I've been told that this "debt collector" is a scam. But they informed me that they will be taking money out of every paycheck. They also calling sometimes 10 times a day, when I told them to only contact me through the mail.
Can a debt collector take money from your paycheck?
Not sure what you mean about them being a "scam". If you owe the money and they have the legal right to collect they can make reasonable attempts to contact you.
Can they take money out of your paycheck. They first must file a suit and get a judgement against you. Then they can file for a wage garnishment, if it is allowed in your state.
The first thing you need to do is send a debt validation letter to them. In the letter you need to have them provide you proof that they do own the debt, as well as proof that it is your debt. Send this by certified mail with a return receipt to prove that they got it. In order to have them stop contacting you by phone you must send this request in writting. So in the same letter you can state that they are not allowed to contact you by phone.
If after this time they call you(even 1 time) you can file a suit against them for violation of the FDCPA(Fair Debt Collection Practices Act.
Reply:Legally, they can contact you as many times a day as they want as long as you really owe them money. So the 10 phone calls a day are just your hell for not paying them.
As for taking money from your paycheck, they can not attach you wages without documentation signed by a judge.
Reply:they can't take any money from your paycheck and don't dare give them your banking information. If you informed them in
writing to stop calling and you have caller ID then you can
sue them 1,000.00 for each call after receipt of the letter (give them a week grace). Consult with a Consumer Law
Attorney
creditinfocenter com (read carefully, wording is everything)
Write another stop calling, add in the validation,check the statute of limitations on the original creditor, and did they PURCHASE or assigned the debt, and
add your right to sue all in one letter. Don't answer
the phone, I hope you have caller ID and if they don't
leave a message that is harassment also.
check the debt collection agency out and see if they
on the list
buddhibbs com
Reply:debt collector can not take $$ from your paycheck. once they take you to court and get a judgment against you they can file a "satisfaction of judgment" and then the judge signs a form that will take a percentage of your income out of your paycheck. credit collectors are mean and will say almost anything to get money from you. get this collector's name, phone number and address and report to the better business bureau in your area.
Reply:10 times a day is definitely harassment. I don't know what the proper authority to complain to is however.
Reply:They can only do so if they sue you and get a judgement aganst you.
Wednesday, March 17, 2010
What happens when a person uses credit cards to day trade? Person dies and has possible debt?
What can the daytrade company do to collect this debt? Does the credit card company have any claim to his account?
What happens when a person uses credit cards to day trade? Person dies and has possible debt?
The brokerage wouldn't have to do anything. You have to deposit the money into the brokerage account and have cleared funds before you can trade. You would have to use a cash advance or a credit card check to get money to deposit into your brokerage account.
So your estate would owe the credit card company, just the same as if you had run up your credit cards on anything else. The executor of your estate would have to sell something to cover the debts, and the stocks would be a likely a candidate. So really, in the event of your death, the credit card company doesn't have a specific claim on the stocks, but a general claim against all of your assets, before they are disbursed to your heirs.
Reply:i think the persons next of kin are responsible wife, husband, kids
Reply:stock brokers do not accept credit cards only money in the form of cleared checks.
Reply:The debt will be owed by that person's estate. Think about it, if you had $100,000 in the bank, and the bank manager died, would you no longer have any claim to the money they "owed" you?
What happens when a person uses credit cards to day trade? Person dies and has possible debt?
The brokerage wouldn't have to do anything. You have to deposit the money into the brokerage account and have cleared funds before you can trade. You would have to use a cash advance or a credit card check to get money to deposit into your brokerage account.
So your estate would owe the credit card company, just the same as if you had run up your credit cards on anything else. The executor of your estate would have to sell something to cover the debts, and the stocks would be a likely a candidate. So really, in the event of your death, the credit card company doesn't have a specific claim on the stocks, but a general claim against all of your assets, before they are disbursed to your heirs.
Reply:i think the persons next of kin are responsible wife, husband, kids
Reply:stock brokers do not accept credit cards only money in the form of cleared checks.
Reply:The debt will be owed by that person's estate. Think about it, if you had $100,000 in the bank, and the bank manager died, would you no longer have any claim to the money they "owed" you?
Best way to negotiate credit card interest rate reduction / debt forgiveness?
Title pretty much says it all! As with many folks nowadays, I am staring down bankruptcy, and would like to get some expert's (or those who have gone through this and succeeded) advice. I have ventured on my own, and have been unsuccessful at achieving either a rate reduction or debt forgiveness.
Best way to negotiate credit card interest rate reduction / debt forgiveness?
You certainly aren't alone, so many are facing the same thing.
What you need is a third party, independent advocate, to intervene on your behalf. Call Lifeline or the Salvation Army and ask to speak to their financial counsellor. If you belong to a church, they may have someone who can help you. You may have to wait a little, but do explain how urgent it is and they may be able to delay things for you. Whatever you do, don't go into further debt, trying to get another loan to pay out what you already have.
Also please don't get involved in any 'new schemes'... you have to work with what you have now. There is light at the end of the tunnel.
Best wishes.
Reply:You have to offer to pay something. Go as low as you can. One debtor at a time.
Reply:
My suggestion is trying to obsord as much information as you can before making up your mind,here http://www.DebtFreetips.info/debt-free.h... is a good one.
Best way to negotiate credit card interest rate reduction / debt forgiveness?
You certainly aren't alone, so many are facing the same thing.
What you need is a third party, independent advocate, to intervene on your behalf. Call Lifeline or the Salvation Army and ask to speak to their financial counsellor. If you belong to a church, they may have someone who can help you. You may have to wait a little, but do explain how urgent it is and they may be able to delay things for you. Whatever you do, don't go into further debt, trying to get another loan to pay out what you already have.
Also please don't get involved in any 'new schemes'... you have to work with what you have now. There is light at the end of the tunnel.
Best wishes.
Reply:You have to offer to pay something. Go as low as you can. One debtor at a time.
Reply:
My suggestion is trying to obsord as much information as you can before making up your mind,here http://www.DebtFreetips.info/debt-free.h... is a good one.
How do I improve my credit score when my debt isn't from credit cards?
just coming over having pancreatic cancer and i now have alittle bit of income coming in, but only from disability and unemployment. most of my debt is from unpaid cell phone bills and a lease that I broke early due to losing my job years ago. im 25 and want to fix this. any help would be great.
How do I improve my credit score when my debt isn't from credit cards?
I am assuming the lease and cell phone bills are showing on your credit thus pulling down the score. You could call these companies and make an agreement that you will pay the balance in full and in return because you are consciously trying to improve your credit you would ask them to remove the debts from your credit record once they have received your final payment. A lot of people do not know that you can actually negotiate this with creditors. Not all creditors will agree to do this but it is a simple form that they fill out and send to the credit bureau and due to your medical circumstances they may consider. I would make a payment plan with them and have them to put it in writing on their letterhead that once they receive your final payment they will remove from your credit bureau. If you do not get this in writing and only have a verbal arrangement if they do not remove it there is nothing you can do. But, if you have it in writing on their letterhead then you can send to all 3 credit bureaus for removal. Now, while you are doing this I would apply for a credit card to generate some new activity to help your credit score. Best wishes to you.
Reply:1) Avoid using cash and borrowing from family for all your purchases. In the eyes of creditors no credit history is the same as a bad credit history. You may get away with paying cash for your car but when you buy your first home it will come back to haunt you. Even if you can afford to borrow or pay cash try opening an account to buy your furniture, automobiles, or home improvements. A diverse credit background will help with your credit score.
2) Your credit report tells all. Do not lie or stretch the truth to lenders, banks, or employers. They will easily catch you and the consequences are not worth it.
3) Do not cancel credit card accounts to improve your credit. The intended affect may be the opposite of what you expect. You can hurt your credit by canceling your credit cards; especially if you have a long history with the account. Losing a ten or twenty year credit history isn't worth it. If you absolutely must stop using a card, try shredding it. An open account that doesn't have a balance looks far better then no credit account at all.
4) Starting early is always better when establishing credit history. Getting a teenager or college student a credit card is a great way to get their history started. For those who don't trust their child's judgment yet there are many prepaid cards that report to credit bureaus. Read more from: http://www.credit-card-gallery.com/artic...
Reply:It is important to establish credit early. Your cellphone and your rent are arguably credit accounts but not in the main sense of the term. Apply and accept a Visa card for whatever deal you can get. Use it only for the purpose of establishing credit worthiness. Buy something with it you can afford. Pay the bill on time but pay a bit more than they ask for. It will take a few years to get a great credit score but it can be done. Another way of looking at it though. You are willing to work hard to owe money to multimillion dollar companies to whom you are just a revenue source. Tread wisely on the credit path. Never borrow for desire, but for need. And be sure your "needs" don't exceed your ability to pay plus interest!
Reply:I once had a really bad credit score that I thought I would never shake off, but found a very detailed product(which I purchased) and it helped me to fix my credit score in 3 months! There really are some great tips and tricks all set out for you. Check it out.
Reply:Your credit score is based on any and all liabilities that you have, so paying off your cell phone bills will help with your credit rating. If your accounts havent yet gone to collection, contact any companies that you owe money to and set up a re-payment plan. As long as you are attempting to pay the bills, your credit score will not be further affected. Once the bills are paid, it will start to come back up again.
How do I improve my credit score when my debt isn't from credit cards?
