous about my credit card debt ($5,000). It is such a hassle to pay on each card each month. I want to consolidate all the debt and make one payment each month and start paying them off. It's difficult bc I am student and do not have an income. I have school loans I use while in law school. Any suggestions?
Are there banks that consolidate your credit card debt so you can make just one payment a month?
Most will let you get a consolidation loan. Have you tried getting a student loan and using that instead of a bank loan. This way you will not have to repay it until you graduate. Good luck!
Reply:Most banks will let you get a Consolidation Loan if your credit is good. But then you really have to be good and not spend on your cards again because then you'll have a loan AND your card payments. - $5K is a small amount, you should be able to get a loan easy. Just find one with low rate to keep it all under control and within your budget.
Friday, November 6, 2009
What are my rights against debt collectors?
I answered a call from my brother-in-law, or at least I thought because the caller ID showed his number, but I find out that it was a debt collector. How this happened I want to know and isn't it illegal to use deception like that?
What are my rights against debt collectors?
No, debt collectors are not allowed to use deceptive practices in their attempts to collect a debt. However, they always do because nobody has the money to stand up against them and force them to behave in accordance with the Fair Debt Collection Practices Act. They know this, so they continually push the boundaries.
However, I do not believe that they were using a deceptive practice in order to get you on the phone. It is far more likely that there was some electronic glitch with your caller ID.
However, I applaud you in attempting to educate yourself on what is and is not acceptable behavior of the collection agencies. Continuing to do so and encouraging others to do so is the best protection you can have from them. Remember the adage that I live by when it comes to bill collectors: ALL BILL COLLECTORS LIE ALL THE TIME. If you remember that, you should be able to protect yourself.
If you have any other questions you may contact me at nebula7693@yahoo.com
Reply:Best protection is to pay the debt at least make a payment.
Reply:A debt collector may contact other people, but only to find out where you live, what your phone number is, and where you work. Collectors usually are prohibited from contacting such third parties more than once. In most cases, the collector may not tell anyone other than you and your attorney that you owe money.
Reply:if they all your cell fone all you have to say this is a cell phone. it is illegal for you to incur me a charge while you are trying to collect a debt. This is costing me minutes. Do not call me here again.
Reply:no i have not hear of that may be a technical issue with your caller ID or they have some new trick to scramble caller ids and that would be a huge lawsuit waiting to happen. it is against the law for them to impersonate some on rather then themselves. send them the following letter and send it certified, if they contact you again them you can take legal recourse.
check this link below this has all of the rules they must follow-this agency is a government agency
Your name
Your street address
Your city
Date
RE: Account no.
Dear Sir/Madam,
This is to request you to CEASE and DESIST from your efforts of collecting debt payments on the above referred account. I would like to work with the original creditor of the account rather than collection agencies.
You are hereby instructed in accordance with the federal and state laws, to stop all collection efforts immediately or face legal sanctions.
Respectfully,
Your Signature
Your Name
Reply:Do a google search on "debtor's rights" (http://www.google.com/search?hl=en%26amp;q=deb... ) or start here (http://www.pennlawyer.com/fdcpa.htm ). The second link has a great summary of what collectors cannot do.
Reply:As a former debt collector, I want to tell you that it is ok for the creditor to use smart techniques to try to get your brother in law on the phone. However, there are state and federal regulations to what a collector can or can't do. For example no call after 09:00 pm local. Remove work# from list if requested.
What are my rights against debt collectors?
No, debt collectors are not allowed to use deceptive practices in their attempts to collect a debt. However, they always do because nobody has the money to stand up against them and force them to behave in accordance with the Fair Debt Collection Practices Act. They know this, so they continually push the boundaries.
However, I do not believe that they were using a deceptive practice in order to get you on the phone. It is far more likely that there was some electronic glitch with your caller ID.
However, I applaud you in attempting to educate yourself on what is and is not acceptable behavior of the collection agencies. Continuing to do so and encouraging others to do so is the best protection you can have from them. Remember the adage that I live by when it comes to bill collectors: ALL BILL COLLECTORS LIE ALL THE TIME. If you remember that, you should be able to protect yourself.
If you have any other questions you may contact me at nebula7693@yahoo.com
Reply:Best protection is to pay the debt at least make a payment.
Reply:A debt collector may contact other people, but only to find out where you live, what your phone number is, and where you work. Collectors usually are prohibited from contacting such third parties more than once. In most cases, the collector may not tell anyone other than you and your attorney that you owe money.
Reply:if they all your cell fone all you have to say this is a cell phone. it is illegal for you to incur me a charge while you are trying to collect a debt. This is costing me minutes. Do not call me here again.
Reply:no i have not hear of that may be a technical issue with your caller ID or they have some new trick to scramble caller ids and that would be a huge lawsuit waiting to happen. it is against the law for them to impersonate some on rather then themselves. send them the following letter and send it certified, if they contact you again them you can take legal recourse.
check this link below this has all of the rules they must follow-this agency is a government agency
Your name
Your street address
Your city
Date
RE: Account no.
Dear Sir/Madam,
This is to request you to CEASE and DESIST from your efforts of collecting debt payments on the above referred account. I would like to work with the original creditor of the account rather than collection agencies.
You are hereby instructed in accordance with the federal and state laws, to stop all collection efforts immediately or face legal sanctions.
Respectfully,
Your Signature
Your Name
Reply:Do a google search on "debtor's rights" (http://www.google.com/search?hl=en%26amp;q=deb... ) or start here (http://www.pennlawyer.com/fdcpa.htm ). The second link has a great summary of what collectors cannot do.
Reply:As a former debt collector, I want to tell you that it is ok for the creditor to use smart techniques to try to get your brother in law on the phone. However, there are state and federal regulations to what a collector can or can't do. For example no call after 09:00 pm local. Remove work# from list if requested.
Can a credit card company write off a debt, and then sue you after 3 years, not a collection agency?
My ex-husband is being sued by a lawyer who claims to represent Discover. I believe he bought the debt because he is a bankruptcy lawyer and buys debt. Does anyone know how I can find out.
Can a credit card company write off a debt, and then sue you after 3 years, not a collection agency?
Writing off is just a accounting procedure, this should not in any way affect the collection status. The company "Discover" is most likely engaged by your creditor to collect the debt on their behalf. If your creditor has obtained Judgement against your ex-husband, then action can continued to enforce within a 7 year period.
Reply:Thanks for writing.
The way you wrote the question, I suspect you have two things mingled in your mind that shouldn't be.
"Writing off a debt" is an accounting procedure practiced by lenders. It has nothing to do with whether a debt can be collected. Debts can be sold over and over, and each buyer of the debt, whether they call themselves a collection agency or not, can attempt to collect.
I would also warn you that debt collectors don't care about divorce decrees. Even if a judge signed an order saying your husband is responsible for the Discover bill, if during the marriage it was your joint debt, expect debt collectors to come after you, too. They see divorce decrees as a matter between you two and the courts, and they view the original loan document as binding.
They can sue and get a judgment until the debt goes out of statute. I hope this information has helped.
Reply:yes they can if they feel if it is necessary .call the credit card company up or ther collection agency and c what actions they took.
Reply:The lawyer most likely did not buy the debt, but is doing the collection work in exchange for a percentage of the money he collects for the debtor (Discover in this case).
And yes, a credit card company (or anyone who needs to collect debt owed to them) can use a lawyer, rather than a collection service, to help collect from those who owe them money.
Reply:You have no standing if it is an ex-husband and you were divorced at that time. People sometimes pay up so they try to intimidate you but at this point I don't think he has to pay.
Reply:That depends if the statute of limitations has expired or not. This varies based on the state and type of debt. If the statute of limitations has expired, they can still sue you, but, if you can prove that the statue of limitations has expired, they cannot win in court. The countdown starts from the date of last activity on the account. However, if he has acknowledged responsibility for the debt at any point in phone conversations or letters or paid towards the debt, then this is not the case. You cannot acknowledge the debt 6 months ago (for example), and then try to claim that they can't sue you because the SOL has expired. If he has had no contact with them in years, then he could go this route.
http://www.expert-credit-advice.com/stat...
Can a credit card company write off a debt, and then sue you after 3 years, not a collection agency?
Writing off is just a accounting procedure, this should not in any way affect the collection status. The company "Discover" is most likely engaged by your creditor to collect the debt on their behalf. If your creditor has obtained Judgement against your ex-husband, then action can continued to enforce within a 7 year period.
Reply:Thanks for writing.
The way you wrote the question, I suspect you have two things mingled in your mind that shouldn't be.
"Writing off a debt" is an accounting procedure practiced by lenders. It has nothing to do with whether a debt can be collected. Debts can be sold over and over, and each buyer of the debt, whether they call themselves a collection agency or not, can attempt to collect.
I would also warn you that debt collectors don't care about divorce decrees. Even if a judge signed an order saying your husband is responsible for the Discover bill, if during the marriage it was your joint debt, expect debt collectors to come after you, too. They see divorce decrees as a matter between you two and the courts, and they view the original loan document as binding.
They can sue and get a judgment until the debt goes out of statute. I hope this information has helped.
Reply:yes they can if they feel if it is necessary .call the credit card company up or ther collection agency and c what actions they took.
Reply:The lawyer most likely did not buy the debt, but is doing the collection work in exchange for a percentage of the money he collects for the debtor (Discover in this case).
And yes, a credit card company (or anyone who needs to collect debt owed to them) can use a lawyer, rather than a collection service, to help collect from those who owe them money.
Reply:You have no standing if it is an ex-husband and you were divorced at that time. People sometimes pay up so they try to intimidate you but at this point I don't think he has to pay.
Reply:That depends if the statute of limitations has expired or not. This varies based on the state and type of debt. If the statute of limitations has expired, they can still sue you, but, if you can prove that the statue of limitations has expired, they cannot win in court. The countdown starts from the date of last activity on the account. However, if he has acknowledged responsibility for the debt at any point in phone conversations or letters or paid towards the debt, then this is not the case. You cannot acknowledge the debt 6 months ago (for example), and then try to claim that they can't sue you because the SOL has expired. If he has had no contact with them in years, then he could go this route.
http://www.expert-credit-advice.com/stat...
How can I manage my debt that does not pertain to just credit cards?
I am in debt and its mainly student loans, hospital bill and the dreaded late payments on just about anything and everything I have.
How can I manage my debt that does not pertain to just credit cards?
You need to decrease your spending and increase income.
Start with making a written budget. Look for ways to cut whatevery you can. Phone bill -- do you really need call waiting? Line maintenance fees? You want to cut out all the extras. Stop eating out.
Consider a second job to get caught up. Pizza delivery has flexible hours and they always are looking for drivers. Besides, you get free leftover pizza.
Reply:www.creditinfocenter.com
Reply:stop spending more than you have, make at least the minimum payments every month to avoid late charges
Reply:Talk to the hospitals about a smaller payment. Student loans can sometimes be put in deferment if you have a hardship so talk to them. Set up automatic payments if you are just forgetting to pay on time. If you can't afford your payments cut your cost or living or earn more money. Make sure if you are late it is never more than 30 days. Have a yard sale or sell something big to get caught up.
Remember you can't borrow your way out of debt and when in a hole quit digging.
purchase flowers
How can I manage my debt that does not pertain to just credit cards?
You need to decrease your spending and increase income.
Start with making a written budget. Look for ways to cut whatevery you can. Phone bill -- do you really need call waiting? Line maintenance fees? You want to cut out all the extras. Stop eating out.
Consider a second job to get caught up. Pizza delivery has flexible hours and they always are looking for drivers. Besides, you get free leftover pizza.
Reply:www.creditinfocenter.com
Reply:stop spending more than you have, make at least the minimum payments every month to avoid late charges
Reply:Talk to the hospitals about a smaller payment. Student loans can sometimes be put in deferment if you have a hardship so talk to them. Set up automatic payments if you are just forgetting to pay on time. If you can't afford your payments cut your cost or living or earn more money. Make sure if you are late it is never more than 30 days. Have a yard sale or sell something big to get caught up.
Remember you can't borrow your way out of debt and when in a hole quit digging.
purchase flowers
Are there any ways to get out of debt, without filing for bankruptcy or making huge monthly payments?
We are $44, 000 in debt. We tried debt management, and the payments were around $500 per month. We cannot afford that. We can't file bankruptcy, because two loans that we have, my mother is the co-signer, and it would stick her with the payments, and she can't afford to make those?
Are there any ways to get out of debt, without filing for bankruptcy or making huge monthly payments?
Jen G is right- Get the book The Total Money Makeover by Dave Ramsey and work his budget.
You may have to make some tough decisions, example, sell the car(s) and buy a cheap one ($500) to drive for awhile. Or if you live in the city with public transportation, use that for awhile. Next if you own your home, you may need to sell it. If you are behind at all with your mortgage, I suggest you put it on the market so you don't get foreclosure.
My guess is the debt management program isn't paying off your debt any faster than you could do yourself and they are getting a fee for providing the "service."
Read the above book:
Then get the $1000 in the bank (have a garage sale, sell the car(s), ebay stuff, etc)
Then start the debt snowball. You many need to get a second job. If you are a stay at home mom and your husband works full time maybe you get a night job while your husband works days so you don't have day care expenses. Maybe your husband can deliver the morning paper before he goes to his day job.
You can do it- read the book and then get moving! You can do it!!
Reply:I'd like to recommend you to take a look at the book The Total Money Makeover by Dave Ramsey. You can check it out from the library. It's a pretty easy read.
His big thing is to get yourself on a budget because it gives you control of your money. He says to put a name to every dollar on paper, on purpose, before you get it each month.
Once you have a budget, he takes you through 7 baby steps:
1. Save $1000 for a starter emergency fund.
2. Pay off your debts via the debt snowball.
3. Finish off your emergency fund (3-6 months of expenses)
4. 15% of your income in retirements accounts.
5. Save for kids college.
6. Pay off the house.
7. Give, Save, and Spend (enjoy life because you're financially able).
You can get more details on his website www.daveramsey.com. We've been following this plan since January, and have finally started to make progress on getting out of debt.
I wish you luck.
Reply:Sell your cars, shoes and handbags.
Reply:This is how I did it. Figure out how much you can pay each month. Recognize, however, that you might need to make some changes in your lifestyle -- pack your lunches, no nights out, etc (if you are not willing to make some changes, then just default and leave your mom with the bills). Figure your budget, with income, and all regular expenses. Figure a small cash allowance. Arrange all the bills in order of interest rate. Figure the minimum payment for each. Send as much as possible to the one with the highest rate (NOT the highest balance). Send the minimum to all the others. When the one with the highest rate is paid off, then send the same amount, plus the minimum that you have already been paying, to the one with the next highest rate. When that one is paid off, continue on until they are all paid. Cut up your credit cards today. Pay cash or do without. If that is too burdensome, then stick your mom with the bills.
Are there any ways to get out of debt, without filing for bankruptcy or making huge monthly payments?
Jen G is right- Get the book The Total Money Makeover by Dave Ramsey and work his budget.
You may have to make some tough decisions, example, sell the car(s) and buy a cheap one ($500) to drive for awhile. Or if you live in the city with public transportation, use that for awhile. Next if you own your home, you may need to sell it. If you are behind at all with your mortgage, I suggest you put it on the market so you don't get foreclosure.
My guess is the debt management program isn't paying off your debt any faster than you could do yourself and they are getting a fee for providing the "service."
Read the above book:
Then get the $1000 in the bank (have a garage sale, sell the car(s), ebay stuff, etc)
Then start the debt snowball. You many need to get a second job. If you are a stay at home mom and your husband works full time maybe you get a night job while your husband works days so you don't have day care expenses. Maybe your husband can deliver the morning paper before he goes to his day job.
You can do it- read the book and then get moving! You can do it!!
Reply:I'd like to recommend you to take a look at the book The Total Money Makeover by Dave Ramsey. You can check it out from the library. It's a pretty easy read.
His big thing is to get yourself on a budget because it gives you control of your money. He says to put a name to every dollar on paper, on purpose, before you get it each month.
Once you have a budget, he takes you through 7 baby steps:
1. Save $1000 for a starter emergency fund.
2. Pay off your debts via the debt snowball.
3. Finish off your emergency fund (3-6 months of expenses)
4. 15% of your income in retirements accounts.
5. Save for kids college.
6. Pay off the house.
7. Give, Save, and Spend (enjoy life because you're financially able).
You can get more details on his website www.daveramsey.com. We've been following this plan since January, and have finally started to make progress on getting out of debt.
I wish you luck.
Reply:Sell your cars, shoes and handbags.
Reply:This is how I did it. Figure out how much you can pay each month. Recognize, however, that you might need to make some changes in your lifestyle -- pack your lunches, no nights out, etc (if you are not willing to make some changes, then just default and leave your mom with the bills). Figure your budget, with income, and all regular expenses. Figure a small cash allowance. Arrange all the bills in order of interest rate. Figure the minimum payment for each. Send as much as possible to the one with the highest rate (NOT the highest balance). Send the minimum to all the others. When the one with the highest rate is paid off, then send the same amount, plus the minimum that you have already been paying, to the one with the next highest rate. When that one is paid off, continue on until they are all paid. Cut up your credit cards today. Pay cash or do without. If that is too burdensome, then stick your mom with the bills.
How can I get my lender to forgive some of my mortgage debt?
Do I just call my lender? My home value is lower than the mortgage balance (when you combine my primary and secondary loan). If I sold my home, can the bank forgive some of my primary loan? My secondary loan went to credit card debt and student loans so I know it will not be forgiven. If I got a buyer and paid off the secondary loan, can my primary lender forgive the difference?
How can I get my lender to forgive some of my mortgage debt?
They can, they do not have to.
Since it sounds like you are selling you need to contact them about doing a short sale. You have to be in foreclosure before you will qualify.
Reply:Lenders are not required to forgive mortgage debt when property values decline. In some states the lender may require you repay the debt, particularly if you have other assets.
If they do forgive some of or all debt, they are required to inform the IRS stating the amount of debt forgiven, and you may have to pay taxes on it. There is an exception to this rule however, "under a short sale if the loan is a non-recourse loan the lender does not have the legal right to collect a deficiency judgment from any assets of the debtor not pledged to secure the loan." To read more about this, please go to http://www.realtor.org and do a search on "Lender forgive debt" or "Debt Forgiveness."
Reply:You can call your lender and beg for them to lower the value of your mortage. You could ask for a short sale, which is to ask the lender to allow you to sell your house for less than what it is worth. The chances of your primary lender forgiving your first mortage if you pay off the second (the one that went to paying off unsecured debt) is probably not going to happen either, especially if each mortage is backed by a different lender.
Right now now many lenders are willing to work with people on their mortgages.
Reply:You simply need to contact the "Loan Modification" dept of your lender. There you can ask for one or both of the following...
1) Modify your loan rate/payment and/or
2) Modify the loan amount to current value
Right now almost all lenders are offering some sort of Modification to save from having file for a foreclosure.
Don't fall for the people saying they can do this for you for a fee. You can do this yourself with no legal representation.
Reply:To my knowledge it cannot be forgotten. Your lender is a for profit company and they would much rather you take the loss than them.
A lot of people today are being turned "Upside Down" in their home mortgages, it's causes a lot of foreclosures.
My best advice would be, perhaps, calling a debt consolidation place or speaking with a financial advisor.
I work at a bank, and if the amount was loaned, thats what they expect back.
Reply:You signed the papers, you know what you where getting into, sorry the property values went down but that is life. Live with it If someone owed you thousands would you forgive a part , a large part of their debt because what they bought from you was not worth what they paid? I highly doubt it so why should the banks?
How can I get my lender to forgive some of my mortgage debt?
They can, they do not have to.
Since it sounds like you are selling you need to contact them about doing a short sale. You have to be in foreclosure before you will qualify.
Reply:Lenders are not required to forgive mortgage debt when property values decline. In some states the lender may require you repay the debt, particularly if you have other assets.
If they do forgive some of or all debt, they are required to inform the IRS stating the amount of debt forgiven, and you may have to pay taxes on it. There is an exception to this rule however, "under a short sale if the loan is a non-recourse loan the lender does not have the legal right to collect a deficiency judgment from any assets of the debtor not pledged to secure the loan." To read more about this, please go to http://www.realtor.org and do a search on "Lender forgive debt" or "Debt Forgiveness."
Reply:You can call your lender and beg for them to lower the value of your mortage. You could ask for a short sale, which is to ask the lender to allow you to sell your house for less than what it is worth. The chances of your primary lender forgiving your first mortage if you pay off the second (the one that went to paying off unsecured debt) is probably not going to happen either, especially if each mortage is backed by a different lender.
Right now now many lenders are willing to work with people on their mortgages.
Reply:You simply need to contact the "Loan Modification" dept of your lender. There you can ask for one or both of the following...
1) Modify your loan rate/payment and/or
2) Modify the loan amount to current value
Right now almost all lenders are offering some sort of Modification to save from having file for a foreclosure.
Don't fall for the people saying they can do this for you for a fee. You can do this yourself with no legal representation.
Reply:To my knowledge it cannot be forgotten. Your lender is a for profit company and they would much rather you take the loss than them.
A lot of people today are being turned "Upside Down" in their home mortgages, it's causes a lot of foreclosures.
My best advice would be, perhaps, calling a debt consolidation place or speaking with a financial advisor.
I work at a bank, and if the amount was loaned, thats what they expect back.
Reply:You signed the papers, you know what you where getting into, sorry the property values went down but that is life. Live with it If someone owed you thousands would you forgive a part , a large part of their debt because what they bought from you was not worth what they paid? I highly doubt it so why should the banks?
Is it hard to work with collection companies to pay off the debt & get them to agree to remove the bad report?
Does anyone have experience on working with collection companies on paying off an old debt %26amp; getting them to remove the bad reporting off your credit report?
Thanks!
Is it hard to work with collection companies to pay off the debt %26amp; get them to agree to remove the bad report?
Yes, I called the company that I owed $250 to and ask them would they remove the collection from my credit report for exchange of me paying the bill in full and they said yes then 30-45 days later my score went up 29 points. That was years ago my score is now 731.
Reply:I'm sure you can work with them to pay the debt off, but once you are on a bad credit report, you can't get it wiped for several years.
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://simurl.com/veczig
Reply:You want to write a Pay For Delete Letter. The companies want their money so they may, as an act of goodwill, agree to remove your history in order to get paid.
Here is an example
Collection Agency
1212 Maple St
City, State Zip
Re: Collection Account for Original Creditor Account #: 00000xxxx
Amount: $25.00
To Whom It May Concern:
In the spirit of compromise, I am willing to pay this account IN FULL (or settlement percentage) if you agree to immediate deletion of this account from any and all credit reporting agencies (Equifax, Experian and TransUnion). The purpose of this settlement is merely to have this item removed from my credit files. It is not to be construed as an acknowledgment of liability for this debt in any form.
If you agree to the terms and accept this agreement, certified funds for the settlement amount of twenty-five dollars ($25.00) will be sent to Collection Agency in exchange for full deletion of ALL references regarding this account from my credit files and full satisfaction of the debt. As certified funds will be used for payment, there shall be no waiting period regarding the deletion of this account from the credit reporting agencies.
Collection Agency agrees to delete ALL information regarding this account from the credit reporting agencies WITHIN TEN CALENDAR (10) DAYS following receipt of payment as specified above and will not discuss the terms of this settlement with anyone, excluding your client on this account. If contacted by any third party, including credit-reporting agencies, Collection Agency will not acknowledge that any settlement offer was made, accepted or executed and will, in fact, deny knowledge of any such account.
If you agree to the above terms, please prepare a letter on your company letterhead explicity agreeing to the same terms as the above settlement offer and have it signed by an authorized representative of Collection Agency. It will be implied that this letter shall constitute a legally binding contract, enforceable under the laws of my state.
Your response must be postmarked no later than 15 days from your receipt of this settlement offer or this offer will be withdrawn and I will request full validation of this alleged debt, as provided for by the Fair Debt Collection Practices Act.
Please address all correspondence regarding this account to:
You
123 Any Street
City, State Zip
Reply:Is it hard? No, not really. Ultimately you always have the upper hand as you have the money they want.
They might resist at first, but ultimely a collection agency will agree to remove their listing in order to get paid.
Thanks!
Is it hard to work with collection companies to pay off the debt %26amp; get them to agree to remove the bad report?
Yes, I called the company that I owed $250 to and ask them would they remove the collection from my credit report for exchange of me paying the bill in full and they said yes then 30-45 days later my score went up 29 points. That was years ago my score is now 731.
Reply:I'm sure you can work with them to pay the debt off, but once you are on a bad credit report, you can't get it wiped for several years.
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://simurl.com/veczig
Reply:You want to write a Pay For Delete Letter. The companies want their money so they may, as an act of goodwill, agree to remove your history in order to get paid.
Here is an example
Collection Agency
1212 Maple St
City, State Zip
Re: Collection Account for Original Creditor Account #: 00000xxxx
Amount: $25.00
To Whom It May Concern:
In the spirit of compromise, I am willing to pay this account IN FULL (or settlement percentage) if you agree to immediate deletion of this account from any and all credit reporting agencies (Equifax, Experian and TransUnion). The purpose of this settlement is merely to have this item removed from my credit files. It is not to be construed as an acknowledgment of liability for this debt in any form.
If you agree to the terms and accept this agreement, certified funds for the settlement amount of twenty-five dollars ($25.00) will be sent to Collection Agency in exchange for full deletion of ALL references regarding this account from my credit files and full satisfaction of the debt. As certified funds will be used for payment, there shall be no waiting period regarding the deletion of this account from the credit reporting agencies.
Collection Agency agrees to delete ALL information regarding this account from the credit reporting agencies WITHIN TEN CALENDAR (10) DAYS following receipt of payment as specified above and will not discuss the terms of this settlement with anyone, excluding your client on this account. If contacted by any third party, including credit-reporting agencies, Collection Agency will not acknowledge that any settlement offer was made, accepted or executed and will, in fact, deny knowledge of any such account.
If you agree to the above terms, please prepare a letter on your company letterhead explicity agreeing to the same terms as the above settlement offer and have it signed by an authorized representative of Collection Agency. It will be implied that this letter shall constitute a legally binding contract, enforceable under the laws of my state.
Your response must be postmarked no later than 15 days from your receipt of this settlement offer or this offer will be withdrawn and I will request full validation of this alleged debt, as provided for by the Fair Debt Collection Practices Act.
Please address all correspondence regarding this account to:
You
123 Any Street
City, State Zip
Reply:Is it hard? No, not really. Ultimately you always have the upper hand as you have the money they want.
They might resist at first, but ultimely a collection agency will agree to remove their listing in order to get paid.
Is there any way I can get rid of my debt or someone that will help consolidate if my credit sucks?
I'm $7000 in debt and I need to rid myself of that debt before I can start my new life with my lovely english wife. My credit is horrible but I wanna ris myself of all my debt so i can try and improve it. Is there anyone I can talk to about consolidation loans or if anyone has any ideas about what I can do. I love my Girlfriend and we can't start our life together til i do this. PLEASE HELP!
Is there any way I can get rid of my debt or someone that will help consolidate if my credit sucks?
if you look on your credit report, each egency or whoever you owe, the credit collection agency is listed there, call the numbers and ask about setting up payments and see if they are willing to settle.. most places will settle for way less than what you owe, u just have to call and talk to them... atleast your not any further in debt, you could knock that amount right down with payments and with them lowering the amount and settling for less u could get a big break!
Good Luck!
Reply:You can visit http://www.cashguru.info and find very useful tips and several articles on debt consolidation. Report Abuse
Reply:before I can start my new life with my lovely english wife.
I love my Girlfriend and we can't start our life together til i do this.
which is it--wife or girlfriend?
7000 is just a part-time job..put your wife or girlfriend to work and you two can pay it off in three months...
Reply:Stop buying what you do not need.
Reply:A few options:
1. If your debt was turned over to a collections agency: They will likely dog you to get the full amount right away. They'll tell you to borrow from your family or friends or take out loans on your house, etc. What they won't tell you right away is that they often will settle for a lesser amount. Otherwise, tell them you'll set up a payment plan. Stay on that payment plan until it's paid and they won't bother you again.
2. If you are late on payments but it hasn't gone to a collections agency: Call your credit card companies and talk to someone about figuring out a way to catch up. Once in college I got very behind in payments. I talked to the company and they helped me by considering my payments current again so I could catch up. It was a one-time reprieve, but it got me out of the late-payment cycle. You could also ask them to lower your interest rate. It will help you pay off more of the principal each time.
3. If you simply are looking to consolidate your debt, you can use a home equity loan. If you rent, try a personal loan from Citifinancial or Beneficial. You can try lendingtree.com as well.
4. Or yes, you can get a second job and make more money - using that cash only for your debt payments.
Good luck.
Reply:Bad credit is one of the worst problems to have... however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-cons...
if it helps kindly remember me in your voting!.. cheers!
fruit gift baskets
Is there any way I can get rid of my debt or someone that will help consolidate if my credit sucks?
if you look on your credit report, each egency or whoever you owe, the credit collection agency is listed there, call the numbers and ask about setting up payments and see if they are willing to settle.. most places will settle for way less than what you owe, u just have to call and talk to them... atleast your not any further in debt, you could knock that amount right down with payments and with them lowering the amount and settling for less u could get a big break!
Good Luck!
Reply:You can visit http://www.cashguru.info and find very useful tips and several articles on debt consolidation. Report Abuse
Reply:before I can start my new life with my lovely english wife.
I love my Girlfriend and we can't start our life together til i do this.
which is it--wife or girlfriend?
7000 is just a part-time job..put your wife or girlfriend to work and you two can pay it off in three months...
Reply:Stop buying what you do not need.
Reply:A few options:
1. If your debt was turned over to a collections agency: They will likely dog you to get the full amount right away. They'll tell you to borrow from your family or friends or take out loans on your house, etc. What they won't tell you right away is that they often will settle for a lesser amount. Otherwise, tell them you'll set up a payment plan. Stay on that payment plan until it's paid and they won't bother you again.
2. If you are late on payments but it hasn't gone to a collections agency: Call your credit card companies and talk to someone about figuring out a way to catch up. Once in college I got very behind in payments. I talked to the company and they helped me by considering my payments current again so I could catch up. It was a one-time reprieve, but it got me out of the late-payment cycle. You could also ask them to lower your interest rate. It will help you pay off more of the principal each time.
3. If you simply are looking to consolidate your debt, you can use a home equity loan. If you rent, try a personal loan from Citifinancial or Beneficial. You can try lendingtree.com as well.
4. Or yes, you can get a second job and make more money - using that cash only for your debt payments.
Good luck.
Reply:Bad credit is one of the worst problems to have... however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-cons...
if it helps kindly remember me in your voting!.. cheers!
fruit gift baskets
Can someone tell me the best way to pay off credit card debt?
I am open to debt consolidation loan or whatever. Whats the best way and who do I need to contact?
Can someone tell me the best way to pay off credit card debt?
1. Stop using your cards
2. Call your creditors and ask them to help you by lowering your interest rates. If they won't then pay on time and try again in a few months.
3. Check into a personal loan to pay them off
4. If you can't get a loan then start with either the smallest balance ( to keep you motivated when you pay it off) or the highest rate card. Try to pay at least double the minimum payment or more until that card is paid off. Pay your other cards on time but only the minimum until the first card is paid off. Then move to the next card with its minimum payment plus the double amount from the first card until it is paid. Then the third card you do the minimum+ the payment amounts from the first two cards and so on.
It will take a long time but you can do it. Keep looking for lower interest options but keep paying a higher amount.
There are several good books at the library on how to get out of debt
I had $17,000 6 years ago today I am debt free and only pay with cash!
Reply:You can visit http://www.cashguru.info and find very useful tips and several articles on debt consolidation. Report Abuse
Reply:Old trick: pay double minimum payment.