I am assuming the lease and cell phone bills are showing on your credit thus pulling down the score. You could call these companies and make an agreement that you will pay the balance in full and in return because you are consciously trying to improve your credit you would ask them to remove the debts from your credit record once they have received your final payment. A lot of people do not know that you can actually negotiate this with creditors. Not all creditors will agree to do this but it is a simple form that they fill out and send to the credit bureau and due to your medical circumstances they may consider. I would make a payment plan with them and have them to put it in writing on their letterhead that once they receive your final payment they will remove from your credit bureau. If you do not get this in writing and only have a verbal arrangement if they do not remove it there is nothing you can do. But, if you have it in writing on their letterhead then you can send to all 3 credit bureaus for removal. Now, while you are doing this I would apply for a credit card to generate some new activity to help your credit score. Best wishes to you.
Reply:1) Avoid using cash and borrowing from family for all your purchases. In the eyes of creditors no credit history is the same as a bad credit history. You may get away with paying cash for your car but when you buy your first home it will come back to haunt you. Even if you can afford to borrow or pay cash try opening an account to buy your furniture, automobiles, or home improvements. A diverse credit background will help with your credit score.
2) Your credit report tells all. Do not lie or stretch the truth to lenders, banks, or employers. They will easily catch you and the consequences are not worth it.
3) Do not cancel credit card accounts to improve your credit. The intended affect may be the opposite of what you expect. You can hurt your credit by canceling your credit cards; especially if you have a long history with the account. Losing a ten or twenty year credit history isn't worth it. If you absolutely must stop using a card, try shredding it. An open account that doesn't have a balance looks far better then no credit account at all.
4) Starting early is always better when establishing credit history. Getting a teenager or college student a credit card is a great way to get their history started. For those who don't trust their child's judgment yet there are many prepaid cards that report to credit bureaus. Read more from: http://www.credit-card-gallery.com/artic...
Reply:It is important to establish credit early. Your cellphone and your rent are arguably credit accounts but not in the main sense of the term. Apply and accept a Visa card for whatever deal you can get. Use it only for the purpose of establishing credit worthiness. Buy something with it you can afford. Pay the bill on time but pay a bit more than they ask for. It will take a few years to get a great credit score but it can be done. Another way of looking at it though. You are willing to work hard to owe money to multimillion dollar companies to whom you are just a revenue source. Tread wisely on the credit path. Never borrow for desire, but for need. And be sure your "needs" don't exceed your ability to pay plus interest!
Reply:I once had a really bad credit score that I thought I would never shake off, but found a very detailed product(which I purchased) and it helped me to fix my credit score in 3 months! There really are some great tips and tricks all set out for you. Check it out.
Reply:Your credit score is based on any and all liabilities that you have, so paying off your cell phone bills will help with your credit rating. If your accounts havent yet gone to collection, contact any companies that you owe money to and set up a re-payment plan. As long as you are attempting to pay the bills, your credit score will not be further affected. Once the bills are paid, it will start to come back up again.
How soon will my credit score improve after my debt is paid off?
I am selling my house (it was an investment property that I am flipping) and using the proceeds to pay off credit card debt that I have incurred while redoing the home. After the house is sold all my cards will be paid off and the only things I will have to make payments on are my car and student loan. I was wondering how long it will take the credit card companies to notify the credit report of their zero balance status? Can I ask the credit card companies to report the paid off status to my credit report immediately? Also should I close most of these cards or close them? How should I decide which credit cards to close and which to keep open to keep a high credit score? ( I have never had a 30 day late on any of my cards) I want to do whatever I can to improve my credit score the most.
How soon will my credit score improve after my debt is paid off?
Don't waste your time calling the credit card companies request faster reporting. They have a system and are not going to manually process just for you.
Your debt to available credit limit ratio is a big part of your score and paying off all the cards will improve your score. Don't close all the cards as this closes your history and lowers your available credit limit. Keep your oldest major credit cards that do not have an annual fee. You may want to close store charge cards.
Reply:Once you pay off a credit card, the companies will report, and most report at the end of the month. Then the bureaus have 30-60 days to update info. The turn around time is usually within a month-to-two months. Leave them open with a zero balance. This improves your net to debt ratio. If you have a lot, and you want to close a couple, then ok, but leave the accounts open that you have had the longest. Credit is such a tricky thing. If you have too much open credit, and you try to get credit for something else, then they may view that ask risking, as a potential for having a lot of debt. Good luck on that, pull a bureau, and see where you are now. Then in a couple months, pull it again, and see how things improved.
Reply:about 3-6mths for the credit reporting agencies to get notice from the card companies and change the status of the account balances. yes you can take the paid receipts, make copies and send them to all three credit reporting agencies, that will speed up the process.
Reply:The credit card companies will follow their own routine and report the paid off condition of your account. Don't cancel your cards, just keep them with a zero balance since the history of your payments is a part of the credit scoring process and can help you in the long run.
Congratulations on buying real estate. Good choice.
tanning
How soon will my credit score improve after my debt is paid off?
Don't waste your time calling the credit card companies request faster reporting. They have a system and are not going to manually process just for you.
Your debt to available credit limit ratio is a big part of your score and paying off all the cards will improve your score. Don't close all the cards as this closes your history and lowers your available credit limit. Keep your oldest major credit cards that do not have an annual fee. You may want to close store charge cards.
Reply:Once you pay off a credit card, the companies will report, and most report at the end of the month. Then the bureaus have 30-60 days to update info. The turn around time is usually within a month-to-two months. Leave them open with a zero balance. This improves your net to debt ratio. If you have a lot, and you want to close a couple, then ok, but leave the accounts open that you have had the longest. Credit is such a tricky thing. If you have too much open credit, and you try to get credit for something else, then they may view that ask risking, as a potential for having a lot of debt. Good luck on that, pull a bureau, and see where you are now. Then in a couple months, pull it again, and see how things improved.
Reply:about 3-6mths for the credit reporting agencies to get notice from the card companies and change the status of the account balances. yes you can take the paid receipts, make copies and send them to all three credit reporting agencies, that will speed up the process.
Reply:The credit card companies will follow their own routine and report the paid off condition of your account. Don't cancel your cards, just keep them with a zero balance since the history of your payments is a part of the credit scoring process and can help you in the long run.
Congratulations on buying real estate. Good choice.
tanning
How did Andrew Jackson get the nation to be debt free?
He was the first and only president to have the nation completely out of debt. How long did it last? How did he do it?
How did Andrew Jackson get the nation to be debt free?
In 1835, Jackson managed to reduce the federal debt to only $33,733.05, the lowest it has been since the first fiscal year of 1791. However, this accomplishment was short lived, and a severe depression from 1837 to 1844 caused a ten-fold increase in national debt within its first year.
Purported causes include the economic policies of President Andrew Jackson who created the Specie Circular by executive order and also refused to renew the charter of Second Bank of the United States, resulting in the withdrawal of government funds from that bank. Martin Van Buren, who became president in March 1837, five weeks before the Panic engulfed the young republic's economy, was blamed for the Panic. His refusal to involve the Government in the economy was said by some to have contributed to the damages and duration of the Panic. Of course, the initial Government intervention in the market had inadvertently been part of the cause of the problem, and further intervention might or might not have been useful. Jacksonian Democrats blamed bank irresponsibility, both in funding rampant speculation and by introducing paper money inflation. This was caused by banks issuing excessive paper money (unbacked by bullion reserves), leading to inflation.
When analyzing the suggested causes of the bubble preceding the Panic of 1837, empirical evidence would actually imply the opposite. Suggesting that banks were carelessly lending and creating a credit boom would imply a large drop in reserve rates. During the early 1830s the average reserve rates of banks were not decreasing, but remained relatively stable. During this time, the money supply was increasing (approx. 200%) despite the stable reserve rates of banks. This increase in the supply of money did not come from within the United States, but resulted from a positive specie inflow from foreign investors. British investors found it increasingly attractive to lend to the state governments in the United States in the 1830s. This increased level of available credit allowed the states to fund the building of canals through the use of state-issued bonds (e.g. Erie Canal).
How did Andrew Jackson get the nation to be debt free?
In 1835, Jackson managed to reduce the federal debt to only $33,733.05, the lowest it has been since the first fiscal year of 1791. However, this accomplishment was short lived, and a severe depression from 1837 to 1844 caused a ten-fold increase in national debt within its first year.
Purported causes include the economic policies of President Andrew Jackson who created the Specie Circular by executive order and also refused to renew the charter of Second Bank of the United States, resulting in the withdrawal of government funds from that bank. Martin Van Buren, who became president in March 1837, five weeks before the Panic engulfed the young republic's economy, was blamed for the Panic. His refusal to involve the Government in the economy was said by some to have contributed to the damages and duration of the Panic. Of course, the initial Government intervention in the market had inadvertently been part of the cause of the problem, and further intervention might or might not have been useful. Jacksonian Democrats blamed bank irresponsibility, both in funding rampant speculation and by introducing paper money inflation. This was caused by banks issuing excessive paper money (unbacked by bullion reserves), leading to inflation.
When analyzing the suggested causes of the bubble preceding the Panic of 1837, empirical evidence would actually imply the opposite. Suggesting that banks were carelessly lending and creating a credit boom would imply a large drop in reserve rates. During the early 1830s the average reserve rates of banks were not decreasing, but remained relatively stable. During this time, the money supply was increasing (approx. 200%) despite the stable reserve rates of banks. This increase in the supply of money did not come from within the United States, but resulted from a positive specie inflow from foreign investors. British investors found it increasingly attractive to lend to the state governments in the United States in the 1830s. This increased level of available credit allowed the states to fund the building of canals through the use of state-issued bonds (e.g. Erie Canal).
What is the statute of limitations on credit card debt from the original creditor (in Pennsylvania)?
I know it is 4 years for secondary creditors (debt collectors) but what is the SOL for the original creditor (example: a bank)?
What is the statute of limitations on credit card debt from the original creditor (in Pennsylvania)?
It's 4-years also.
See the link in the source box.
Reply:Yup, its 4 years.
Reply:Hands Down.. 4 years plus 3 months from the last date of activity. www.urbancredit.net
Reply:The SOL is set by the type of account (open ended, written...etc) not by who owns the account, so like Spifiman said, it's 4 years as well.
Reply:Consumer credit is covered by federal law, so it doesnt' matter what state you're in.
My understanding is seven years.
What is the statute of limitations on credit card debt from the original creditor (in Pennsylvania)?
It's 4-years also.
See the link in the source box.
Reply:Yup, its 4 years.
Reply:Hands Down.. 4 years plus 3 months from the last date of activity. www.urbancredit.net
Reply:The SOL is set by the type of account (open ended, written...etc) not by who owns the account, so like Spifiman said, it's 4 years as well.
Reply:Consumer credit is covered by federal law, so it doesnt' matter what state you're in.
My understanding is seven years.
How will the US start to pay off its debt or at least balance its budget?
Over spending is continuing and everyone is talking about tax cuts?
What should the US do to get a balance budget and start paying off some of the debt before it chokes the economy.
Shrink military? Government? Medicare? Social security? Foreign aid packages? wars?
How will the US start to pay off its debt or at least balance its budget?
This is an economics question for which I will gladly give my opinion.
As you know, Ron Paul wants to re-introduce "Sound" American money back into everyday use.
What Is Sound Money?
Sound money is simply a form of money that is considered more valuable than money that recieves its value from government statistics, usually some form of Gold/Silver money.
Most Americans have no idea that an alternet type of money, is "NOT" illegal.
http://en.wikipedia.org/wiki/Gresham's_L...
[excerpt] "All modern money is "bad money" in this sense, since fiat money has entirely replaced the commodity money to which Gresham's law applies. The ubiquity of fiat money could indeed be taken as evidence for the truth of Gresham's law."
This is an example of an alternet form of payment system:
http://www.goldmoney.com/
The theory is, if a currency flucuates in value too much {Canadian vs American dollars} somebody is going to get the short end of an over the border financial deal which could cause substantial loss to a producer.
To stabalize trade with each other and worldwide, the American founders very wise-ly included in the Constitution, the use of only Gold/Silver, which has universal value derived at by supply and demand, not government controlled central bank decree, in commerce.
The theory is, once honest businessmen begin to use a more sound type of payment system en-masse, the fiat American dollar would become almost worthless, such as what has happened with the American Greenback dollar, the Continental dollar, and the German Mark after WW 1.
Example only:
If one unit of Gold weighing 1 gram {31.1034 grams in an ounce} equals say $10,000 in government issued fiat dollars,,,,,,it wouldn't take very long to retire "ALL" U.S. government dollar debt incurred,,,,which is an unecessary burden on future American un-born producers of real wealth, through government mandated taxation.
Thank you.
**************************************...
[Up to the minute addition:]
http://www.thestar.com/News/article/2750...
One presidential candidate is issuing a clarion call about the dollar's value – insurgent Republican Ron Paul, the Texas congressman who raised $4.2 million for his campaign in a single day this week.
"The dollar is on the ropes," he said in a television interview.
"Washington is sound asleep about this dollar and understanding about how the financial system works."
**************************************...
Reply:By electing Ron Paul. We need to change our foreign policy, return to Constitutional government, which means restricting government to only the powers it is authorized in the Constitution.
We need to abolish the Federal Reserve and return to hard money: gold and silver. I know this is a radical concept; Constitutional government. This is how we operated prior to 1913. The U.S. was the showplace of the world. Everyone wanted to come here. Today, our politicians have made us the most hated nation on the face of the Earth. We are identified with such atrocities as Abu Ghraib and Guantanomo. The are building a police state at home "to protect us from terrorism", the terrorism that they have brought to our shores.
Ron Paul stands for Peace, Prosperity and above all, FREEDOM. The other candidates all stand for tyranny, economic ruin and perpetural undeclared wars around the globe.
Ron Paul in 2008.
Reply:Pull out of Iraq.
Reply:It won't happen, but the first thing that needs to go is our current Congress. They all need to be thrown out and replaced with Representatives who understand the direction our country is headed...straight down.
Then, most federal government agencies need to be shuttered and their missions returned to the states, where they belong by law. Taxing and spending then becomes more local and officeholders more accountable and government more fiscally responsible.
*POOF* No more IRS or usurious federal taxation. No more dept of education/labor/HUD/transportation/comme...
Consequently, no more debt or inflation or worry about a balanced budget and no more empire building by our elected Congress, who are getting rich along with their friends and bribers.
Reply:they need to raise taxes and tackle this huge debt that we have (9 trillion dollars!!!) and build our econemy back up. place more taxes on imports so we can have a stronger economy and people will make more money. what is wrong with these politicians?!?
Reply:Shrink government and reduce corporate welfare. The rich on spend 17% of their income whereas the poor and middle class pay 35%. Let the rich shoulder the burden.
Reply:Only thing I chose to add is "The Mother of all Tax Bills" is coming down the pike from the Democrats. Republican's are touting it as a coup already for our side. I think it's the mother of a tax increases... so, from what I read ideas were to levy a higher income tax and raise taxes across the board. The taxing of such luxury items like cigarettes and so on usually take hits.
Personally cut government waste and over spending as in pork barrel fat would make numbers more realistic. That's why I am leaning John McCain. That and his war record that given the turbulence in the Middle East he is the man to resolve the matters with less harm to American's and the world. Thanks.
Reply:first quit printing money. Then cut back. Seems like this admin mirroring Reagan and different scenario. Funny if we drive it way up and then punt, what could they do? We give to everybody and china undercutting our prices by 40%, if they call in chips, bad situation.
What should the US do to get a balance budget and start paying off some of the debt before it chokes the economy.
Shrink military? Government? Medicare? Social security? Foreign aid packages? wars?
How will the US start to pay off its debt or at least balance its budget?
This is an economics question for which I will gladly give my opinion.
As you know, Ron Paul wants to re-introduce "Sound" American money back into everyday use.
What Is Sound Money?
Sound money is simply a form of money that is considered more valuable than money that recieves its value from government statistics, usually some form of Gold/Silver money.
Most Americans have no idea that an alternet type of money, is "NOT" illegal.
http://en.wikipedia.org/wiki/Gresham's_L...
[excerpt] "All modern money is "bad money" in this sense, since fiat money has entirely replaced the commodity money to which Gresham's law applies. The ubiquity of fiat money could indeed be taken as evidence for the truth of Gresham's law."
This is an example of an alternet form of payment system:
http://www.goldmoney.com/
The theory is, if a currency flucuates in value too much {Canadian vs American dollars} somebody is going to get the short end of an over the border financial deal which could cause substantial loss to a producer.
To stabalize trade with each other and worldwide, the American founders very wise-ly included in the Constitution, the use of only Gold/Silver, which has universal value derived at by supply and demand, not government controlled central bank decree, in commerce.
The theory is, once honest businessmen begin to use a more sound type of payment system en-masse, the fiat American dollar would become almost worthless, such as what has happened with the American Greenback dollar, the Continental dollar, and the German Mark after WW 1.
Example only:
If one unit of Gold weighing 1 gram {31.1034 grams in an ounce} equals say $10,000 in government issued fiat dollars,,,,,,it wouldn't take very long to retire "ALL" U.S. government dollar debt incurred,,,,which is an unecessary burden on future American un-born producers of real wealth, through government mandated taxation.
Thank you.
**************************************...
[Up to the minute addition:]
http://www.thestar.com/News/article/2750...
One presidential candidate is issuing a clarion call about the dollar's value – insurgent Republican Ron Paul, the Texas congressman who raised $4.2 million for his campaign in a single day this week.
"The dollar is on the ropes," he said in a television interview.
"Washington is sound asleep about this dollar and understanding about how the financial system works."
**************************************...
Reply:By electing Ron Paul. We need to change our foreign policy, return to Constitutional government, which means restricting government to only the powers it is authorized in the Constitution.
We need to abolish the Federal Reserve and return to hard money: gold and silver. I know this is a radical concept; Constitutional government. This is how we operated prior to 1913. The U.S. was the showplace of the world. Everyone wanted to come here. Today, our politicians have made us the most hated nation on the face of the Earth. We are identified with such atrocities as Abu Ghraib and Guantanomo. The are building a police state at home "to protect us from terrorism", the terrorism that they have brought to our shores.
Ron Paul stands for Peace, Prosperity and above all, FREEDOM. The other candidates all stand for tyranny, economic ruin and perpetural undeclared wars around the globe.
Ron Paul in 2008.
Reply:Pull out of Iraq.
Reply:It won't happen, but the first thing that needs to go is our current Congress. They all need to be thrown out and replaced with Representatives who understand the direction our country is headed...straight down.
Then, most federal government agencies need to be shuttered and their missions returned to the states, where they belong by law. Taxing and spending then becomes more local and officeholders more accountable and government more fiscally responsible.
*POOF* No more IRS or usurious federal taxation. No more dept of education/labor/HUD/transportation/comme...
Consequently, no more debt or inflation or worry about a balanced budget and no more empire building by our elected Congress, who are getting rich along with their friends and bribers.