Result: paid in three years.
Reply:Credit card debt is one of the worst. The interest rates are through the roof. Maybe you should think about debt consolidation.
Read some of the articles at http://www.hammocksurvivalguide.com/ on debt relief and debt consolidation. There's lots of good advice and tips there that you might find extremely useful.
Reply:Start paying bills. Cut your expenses. Save money to pay your debts off.
Reply:You can try to get a consolidation loan but beware of the biggest pitfall with this...continuing to use the credit card(s). The best plan is to pay off the smallest balance first. Next, take the money you were paying to that account and apply it to the next largest balance. Continue with this process until you are free from debt or in better control of your finances. Good Luck!
Reply:I don't know, I was smart enough to see the high interest you pay on a credit card is not worth caring over the balance every month.
The only suggestion is focus on one card monthly by paying more into it. You can look at loans from banks or credit unions with lower interest rates. Christmas is coming up, instead of gifts ask for money.
You should make this a learning experience. In the end its you that has to pay these cards off .
Reply:Bad credit is one of the worst problems to have... however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-cons...
if it helps kindly remember me in your voting!.. cheers!
Can someone tell me the best way to pay off credit card debt?
1. Stop using your cards
2. Call your creditors and ask them to help you by lowering your interest rates. If they won't then pay on time and try again in a few months.
3. Check into a personal loan to pay them off
4. If you can't get a loan then start with either the smallest balance ( to keep you motivated when you pay it off) or the highest rate card. Try to pay at least double the minimum payment or more until that card is paid off. Pay your other cards on time but only the minimum until the first card is paid off. Then move to the next card with its minimum payment plus the double amount from the first card until it is paid. Then the third card you do the minimum+ the payment amounts from the first two cards and so on.
It will take a long time but you can do it. Keep looking for lower interest options but keep paying a higher amount.
There are several good books at the library on how to get out of debt
I had $17,000 6 years ago today I am debt free and only pay with cash!
Reply:You can visit http://www.cashguru.info and find very useful tips and several articles on debt consolidation. Report Abuse
Reply:Old trick: pay double minimum payment.
Result: paid in three years.
Reply:Credit card debt is one of the worst. The interest rates are through the roof. Maybe you should think about debt consolidation.
Read some of the articles at http://www.hammocksurvivalguide.com/ on debt relief and debt consolidation. There's lots of good advice and tips there that you might find extremely useful.
Reply:Start paying bills. Cut your expenses. Save money to pay your debts off.
Reply:You can try to get a consolidation loan but beware of the biggest pitfall with this...continuing to use the credit card(s). The best plan is to pay off the smallest balance first. Next, take the money you were paying to that account and apply it to the next largest balance. Continue with this process until you are free from debt or in better control of your finances. Good Luck!
Reply:I don't know, I was smart enough to see the high interest you pay on a credit card is not worth caring over the balance every month.
The only suggestion is focus on one card monthly by paying more into it. You can look at loans from banks or credit unions with lower interest rates. Christmas is coming up, instead of gifts ask for money.
You should make this a learning experience. In the end its you that has to pay these cards off .
Reply:Bad credit is one of the worst problems to have... however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-cons...
if it helps kindly remember me in your voting!.. cheers!
How do I delete this debt from my report?
I paid in full, I am suppose to contact the credit bureau to delete my debt and reflect a paid in full status. Will this cost me more money and do I just call them to request this?
How do I delete this debt from my report?
1) Ask for credit reports from the bureaus.
2) Look out for any errors in it.
3) Prepare a Credit Dispute Log recording the details of problems and errors.
4) Contact telephonically the original debtors with whom you are having a dispute. Record the details of the call, especially the name of the person with whom you spoke and a brief overview of the agreements.
5) Send the certified letter to the original debtor.
6) Send letters to collectors, disputing the bill. Also, send the proof of payment to the original lender.
7) Fill out the dispute form available at the credit bureau.
8) Write a letter for each disagreed item separately and send it to the credit bureau by certified mail. Attach the proof to support your claim.
9) The bureau will provide you a reference number. Call up the bureau with this reference number and find out the progress of the matter.
10) Maintain a Credit File containing detailed records of your case.
Reply:Be persistent with the credit bureau Document and copy all your records. Have your creditor write a letter of satisfaction, sending you a copy. Send this letter to the credit bureau via registered return receipt mail. Be patient this things take a long time but be persistent.
Reply:Hopefully you have a receipt or a letter that shows your debt was paid.
Contact all the credit bureaus that are reporting the account (they are separate companies and do not share info w/ one another).
It will only cost you a little time and a stamp - send them a letter and a copy of proof that it's been paid. They have 30 days to research the account, update it and send you a new report showing that the correction has been made. If you do not hear back from them in 30 days, they are breaking the law.
If you call them, you will most likely get an automated service that loops you here and there. The best way to dispute the information is to put everything in writing. That way, you have a paper trail.
Please be advised that you debt will not disappear just because it's been paid. If it was in collection status, it will stay on your report for seven years. By paying, you will see the account taken out of "collection" status and put in "paid in full".
How do I delete this debt from my report?
1) Ask for credit reports from the bureaus.
2) Look out for any errors in it.
3) Prepare a Credit Dispute Log recording the details of problems and errors.
4) Contact telephonically the original debtors with whom you are having a dispute. Record the details of the call, especially the name of the person with whom you spoke and a brief overview of the agreements.
5) Send the certified letter to the original debtor.
6) Send letters to collectors, disputing the bill. Also, send the proof of payment to the original lender.
7) Fill out the dispute form available at the credit bureau.
8) Write a letter for each disagreed item separately and send it to the credit bureau by certified mail. Attach the proof to support your claim.
9) The bureau will provide you a reference number. Call up the bureau with this reference number and find out the progress of the matter.
10) Maintain a Credit File containing detailed records of your case.
Reply:Be persistent with the credit bureau Document and copy all your records. Have your creditor write a letter of satisfaction, sending you a copy. Send this letter to the credit bureau via registered return receipt mail. Be patient this things take a long time but be persistent.
Reply:Hopefully you have a receipt or a letter that shows your debt was paid.
Contact all the credit bureaus that are reporting the account (they are separate companies and do not share info w/ one another).
It will only cost you a little time and a stamp - send them a letter and a copy of proof that it's been paid. They have 30 days to research the account, update it and send you a new report showing that the correction has been made. If you do not hear back from them in 30 days, they are breaking the law.
If you call them, you will most likely get an automated service that loops you here and there. The best way to dispute the information is to put everything in writing. That way, you have a paper trail.
Please be advised that you debt will not disappear just because it's been paid. If it was in collection status, it will stay on your report for seven years. By paying, you will see the account taken out of "collection" status and put in "paid in full".
What is the best way to pay off debt?
My husband and I just bought a house, and we want to pay off as much as possible so we can refinance in a couple years and do some renovations. It's a really old house, 60+ years old. We will have 1 car paid off, and hopefully a credit card. We have about 40K in student loan debt, and 25K in credit card debt from college.
What is the best way to pay off debt?
All of the finance advisers that I have looked up or read about say to do the following each month:
1. Pay all necessities first-rent, utilities, car payment
2. Allow yourself some cash for things like food, clothes, etc...
3. Pay off your debts, but save about 10% of your total income for emergencies.
It is always good to have a budget each month and stick with it. And a long-term savings/debt reducing plan too.
If you are asking about which debt to pay off, I would write them all down, with interest rates, and if they have equity or not. I would start with the credit cards, because they usually have higher APRs and it is the lowest amount (you will see your efforts pay off sooner then a larger debt.) Try to pay 2x a month, one solely going to the principal. You could do this with your house too, but only if you are caught up on everything else. (Because the house is the equity and could increase in value, and I'm assuming you don't have anything tangible from the credit card debt.) I believe the student loans should have very low interest rates, and can be paid off in 10-20 years.
Reply:There are two schools of thought:
A) pay off the highest interest stuff first as this will save the most money
or
B) Pay off the smaller accounts first, becuase this will keep your 'motivation'. When you pay something off, roll the extra money into the next debt. This is called "snowballing".
Either way, its justa bout putting as much money towardsa your bills as you can.
Reply:Pay off credit cards 1st. Your mortgage interest is tax deductable and probably at a lesser rate. Student loans can also be pushed out and the interest is tax deductable.
Reply:Start with the debt that has the highest interest rate. Pay as much toward the principle as you can each month while paying the minimums on the other debt. As soon as the highest interest debt is paid, go down your list to the next highest interest rate. Keep working your way down until you are caught up. If you have any credit cards that offer low interest rates on balance transfers, that may be worth doing. Just be careful of the transfer fees, they can knock your socks off and not be worth it. Good Luck!
Reply:The best way to pay off debt is to pay a little more then what the minimum ask for. For example if one creditor wants $28 per month, try giving them $30. Set up an IngDirect account and ask for an automatic transfer. That way you can finish in No Time. Also, there is Bank of america keep the change program. Bank at this bank. Save a little here and there until all of the creditors are paid off. Good Luck
Reply:Your question is not clear. Are you asking which debt to pay first? Or, are you asking how you can earn extra money to pay your debt faster?
Pay everything on time and pay down the debt with the highest interest rate first.
Reply:if you have enough equity in your house, why not refinance to take cash out and pay off all those debts at once and have the benefit of tax writeoffs on payable mortgage interest. Once you paid them off, you no longer have a car payment, credit card payment and student loan payment - which means you can afford to save up and or pay more to your mortgage. Best way to reduce your mortgage principle and pay it of sooner is to take the monthly mortgage payment divided into 2 and make that half amount every 2 weeks.
You can use the mortgage calculator online at www.dinkytown.com to see what tremendous savings that will be.
Best wishes!
Reply:Strategies to Reduce Debt Quickly
http://www.complete-debt-info.com/catego...
What is the best way to pay off debt?
All of the finance advisers that I have looked up or read about say to do the following each month:
1. Pay all necessities first-rent, utilities, car payment
2. Allow yourself some cash for things like food, clothes, etc...
3. Pay off your debts, but save about 10% of your total income for emergencies.
It is always good to have a budget each month and stick with it. And a long-term savings/debt reducing plan too.
If you are asking about which debt to pay off, I would write them all down, with interest rates, and if they have equity or not. I would start with the credit cards, because they usually have higher APRs and it is the lowest amount (you will see your efforts pay off sooner then a larger debt.) Try to pay 2x a month, one solely going to the principal. You could do this with your house too, but only if you are caught up on everything else. (Because the house is the equity and could increase in value, and I'm assuming you don't have anything tangible from the credit card debt.) I believe the student loans should have very low interest rates, and can be paid off in 10-20 years.
Reply:There are two schools of thought:
A) pay off the highest interest stuff first as this will save the most money
or
B) Pay off the smaller accounts first, becuase this will keep your 'motivation'. When you pay something off, roll the extra money into the next debt. This is called "snowballing".
Either way, its justa bout putting as much money towardsa your bills as you can.
Reply:Pay off credit cards 1st. Your mortgage interest is tax deductable and probably at a lesser rate. Student loans can also be pushed out and the interest is tax deductable.
Reply:Start with the debt that has the highest interest rate. Pay as much toward the principle as you can each month while paying the minimums on the other debt. As soon as the highest interest debt is paid, go down your list to the next highest interest rate. Keep working your way down until you are caught up. If you have any credit cards that offer low interest rates on balance transfers, that may be worth doing. Just be careful of the transfer fees, they can knock your socks off and not be worth it. Good Luck!
Reply:The best way to pay off debt is to pay a little more then what the minimum ask for. For example if one creditor wants $28 per month, try giving them $30. Set up an IngDirect account and ask for an automatic transfer. That way you can finish in No Time. Also, there is Bank of america keep the change program. Bank at this bank. Save a little here and there until all of the creditors are paid off. Good Luck
Reply:Your question is not clear. Are you asking which debt to pay first? Or, are you asking how you can earn extra money to pay your debt faster?
Pay everything on time and pay down the debt with the highest interest rate first.
Reply:if you have enough equity in your house, why not refinance to take cash out and pay off all those debts at once and have the benefit of tax writeoffs on payable mortgage interest. Once you paid them off, you no longer have a car payment, credit card payment and student loan payment - which means you can afford to save up and or pay more to your mortgage. Best way to reduce your mortgage principle and pay it of sooner is to take the monthly mortgage payment divided into 2 and make that half amount every 2 weeks.
You can use the mortgage calculator online at www.dinkytown.com to see what tremendous savings that will be.
Best wishes!
Reply:Strategies to Reduce Debt Quickly
http://www.complete-debt-info.com/catego...
Can the collection agency and the original creditor have seperate items on my credit report for the same debt?
There is a debt I have for a payday advance place and they are listed on my credit report. Also the collection agency the debt was sent to is listed on my credit report. Now I have two different items listed on there for the same exact debt. Is that legal? What should I do? And is it legal for that collection agency to not allow me to pay in full?
Can the collection agency and the original creditor have seperate items on my credit report for the same debt?
They are both allowed to report it, but the original creditor has to mark it as zero balance. Then if the Second one sells it, he has to mark it as zero balance etc etc
While this is a lousy practice, it does have a potential for you to challange and have it removed.
Watch the "date of last activity" on these. The DOLA starts 30 days from the last payment you made and should never change.
Collection agents like to change that date starting from the day they bought it. That is illegal, its re-aging and you need to watch for it.
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:If you're attempting to pay the debt, they should be willing to work with you on paying it, whether you make it in installments or a single payment. If you offer to make payments and they demand the single, ask them if that is company policy or if they are just refusing to accept a payment from you on an attempt to pay the debt. I'm willing to bet they won't be saying no to you, as that can be held up in a court of law that they refused to take your money. They want that money too badly. Just point out that you cannot pay the full amount at once and would be willing to make installments on the debt. Debts are sold between different collection agencies (if they're not paid) and the same debt may be listed on your credit report several times, depending upon how many times the debt has been sold, without removing any of the prior. With the double listing you mention, there should be a way for the original creditor's listing to be removed since they've sold the debt, or at least marked that the 2 are the same debt that has been sold to a collection agency. Unfortunately, they're all to ready to list it on your credit report, but aren't as zealous about removing it once paid.
ginkgo
Can the collection agency and the original creditor have seperate items on my credit report for the same debt?
They are both allowed to report it, but the original creditor has to mark it as zero balance. Then if the Second one sells it, he has to mark it as zero balance etc etc
While this is a lousy practice, it does have a potential for you to challange and have it removed.
Watch the "date of last activity" on these. The DOLA starts 30 days from the last payment you made and should never change.
Collection agents like to change that date starting from the day they bought it. That is illegal, its re-aging and you need to watch for it.
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:If you're attempting to pay the debt, they should be willing to work with you on paying it, whether you make it in installments or a single payment. If you offer to make payments and they demand the single, ask them if that is company policy or if they are just refusing to accept a payment from you on an attempt to pay the debt. I'm willing to bet they won't be saying no to you, as that can be held up in a court of law that they refused to take your money. They want that money too badly. Just point out that you cannot pay the full amount at once and would be willing to make installments on the debt. Debts are sold between different collection agencies (if they're not paid) and the same debt may be listed on your credit report several times, depending upon how many times the debt has been sold, without removing any of the prior. With the double listing you mention, there should be a way for the original creditor's listing to be removed since they've sold the debt, or at least marked that the 2 are the same debt that has been sold to a collection agency. Unfortunately, they're all to ready to list it on your credit report, but aren't as zealous about removing it once paid.
ginkgo
Do you view living totally debt free as a from of conservation?
By debt free I mean the only bills you would have are the mortgage, and monthly bills like phone, internet, power. NO car payments, NO credit card payments, NO installment payment of any kind.
Even better for those rare folks who have paid off their mortgage, and live off grid.
Do you view living totally debt free as a from of conservation?
Hi!
As a Franciscan, I don't have a bank account - but am allowed a building society account that does not let me borrow. It works for us. We have a simple home and a reasonable mortgage and our surplus money supports local and more further afield projects.