Reply:they need to raise taxes and tackle this huge debt that we have (9 trillion dollars!!!) and build our econemy back up. place more taxes on imports so we can have a stronger economy and people will make more money. what is wrong with these politicians?!?
Reply:Shrink government and reduce corporate welfare. The rich on spend 17% of their income whereas the poor and middle class pay 35%. Let the rich shoulder the burden.
Reply:Only thing I chose to add is "The Mother of all Tax Bills" is coming down the pike from the Democrats. Republican's are touting it as a coup already for our side. I think it's the mother of a tax increases... so, from what I read ideas were to levy a higher income tax and raise taxes across the board. The taxing of such luxury items like cigarettes and so on usually take hits.
Personally cut government waste and over spending as in pork barrel fat would make numbers more realistic. That's why I am leaning John McCain. That and his war record that given the turbulence in the Middle East he is the man to resolve the matters with less harm to American's and the world. Thanks.
Reply:first quit printing money. Then cut back. Seems like this admin mirroring Reagan and different scenario. Funny if we drive it way up and then punt, what could they do? We give to everybody and china undercutting our prices by 40%, if they call in chips, bad situation.
How do i recruit 50 financial consultants and start a consulting firm in the credit and debt industry?
I have the technology to support up to 200 consultants and I have 20 years experience in the credit and debt management industry. I also have the number 1 and 2 position on one of the major search engines to help me with the marketing of the start up. This project is in need of help to continue. please reply
How do i recruit 50 financial consultants and start a consulting firm in the credit and debt industry?
tkehoe03@yahoo.com - Let me know what you are thinking.
I have managed banks, sold commercial loans, mortgages, car loans, pretty much every type of loan there is. I know all about the pitfalls of bad credit. Email me and lets see what you have.
Reply:You can start by finding a place to advertise. Not here.
floral
How do i recruit 50 financial consultants and start a consulting firm in the credit and debt industry?
tkehoe03@yahoo.com - Let me know what you are thinking.
I have managed banks, sold commercial loans, mortgages, car loans, pretty much every type of loan there is. I know all about the pitfalls of bad credit. Email me and lets see what you have.
Reply:You can start by finding a place to advertise. Not here.
floral
How Long Would It Take To Pay Off This Debt?
Currently I have a 500, dollar blance on my Cap 1 Card with an apr of 20.55%.
I have a credit limit of $2500, I plan on making on more big purchase, which would be around $150 dollars, It would be a digital camera. Bring my bill to around $700.
What is the best plan to tackle this debt. I want to have it paid off by June 1st. I'm in college and have a work study. And starting in much I plan to put half of my pay check in to paying it off. Is this a Good Idea?
If you Have any advice please let me know.
How Long Would It Take To Pay Off This Debt?
pay off debt as fast as you can with the extra money you save. Dont' let a bunch of extra money sit in savings acconts because the interest on your credit account is much higher than the interest it makes durning savings. Try to pay off about $250/month if possible and you'll be done in about 3 months
Reply:You should always pay off high interest credit cards first. When I say first, I mean-- before saving money, or even establishing an emergency fund. Your emergency fund can be your credit card. Your first priority should be paying off your card. It's not good to carry a balance on credit cards. The best way to use them (to establish good credit), it to use 33% of your credit limit %26amp; pay it off at the end of each month (before you incur interest). I understand that this may not be realistic in this time of your life, but it's good to keep in mind. In a student type situation, with low income, you may have no choice but to use credit. Decide carefully as to what you are spending your money on, becuase if you put your card over the limit it could take years to pay off. Good luck %26amp; be smart!
Reply:Assuming a $700 balance and an interest rate of 20.55% and a minimun payment of 2% or $10, whichever is greater, it will take you until April of 2015 to pay this off unless you pay extra. Even if you made a consistent payment of $14 which should be your payment after you buy the camera...you would still be paying until August of 2013...saving about two years.
To do this by June of this year, you have to go bold! You have to make a steady payment of $148 per month from this month until June.
If you need to find the extra money, try what I do. Join SFI, a network marketing company, for FREE. No cost. One of the products is Website Hosting with a sitebuilder built in so you don't even need to know HTML. I market this to small businesses in the area and make commissions off the monthly hosting. Where I make the most money though is from designing the site. You see, even though it offers sitebuilder software, most businesses don't want the hassle and will pay you to build it for them.
I charge $99 for a 3 page site and $30 for additional pages which is a steal. Last month I made $600 on design fees alone. You could have paid off your current balance of $500 doing what I did last month!
I have a credit limit of $2500, I plan on making on more big purchase, which would be around $150 dollars, It would be a digital camera. Bring my bill to around $700.
What is the best plan to tackle this debt. I want to have it paid off by June 1st. I'm in college and have a work study. And starting in much I plan to put half of my pay check in to paying it off. Is this a Good Idea?
If you Have any advice please let me know.
How Long Would It Take To Pay Off This Debt?
pay off debt as fast as you can with the extra money you save. Dont' let a bunch of extra money sit in savings acconts because the interest on your credit account is much higher than the interest it makes durning savings. Try to pay off about $250/month if possible and you'll be done in about 3 months
Reply:You should always pay off high interest credit cards first. When I say first, I mean-- before saving money, or even establishing an emergency fund. Your emergency fund can be your credit card. Your first priority should be paying off your card. It's not good to carry a balance on credit cards. The best way to use them (to establish good credit), it to use 33% of your credit limit %26amp; pay it off at the end of each month (before you incur interest). I understand that this may not be realistic in this time of your life, but it's good to keep in mind. In a student type situation, with low income, you may have no choice but to use credit. Decide carefully as to what you are spending your money on, becuase if you put your card over the limit it could take years to pay off. Good luck %26amp; be smart!
Reply:Assuming a $700 balance and an interest rate of 20.55% and a minimun payment of 2% or $10, whichever is greater, it will take you until April of 2015 to pay this off unless you pay extra. Even if you made a consistent payment of $14 which should be your payment after you buy the camera...you would still be paying until August of 2013...saving about two years.
To do this by June of this year, you have to go bold! You have to make a steady payment of $148 per month from this month until June.
If you need to find the extra money, try what I do. Join SFI, a network marketing company, for FREE. No cost. One of the products is Website Hosting with a sitebuilder built in so you don't even need to know HTML. I market this to small businesses in the area and make commissions off the monthly hosting. Where I make the most money though is from designing the site. You see, even though it offers sitebuilder software, most businesses don't want the hassle and will pay you to build it for them.
I charge $99 for a 3 page site and $30 for additional pages which is a steal. Last month I made $600 on design fees alone. You could have paid off your current balance of $500 doing what I did last month!
Should I pay off my debt with my investments and retirement funds?
I have $27,000 in various investments ranging from 401K, Common Stocks, and Mutual Funds. I also have $26,000 in credit card debt. Should I liquidate my investments and pay off my credit card debt. What would be better in the long run. Credit card interest spans from 4.99% to 17.99%.
Should I pay off my debt with my investments and retirement funds?
I would probably pay off everything that was over 10%, but you can probably make more than 4.99% so don't get rid of that just pay it off over time.
Reply:The only reason to cash out retirement accounts (IRA, 401K, Roth IRA) is to avoid bankruptcy. I know Suze Orman likes to use the Roth as an emergency fund, but I disagree and think it's a bad idea.
If you have stocks and mutual funds in a regular brokerage account, those should be liquidated to pay off as much of the $26,000 in debts as possible.
Once you're free of the burdens of credit card debt, you'll have plenty of money to invest.
BUT, BEFORE YOU SELL ANY STOCKS TO PAY OFF DEBTS, YOU MUST ELIMINATE DEBT FROM YOUR LIFESTYLE.
Cut up the credit cards, close the accounts, and never open up another credit card account.
If you plan to use credit cards for an emergency, STOP IT.
Keep $1,000 in the bank, before you start paying off the credit cards. Just let it sit there. You'll need a rainy day fund in case the transmission blows up, or the dishwasher breaks.
Reply:Cut up the cards now (if you haven't already) and then close them as you pay them off.
Consider consolidating your loans. With the fed cutting rates, you should be able to find a good loan rate. Pay the same amount or more than you would have had to pay each month if you kept all the cards.
Don't dip into your investments unless you have to.
Good luck!
Reply:Hell no.
Liquidating a 401k fund is an immediate 10% penalty and often a 20% penalty. Plus you are not gaining on the investment. So you take a double whammy.
Make minimum payments on the lowest fee cards and pay the most on the high rate cards. Close cards as they are paid off. Stop charging anything you cannot afford to pay for NOW.
Reply:You'll probably have penalties for cashing out and tax implications.
Stop using the credit cards, and pay as much as possible towards the high interest cards first, with just minimum payments on the lower interest cards.
Reply:Check out Dave Ramsey's Total Money Makeover, he helped us get out of debt.
Cashing in your investments isn't usually a good idea, especially if you'd be liquidating your 401k, that's a HORRIBLE idea. Not only will you have insane penalties, you will not have any retirement savings. Dave Ramsey's debt snowball definitely works, but you may not appreciate some of his methods. Check it out, it's helped millions of people.
Reply:If you have any room on the card with the lowest interest rate move the money from the highest to lowest, then close the card with the highest rate and cut the card up.
Pay as much as you can on the lowest rate until you paid it off.
Then move to next lowest.
If you are getting a tax refund use that also to reduce your credit card debt.
Reply:Don't use your investments. You will never get them back. The cash will be gone, and you might just start over charging things up on your cards. Quit using the cards, pay off that debt and add to your 401. Easier said than done, but worth the effort.
Reply:Don't get rid of your retirement funds and 401k, just continue to make your payments so you don't ruin your credit and your retirement at the same time
Should I pay off my debt with my investments and retirement funds?
I would probably pay off everything that was over 10%, but you can probably make more than 4.99% so don't get rid of that just pay it off over time.
Reply:The only reason to cash out retirement accounts (IRA, 401K, Roth IRA) is to avoid bankruptcy. I know Suze Orman likes to use the Roth as an emergency fund, but I disagree and think it's a bad idea.
If you have stocks and mutual funds in a regular brokerage account, those should be liquidated to pay off as much of the $26,000 in debts as possible.
Once you're free of the burdens of credit card debt, you'll have plenty of money to invest.
BUT, BEFORE YOU SELL ANY STOCKS TO PAY OFF DEBTS, YOU MUST ELIMINATE DEBT FROM YOUR LIFESTYLE.
Cut up the credit cards, close the accounts, and never open up another credit card account.
If you plan to use credit cards for an emergency, STOP IT.
Keep $1,000 in the bank, before you start paying off the credit cards. Just let it sit there. You'll need a rainy day fund in case the transmission blows up, or the dishwasher breaks.
Reply:Cut up the cards now (if you haven't already) and then close them as you pay them off.
Consider consolidating your loans. With the fed cutting rates, you should be able to find a good loan rate. Pay the same amount or more than you would have had to pay each month if you kept all the cards.
Don't dip into your investments unless you have to.
Good luck!
Reply:Hell no.
Liquidating a 401k fund is an immediate 10% penalty and often a 20% penalty. Plus you are not gaining on the investment. So you take a double whammy.
Make minimum payments on the lowest fee cards and pay the most on the high rate cards. Close cards as they are paid off. Stop charging anything you cannot afford to pay for NOW.
Reply:You'll probably have penalties for cashing out and tax implications.
Stop using the credit cards, and pay as much as possible towards the high interest cards first, with just minimum payments on the lower interest cards.
Reply:Check out Dave Ramsey's Total Money Makeover, he helped us get out of debt.
Cashing in your investments isn't usually a good idea, especially if you'd be liquidating your 401k, that's a HORRIBLE idea. Not only will you have insane penalties, you will not have any retirement savings. Dave Ramsey's debt snowball definitely works, but you may not appreciate some of his methods. Check it out, it's helped millions of people.
Reply:If you have any room on the card with the lowest interest rate move the money from the highest to lowest, then close the card with the highest rate and cut the card up.
Pay as much as you can on the lowest rate until you paid it off.
Then move to next lowest.
If you are getting a tax refund use that also to reduce your credit card debt.
Reply:Don't use your investments. You will never get them back. The cash will be gone, and you might just start over charging things up on your cards. Quit using the cards, pay off that debt and add to your 401. Easier said than done, but worth the effort.
Reply:Don't get rid of your retirement funds and 401k, just continue to make your payments so you don't ruin your credit and your retirement at the same time
Should I file for bankruptcy or work with a debt management agency?
My husband was out of work for almost a year and I lost my job. We have almost 30k in debt on credit cards. We have never been late with payments but it is starting to get tight. Should we file bankruptcy or contact a debit management agency?
Should I file for bankruptcy or work with a debt management agency?
The ability to file bankruptcy is not determined by your debt, but by your ability to repay your debt. Since you say you have enough to make your current payments, you may not even qualify for a Chapter 7(liquidation) bankruptcy.
To determine if you qualify there are two means tests you must pass first. The first is if you earn more than the average for your state, the second is if you have at least $100 a month of disposable income. If you fail either of these you may be forced into a Chapter 13, which is basically a repayment plan. If you do happen to qualify for a Chapter 7 bankruptcy this remains on your credit for 10 years.
Now, if you get on a debt management program they may be able to get you on a budget and work with your creditors. If this is the case you can probably be debt free in about 3-5 years. After that you are debt free and have no lasting marks. If you go this route be sure to go with a reputable organization. You can check out http://www.nfcc.org for a list of organizations that can help
Reply:You need debt relief and not management. If you are in such tight straits, I would suggest bk. Get a good attorney. All the debt management companies will do is make sure that you are still in debt, but not as much. And it will still be tight.
Reply:Bankruptcy can be the best way to get debt relief, but debt management is a good way to keep your things, and they will knock your bill way down, although it may not be enough if you are in bad shape financially. Bankruptcy can cost around $2000.00 through a lawyer, but if you decide bankruptcy is the way you need to go, you should check into "WE THE PEOPLE" it is the way I went because I did bankruptcy last year, I was in a similiar situation with about $50,000.00 in debt. It still cost $ 500.00 dollars throught "We THE PEOPLE", but it did work out well for me.
Reply:Is your husband back to work, or plans to be back to work shortly? That will be the main question to consider.
If your finances are not going to improve soon, then you are going to be living from month to month hoping that no disaster happens that will destroy your budget. You are in a race to get more income before that happens. In this economy that's going to be a major battle.
What is it you are looking for in debt management? If you are looking for someone to lower your debt (debt settlement) that will hurt your credit score.
If you are looking for a way to consolidate your debts, that may help your current situation, but you are still going to be in a tight budget until you can find more income. All you are doing is buying time.
So lets look at TODAY. If you were to be placed on a DRASTIC budget, where you cut out all dining out, entertainment, no more cell phone or cable TV...how much money will you be have to pay down your debt?
It will take you over $700 to get out of debt within 5 years. Can you find that much money?
If not, it's my opinion you consider filing BK. If you do not have a reasonable expectation of finding more income soon, you really don't have any other choice. You can file BK and be out of debt and good credit within 4-5 years....or you can stay on the current road and battle for the next several years, and you may end up filing BK anyway.
Look around for a good non-profit credit counselor and discuss your options.
Reply:Filing bankruptcy will ruin your credit for 7-10 years. I would not file bankruptcy. Call the credit card company and see if you can make smaller payments. I don’t know anything about debt management companies except some are rip offs, so shop around. Good Luck
Reply:www.creditinfocenter.com
Reply:Contact a debt management agency. Stop using the credit cards. Credit card debit is the WORST debit you can have. Next time you purchase an item ask yourself 3 questions:
Is it true? (am i paying with real money)
Is it a necessary?
Is it worth paying for now?
If you answer no to any of these questions than dont pay for it. Also, seeing a debt management agency may end up costing you more money. Try solving your problems on your own by using a free service, such as Oprah.com or buying a book to help you manage.
Some tips:
1. Always save at least 6% of your income in a untouchable account.
2. Consolidate your debt thus reducing your interest and having 1 low monthly payment.
3. Pay at least $10-50 more than the required payment each month.
4. Stop spending money on things you "want."
5. Everything you have now, is all you need.
6. Cut up your credit cards. They are not money. They are borrowed money. Everytime you purchase a product, you actually end up paying 13-40% more. So add that on to the price tag and I guarantee you that wont want it.
Reply:I think you would be good candidates for a bankruptcy because of your job situations. Bankruptcy is not the end of the world and you can recover and rebuild your credit faster than you think!
After ID theft and bankruptcy myself, I still got my score up from 486 to 730 in a little over a year, so I know about this subject. You have the right to contest negative items in your credit report and after bankruptcy you report is going to be full of errors, trust me!
Getting credit after bankruptcy is not as hard as you think because creditors know you cannot file again for 7 years!
Go to my website and read it all because a lot of what I could tell you will be there and I know it will answer a lot of your questions! including bankruptcy!
Reply:I hate to give advice on such a serious decision, so I hope you'll take my answer and anyone else's answer with an appropriate amount of skepticism.
In the case of bankruptcy it will be something that will follow you for a long time, however - it is something that you can recover from although it will take a number of years. It is to be avoided if at all possible, but sometimes you find yourself in a financial position that cannot be maintained or improved. If you go bankrupt, and you hope to get a mortgage on a home in the future, you'll find that www.myfico.com forums are a very good resource for credit repair.
However - you should consider all your options. You have never been late with payments - this is good, very good. Credit card companies will be more willing to work with you to renegotiate the terms, possibly lowering the apr and paying more of the balance off. I hope that your current debt is at a reasonable interest rate already? If not, if you stay out of bankruptcy it is very important to move this debt into low interest forms of credit. Do you have a home already with equity you could leverage against the debt?
You should check your credit score, it will give you an idea of how much leverage you have. Further - a company may be more receptive to compromises if the choice is between getting less than expected, or getting back almost nothing.
Should I file for bankruptcy or work with a debt management agency?
The ability to file bankruptcy is not determined by your debt, but by your ability to repay your debt. Since you say you have enough to make your current payments, you may not even qualify for a Chapter 7(liquidation) bankruptcy.
To determine if you qualify there are two means tests you must pass first. The first is if you earn more than the average for your state, the second is if you have at least $100 a month of disposable income. If you fail either of these you may be forced into a Chapter 13, which is basically a repayment plan. If you do happen to qualify for a Chapter 7 bankruptcy this remains on your credit for 10 years.
Now, if you get on a debt management program they may be able to get you on a budget and work with your creditors. If this is the case you can probably be debt free in about 3-5 years. After that you are debt free and have no lasting marks. If you go this route be sure to go with a reputable organization. You can check out http://www.nfcc.org for a list of organizations that can help
Reply:You need debt relief and not management. If you are in such tight straits, I would suggest bk. Get a good attorney. All the debt management companies will do is make sure that you are still in debt, but not as much. And it will still be tight.