Living beyond ones means is on a par with our species living beyond the planets means.
Good question.
Good wishes.
Reply:What a hypocrite. You'll do more with your 20 year old vehicles and bad farming practices to destroy the world than most people who drive SUVs and lie to yourself that you are being green about it. You foolish, foolish person. Report Abuse
Reply:You must always be careful with credit cards, car loans, mortgages and debt consolidation. Persoanlly, I was in debt of over $100,000 at one point in time, roughly 4 years ago. I am proud to say I am now DEBT FREE. It is very confusing on what to pay first how to chop down your debt, but there is a lot of good content out there to help. I have also started my own blog to help people out by talking about what I think is important. Check it out sometime!
http://credit-and-loans.blogspot.com/
Reply:as soon as enough cash comes in to pay for car repairs and medical care adn basic clothing needs, then I will say yea. no need for credit cards. by the way we drive a 30 year old truck and 12 year old car we bought used. can't get much simplier than that in this country, tho in russia we would be rich!!! ioh that is right they take property over there when you have more than others, forget it I would be very poor there too.
RRRRR
Reply:Paid cash for my house, no phone, internet (at library),car payments, credit cards period, and use around 100 kwh/month. Some call me poor because I don't have all the new gadgets, some call me rich because I have no bills to speak of. It certainly is a way to conserve my income. By not needing or wanting all the new "things" that come along I don't produce much garbage so that might be helping the environment.
Reply:Good plan for u younger generation. Don't let them get u in a bind.
Reply:Yes, once you are debt free you are able to conserve much more of your recources.I have no debt and I keep nearly 3/4 of my paycheck every month to do anything I like with.By living within my means and not having the stress of a lot of debt I also conserve my sanity.
Reply:Just because consumerism is a common cause of both does not prove a link between debt and conservation. Your logic is flawed.
vcxzzxcvvcxzzxcv is the most correct, not the monk. Just because you have no money does not make you any greener.
I can replace my car at a cost of at least $10,000 per year, or I can pocket that money and take a month long tall ship cruise around the Mediterranean. Which is greener?
"What if the focus became on people, relationships, animals, and the world, and not on aquiring "stuff?"
---
Like enough books to fill 5000 sq ft? I wonder how many trees, how much fish glue, how many hay bales ... just how much nature are you going to destroy in the process of "conservation"?
Reply:I don't see the connection between being debt free and conserving the environment. I am debt free except for a mortgage, but if I wanted to, I could leave my lights on all day and night and be driving around in a Hummer with nowhere to go. Very wasteful even though debt free.
Reply:This is the best kind of conservation! Go for it, esp the last part.
Reply:I think you have to be debt free (including your exceptions) to move from being part of the problem to part of the solution.
Reply:The first logical link I can see that living a debt free lifestyle would be that you're a moderate consumer and not indulging in excesses that could be hard on the environment. No 12,000 square foot house, summer home on the beach, three SUVs in the drive, five acre grass lawn that's watered daily, etc.
More-and-more homes are going "off grid" these days -- many in rural areas, but this is still a challenge for many home owners. Keep in mind this also includes getting your own water, managing your own trash / waste issues, integrating several power generation methods, etc.
Reply:No, I view living debt free as patriotic and to be free of the chains of the big banks as true to the ideals of our founding fathers. I will never buy another car that I cannot pay cash for. I long to live "off the grid" in a manner like you describe but alas, I am poor so I will probably resort to some kind of financing to attain land and building materials for a sustainably built home/ranch complex.
Reply:it depends on what you mean by conservation ... without ever having any debt or installment payments, you have no credit history, with no credit history you have to pay higher interest rates if you ever need to finance anything - higher interest costs you more money in the end ...
Reply:A debt can be good if it is for conservation purposes, like buying a more economical car, or energy efficient appliances. These purchases will pay for themselves over time, and you will save more money than the interest you paid.
The worst debts for conservation, are expensive consumer items, like big houses and SUVs that have no purpose besides wasteful consumption. But the debt is just a symptom of the waste. They shouldn't be purchased at all.
Reply:I have never had a car payment in my life, and I am 44. I keep the same used car for 10 years or until it's not worth fixing anymore. Then I pay saved cash for another used car. So far I have not owned a house, as I'm a single mom and renting is more convenient, gets my maintenance done without my having to worry about it, etc. I have never owned a credit card, except for a brief time in my 20s I had a store credit card, but cut it up because it was making me buy frivolous overpriced crap I didn't need. You might think we live an austere life, but we don't at all. We travel, attend cultural events, have a big organic garden, mountain bike, etc. I just stay away from credit at all costs. My grandma taught me that. I have lived a fine life without it. I don't like being beholden to anyone. I guess I forgot about my student loan, I did borrow that, but that was pure necessity. If we elect Dennis Kucinich for president, no one will have to have student loans hanging over their heads ever again. So yeah, it is a form of conservation. I don't believe in being wasteful. I don't have cable TV, and I shop at yard sales for furniture (except upholstered furniture like couches or mattresses, those I buy new, just because of the potential for past grossnesses to have occurred on them...lol)
Reply:I see where you are going with this. In order to live debt free, you have to eliminate a high spending high consumerist lifestyle. Which means that you are more self sufficient in fuel, food and dealing with your own wastes. To live debt free means that you have to automatically chose the most economical actions in terms of money and physical labour/self production.
Debt is a spiral, the more you borrowing the more interest accrues. By being debt free you have spare cash to invest in owning your own land/green techonology/planting. Can give you the opportunity to work less so less travel, less new clothes, packed lunches etc less environmental impact all round.
Even better for those rare folks who have paid off their mortgage, and live off grid.
Do you view living totally debt free as a from of conservation?
Hi!
As a Franciscan, I don't have a bank account - but am allowed a building society account that does not let me borrow. It works for us. We have a simple home and a reasonable mortgage and our surplus money supports local and more further afield projects.
Living beyond ones means is on a par with our species living beyond the planets means.
Good question.
Good wishes.
Reply:What a hypocrite. You'll do more with your 20 year old vehicles and bad farming practices to destroy the world than most people who drive SUVs and lie to yourself that you are being green about it. You foolish, foolish person. Report Abuse
Reply:You must always be careful with credit cards, car loans, mortgages and debt consolidation. Persoanlly, I was in debt of over $100,000 at one point in time, roughly 4 years ago. I am proud to say I am now DEBT FREE. It is very confusing on what to pay first how to chop down your debt, but there is a lot of good content out there to help. I have also started my own blog to help people out by talking about what I think is important. Check it out sometime!
http://credit-and-loans.blogspot.com/
Reply:as soon as enough cash comes in to pay for car repairs and medical care adn basic clothing needs, then I will say yea. no need for credit cards. by the way we drive a 30 year old truck and 12 year old car we bought used. can't get much simplier than that in this country, tho in russia we would be rich!!! ioh that is right they take property over there when you have more than others, forget it I would be very poor there too.
RRRRR
Reply:Paid cash for my house, no phone, internet (at library),car payments, credit cards period, and use around 100 kwh/month. Some call me poor because I don't have all the new gadgets, some call me rich because I have no bills to speak of. It certainly is a way to conserve my income. By not needing or wanting all the new "things" that come along I don't produce much garbage so that might be helping the environment.
Reply:Good plan for u younger generation. Don't let them get u in a bind.
Reply:Yes, once you are debt free you are able to conserve much more of your recources.I have no debt and I keep nearly 3/4 of my paycheck every month to do anything I like with.By living within my means and not having the stress of a lot of debt I also conserve my sanity.
Reply:Just because consumerism is a common cause of both does not prove a link between debt and conservation. Your logic is flawed.
vcxzzxcvvcxzzxcv is the most correct, not the monk. Just because you have no money does not make you any greener.
I can replace my car at a cost of at least $10,000 per year, or I can pocket that money and take a month long tall ship cruise around the Mediterranean. Which is greener?
"What if the focus became on people, relationships, animals, and the world, and not on aquiring "stuff?"
---
Like enough books to fill 5000 sq ft? I wonder how many trees, how much fish glue, how many hay bales ... just how much nature are you going to destroy in the process of "conservation"?
Reply:I don't see the connection between being debt free and conserving the environment. I am debt free except for a mortgage, but if I wanted to, I could leave my lights on all day and night and be driving around in a Hummer with nowhere to go. Very wasteful even though debt free.
Reply:This is the best kind of conservation! Go for it, esp the last part.
Reply:I think you have to be debt free (including your exceptions) to move from being part of the problem to part of the solution.
Reply:The first logical link I can see that living a debt free lifestyle would be that you're a moderate consumer and not indulging in excesses that could be hard on the environment. No 12,000 square foot house, summer home on the beach, three SUVs in the drive, five acre grass lawn that's watered daily, etc.
More-and-more homes are going "off grid" these days -- many in rural areas, but this is still a challenge for many home owners. Keep in mind this also includes getting your own water, managing your own trash / waste issues, integrating several power generation methods, etc.
Reply:No, I view living debt free as patriotic and to be free of the chains of the big banks as true to the ideals of our founding fathers. I will never buy another car that I cannot pay cash for. I long to live "off the grid" in a manner like you describe but alas, I am poor so I will probably resort to some kind of financing to attain land and building materials for a sustainably built home/ranch complex.
Reply:it depends on what you mean by conservation ... without ever having any debt or installment payments, you have no credit history, with no credit history you have to pay higher interest rates if you ever need to finance anything - higher interest costs you more money in the end ...
Reply:A debt can be good if it is for conservation purposes, like buying a more economical car, or energy efficient appliances. These purchases will pay for themselves over time, and you will save more money than the interest you paid.
The worst debts for conservation, are expensive consumer items, like big houses and SUVs that have no purpose besides wasteful consumption. But the debt is just a symptom of the waste. They shouldn't be purchased at all.
Reply:I have never had a car payment in my life, and I am 44. I keep the same used car for 10 years or until it's not worth fixing anymore. Then I pay saved cash for another used car. So far I have not owned a house, as I'm a single mom and renting is more convenient, gets my maintenance done without my having to worry about it, etc. I have never owned a credit card, except for a brief time in my 20s I had a store credit card, but cut it up because it was making me buy frivolous overpriced crap I didn't need. You might think we live an austere life, but we don't at all. We travel, attend cultural events, have a big organic garden, mountain bike, etc. I just stay away from credit at all costs. My grandma taught me that. I have lived a fine life without it. I don't like being beholden to anyone. I guess I forgot about my student loan, I did borrow that, but that was pure necessity. If we elect Dennis Kucinich for president, no one will have to have student loans hanging over their heads ever again. So yeah, it is a form of conservation. I don't believe in being wasteful. I don't have cable TV, and I shop at yard sales for furniture (except upholstered furniture like couches or mattresses, those I buy new, just because of the potential for past grossnesses to have occurred on them...lol)
Reply:I see where you are going with this. In order to live debt free, you have to eliminate a high spending high consumerist lifestyle. Which means that you are more self sufficient in fuel, food and dealing with your own wastes. To live debt free means that you have to automatically chose the most economical actions in terms of money and physical labour/self production.
Debt is a spiral, the more you borrowing the more interest accrues. By being debt free you have spare cash to invest in owning your own land/green techonology/planting. Can give you the opportunity to work less so less travel, less new clothes, packed lunches etc less environmental impact all round.
How do you start a debt collection agency in the UK?
Where can i buy debt? Do i need a licence? Ill be grateful for some help!!!!!
How do you start a debt collection agency in the UK?
You first need to start training a large Rottweiler .. (this will help you "communicate" with the other Debt Collectors in your area who will be very happy to have a nice "chat" with the new competition)
How do you start a debt collection agency in the UK?
You first need to start training a large Rottweiler .. (this will help you "communicate" with the other Debt Collectors in your area who will be very happy to have a nice "chat" with the new competition)
Can a California resident protect his paycheck from debt collectors for spouses debts from before marriage?
My wife has $XX,XXX outstanding student loans that she took out before we married. Can debt collectors garnish my wages or seize my possessions?
Can a California resident protect his paycheck from debt collectors for spouses debts from before marriage?
yes that is why they have that statement "for better or worse"' the worse is about to hit the fan!!!
Reply:I don't think so because I think Ca. only garnishes for child support or taxes.
Reply:I doubt they can garnish your wages. The only way I would think they could is if you co-signed for the loans or if you were listed as a responsible party on a consolidation or refinance agreement for the loans in question.
I would contact an attorney or legal services for your area. It should be a simple question for any lawyer to answer.
Reply:they can try, but as long as you can prove it was her
debt before you married her, they can't.
www.creditinfocenter.com
buddhibbs.com
Make them proof you owe the money and if they garnish
your wages or try to seize anything before proofing YOU
owe THEM, then sue them back !!!!
Reply:YOu might want to consider talking to an attorney about this. If California is a community property state (which i dont know if it is or not) then it is possible they can go after you even though these debts were made before marriage.
Reply:You need to talk to a tax preparer about injured spouse relief, Form 8379, and see if you qualify for it. If you can catch a local tax place right now before they get really busy in January they will probably have time to talk your situation over with you. Most tax places will talk with you for free. Good luck.
Can a California resident protect his paycheck from debt collectors for spouses debts from before marriage?
yes that is why they have that statement "for better or worse"' the worse is about to hit the fan!!!
Reply:I don't think so because I think Ca. only garnishes for child support or taxes.
Reply:I doubt they can garnish your wages. The only way I would think they could is if you co-signed for the loans or if you were listed as a responsible party on a consolidation or refinance agreement for the loans in question.
I would contact an attorney or legal services for your area. It should be a simple question for any lawyer to answer.
Reply:they can try, but as long as you can prove it was her
debt before you married her, they can't.
www.creditinfocenter.com
buddhibbs.com
Make them proof you owe the money and if they garnish
your wages or try to seize anything before proofing YOU
owe THEM, then sue them back !!!!
Reply:YOu might want to consider talking to an attorney about this. If California is a community property state (which i dont know if it is or not) then it is possible they can go after you even though these debts were made before marriage.
Reply:You need to talk to a tax preparer about injured spouse relief, Form 8379, and see if you qualify for it. If you can catch a local tax place right now before they get really busy in January they will probably have time to talk your situation over with you. Most tax places will talk with you for free. Good luck.
Are you issued a new account number when a credit card company charges off your debt?
Are you issued a new account number when a credit card company charges off your debt or is this a way of someone trying to attach a debt to you which you in fact do not owe?
Are you issued a new account number when a credit card company charges off your debt?
yeah no if they charge off your debt that means um how do i sum this up no more credit from them they have shut your account down they have finally realized that they are not gonna get a dime from you so no new account number for you with that company sorry but its the truth.
Reply:Usually, a company will only charge off a debt if you owe them money and do not pay. At that point, they will close your account. You will probably not be able to get credit from them for a very long time.
Reply:If you do not owe the debt, then dispute it. If it is owed, then it stays on your credit report for 7 years. It may also cause your car insurance to go up because of the default.
Reply:If they are charging off unpaid debt, they have canceled the account and you ain't gettin' a new one from them.
azalea tree
Are you issued a new account number when a credit card company charges off your debt?
yeah no if they charge off your debt that means um how do i sum this up no more credit from them they have shut your account down they have finally realized that they are not gonna get a dime from you so no new account number for you with that company sorry but its the truth.
Reply:Usually, a company will only charge off a debt if you owe them money and do not pay. At that point, they will close your account. You will probably not be able to get credit from them for a very long time.
Reply:If you do not owe the debt, then dispute it. If it is owed, then it stays on your credit report for 7 years. It may also cause your car insurance to go up because of the default.
Reply:If they are charging off unpaid debt, they have canceled the account and you ain't gettin' a new one from them.
azalea tree
If i had an old debt and it was sold several times to collections?
does that keep it active on my credit?
i have an old bll for 400 from 2002. i was told not to pay anything after 2 years as it would damage my credit more. its the only blemish on my credit report.
my question is when they sold it to a collections agency that is a new debt with a new start date? and then they sell it again and thats a new date?
or is it removed 7 years from the original creditors date?