Reply:Bankruptcy can be the best way to get debt relief, but debt management is a good way to keep your things, and they will knock your bill way down, although it may not be enough if you are in bad shape financially. Bankruptcy can cost around $2000.00 through a lawyer, but if you decide bankruptcy is the way you need to go, you should check into "WE THE PEOPLE" it is the way I went because I did bankruptcy last year, I was in a similiar situation with about $50,000.00 in debt. It still cost $ 500.00 dollars throught "We THE PEOPLE", but it did work out well for me.
Reply:Is your husband back to work, or plans to be back to work shortly? That will be the main question to consider.
If your finances are not going to improve soon, then you are going to be living from month to month hoping that no disaster happens that will destroy your budget. You are in a race to get more income before that happens. In this economy that's going to be a major battle.
What is it you are looking for in debt management? If you are looking for someone to lower your debt (debt settlement) that will hurt your credit score.
If you are looking for a way to consolidate your debts, that may help your current situation, but you are still going to be in a tight budget until you can find more income. All you are doing is buying time.
So lets look at TODAY. If you were to be placed on a DRASTIC budget, where you cut out all dining out, entertainment, no more cell phone or cable TV...how much money will you be have to pay down your debt?
It will take you over $700 to get out of debt within 5 years. Can you find that much money?
If not, it's my opinion you consider filing BK. If you do not have a reasonable expectation of finding more income soon, you really don't have any other choice. You can file BK and be out of debt and good credit within 4-5 years....or you can stay on the current road and battle for the next several years, and you may end up filing BK anyway.
Look around for a good non-profit credit counselor and discuss your options.
Reply:Filing bankruptcy will ruin your credit for 7-10 years. I would not file bankruptcy. Call the credit card company and see if you can make smaller payments. I don’t know anything about debt management companies except some are rip offs, so shop around. Good Luck
Reply:www.creditinfocenter.com
Reply:Contact a debt management agency. Stop using the credit cards. Credit card debit is the WORST debit you can have. Next time you purchase an item ask yourself 3 questions:
Is it true? (am i paying with real money)
Is it a necessary?
Is it worth paying for now?
If you answer no to any of these questions than dont pay for it. Also, seeing a debt management agency may end up costing you more money. Try solving your problems on your own by using a free service, such as Oprah.com or buying a book to help you manage.
Some tips:
1. Always save at least 6% of your income in a untouchable account.
2. Consolidate your debt thus reducing your interest and having 1 low monthly payment.
3. Pay at least $10-50 more than the required payment each month.
4. Stop spending money on things you "want."
5. Everything you have now, is all you need.
6. Cut up your credit cards. They are not money. They are borrowed money. Everytime you purchase a product, you actually end up paying 13-40% more. So add that on to the price tag and I guarantee you that wont want it.
Reply:I think you would be good candidates for a bankruptcy because of your job situations. Bankruptcy is not the end of the world and you can recover and rebuild your credit faster than you think!
After ID theft and bankruptcy myself, I still got my score up from 486 to 730 in a little over a year, so I know about this subject. You have the right to contest negative items in your credit report and after bankruptcy you report is going to be full of errors, trust me!
Getting credit after bankruptcy is not as hard as you think because creditors know you cannot file again for 7 years!
Go to my website and read it all because a lot of what I could tell you will be there and I know it will answer a lot of your questions! including bankruptcy!
Reply:I hate to give advice on such a serious decision, so I hope you'll take my answer and anyone else's answer with an appropriate amount of skepticism.
In the case of bankruptcy it will be something that will follow you for a long time, however - it is something that you can recover from although it will take a number of years. It is to be avoided if at all possible, but sometimes you find yourself in a financial position that cannot be maintained or improved. If you go bankrupt, and you hope to get a mortgage on a home in the future, you'll find that www.myfico.com forums are a very good resource for credit repair.
However - you should consider all your options. You have never been late with payments - this is good, very good. Credit card companies will be more willing to work with you to renegotiate the terms, possibly lowering the apr and paying more of the balance off. I hope that your current debt is at a reasonable interest rate already? If not, if you stay out of bankruptcy it is very important to move this debt into low interest forms of credit. Do you have a home already with equity you could leverage against the debt?
You should check your credit score, it will give you an idea of how much leverage you have. Further - a company may be more receptive to compromises if the choice is between getting less than expected, or getting back almost nothing.
How can a person who has bad credit take out a personal loan to help consolidate debt?
Is there any way to take out a personal loan to help consolidate debt when a person has a bad credit score?
How can a person who has bad credit take out a personal loan to help consolidate debt?
See a Credit Counselor who will show you the way to be debt-free
Reply:Good luck with that. I was trying to do the same, before I went completely broke and nobody would help me, eventually after my credit cards went extremely delinquent most of them took 60-70% payoffs and then I just rebuilt my credit.
Reply:I saw your Question requiring a loan.
Why don"t you approach a private lender?I got my loan from a certain agency.Their interest rate of 0.2% is simply great..Why don"t you try there?You can contact them with their email,financier@mail.org,richards_loan_a...
purchase flowers
How can a person who has bad credit take out a personal loan to help consolidate debt?
See a Credit Counselor who will show you the way to be debt-free
Reply:Good luck with that. I was trying to do the same, before I went completely broke and nobody would help me, eventually after my credit cards went extremely delinquent most of them took 60-70% payoffs and then I just rebuilt my credit.
Reply:I saw your Question requiring a loan.
Why don"t you approach a private lender?I got my loan from a certain agency.Their interest rate of 0.2% is simply great..Why don"t you try there?You can contact them with their email,financier@mail.org,richards_loan_a...
purchase flowers
How long can you be chased for a debt?
In 1994 we purchased a computer,it was on hire purchase, needless to say I lost my job and the debt was passed onto a collecting agency. We offered them a certain amount which was refused by them, so I told them where to go. Just today we received a letter from an agency saying they had purchased this debt and were now looking for payment.I though after 6 years the debt was dead, could someone please advise.
How long can you be chased for a debt?
Assuming you're in the UK, the Limitations Act 1980 gives creditors a maximum amount of time to start legal proceedings after the last payment or written contact from the debtor. For most debts, this is six years, or 12 years for mortgages. If you have not paid anything towards a debt or 'acknowledged the debt' in writing (for example, by writing to the creditor about the debt) for more than six years, you should get specialist advice before you speak to the creditor about an arrangement to pay what you owe.
DON'T REPLY TO THEM UNTIL YOU'VE SPOKEN TO A SOLICITOR.
Check whether the debt has been entered as a charge against your property (Land Registry should be able to help). If so, the twelve year rule may apply and you would still be liable for payment.
Reply:You better pay it. Debts don't just disappear if you don't pay them.
Reply:In the US it debts stay on your credit report for seven years. You would need to check with your state to see what the statute of limitations are on debt collection. Most states go by the seven year rule and if they recieved a judgment against you (filed with the court) it would extend to about ten years (depending on your state). All states have different laws, but most are very similar try find-law.com and you can check your credit report at myfico.com. If you make arangments with a collector it will start another seven years (or whatever your state's limitations are), so don't talk with them about the debt. However, if you are looking for better credit to purchase a home, ect. you may want to pay off your debt.
Reply:Your debt will not be wiped out unless you are told so.
It is very common for debts to be sold on then the expenses and interest go onto the debt so you could find you owe a lot more than you borrowed in the first place.
If you ever want to get credit or a mortgage you will be refused as you are put on a debtors list unless you go bankrupt but it is not always worth it for small amounts. Best to offer payments to clear the debt
Reply:Until you pay.
Reply:The debt doesn't go away. Generally after six years they really stop trying. It will stay on your credit report. The only way you can stop being chased for a debt is after you either pay it or file bankruptcy on it.
Reply:no, it doesn't expire. Debt on unsolicited goods expires after 6 months, other than that you're stuck with it.
Becuase it was a debt you were initally notified about, ( which you inadvertently acknowledged by offering them a payment ) you will also be liable for interest. If they are not asking for that, i'd pay up quick as you are getting away lightly.
So, you owe on a computer that is 12 years old, how rubbish does that feel.
Personally, i'd have paid up, there is no stopping debt collection agencies.
You "offered them a certain amount which was refused"...what makes you think the debt is up for negotiation. can I just write to my mortgage people and offer them an amount ? I don't think so.
Reply:I know it's not the 7 years everyone in the United States says it is. They can try to collect long after that. Moreover there is a service charge for all the time and trouble the collection agency has spent on you. Plus there profit.
Collection agencies check obituaries, and if dead collect from a persons estate.
Reply:DEPTS??? they dont die,they grow,and they grow fast the bastards.
Reply:You could be chased for a lifetime I guess! I don't know how much you owe them,but....wouldn't it just be easier if you'd finally find some way to pay your debts? You can run but you cannot hide from responsibilities
Reply:A debt remains active until the party being chased declares bankruptcy, or pays the debt+any due interest or the party pass away.
If you had signed Bills of Exchange these may become invalid through court ruling. The only way how the agency can take money from you is through court, and if you are declared bankrupt then that would be the end of the story...hopefully....
Reply:purchased debts are unenforcable in Scotland ,in england five years tell em to f--k off or you will do em for harrassment.
Reply:A debt will follow you, haunt you, and torment you until either you die or it is paid. If you want to contend the debt, try civil court.
How long can you be chased for a debt?
Assuming you're in the UK, the Limitations Act 1980 gives creditors a maximum amount of time to start legal proceedings after the last payment or written contact from the debtor. For most debts, this is six years, or 12 years for mortgages. If you have not paid anything towards a debt or 'acknowledged the debt' in writing (for example, by writing to the creditor about the debt) for more than six years, you should get specialist advice before you speak to the creditor about an arrangement to pay what you owe.
DON'T REPLY TO THEM UNTIL YOU'VE SPOKEN TO A SOLICITOR.
Check whether the debt has been entered as a charge against your property (Land Registry should be able to help). If so, the twelve year rule may apply and you would still be liable for payment.
Reply:You better pay it. Debts don't just disappear if you don't pay them.
Reply:In the US it debts stay on your credit report for seven years. You would need to check with your state to see what the statute of limitations are on debt collection. Most states go by the seven year rule and if they recieved a judgment against you (filed with the court) it would extend to about ten years (depending on your state). All states have different laws, but most are very similar try find-law.com and you can check your credit report at myfico.com. If you make arangments with a collector it will start another seven years (or whatever your state's limitations are), so don't talk with them about the debt. However, if you are looking for better credit to purchase a home, ect. you may want to pay off your debt.
Reply:Your debt will not be wiped out unless you are told so.
It is very common for debts to be sold on then the expenses and interest go onto the debt so you could find you owe a lot more than you borrowed in the first place.
If you ever want to get credit or a mortgage you will be refused as you are put on a debtors list unless you go bankrupt but it is not always worth it for small amounts. Best to offer payments to clear the debt
Reply:Until you pay.
Reply:The debt doesn't go away. Generally after six years they really stop trying. It will stay on your credit report. The only way you can stop being chased for a debt is after you either pay it or file bankruptcy on it.
Reply:no, it doesn't expire. Debt on unsolicited goods expires after 6 months, other than that you're stuck with it.
Becuase it was a debt you were initally notified about, ( which you inadvertently acknowledged by offering them a payment ) you will also be liable for interest. If they are not asking for that, i'd pay up quick as you are getting away lightly.
So, you owe on a computer that is 12 years old, how rubbish does that feel.
Personally, i'd have paid up, there is no stopping debt collection agencies.
You "offered them a certain amount which was refused"...what makes you think the debt is up for negotiation. can I just write to my mortgage people and offer them an amount ? I don't think so.
Reply:I know it's not the 7 years everyone in the United States says it is. They can try to collect long after that. Moreover there is a service charge for all the time and trouble the collection agency has spent on you. Plus there profit.
Collection agencies check obituaries, and if dead collect from a persons estate.
Reply:DEPTS??? they dont die,they grow,and they grow fast the bastards.
Reply:You could be chased for a lifetime I guess! I don't know how much you owe them,but....wouldn't it just be easier if you'd finally find some way to pay your debts? You can run but you cannot hide from responsibilities
Reply:A debt remains active until the party being chased declares bankruptcy, or pays the debt+any due interest or the party pass away.
If you had signed Bills of Exchange these may become invalid through court ruling. The only way how the agency can take money from you is through court, and if you are declared bankrupt then that would be the end of the story...hopefully....
Reply:purchased debts are unenforcable in Scotland ,in england five years tell em to f--k off or you will do em for harrassment.
Reply:A debt will follow you, haunt you, and torment you until either you die or it is paid. If you want to contend the debt, try civil court.
Interested in debt consolidation but dont know where to start?
i am interested in having my monthly credit card payments put into one payment per month. i was very close to trying this but backed out at the last minute out of fear of being screwed over by a debt consolidation company. can someone explain how these companies work? has anyone ever used one? is it helpful?
Interested in debt consolidation but dont know where to start?
My husband and I are having money issues and are in way over our head in cc bills thanks to a wedding and buying a house.. We looked into debt consolidation but found out that you have to pay them a lot of money to consolidate your debt, and its worse on your credit than filing bankruptcy. Besides it always on your record where if you file Bankrupt you only have to have it on your credit for 7 years.. My SIL filed bankruptcy about 4 years ago and bought a house last year and has no problems getting loans because she found simple ways to get her credit back up after filing bankruptcy.. Not rooting for bankruptcy here but don't be fooled by the way it sounds.. Debt consolidation companies literally screw you financially (which is why you are there in the first place so it doesn't help but only make things worse) and its worse on your overall credit. best of luck!
Reply:Debt consolidation is the bad things. It will be hard for you to get check again. Call the credit companies, this is the best time because they wanted what they can get. look on line for example of debt settlement letters. Next get the balance on the accounts and make a offer to them and set up the settlement payment. that looks better. Start with one card at a time.
Reply:Make sure you know what program you are getting into, debt consolidation comes in many forms and most of the time, folks get it confused with being just a loan. There are a variety of forms of debt consolidation, so you can certainly find an option that will work for you.
Since debt consolidation services come in many forms, it is important that each consumer reflects on what their needs and concerns and financial situation is before signing up for a debt consolidation service program. The four primary concerns for most consumers are: i) monthly payment, ii) time to debt freedom, iii) total cost, and iv) the credit rating impact of the consolidation program. Be sure to evaluate each program, relative to your prioritization of these factors.
It is important to fully understand each option and then pick the solution that is right for you.
Credit Counseling
Credit counseling, or signing up for a debt management plan, is a very common form of online debt consolidation. There are many companies offering online credit counseling, which is essentially a way to make one payment directly to the credit counseling agency, which then distributes that payment to your creditors. Most times, a credit counseling agency will be able to lower your monthly payments by getting interest rate concessions from your lenders or creditors. It is important to understand that in a credit counseling program, you are still repaying 100% of your debts – but with lower monthly payments. On average, most online credit counseling programs take around five years. While most credit counseling programs do not impact your FICO score, being enrolled in a credit counseling debt management plan DOES show up on your credit report… and, unfortunately, many lenders look at enrollment in credit counseling akin to filing for Chapter 13 Bankruptcy – or using a third party to re-organize your debts.
Debt Settlement
Debt settlement, also called debt negotiation, is a form of online debt consolidation that cuts your total debt, sometimes over 50%, with lower monthly payments. Debt settlement programs typically run around three years. It is important to keep in mind, however, that during the life of your debt settlement program, you are NOT paying your creditors. This means that a debt settlement solution of online debt consolidation will negatively impact your credit rating. Your credit rating will not be good, at a minimum, for the term of your debt settlement program. However, debt settlement is usually the fastest and cheapest way to debt freedom, with a low monthly payment, while avoiding Chapter 7 Bankruptcy. The trade-off here is a negative credit rating versus saving money.
Net-net: while there are many forms of debt consolidation services, many people with good to perfect credit who own homes should look into debt consolidation loans, while consumers with high credit card debt and poor credit may want to explore debt settlement or debt negotiation. However, each consumer is different, so find the online debt consolidation option that fits for you.
Interested in debt consolidation but dont know where to start?
My husband and I are having money issues and are in way over our head in cc bills thanks to a wedding and buying a house.. We looked into debt consolidation but found out that you have to pay them a lot of money to consolidate your debt, and its worse on your credit than filing bankruptcy. Besides it always on your record where if you file Bankrupt you only have to have it on your credit for 7 years.. My SIL filed bankruptcy about 4 years ago and bought a house last year and has no problems getting loans because she found simple ways to get her credit back up after filing bankruptcy.. Not rooting for bankruptcy here but don't be fooled by the way it sounds.. Debt consolidation companies literally screw you financially (which is why you are there in the first place so it doesn't help but only make things worse) and its worse on your overall credit. best of luck!
Reply:Debt consolidation is the bad things. It will be hard for you to get check again. Call the credit companies, this is the best time because they wanted what they can get. look on line for example of debt settlement letters. Next get the balance on the accounts and make a offer to them and set up the settlement payment. that looks better. Start with one card at a time.
Reply:Make sure you know what program you are getting into, debt consolidation comes in many forms and most of the time, folks get it confused with being just a loan. There are a variety of forms of debt consolidation, so you can certainly find an option that will work for you.
Since debt consolidation services come in many forms, it is important that each consumer reflects on what their needs and concerns and financial situation is before signing up for a debt consolidation service program. The four primary concerns for most consumers are: i) monthly payment, ii) time to debt freedom, iii) total cost, and iv) the credit rating impact of the consolidation program. Be sure to evaluate each program, relative to your prioritization of these factors.
It is important to fully understand each option and then pick the solution that is right for you.
Credit Counseling
Credit counseling, or signing up for a debt management plan, is a very common form of online debt consolidation. There are many companies offering online credit counseling, which is essentially a way to make one payment directly to the credit counseling agency, which then distributes that payment to your creditors. Most times, a credit counseling agency will be able to lower your monthly payments by getting interest rate concessions from your lenders or creditors. It is important to understand that in a credit counseling program, you are still repaying 100% of your debts – but with lower monthly payments. On average, most online credit counseling programs take around five years. While most credit counseling programs do not impact your FICO score, being enrolled in a credit counseling debt management plan DOES show up on your credit report… and, unfortunately, many lenders look at enrollment in credit counseling akin to filing for Chapter 13 Bankruptcy – or using a third party to re-organize your debts.
Debt Settlement
Debt settlement, also called debt negotiation, is a form of online debt consolidation that cuts your total debt, sometimes over 50%, with lower monthly payments. Debt settlement programs typically run around three years. It is important to keep in mind, however, that during the life of your debt settlement program, you are NOT paying your creditors. This means that a debt settlement solution of online debt consolidation will negatively impact your credit rating. Your credit rating will not be good, at a minimum, for the term of your debt settlement program. However, debt settlement is usually the fastest and cheapest way to debt freedom, with a low monthly payment, while avoiding Chapter 7 Bankruptcy. The trade-off here is a negative credit rating versus saving money.