If i had an old debt and it was sold several times to collections?
People need to start doing research, because no one here has got the right answer yet.
The 7 year reporting period begins on the date of first delinquency and CANNOT be legally reset under any circumstances. This is clearly spelled out in the Fair Credit Reporting Act.
Reply:The original company did not collect the money from you for a period of time, then they will report to the "credit bureau" (which will hurt your credit), They will sell your debt to other companies. You need to contact the newest collection agency and arrange payment and pay the total bill off before your credit is completely ruined.
Reply:Jamie-I have a friend who is going through the same thing. Yes It is a blemish on your credit report that WILL NOT go away unless you pay it. PERIOD. it will keep gaining interest and will never stop-Track down the new agency and just talk to them about payments. Pay off all of your debt. It will not just float away-it is there lurking and will shut you down from getting loans, opportunities on the future.
Please don't sit and wait and look stupid like my friend is looking now-and she is still shopping. Pay it off.
God Bless you Ma'am
Reply:if its a disputed debt you should dispute it with the credit bureau paying it will not harm your credit and it will appear on your credit report until the person reporting it stops reporting it
Reply:it should get removed from the original creditors date. but there are collection agencies that like to illegally re-age debts so that they can continue to report them.
Reply:I am curious who told you to not to pay it.
i have an old bll for 400 from 2002. i was told not to pay anything after 2 years as it would damage my credit more. its the only blemish on my credit report.
my question is when they sold it to a collections agency that is a new debt with a new start date? and then they sell it again and thats a new date?
or is it removed 7 years from the original creditors date?
If i had an old debt and it was sold several times to collections?
People need to start doing research, because no one here has got the right answer yet.
The 7 year reporting period begins on the date of first delinquency and CANNOT be legally reset under any circumstances. This is clearly spelled out in the Fair Credit Reporting Act.
Reply:The original company did not collect the money from you for a period of time, then they will report to the "credit bureau" (which will hurt your credit), They will sell your debt to other companies. You need to contact the newest collection agency and arrange payment and pay the total bill off before your credit is completely ruined.
Reply:Jamie-I have a friend who is going through the same thing. Yes It is a blemish on your credit report that WILL NOT go away unless you pay it. PERIOD. it will keep gaining interest and will never stop-Track down the new agency and just talk to them about payments. Pay off all of your debt. It will not just float away-it is there lurking and will shut you down from getting loans, opportunities on the future.
Please don't sit and wait and look stupid like my friend is looking now-and she is still shopping. Pay it off.
God Bless you Ma'am
Reply:if its a disputed debt you should dispute it with the credit bureau paying it will not harm your credit and it will appear on your credit report until the person reporting it stops reporting it
Reply:it should get removed from the original creditors date. but there are collection agencies that like to illegally re-age debts so that they can continue to report them.
Reply:I am curious who told you to not to pay it.
What do you do if you have no debt and cant get credit from past bad credit? How do I repair?
I have no debt paid off all debt but I did have deliquent accounts so now I can't get credit on ANYTHING because of the past. How can I fix?
What do you do if you have no debt and cant get credit from past bad credit? How do I repair?
I had the exact same problem you had. Here's what I did:
If (and it's a pretty big if) you can get $500, then find a Credit Union or bank that offeres something called a "Secured Visa". I really wouldn't suggest looking on line because someone may try to rip you off. Just look locally at larger banks or Credit Unions. Then you open an account with them, deposit the $500 and they send you a Visa card with a $500 limit. The idea is that if you charge and don't pay, they simply take the money from your account.
From there, charge a small amount per month (like $20.00) and pay it right away. From there, your credit will build and you will soon get offers from other card companies. After a year, you can get an Unsecured card with double the credit limit. Just stay within your limits and you'll be fine.
Best of luck!
Dave
Reply:Here is where I started to repair my bad credit from a bad divorce. and it brought my credit score up alot!
www.firstpremierbankcards.com
This will help ya out. Yes there's fees to pay with the credit card, but its WELL worth fixing your credit.
Reply:pay your debt and get a credit card from orchard bank and they work with people that have poor credit..
Reply:You might want to begin with a secured credit card. Also google who gave me credit and this site will basically tell you which credit card companies will give you credit with having a particular credit score.
My favorite site is myfico.com
What do you do if you have no debt and cant get credit from past bad credit? How do I repair?
I had the exact same problem you had. Here's what I did:
If (and it's a pretty big if) you can get $500, then find a Credit Union or bank that offeres something called a "Secured Visa". I really wouldn't suggest looking on line because someone may try to rip you off. Just look locally at larger banks or Credit Unions. Then you open an account with them, deposit the $500 and they send you a Visa card with a $500 limit. The idea is that if you charge and don't pay, they simply take the money from your account.
From there, charge a small amount per month (like $20.00) and pay it right away. From there, your credit will build and you will soon get offers from other card companies. After a year, you can get an Unsecured card with double the credit limit. Just stay within your limits and you'll be fine.
Best of luck!
Dave
Reply:Here is where I started to repair my bad credit from a bad divorce. and it brought my credit score up alot!
www.firstpremierbankcards.com
This will help ya out. Yes there's fees to pay with the credit card, but its WELL worth fixing your credit.
Reply:pay your debt and get a credit card from orchard bank and they work with people that have poor credit..
Reply:You might want to begin with a secured credit card. Also google who gave me credit and this site will basically tell you which credit card companies will give you credit with having a particular credit score.
My favorite site is myfico.com
How many people out there will die with debt?
Isn't it scary the way things are going? Most people are in debt, I think many will die with their debt. Its really sad.
How many people out there will die with debt?
That is becoming a goal. Give away your estate to your family prior to taking your last breath. Check out with as much debt as possible.
Reply:i also have hospital debt.
i have no way to pay it, im unemployed cant find a job college student.
its hard times, debt is only making it harder. but all i can do is to keep living life the best way i can. i pray for a break someday.
maybe i should email OPRAH!! haha :)
Reply:i will, im over 17 thousand dollars in hospital debts. i had to get many surgeries..
but i cant complain, when it comes to my health, i guess 17thousand dollars of debt is worth it in the end. =/
Reply:All of them will owe.... estate taxes at least. They may still get out ahead for their families, but all in all, they "get out even."
How many people out there will die with debt?
That is becoming a goal. Give away your estate to your family prior to taking your last breath. Check out with as much debt as possible.
Reply:i also have hospital debt.
i have no way to pay it, im unemployed cant find a job college student.
its hard times, debt is only making it harder. but all i can do is to keep living life the best way i can. i pray for a break someday.
maybe i should email OPRAH!! haha :)
Reply:i will, im over 17 thousand dollars in hospital debts. i had to get many surgeries..
but i cant complain, when it comes to my health, i guess 17thousand dollars of debt is worth it in the end. =/
Reply:All of them will owe.... estate taxes at least. They may still get out ahead for their families, but all in all, they "get out even."
What is someone called who helps people in debt sort out thier fiances and life?
I want to be someone like in the show till debt do us part. Who shows people how to save money and pay off thier debts and helps with relationships
What is someone called who helps people in debt sort out thier fiances and life?
the money part is a financial planner. the relationship part is a relationship/marriage counselor. go to college for both.
lily
What is someone called who helps people in debt sort out thier fiances and life?
the money part is a financial planner. the relationship part is a relationship/marriage counselor. go to college for both.
lily
Is it wise to invest in the stock market while still in debt?
Im currently about $5,000 in debt (will be paid off by August!), is it okay to invest right now?
Is it wise to invest in the stock market while still in debt?
It would be foolish for a market novice to invest available money in the stock market if you could use that money to pay off your debts.
Investing in the stock market ain't easy and involves significant risk. The obvious risk is that you could conceivably lose all of your money and still have all of your debt -- and wouldn't that really, really suck?
Reply:No, numb nards!
Reply:It is hard to give you a good answer without knowing what interest rate you are paying on the debt. If you have a low rate student loan at 4%, you may want to invest rather than pay it off. High interest debt like credit cards should be payed off before investing. If you tell us what interest rate you're paying we could give better advice.
If you can invest in a 401K at work, where the company does a match, it usually best to do this and let the debt ride. The company is giving you free money.
This link will discuss this matter more:
http://www.kiplinger.com/basics/managing...
Reply:Yes.
Reply:It depends on numerous factors, like how tight the budget is, the amount you were considering investing, knowlege of the stock market, prospects your considering, how well it's managed among other things. Some good sites to visit are tmtt.com, tradingmarkets.com, morningstar.com and http//finance.yahoo.com.
Reply:You did not mention what the interest is on the debt (assuming its a credit card debt).
Either way, there is no stock that will meet or surpass the interest on the debt.
Pay the debt as soon as possible, then consider stocks.
Reply:Pay the Debt...it opens up options
Reply:Invest
But first invest in knowledge, if you are new to the stock market.
Get some books, seminars, courses.
Do some fake trades -paper trading-, to get experience, and practice, practice, practice.
After a year of paper trades with some profits, put some real money on the line.
Reply:If you have the option of participating in a 401k, 403b or other retirement savings vehicle, invest their first. You receive a tax deduction for the money you contribute to your 401k. If this is not available to you, then I'd open a Traditional IRA if you want a tax deduction and to be taxed when you withdraw your money, or a Roth IRA if you want to withdraw the money tax free.
If you just want to invest your money for personal savings, I would pay off your debt first. It may seem like a good time to get in the market now, but chances are you're paying a very high interest rate on your debt.
Is it wise to invest in the stock market while still in debt?
It would be foolish for a market novice to invest available money in the stock market if you could use that money to pay off your debts.
Investing in the stock market ain't easy and involves significant risk. The obvious risk is that you could conceivably lose all of your money and still have all of your debt -- and wouldn't that really, really suck?
Reply:No, numb nards!
Reply:It is hard to give you a good answer without knowing what interest rate you are paying on the debt. If you have a low rate student loan at 4%, you may want to invest rather than pay it off. High interest debt like credit cards should be payed off before investing. If you tell us what interest rate you're paying we could give better advice.
If you can invest in a 401K at work, where the company does a match, it usually best to do this and let the debt ride. The company is giving you free money.
This link will discuss this matter more:
http://www.kiplinger.com/basics/managing...
Reply:Yes.
Reply:It depends on numerous factors, like how tight the budget is, the amount you were considering investing, knowlege of the stock market, prospects your considering, how well it's managed among other things. Some good sites to visit are tmtt.com, tradingmarkets.com, morningstar.com and http//finance.yahoo.com.
Reply:You did not mention what the interest is on the debt (assuming its a credit card debt).
Either way, there is no stock that will meet or surpass the interest on the debt.
Pay the debt as soon as possible, then consider stocks.
Reply:Pay the Debt...it opens up options
Reply:Invest
But first invest in knowledge, if you are new to the stock market.
Get some books, seminars, courses.
Do some fake trades -paper trading-, to get experience, and practice, practice, practice.
After a year of paper trades with some profits, put some real money on the line.
Reply:If you have the option of participating in a 401k, 403b or other retirement savings vehicle, invest their first. You receive a tax deduction for the money you contribute to your 401k. If this is not available to you, then I'd open a Traditional IRA if you want a tax deduction and to be taxed when you withdraw your money, or a Roth IRA if you want to withdraw the money tax free.
If you just want to invest your money for personal savings, I would pay off your debt first. It may seem like a good time to get in the market now, but chances are you're paying a very high interest rate on your debt.
Is there a way for credit card companies to forgive a portion of credit card debt?
Getting rid of debt is a priority in my family. We''ve been regular with our credit card payments. A word to you younger folks: never, ever use a credit card for anything.
I was curious if there was a way for credit card companies to forgive a portion of debt if you've been regular with your payments.
Is there a way for credit card companies to forgive a portion of credit card debt?
If you haven't needed a credit card up until people have been telling you that you need one, don't worry about it. You really don't 'need' one. The only reason that I got my credit card (aside to help with my credit score!) was for emergiencies-and that was at my family suggestion. I ended up applying for a card through my bank/federal credit union. They will be easier than any other place, especially if you have been with them for a while. Make sure you have NO annual fee. Aside from that, pick and choose.
http://hubpages.com/_36442/hub/How-to-Se...
Reply:The best way to handle this is contact a company that helps with this kind of thing but look for reviews some are a rip-off. Also listening to shows on financial matters like Dave Ramsey - financial freedom. Suze Orman is also very good listen to their shows get one of their books that deals with these matters, go to their web sites you will be well on your way to getting this taken care of.
Some companies do claim to get some of your debt forgiven. But the best thing is to cut up the cards and communicate with banks who issued them.
Discover cards as the worst with their card holders (by experience) but quite a few credit card banks let you explain your situation and they will drop the interest rate close the card and give you very low payments to work it off so it wont hurt your credit rating worse then it may be.
Reply:You can contact a place that does debt settlements such as www.ccdr.ca where they will work out a deal with them and say "OK, this person owes $5000, they've owed it for a long time, if we give you $3000 right now, will accept that and take the debt off the books?"
You can also contact the credit card company and ask them to lower the interest rate on the debt. This depends on how old the debt is and how good of a customer you've been up to that point.
If that doesn't work, look into getting a debt consolidation loan that would lower the interest rate so you can get it paid off faster. Just make sure you keep your payments as high as possible.
Reply:They will ONLY do this if you have defaulted on the card...and this is a "maybe." Credit card companies will often settle debt at 50% in lieu of loosing everything if you file for BK or if they have to sell the debt to debt collectors for pennies on the dollar...If you are current, they have no incentive at all to forgive any portion of the debt.
If you are struggling, they sometimes have special programs where you can skip one payment or the interest is reduced...but NOT the debt.
Reply:All you can do is ask. They may or may not decide you've been such a great customer that they will do that for you--(most of them won't.)
Truthfully, however, you may not get anywhere with them, especially if you don't use the card a lot. They like FREQUENT USE customers almost better than those who pay off their debts regularly.
Reply:You need to visit www.creditrepairbyattorneys.com. They were a tremendous help to me and my family. My credit score was raised 120 points in six months! Definitely recommend using these guys. They permanently remove bad marks on your credit report within 6 months. There is even a warranty if you aren't satisfied. This is very VERY powerful stuff here. Check them out. It was one of the best decisions I've made.
Reply:The only way would be to try and prove you werent responsible for it. such as a stolen card or card number. Credit card companies are evil.
Reply:In the UK it is possible to get credit card and personal loan debt cancelled if it was taken out before 1 April 2007. Get help at the website.
Reply:Check your contract and see if you can work around it. You should inquire about things like whether or not you'll be able to use any of your cards when you choose to consolidate debt.
I was curious if there was a way for credit card companies to forgive a portion of debt if you've been regular with your payments.
Is there a way for credit card companies to forgive a portion of credit card debt?
If you haven't needed a credit card up until people have been telling you that you need one, don't worry about it. You really don't 'need' one. The only reason that I got my credit card (aside to help with my credit score!) was for emergiencies-and that was at my family suggestion. I ended up applying for a card through my bank/federal credit union. They will be easier than any other place, especially if you have been with them for a while. Make sure you have NO annual fee. Aside from that, pick and choose.
http://hubpages.com/_36442/hub/How-to-Se...
Reply:The best way to handle this is contact a company that helps with this kind of thing but look for reviews some are a rip-off. Also listening to shows on financial matters like Dave Ramsey - financial freedom. Suze Orman is also very good listen to their shows get one of their books that deals with these matters, go to their web sites you will be well on your way to getting this taken care of.
Some companies do claim to get some of your debt forgiven. But the best thing is to cut up the cards and communicate with banks who issued them.
Discover cards as the worst with their card holders (by experience) but quite a few credit card banks let you explain your situation and they will drop the interest rate close the card and give you very low payments to work it off so it wont hurt your credit rating worse then it may be.
Reply:You can contact a place that does debt settlements such as www.ccdr.ca where they will work out a deal with them and say "OK, this person owes $5000, they've owed it for a long time, if we give you $3000 right now, will accept that and take the debt off the books?"
You can also contact the credit card company and ask them to lower the interest rate on the debt. This depends on how old the debt is and how good of a customer you've been up to that point.
If that doesn't work, look into getting a debt consolidation loan that would lower the interest rate so you can get it paid off faster. Just make sure you keep your payments as high as possible.
Reply:They will ONLY do this if you have defaulted on the card...and this is a "maybe." Credit card companies will often settle debt at 50% in lieu of loosing everything if you file for BK or if they have to sell the debt to debt collectors for pennies on the dollar...If you are current, they have no incentive at all to forgive any portion of the debt.
If you are struggling, they sometimes have special programs where you can skip one payment or the interest is reduced...but NOT the debt.
Reply:All you can do is ask. They may or may not decide you've been such a great customer that they will do that for you--(most of them won't.)
Truthfully, however, you may not get anywhere with them, especially if you don't use the card a lot. They like FREQUENT USE customers almost better than those who pay off their debts regularly.
Reply:You need to visit www.creditrepairbyattorneys.com. They were a tremendous help to me and my family. My credit score was raised 120 points in six months! Definitely recommend using these guys. They permanently remove bad marks on your credit report within 6 months. There is even a warranty if you aren't satisfied. This is very VERY powerful stuff here. Check them out. It was one of the best decisions I've made.
Reply:The only way would be to try and prove you werent responsible for it. such as a stolen card or card number. Credit card companies are evil.
Reply:In the UK it is possible to get credit card and personal loan debt cancelled if it was taken out before 1 April 2007. Get help at the website.
Reply:Check your contract and see if you can work around it. You should inquire about things like whether or not you'll be able to use any of your cards when you choose to consolidate debt.
How to get out of debt around christmas time?
After this friday I will owe about $1100 on credits. I am 20 years old and I do have a job and I know I need to cut them up, but it is a hard. Anyone else out there going thru credit card debt and any good solutions, without cutting them up? or is that my best bet?
How to get out of debt around christmas time?
First off, pay the smallest balance off first. If the balances are about the same, pay the one with the highest APR first. Save $20 per paycheck -- put it in savings and DO NOT touch it. Then, when Christmas shopping season rolls around next year, leave the credit cards at home. Take the money out of your savings acct. and shop til it's gone. After that, start baking fudge or banana bread or making nice cards.
We NEVER use credit cards for Christmas gifts. And when January rolls around, our budget doesn't change -- and no stress is involved. It's all a matter of discipline. Best wishes and Merry CHRISTmas!
Reply:You need to stop using your credit cards. Cut them up. Start paying more than the minimum balance on the highest one. It is so important to put yourself on a budget. Put it down on paper so you can see what you are spending. I have done this for a long time and it helps. I always have had money left from the month and hide it(minus it out of my checkbook) and put in the back. I do this so when it is time to pay my taxes for my county it doesn't hurt.
Reply:Just put that aside and stop using them. Pay off the balance as soon as possible.
Reply:cut em up and cancel christmas you are twenty and single you do not have to buy stuff for anybody.
Reply:christmas time is the the time inwhich most people find them self using credit cards, what i do and seems to work out good for me is i open a cd account in late november for 12 months and i put $50.00 twice a month in it and i leave it untill the next november and i use that money for my christmas shopping. hope this help.
Reply:Yes cut them up but also bite the bullet and get a second job and put all the money towards your cards. You'll have them paid off in no time and once you aren't in debt any more you can quit the job. It doesn't kill you to work extra for a few months.
How to get out of debt around christmas time?
First off, pay the smallest balance off first. If the balances are about the same, pay the one with the highest APR first. Save $20 per paycheck -- put it in savings and DO NOT touch it. Then, when Christmas shopping season rolls around next year, leave the credit cards at home. Take the money out of your savings acct. and shop til it's gone. After that, start baking fudge or banana bread or making nice cards.
We NEVER use credit cards for Christmas gifts. And when January rolls around, our budget doesn't change -- and no stress is involved. It's all a matter of discipline. Best wishes and Merry CHRISTmas!
Reply:You need to stop using your credit cards. Cut them up. Start paying more than the minimum balance on the highest one. It is so important to put yourself on a budget. Put it down on paper so you can see what you are spending. I have done this for a long time and it helps. I always have had money left from the month and hide it(minus it out of my checkbook) and put in the back. I do this so when it is time to pay my taxes for my county it doesn't hurt.
Reply:Just put that aside and stop using them. Pay off the balance as soon as possible.
Reply:cut em up and cancel christmas you are twenty and single you do not have to buy stuff for anybody.
Reply:christmas time is the the time inwhich most people find them self using credit cards, what i do and seems to work out good for me is i open a cd account in late november for 12 months and i put $50.00 twice a month in it and i leave it untill the next november and i use that money for my christmas shopping. hope this help.
Reply:Yes cut them up but also bite the bullet and get a second job and put all the money towards your cards. You'll have them paid off in no time and once you aren't in debt any more you can quit the job. It doesn't kill you to work extra for a few months.
Is it legal for a debt collector to call your cell phone?
I never give a debt collector my cell number? Is there a way that they can get it, and isn't it illegal for them to contact you on your cell phone?
I know that it is illegal to call your place of work. I sorta use my cell for work as well.
Thanks!
Is it legal for a debt collector to call your cell phone?
The trick is to tell them (in writing) to cease and desist, and when they call you again, wham, you have a claim under the Fair Debt Collection Practices Act.
======================================...
Small advice: whenever you get advice from hexeliebe, reverse it and you'll be much closer to the truth.
Reply:first responder, you took the words right out of my mouth.
Hey, just don't answer the phone. You do have caller ID on your phone right - afer they call the first time, save them in your phone put bill collecter and give them a special ring tone.
then you don't even have to waste time running to your phone to see who it is.
Reply:nope, they can call your cell.
as for calling you at work, I thought those laws were different from State to State.
Reply:chances are you never gave your debt collector any information.
but you probably gave the number to the company the debt collector represents.
and why would it be illegal because "you sorta use your cell for work"?
"sorta" doesn't count.
Reply:It is not illegal to call your cell phone, your place of work or your mother in law's home.
You have false information.
Reply:pay your bills and you dont have to worry about anyone calling
Reply:I do not believe that they are suppose to call your cell phone and I think that they can get in trouble for doing so. I have never given out my number to anyone but family.
Reply:It is not illegal for them to call you at work unless you tell them not to call you there.
Your cell phone is a means to contact you - and they can use that means to try to collect a debt.
Here's a thought - pay the bill, or make arrangements to pay the bill. If you can afford a cell phone there is at least $25 a month that could be used to pay off your obligations.
Reply:It's not illegal for them to call your place of work. However, the only thing they can ask the folks at work is 1) Do you work there? and 2) When is your next pay day? If they ask anything other than that or attempt to get more personal information out of whoever answers the phone, it becomes illegal.
Regarding the cellphone issue: They can call any phone number which is in your name or where they are likely to reach you. There are guidelines for how many calls they can make and at what hours, but the phone is in YOUR name, not your employer's, so they are perfectly within their rights to call that number.
Reply:It's only illegal if you get an attorney and declare bankrupty, then all calls have to go to the attorney's office. It's been made a bit more difficult, but it's still possible especially if you have a serious illness or were laid off (if you just spent too much money, well....)
Reply:Here is a useful link to a summary of the Fair Debt Collection Practices Act, which explains how to keep a debt collector from calling you. One word of warning, though...if you refuse to talk to them to work something out, their only remaining option may be to sue you. Good Luck.
http://www.ftc.gov/bcp/index.shtml
myspaces.com
I know that it is illegal to call your place of work. I sorta use my cell for work as well.
Thanks!
Is it legal for a debt collector to call your cell phone?
The trick is to tell them (in writing) to cease and desist, and when they call you again, wham, you have a claim under the Fair Debt Collection Practices Act.
======================================...
Small advice: whenever you get advice from hexeliebe, reverse it and you'll be much closer to the truth.
Reply:first responder, you took the words right out of my mouth.
Hey, just don't answer the phone. You do have caller ID on your phone right - afer they call the first time, save them in your phone put bill collecter and give them a special ring tone.
then you don't even have to waste time running to your phone to see who it is.
Reply:nope, they can call your cell.
as for calling you at work, I thought those laws were different from State to State.
Reply:chances are you never gave your debt collector any information.
but you probably gave the number to the company the debt collector represents.
and why would it be illegal because "you sorta use your cell for work"?
"sorta" doesn't count.
Reply:It is not illegal to call your cell phone, your place of work or your mother in law's home.
You have false information.
Reply:pay your bills and you dont have to worry about anyone calling
Reply:I do not believe that they are suppose to call your cell phone and I think that they can get in trouble for doing so. I have never given out my number to anyone but family.
Reply:It is not illegal for them to call you at work unless you tell them not to call you there.
Your cell phone is a means to contact you - and they can use that means to try to collect a debt.
Here's a thought - pay the bill, or make arrangements to pay the bill. If you can afford a cell phone there is at least $25 a month that could be used to pay off your obligations.
Reply:It's not illegal for them to call your place of work. However, the only thing they can ask the folks at work is 1) Do you work there? and 2) When is your next pay day? If they ask anything other than that or attempt to get more personal information out of whoever answers the phone, it becomes illegal.
Regarding the cellphone issue: They can call any phone number which is in your name or where they are likely to reach you. There are guidelines for how many calls they can make and at what hours, but the phone is in YOUR name, not your employer's, so they are perfectly within their rights to call that number.
Reply:It's only illegal if you get an attorney and declare bankrupty, then all calls have to go to the attorney's office. It's been made a bit more difficult, but it's still possible especially if you have a serious illness or were laid off (if you just spent too much money, well....)
Reply:Here is a useful link to a summary of the Fair Debt Collection Practices Act, which explains how to keep a debt collector from calling you. One word of warning, though...if you refuse to talk to them to work something out, their only remaining option may be to sue you. Good Luck.
http://www.ftc.gov/bcp/index.shtml
myspaces.com
I am trying to consolidate my credit card debt without being a homeowner, what are my options ?
I owe about 11,000. My FICO score is good and none of my bills are delinquent. I want to maintain my FICO score as best I can while consolidating my bills to reduce interest and pay down faster. I cannot qualify for a personal loan due to my credit to debt ratio, and not being a homeowner. Is consumer credit consolidation better than debt settlement ?
I am trying to consolidate my credit card debt without being a homeowner, what are my options ?
The damage done by time will stay there, unless you allow a professional to take over.
Some people think that they can wait for 6-7 years and the debts will wiped off.This is not always a good thing.
The industry will be regulated again for settlements, making it harder to dissolve.
A debt counselor can assess your income, and look at your budget to determine how much you can afford to put towards the debt, while they can handle the creditors for you.
Once the program is set up, just keep making those payments, and get an updated credit report to make sure that these debts are being noted as being resolved.
I racked up $50,000 in debts and a friend recommended Real-Estate-Yogi.com. They have at least 2-3 different options for you.I was able to chop away at the debt and rebuild my credit score.
http://www.real-estate-yogi.com
866 964-9644
Reply:You can visit http://www.cashguru.info and find very useful tips and several articles on debt consolidation. Report Abuse
Reply:You can definitely qualify for a loan on Prosper. Go with a good group and try the Heroes Group at www.bmz.com.
Good Luck!
Reply:Debt consolidation IS an option, and you should look into it. Just be careful about WHAT you're getting into. Some plans, because of their higher APR rates get you into more trouble than you were. Take a good hard look at all the options and plans offered, and don't let a simgle company pressure you into something you just can't do. Make sure that you're comfortable with the plan offered before you commit to it.
There's information and listings for debt consolidation providers on the page listed below. You'll find something of use there:
http://axalda.info/debt-consolidation.ht...
Reply:You can't always trust that a debt settlement will be agreed upon between the parties involved. You should not have much trouble finding a company that will consolidate your credit cards. Do a search for: "credit card consolidation" and you should get a few to choose from. Plus, you can have the option to pay in extra some months to get the process completed sooner.
Reply:start by calling your credit card companies and trying to get a better interest rate on your cards or try for a smaller personal loan and pay of the higher cards first
Reply:The most popular solutions to the problem of heavy debt burden is to get a debt settlement or file for bankruptcy. Among these two debt settlement is preferred as it has a relatively less impact on credit report. In this article we assess the benefits and drawbacks of debt settlement.
Debt settlement is a process in which an organization will go to your lenders and negotiate with them regarding your debt. The purpose of the whole exercise is to reduce your debt burden. If a settlement company is good it can get your debt reduced by as much as 50%. This is what a creditor needs and this is the most visible benefit of debt settlement. The amount of the debt is reduced, the repayment plan is made easy and often the monthly installments are spread over a long period. This makes life a lot more easier for the borrower.
However, debt settlement is not without its drawbacks. There are two things to worry about. First, is the cost of debt settlement. Debt settlement companies will charge huge amounts for their services. The usual range is between 10-15% of the debt amount. Paying this much amount upfront can turn your financial situation from bad to worse. Read more from: http://www.credit-card-gallery.com/credi...
Reply:Get your interest rates significantly reduced and many times even eliminated
Get late and overlimit fees waived in most cases as well.
Enable you to send in one low monthly payment
Get you out of debt in literally 1/5th the time it might ordinarily take!
Get your credit back on track
I am trying to consolidate my credit card debt without being a homeowner, what are my options ?
The damage done by time will stay there, unless you allow a professional to take over.
Some people think that they can wait for 6-7 years and the debts will wiped off.This is not always a good thing.
The industry will be regulated again for settlements, making it harder to dissolve.
A debt counselor can assess your income, and look at your budget to determine how much you can afford to put towards the debt, while they can handle the creditors for you.
Once the program is set up, just keep making those payments, and get an updated credit report to make sure that these debts are being noted as being resolved.
I racked up $50,000 in debts and a friend recommended Real-Estate-Yogi.com. They have at least 2-3 different options for you.I was able to chop away at the debt and rebuild my credit score.
http://www.real-estate-yogi.com
866 964-9644
Reply:You can visit http://www.cashguru.info and find very useful tips and several articles on debt consolidation. Report Abuse
Reply:You can definitely qualify for a loan on Prosper. Go with a good group and try the Heroes Group at www.bmz.com.
Good Luck!
Reply:Debt consolidation IS an option, and you should look into it. Just be careful about WHAT you're getting into. Some plans, because of their higher APR rates get you into more trouble than you were. Take a good hard look at all the options and plans offered, and don't let a simgle company pressure you into something you just can't do. Make sure that you're comfortable with the plan offered before you commit to it.
There's information and listings for debt consolidation providers on the page listed below. You'll find something of use there:
http://axalda.info/debt-consolidation.ht...
Reply:You can't always trust that a debt settlement will be agreed upon between the parties involved. You should not have much trouble finding a company that will consolidate your credit cards. Do a search for: "credit card consolidation" and you should get a few to choose from. Plus, you can have the option to pay in extra some months to get the process completed sooner.
Reply:start by calling your credit card companies and trying to get a better interest rate on your cards or try for a smaller personal loan and pay of the higher cards first
Reply:The most popular solutions to the problem of heavy debt burden is to get a debt settlement or file for bankruptcy. Among these two debt settlement is preferred as it has a relatively less impact on credit report. In this article we assess the benefits and drawbacks of debt settlement.
Debt settlement is a process in which an organization will go to your lenders and negotiate with them regarding your debt. The purpose of the whole exercise is to reduce your debt burden. If a settlement company is good it can get your debt reduced by as much as 50%. This is what a creditor needs and this is the most visible benefit of debt settlement. The amount of the debt is reduced, the repayment plan is made easy and often the monthly installments are spread over a long period. This makes life a lot more easier for the borrower.
However, debt settlement is not without its drawbacks. There are two things to worry about. First, is the cost of debt settlement. Debt settlement companies will charge huge amounts for their services. The usual range is between 10-15% of the debt amount. Paying this much amount upfront can turn your financial situation from bad to worse. Read more from: http://www.credit-card-gallery.com/credi...
Reply:Get your interest rates significantly reduced and many times even eliminated
Get late and overlimit fees waived in most cases as well.
Enable you to send in one low monthly payment
Get you out of debt in literally 1/5th the time it might ordinarily take!
Get your credit back on track
Can I cancel a credit debt consolidation program with Consumer Education Services inc?
I unwittingly entered a debt consolidation program with cesi and wish to stop. I have medical reasons from Iraq and I sometimes am overly impulsive. Has anyone ever stopped participation in one of these programs?
Can I cancel a credit debt consolidation program with Consumer Education Services inc?
Sure you can cancel, but some of your fees might not be returned to you, you will need to find out the details by calling customer service.
Can I cancel a credit debt consolidation program with Consumer Education Services inc?
Sure you can cancel, but some of your fees might not be returned to you, you will need to find out the details by calling customer service.
How might debt-equity swaps help solve the international debt problem?
point out the benefits and drawbacks from the viewpoint of the debtor country?
why do you think the debt-euipty swap market have remained small over the years?
How might debt-equity swaps help solve the international debt problem?
Looking for a debt consolidation loan? Freedom4U can compare the USA’s best debt consolidation loan deals online, and offer fast, specialist assistance, whatever your past or current debt problems.
Visit: http://dbt99.com
I'm living proof that it works, with today's gas prices i used Freedom4U at the right time!
why do you think the debt-euipty swap market have remained small over the years?
How might debt-equity swaps help solve the international debt problem?
Looking for a debt consolidation loan? Freedom4U can compare the USA’s best debt consolidation loan deals online, and offer fast, specialist assistance, whatever your past or current debt problems.
Visit: http://dbt99.com
I'm living proof that it works, with today's gas prices i used Freedom4U at the right time!
How can I collect a debt for services rendered from someone in Montreal, Canada?
Does anyone know if there is a BBB in Montreal or a Department of Corporations or a complaint department in Canada who I could ask to intervene for me to collect a debt?
How can I collect a debt for services rendered from someone in Montreal, Canada?
The BBB and other government organizations do not collect debts for businesses. The police usually can't help either because it is a civil matter, not a criminal one.
Your best bet would be to try a debt collection agency, but expect to lose at least 25% in fees if they can even collect it. Last option is small claims court. Court is about the only way you can gaurantee a judgement. Once a judgement is made in your favour, there are more alternatives for collection.
Genealogy
How can I collect a debt for services rendered from someone in Montreal, Canada?
The BBB and other government organizations do not collect debts for businesses. The police usually can't help either because it is a civil matter, not a criminal one.
Your best bet would be to try a debt collection agency, but expect to lose at least 25% in fees if they can even collect it. Last option is small claims court. Court is about the only way you can gaurantee a judgement. Once a judgement is made in your favour, there are more alternatives for collection.
Genealogy
Can a collection agency pull a consumer's credit report after the debt is past statute of limitations?
It is listed as a hard credit inquiry on debt that is past statute of limitations for both reporting and legal collection.
Can a collection agency pull a consumer's credit report after the debt is past statute of limitations?
first off, there is no statute of limitations on any kind of debt. if you dont pay it, it will either go to the law office for a suit against you or it will be considered a charge off and will show up as such on your credit report.
That being said, if you dont pay the bill and it goes into collections, they can request a copy of your credit report at any time during the collections process, but usually dont unless the bill is that of a large amount (1000 or more).
as for as your credit report, my best advise is as follows. pay the bill! if you dont and it shows up as a charge off, thats just as bad as a bankruptcy. a lot of collection agencies offer settlements where you only pay a certain amount and the rest is waived. that will show up as a settlement in full on your credit report which is not as good as a pay in full, but it beats paying the full balance or not paying it at all.
Reply:There may be times where you may get a mailing claiming that you owe such and such amount on a debt that has passed the statute of liimitations for your state.
This is a violation of the Fair Debt Collections Practices Act. Some creditors even lie and say that the statute of limitations starts from the day that they purchased the debt account. These companies are so bold that some of them will threaten to sue you and in fact proceed with the court case – don’t give in. Others will harass you day and night, use profanity or promise to erase negative marks off your credit report, if you send in a minimal payment.
Here is what you can do in that case.
http://ezinearticles.com/?Credit-Card-De...
Reply:Pay attention closely. Credit can be pulled from any and all agencies regardless of length of time. Most if not all companies will sell their old debt to another collection agency, thus keeping the old debt still active, regardless of time.
Reply:Hey y ask such silly questions???????????????????NO THEY CAN NOT DO THAT,
Can a collection agency pull a consumer's credit report after the debt is past statute of limitations?
first off, there is no statute of limitations on any kind of debt. if you dont pay it, it will either go to the law office for a suit against you or it will be considered a charge off and will show up as such on your credit report.
That being said, if you dont pay the bill and it goes into collections, they can request a copy of your credit report at any time during the collections process, but usually dont unless the bill is that of a large amount (1000 or more).
as for as your credit report, my best advise is as follows. pay the bill! if you dont and it shows up as a charge off, thats just as bad as a bankruptcy. a lot of collection agencies offer settlements where you only pay a certain amount and the rest is waived. that will show up as a settlement in full on your credit report which is not as good as a pay in full, but it beats paying the full balance or not paying it at all.
Reply:There may be times where you may get a mailing claiming that you owe such and such amount on a debt that has passed the statute of liimitations for your state.
This is a violation of the Fair Debt Collections Practices Act. Some creditors even lie and say that the statute of limitations starts from the day that they purchased the debt account. These companies are so bold that some of them will threaten to sue you and in fact proceed with the court case – don’t give in. Others will harass you day and night, use profanity or promise to erase negative marks off your credit report, if you send in a minimal payment.
Here is what you can do in that case.
http://ezinearticles.com/?Credit-Card-De...
Reply:Pay attention closely. Credit can be pulled from any and all agencies regardless of length of time. Most if not all companies will sell their old debt to another collection agency, thus keeping the old debt still active, regardless of time.
Reply:Hey y ask such silly questions???????????????????NO THEY CAN NOT DO THAT,
Can I take a debt collection agency to court for harassment?
Hi, I was laid off from my job about four months ago, ever since then I have been struggling with debt. One of my debts has been handed over to a debt collection agency and I recieve about thirty phone calls a day from them, asking for the money I owe. I have told them my situation and that I would be more than happy to pay them back as soon as I find work, yet they still keep calling all day, every day.
On top of that, I recieve about five letters a day, all from the same company, all of them say the same thing.
Is this harassment? Is there anything I can do about it?
Can I take a debt collection agency to court for harassment?
it is not harassment as defined by UK law there is not a lot you can do about it.
obviously you have not made any arrangements to pay at least something each week or month.
offer them say £5 a month and if they refuse this offer then continue to pester you WITH PHONE CALLS THEN IT IS HARRASSMENT CONTACT THE POLICE THEY ARE BOUND BY LAW TO INVESTIGATE
Reply:Tell the company that any communication must be made in writing and verbal communication will not be entered into.
Tell them that your telephone number is for a private residential address and that you withdraw permission for them to call it.
Contact the CCCS - Consumer Credit Counciling Service.
They are a charity and will negotiate on yuor behalf with creditors to affange a temporary payment plan.
Do not borrow to repay existing debts.
Reply:In theory yes, but it is unlikely to stop them. When they phone you next come to some arrangement with them £1.00 a week.
Reply:nope sucks but you cant..... they only thing is they are not allowed to call you at work...... im in that boat with you right now.... mortgage industry is killing me
Reply:Yes offer them something...even a pound at least you have made a gesture. Meanwhile contact the CAB (Citizens advice bureau) as they can help by talking to the people you owe money to and arrange by mutual consent an amount that you can afford to pay back each week. Take any paperwork you may have when you go and see them. Also I think you will find that they open at 10.00am and close at 3.00pm
Monday to Friday....free advice!
The worst thing you can do is to ignore them as they will hound you forevermore if you do.
I hope things get sorted soon but you need to be proactive by helping the process along.
Reply:I have been there and they are not allowed to harrass you in this way, I went to citizens advice and they gave me a pack with letters I could write to the creditors and other things to do like say you will pay a certain amount a month even it's a pound say it's all you can afford they have to accept it because you are showing willing to pay it back and then they won't harrass you. from what I remember there was part of the letter that you send to creditiors to show your income and expenses I just made my food bill etc higher on it and I ended up being allowed to pay 2 pound a month as they cold see that's all i could afford
Reply:§ 806. Harassment or abuse [15 USC 1692d]
A debt collector may not engage in any conduct the natural consequence of which is to harass, oppress, or abuse any person in connection with the collection of a debt. Without limiting the general application of the foregoing, the following conduct is a violation of this section:
(1) The use or threat of use of violence or other criminal means to harm the physical person, reputation, or property of any person.
(2) The use of obscene or profane language or language the natural consequence of which is to abuse the hearer or reader.
(3) The publication of a list of consumers who allegedly refuse to pay debts, except to a consumer reporting agency or to persons meeting the requirements of section 603(f) or 604(3)1 of this Act.
(4) The advertisement for sale of any debt to coerce payment of the debt.
(5) Causing a telephone to ring or engaging any person in telephone conversation repeatedly or continuously with intent to annoy, abuse, or harass any person at the called number.
(6) Except as provided in section 804, the placement of telephone calls without meaningful disclosure of the caller's identity.
INfo here
(Sorry for trying to help here Paul; the question string doesn't indicate a country and neither does the post; and the majority of the questions asked are US based. )
Reply:Get an answerphone. They are doing their job.
Have you tried coming to an arrangement with them?
Additional to wizjp:
The whole world doesn't fall under US laws. Go figure.
Reply:Let's put an end to the competition here. WHERE is this happening (in what country)?
Reply:this is the U.S....you can sue anybody for anything. however you have to find an attorney who is willing to represent you. also i believe you should check with a bankruptcy attorney because i think there is something you can enact to put a stop-call against debtors if you are in a bad situation and working to restructuring your debt (but not neccessarily filing full-fledge bankruptcy) - my friend did something like this. and the other rule is that they can't call you after 9pm or before 8am so if they do then you definitely have harrassment suit.
Reply:Go to your local C.A.B debt collectors are regulated and have to abide by rules and the guidelines layed down by the regulator.
Reply:YES - this is blatant harrassment - please - name the company!!!
Harrassment is a Criminal Offence, not Civil, therefore go to your local Police Station and file a formal complaint.
All the best to you - keep in touch.
Reply:To be afforded protection under the "Fair Debt Collection Practices Act," you must first meet certain requirements. (1) You must be a "consumer," and (2) the debt must be "consumer debt." A consumer is "any natural person obligated or allegedly obligated to pay any debt." Consumer debt is defined as "any obligation. . . of a consumer to pay money arising out of a transaction in which money, property, insurance, or services which are the subject of the transaction are primarily for personal, family, or household purposes, whether or not such obligation has been reduced to judgment."
A debt collector is defined as "any person . . . the principal interest of which is to collect any debts, or who regularly collects or attempts to collect, directly or indirectly, debt owed or due, or asserted to be owed or due to another." While there are some exemptions in the statute, this broad definition covers the majority of collectors, including collection agencies and attorneys.
If you are contacted by a debt collector concerning a consumer debt, there are some specific statutory requirements that the collector must follow. For example, within five days of the initial communication with the consumer, a debt collector must advise the debtor in writing of: (1) The amount of debt; and (2) the name of the creditor to whom the debt is owed.
You have 30 days from the receipt of the notice to dispute the validity of the debt, or any portion thereof, in writing, or the debt collector may assume the validity of the debt. If a consumer properly disputes the debt within the 30-day period, the collector must obtain verification of the debt and mail it to the consumer. Additionally, within the 30-day period, the debt collector must provide the consumer with the name and address of the original creditor, if different from the current creditor. Failure to send this notice in a timely manner can result in a violation of the Act and subject the collector to sanctions.
Certain types of abusive conduct are prohibited and regulated by the Act:
Communicating with the consumer in connection with collection of any debt at any unusual time or place. In the absence of knowledge of circumstances to the contrary, a creditor shall assume that a convenient time for communicating with a consumer is after 8:00 a.m. and before 9:00 p.m. You should not be receiving phone calls at midnight from your credit card company, or "King-Kong Collection Agency."
Contacting the consumer when the consumer is represented by an attorney, unless the attorney fails to respond within a reasonable period of time to communication from the debt collector, or unless the attorney first consents to direct communication with the consumer. Basically, if you have turned the problem over to your attorney, you should not be receiving phone calls from the collection agency.
Contacting a debtor at work after the collector has been advised not to phone the debtor at his or her place of employment. Once a consumer notifies a collector not to call them at work, further calls are prohibited.
Advising third parties (friends, relatives, employers) of the consumer's debt. A collection agency should not be defaming a consumer to third parties.
Harassing, oppressive, or abusive behavior. This is a broad category, and subject to broad interpretation.
Threatening criminal acts or violence. If a collector threatens to perform "impromptu dental surgery," rest assured that he is in violation of the Act.
Using profanity, obscenities, and/or abusive language.
Placing continuous phone calls intended to harass, annoy or abuse the consumer. At least one court has held that a collector immediately calling the debtor after debtor hung up the phone, constituted harassment.
Failure to identify oneself as a debt collector. Collectors may use a Adesk name@ to protect themselves individually, but they must disclose the name of their employer and the nature of the business.
Making deceptive, false or misleading misrepresentations. For example, mass-produced collection letters not reviewed by an attorney prior to mailing are considered false and deceptive.
Implying or stating that the collector is affiliated or connected with the government; falsely representing the character, amount or legal status of the debt. For instance, a collector cannot falsely represent himself as an IRS agent to frighten the consumer into paying the debt. (Please note that if it is IRS debt, it is probably not a consumer debt and not protected by the Act.)
Falsely implying the communication comes from an attorney or that a person is an attorney.
Threatening to send out false credit information.
Using language or symbols on envelopes that indicate that it is from a collection agency. (This includes sending postcards.)
If your life has been made more difficult by bill collectors utilizing unfair practices, keep in mind that you have rights that protect you from abusive or harassing collection behavior. Not only should you be able to stop some of the behaviors outlined above, but you may also be able to collect money damages from the collector for willful and repeated violations. The federal act allows for a recovery of $1,000 or actual damages and the state act allows for a $500 recovery or actual damages. Plaintiffs of successful lawsuits are often entitled to recover costs and reasonable attorneys= fees. In some circumstances, punitive damages are also recoverable.
Often, simply advising the collector that you are aware of the act and your rights under it will stop the harassment. If it doesn=t, you may want to save the messages and letters and keep a log in case you need to utilize the federal and state protections.
a person on yahoo...Help me...gave me this info..so if this is a good answer and he answers to ...should be his points..
THANKS HELP ME!
Reply:If you are in the United States, debt collection practices are regulated by the Fair Debt Collection Practices Act.
Click on the link below and read through section 806.
http://www.ftc.gov/os/statutes/fdcpa/fdc...
I think you may be able to make a case that 30 phone calls a day violates paragraph (5) of that section which states:
"Causing a telephone to ring or engaging any person in telephone conversation repeatedly or continuously with intent to annoy, abuse, or harass any person at the called number. "
A collection agency does not need to contact you 30 times a day to ascertain that you are still unemployed and still unable to make your payment. If I were a judge, I would not consider 30 phone calls a day "reasonable". I can see no purpose for that many calls other than to "annoy, abuse, or harass" you.
If you want to pursue this, you are going to need to be able to prove that the collection agency is making so many calls each day. My suggestion would be to keep a log of all incoming calls with the date, the time, the name of the person who called you, what they said to you, what you said to them and the duration of the call. It might be a good idea for you to get a tape recorder and record the calls -- before you start recording though, always advise the person you are talking to that you are going to record the conversation. You should also tell the person that you consider the number of calls per day to be a violation of the Debt Collection Practices Act and that you will be using the recordings as evidence. In all likelihood, the person calling you will tell you that you don't need to record the conversation because they are -- tell them you understand that but you want you own record and the judge will then have two versions of the calls to listen to.
You should also consider seeing an attorney about filing a bankruptcy action. Once you have filed bankruptcy, the collection agencies must cease their collection activities.
Filing bankruptcy also doesn't mean that you can't pay the debt at a later date. It will just give you some relief from the collection agency.
Reply:If you are a UK resident and you feel the debt collectors are harassing you then this could be seen as a possible breach of the Administration of Justice Act 1970. The AJA makes it a possible criminal offence if a debt collector is behaving in a threatening or harassing manner.
Contact your local Trading Standards Department and report the debt collection agency for this offence. You can claim compensation for agro and inconvenience but this would be up to a judge on the amount awarded and both parties need to remain reasonable when claiming such damages.
If you need help to manage your debt you can contact the National Debt Line on 0808 808 4000 who offer free and confidential advice.
Reply:You can take them to court if they call you after 8pm and before 8or 9am.
also if they call on weekends. But record everything. And if you tell them to stop calling you and they don't[you have to tell them to stop calling this number or at your work]then there are laws for all of that , what I just told you.Plus you can pay them $5.00 amonth and then they have to stop bothering you, as long as they are receiving something they don't care and can't do anything. Plus there are allot of free agencies that can set up payment plans for free for you and they contact the collection agency and you don't have to talk to them. Hope this helps it helped others.
Reply:You can take them to court but it has to be proved harrassment.
the best option is to contact them and make arrangements to pay them an affordable fee.
they will leave you alone if they are receiving something, rather than nothing.
go to CAB who will advise you accordingly. debt collectors just increase the pressure you are under and i don't know how they get away with it sometimes.
i had the same thing a few years ago, over £7.50 which i ran up for not taking two DVD's back to the video shop. I saw the funny side at first but it gave me an insight into how harrassing they can be, they were really persistant and nasty.
Get some legal advise fast, and look at your options.
Reply:Go to CAB and speak to them they can advise you what to do. You need to sort it, write a letter to them offering the minimum payment that you can afford even if it's 50p a week, just make the offer, it shows you are are willing to attempt to pay, they may not accept it but at least then if it go's further you have written proof you have made an offer.
Also every letter they send out they put an admin charge on. Basically debt collection companies are a bunch of w***k**s!! I think anyone that works as a baliff or for a debt collection agency must just be nasty pieces of work, these sort of people enjoy chasing people for money and nine times out of ten they are complete A holes, who are rude and obnoxious, they don't care about peoples situation's or why they may be in debt, all they care about is getting the money, and in the process making more money out of someone that can't afford to pay anyway by adding charges, it's a vicious circle. A friend of mine was hounded by a baliff, she was depressed anyway but this made it worse the baliff was really nasty ( he suggested she pay in another way (i.e sexually) she ended up trying to kill herself and was sectioned. A complaint was made but sod all was done!!!!
I think the government need to look into the way Baliffs work, no matter what the debt is for council tax, car hp etc Also I think they should make the debt collection companies have a minimum admin charge for the letter they send out and that they should not exceed it (i.e) the average charge is about £25 a letter, I think they should not be allowed to go over £5.00. These people need to be monitored.
Just because people have debt does not mean they are bad people, in fact sometimes it's the opposite.
On top of that, I recieve about five letters a day, all from the same company, all of them say the same thing.
Is this harassment? Is there anything I can do about it?
Can I take a debt collection agency to court for harassment?
it is not harassment as defined by UK law there is not a lot you can do about it.
obviously you have not made any arrangements to pay at least something each week or month.
offer them say £5 a month and if they refuse this offer then continue to pester you WITH PHONE CALLS THEN IT IS HARRASSMENT CONTACT THE POLICE THEY ARE BOUND BY LAW TO INVESTIGATE
Reply:Tell the company that any communication must be made in writing and verbal communication will not be entered into.
Tell them that your telephone number is for a private residential address and that you withdraw permission for them to call it.
Contact the CCCS - Consumer Credit Counciling Service.
They are a charity and will negotiate on yuor behalf with creditors to affange a temporary payment plan.
Do not borrow to repay existing debts.
Reply:In theory yes, but it is unlikely to stop them. When they phone you next come to some arrangement with them £1.00 a week.
Reply:nope sucks but you cant..... they only thing is they are not allowed to call you at work...... im in that boat with you right now.... mortgage industry is killing me
Reply:Yes offer them something...even a pound at least you have made a gesture. Meanwhile contact the CAB (Citizens advice bureau) as they can help by talking to the people you owe money to and arrange by mutual consent an amount that you can afford to pay back each week. Take any paperwork you may have when you go and see them. Also I think you will find that they open at 10.00am and close at 3.00pm
Monday to Friday....free advice!
The worst thing you can do is to ignore them as they will hound you forevermore if you do.
I hope things get sorted soon but you need to be proactive by helping the process along.
Reply:I have been there and they are not allowed to harrass you in this way, I went to citizens advice and they gave me a pack with letters I could write to the creditors and other things to do like say you will pay a certain amount a month even it's a pound say it's all you can afford they have to accept it because you are showing willing to pay it back and then they won't harrass you. from what I remember there was part of the letter that you send to creditiors to show your income and expenses I just made my food bill etc higher on it and I ended up being allowed to pay 2 pound a month as they cold see that's all i could afford
Reply:§ 806. Harassment or abuse [15 USC 1692d]
A debt collector may not engage in any conduct the natural consequence of which is to harass, oppress, or abuse any person in connection with the collection of a debt. Without limiting the general application of the foregoing, the following conduct is a violation of this section:
(1) The use or threat of use of violence or other criminal means to harm the physical person, reputation, or property of any person.
(2) The use of obscene or profane language or language the natural consequence of which is to abuse the hearer or reader.
(3) The publication of a list of consumers who allegedly refuse to pay debts, except to a consumer reporting agency or to persons meeting the requirements of section 603(f) or 604(3)1 of this Act.
(4) The advertisement for sale of any debt to coerce payment of the debt.
(5) Causing a telephone to ring or engaging any person in telephone conversation repeatedly or continuously with intent to annoy, abuse, or harass any person at the called number.
(6) Except as provided in section 804, the placement of telephone calls without meaningful disclosure of the caller's identity.
INfo here
(Sorry for trying to help here Paul; the question string doesn't indicate a country and neither does the post; and the majority of the questions asked are US based. )
Reply:Get an answerphone. They are doing their job.
Have you tried coming to an arrangement with them?
Additional to wizjp:
The whole world doesn't fall under US laws. Go figure.
Reply:Let's put an end to the competition here. WHERE is this happening (in what country)?
Reply:this is the U.S....you can sue anybody for anything. however you have to find an attorney who is willing to represent you. also i believe you should check with a bankruptcy attorney because i think there is something you can enact to put a stop-call against debtors if you are in a bad situation and working to restructuring your debt (but not neccessarily filing full-fledge bankruptcy) - my friend did something like this. and the other rule is that they can't call you after 9pm or before 8am so if they do then you definitely have harrassment suit.
Reply:Go to your local C.A.B debt collectors are regulated and have to abide by rules and the guidelines layed down by the regulator.
Reply:YES - this is blatant harrassment - please - name the company!!!
Harrassment is a Criminal Offence, not Civil, therefore go to your local Police Station and file a formal complaint.
All the best to you - keep in touch.
Reply:To be afforded protection under the "Fair Debt Collection Practices Act," you must first meet certain requirements. (1) You must be a "consumer," and (2) the debt must be "consumer debt." A consumer is "any natural person obligated or allegedly obligated to pay any debt." Consumer debt is defined as "any obligation. . . of a consumer to pay money arising out of a transaction in which money, property, insurance, or services which are the subject of the transaction are primarily for personal, family, or household purposes, whether or not such obligation has been reduced to judgment."
A debt collector is defined as "any person . . . the principal interest of which is to collect any debts, or who regularly collects or attempts to collect, directly or indirectly, debt owed or due, or asserted to be owed or due to another." While there are some exemptions in the statute, this broad definition covers the majority of collectors, including collection agencies and attorneys.
If you are contacted by a debt collector concerning a consumer debt, there are some specific statutory requirements that the collector must follow. For example, within five days of the initial communication with the consumer, a debt collector must advise the debtor in writing of: (1) The amount of debt; and (2) the name of the creditor to whom the debt is owed.
You have 30 days from the receipt of the notice to dispute the validity of the debt, or any portion thereof, in writing, or the debt collector may assume the validity of the debt. If a consumer properly disputes the debt within the 30-day period, the collector must obtain verification of the debt and mail it to the consumer. Additionally, within the 30-day period, the debt collector must provide the consumer with the name and address of the original creditor, if different from the current creditor. Failure to send this notice in a timely manner can result in a violation of the Act and subject the collector to sanctions.
Certain types of abusive conduct are prohibited and regulated by the Act:
Communicating with the consumer in connection with collection of any debt at any unusual time or place. In the absence of knowledge of circumstances to the contrary, a creditor shall assume that a convenient time for communicating with a consumer is after 8:00 a.m. and before 9:00 p.m. You should not be receiving phone calls at midnight from your credit card company, or "King-Kong Collection Agency."
Contacting the consumer when the consumer is represented by an attorney, unless the attorney fails to respond within a reasonable period of time to communication from the debt collector, or unless the attorney first consents to direct communication with the consumer. Basically, if you have turned the problem over to your attorney, you should not be receiving phone calls from the collection agency.
Contacting a debtor at work after the collector has been advised not to phone the debtor at his or her place of employment. Once a consumer notifies a collector not to call them at work, further calls are prohibited.
Advising third parties (friends, relatives, employers) of the consumer's debt. A collection agency should not be defaming a consumer to third parties.
Harassing, oppressive, or abusive behavior. This is a broad category, and subject to broad interpretation.
Threatening criminal acts or violence. If a collector threatens to perform "impromptu dental surgery," rest assured that he is in violation of the Act.
Using profanity, obscenities, and/or abusive language.
Placing continuous phone calls intended to harass, annoy or abuse the consumer. At least one court has held that a collector immediately calling the debtor after debtor hung up the phone, constituted harassment.
Failure to identify oneself as a debt collector. Collectors may use a Adesk name@ to protect themselves individually, but they must disclose the name of their employer and the nature of the business.
Making deceptive, false or misleading misrepresentations. For example, mass-produced collection letters not reviewed by an attorney prior to mailing are considered false and deceptive.
Implying or stating that the collector is affiliated or connected with the government; falsely representing the character, amount or legal status of the debt. For instance, a collector cannot falsely represent himself as an IRS agent to frighten the consumer into paying the debt. (Please note that if it is IRS debt, it is probably not a consumer debt and not protected by the Act.)
Falsely implying the communication comes from an attorney or that a person is an attorney.
Threatening to send out false credit information.
Using language or symbols on envelopes that indicate that it is from a collection agency. (This includes sending postcards.)
If your life has been made more difficult by bill collectors utilizing unfair practices, keep in mind that you have rights that protect you from abusive or harassing collection behavior. Not only should you be able to stop some of the behaviors outlined above, but you may also be able to collect money damages from the collector for willful and repeated violations. The federal act allows for a recovery of $1,000 or actual damages and the state act allows for a $500 recovery or actual damages. Plaintiffs of successful lawsuits are often entitled to recover costs and reasonable attorneys= fees. In some circumstances, punitive damages are also recoverable.
Often, simply advising the collector that you are aware of the act and your rights under it will stop the harassment. If it doesn=t, you may want to save the messages and letters and keep a log in case you need to utilize the federal and state protections.
a person on yahoo...Help me...gave me this info..so if this is a good answer and he answers to ...should be his points..
THANKS HELP ME!
Reply:If you are in the United States, debt collection practices are regulated by the Fair Debt Collection Practices Act.
Click on the link below and read through section 806.
http://www.ftc.gov/os/statutes/fdcpa/fdc...
I think you may be able to make a case that 30 phone calls a day violates paragraph (5) of that section which states:
"Causing a telephone to ring or engaging any person in telephone conversation repeatedly or continuously with intent to annoy, abuse, or harass any person at the called number. "
A collection agency does not need to contact you 30 times a day to ascertain that you are still unemployed and still unable to make your payment. If I were a judge, I would not consider 30 phone calls a day "reasonable". I can see no purpose for that many calls other than to "annoy, abuse, or harass" you.
If you want to pursue this, you are going to need to be able to prove that the collection agency is making so many calls each day. My suggestion would be to keep a log of all incoming calls with the date, the time, the name of the person who called you, what they said to you, what you said to them and the duration of the call. It might be a good idea for you to get a tape recorder and record the calls -- before you start recording though, always advise the person you are talking to that you are going to record the conversation. You should also tell the person that you consider the number of calls per day to be a violation of the Debt Collection Practices Act and that you will be using the recordings as evidence. In all likelihood, the person calling you will tell you that you don't need to record the conversation because they are -- tell them you understand that but you want you own record and the judge will then have two versions of the calls to listen to.
You should also consider seeing an attorney about filing a bankruptcy action. Once you have filed bankruptcy, the collection agencies must cease their collection activities.
Filing bankruptcy also doesn't mean that you can't pay the debt at a later date. It will just give you some relief from the collection agency.
Reply:If you are a UK resident and you feel the debt collectors are harassing you then this could be seen as a possible breach of the Administration of Justice Act 1970. The AJA makes it a possible criminal offence if a debt collector is behaving in a threatening or harassing manner.
Contact your local Trading Standards Department and report the debt collection agency for this offence. You can claim compensation for agro and inconvenience but this would be up to a judge on the amount awarded and both parties need to remain reasonable when claiming such damages.
If you need help to manage your debt you can contact the National Debt Line on 0808 808 4000 who offer free and confidential advice.
Reply:You can take them to court if they call you after 8pm and before 8or 9am.
also if they call on weekends. But record everything. And if you tell them to stop calling you and they don't[you have to tell them to stop calling this number or at your work]then there are laws for all of that , what I just told you.Plus you can pay them $5.00 amonth and then they have to stop bothering you, as long as they are receiving something they don't care and can't do anything. Plus there are allot of free agencies that can set up payment plans for free for you and they contact the collection agency and you don't have to talk to them. Hope this helps it helped others.
Reply:You can take them to court but it has to be proved harrassment.
the best option is to contact them and make arrangements to pay them an affordable fee.
they will leave you alone if they are receiving something, rather than nothing.
go to CAB who will advise you accordingly. debt collectors just increase the pressure you are under and i don't know how they get away with it sometimes.
i had the same thing a few years ago, over £7.50 which i ran up for not taking two DVD's back to the video shop. I saw the funny side at first but it gave me an insight into how harrassing they can be, they were really persistant and nasty.
Get some legal advise fast, and look at your options.
Reply:Go to CAB and speak to them they can advise you what to do. You need to sort it, write a letter to them offering the minimum payment that you can afford even if it's 50p a week, just make the offer, it shows you are are willing to attempt to pay, they may not accept it but at least then if it go's further you have written proof you have made an offer.
Also every letter they send out they put an admin charge on. Basically debt collection companies are a bunch of w***k**s!! I think anyone that works as a baliff or for a debt collection agency must just be nasty pieces of work, these sort of people enjoy chasing people for money and nine times out of ten they are complete A holes, who are rude and obnoxious, they don't care about peoples situation's or why they may be in debt, all they care about is getting the money, and in the process making more money out of someone that can't afford to pay anyway by adding charges, it's a vicious circle. A friend of mine was hounded by a baliff, she was depressed anyway but this made it worse the baliff was really nasty ( he suggested she pay in another way (i.e sexually) she ended up trying to kill herself and was sectioned. A complaint was made but sod all was done!!!!
I think the government need to look into the way Baliffs work, no matter what the debt is for council tax, car hp etc Also I think they should make the debt collection companies have a minimum admin charge for the letter they send out and that they should not exceed it (i.e) the average charge is about £25 a letter, I think they should not be allowed to go over £5.00. These people need to be monitored.
Just because people have debt does not mean they are bad people, in fact sometimes it's the opposite.
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