Net-net: while there are many forms of debt consolidation services, many people with good to perfect credit who own homes should look into debt consolidation loans, while consumers with high credit card debt and poor credit may want to explore debt settlement or debt negotiation. However, each consumer is different, so find the online debt consolidation option that fits for you.
Am I better off paying down my credit card debt or using that money as a down payment for a home?
I'm wondering if paying down my credit card debt will allow me to get a better credit rating and better mortgage rate. Or, am I better off saving that money and using it as a down payment on a new home purchase.
Am I better off paying down my credit card debt or using that money as a down payment for a home?
the answer to that depends on your current credit score and the factors affecting it.
you need to meet with a reputable mortgage loan officer, have your credit run and go over your finances (income and assets) with them. if, with the scores the way they are, you qualify for a new mortgage while carrying the debt then the choice is yours.
if not, the loan officer should run a program called a "credit analyzer" which will tell you what debt to pay down and how much to pay and approximately what difference you can expect in you credit score.
the goal of raising your score is to have you qualify for ALL future credit (your new mortgage, future credit cards, car loans and leases etc) at the lowest rate possible.
keep in mind, many lenders are now eliminating no down payment and small down payment programs and many of the ones that are left require higher credit scores so the meeting with the loan officer and determining how best to use your money is a must. sometimes even a slightly larger down payment can make a big different in your rate / payment.
Reply:Having been in your situation before I would most definitely pay down my credit cards before buying a home. In fact I would pay off the credit cards and not have any debt. Learn to use credit cards in true emergency situations only and you will have a better life, I guarantee it. Good Luck!
Reply:You will have finished paying for the house if you continue paying a minimum payment on a credit card. Credit cards have MUCH HIGHER interest rates than a house ever will. pay off the cc first!!!!
Reply:U don't want to buy a home and have debt so pay your bills off, then buy your dream home
Reply:You are better off paying of your credit card debt first.
Credit Card companies charge compound interest. This means that the 18% APR rate compounds upon itself, thus, each month you are paying interest on the interest. This makes paying off the principal that much harder and more expensive. Purchasing a home will incur many unexpected expenses, so it is highly advantageous for you to put yourself in the best financial position possible before purchasing a home.
The interest rate you receive depends not just on your credit score but also on what type of loan you get, the size of your down payment, and the creditor's lending standards.
Reply:pay back what you have borrowed before you borrow more.
Reply:You can do half and half... it doesn't have to be either or. I think the most logical thing is to get rid of the debt you have which will automatically free up more cash to sock away for your down payment. You're still going to have a mortgage AND your credit card payments if you only use the available money for a down payment so what's the point. The mortgage rate of interest is gonna be ALOT less than the credit card interest. Your credit rating won't automatically jump but you'll have a better debt to income ratio by paying the cards off so that's the direction that I would suggest. Your home purchase will alot more than just a mortgage... taxes, insurance, maintenace, PMI, etc. so make sure you have all that covered. The best way to insure it is to get rid of the other payments you have now and then concentrate on making payments on the home and doubling up when you can.
Am I better off paying down my credit card debt or using that money as a down payment for a home?
the answer to that depends on your current credit score and the factors affecting it.
you need to meet with a reputable mortgage loan officer, have your credit run and go over your finances (income and assets) with them. if, with the scores the way they are, you qualify for a new mortgage while carrying the debt then the choice is yours.
if not, the loan officer should run a program called a "credit analyzer" which will tell you what debt to pay down and how much to pay and approximately what difference you can expect in you credit score.
the goal of raising your score is to have you qualify for ALL future credit (your new mortgage, future credit cards, car loans and leases etc) at the lowest rate possible.
keep in mind, many lenders are now eliminating no down payment and small down payment programs and many of the ones that are left require higher credit scores so the meeting with the loan officer and determining how best to use your money is a must. sometimes even a slightly larger down payment can make a big different in your rate / payment.
Reply:Having been in your situation before I would most definitely pay down my credit cards before buying a home. In fact I would pay off the credit cards and not have any debt. Learn to use credit cards in true emergency situations only and you will have a better life, I guarantee it. Good Luck!
Reply:You will have finished paying for the house if you continue paying a minimum payment on a credit card. Credit cards have MUCH HIGHER interest rates than a house ever will. pay off the cc first!!!!
Reply:U don't want to buy a home and have debt so pay your bills off, then buy your dream home
Reply:You are better off paying of your credit card debt first.
Credit Card companies charge compound interest. This means that the 18% APR rate compounds upon itself, thus, each month you are paying interest on the interest. This makes paying off the principal that much harder and more expensive. Purchasing a home will incur many unexpected expenses, so it is highly advantageous for you to put yourself in the best financial position possible before purchasing a home.
The interest rate you receive depends not just on your credit score but also on what type of loan you get, the size of your down payment, and the creditor's lending standards.
Reply:pay back what you have borrowed before you borrow more.
Reply:You can do half and half... it doesn't have to be either or. I think the most logical thing is to get rid of the debt you have which will automatically free up more cash to sock away for your down payment. You're still going to have a mortgage AND your credit card payments if you only use the available money for a down payment so what's the point. The mortgage rate of interest is gonna be ALOT less than the credit card interest. Your credit rating won't automatically jump but you'll have a better debt to income ratio by paying the cards off so that's the direction that I would suggest. Your home purchase will alot more than just a mortgage... taxes, insurance, maintenace, PMI, etc. so make sure you have all that covered. The best way to insure it is to get rid of the other payments you have now and then concentrate on making payments on the home and doubling up when you can.
What happens when I do not respond to a credit card judgment debt?
Here’s my situation. I owe about $60,000 in unsecured credit card debt. I’m from New York. The last payments I made were in 2002. I was under the impression that after 7 years of your last payment, they will not be able to collect anymore. I am currently unemployed and have no real assets besides a car under my name. The first couple of years, collection agencies were calling all times of the day. Now there is just two that are calling, I owe one of them $30,000. This collection agency bought the debt off the original creditor. They recently won a judgment against me and has since frozen my bank account. I would like to know if it is legal for them to call my neighbors. They even sent an Information Subpoena to my landlord requesting him to fill in information about where I live, last verified employment, etc.
What happens when I do not respond to a credit card judgment debt?
If they currently have a judgment, it won't end soon - sorry
From your comment, I don't know if you still live in New York or in another state, but in New York judgments last 20 years (with a 10 year renewable lien) Which means they can wait a very long time for you to get a job or to purchase something that is allowable to place a lien on.
If you live in another state and the bank account is in that state, they would probably have to domesticate the judgment to that state before they can freeze the bank account. If they didn't, they may be held accountable for that action.
If you defaulted in 2002, you would have still been within the legal collecting SOL on the amount they sued for. The collecting SOL in NY is 6 years.
As far as speaking with your neighbors, that would depend on the extent of the conversation. They can ask the neighbors if they know you, if they know your phone number, etc. They can't say why.
As for the landlord, like the previous poster said, you would have to check the statutes on it. I'm just guessing, but if it's for the judgment, they may be able to.
If it's for an account that a suit "was not" filed on, then no - they can't.
It's possible that you could petition the court to waive the bank account freezing under hardship. But, time is limited so act fast.
You might call Legal Aid and see if they will help you in writing up the hardship petition, etc.
If they have set up an asset hearing, you have to go. Not going would be considered contempt of court.
I am not a big bankruptcy fan and rarely bring it up, but in some cases I do support it. It might be an option that you may want to think about.
Reply:if they already have a judgement against you bankruptcy is not going to do you any good. you do not have a job so there are no wages they can garnish right now until you get a job. They are calling your neighbors because they are trying to find you, I don't think it is illegal to do that. You do not have to hide from them because right now there is nothing they can do to you.
Reply:judgment? did you go to court? if you have a judgment against you and you don't comply you can be arrested. also, the 7 year thing applies until the re issue a lost debt with you then its 7 years again......trust me it once happened to me
Reply:judgements last much longe than 7 years. they are on your credit report till payed , you file a chapter 11,or you are deceased. As for getting your information from your landlord, as long as they are only inquring about information that you have supplied him there is no legal issue. you cannot hold liable any person who gives information about you to a third party in commision of collecting a debt. Actually you can't sue anyone for giving non-personal information about you to a third party period. this includes but is not limited to address, listed phone numbers, next of kin, age and or date of birth, physical appearence, and mode of transportation. this is all a matter of public record and can be looked up in the state that you live in if a person knows that you are there. basically the only think that people can not divulge is you social security number, private phone number, and any tax information about you. there isn't a whole heck of a lot that they can't ask third parties. as for freezing your account. that is the order of the court that did that, it would be to freeze all bank assets to begin repayment of a debt. I see it all the time since I work for a bank.
Reply:you should have been serviced papers for the judgment. Normally if you go to court you can always work out a payment plan or if you are not working and have hardly any assets they would say that you don't have the means to pay it back. also that judgment will stay on there for 10 years until paid if you do not pay its 20 year. Once you start working they will start garnishing your wages some states up to 15%. You should consider bankruptcy and wipe it out. Allot of people look at people who do that as dead beets but they don't know peoples situation things happen to everyone and I am sure if that happened to them they would do the same thing. People shouldn't judge when they are not living that life. Good Luck wish you the best.
Reply:It depends on the state. The credit card company sold your debt and the new company is allowed to collect. Contact a legal aid office in your state and ask them. You may want to ask if it is legal for your landloard to give out your personal information to anyone who calls. You should sue him for that. He might have done this becasue you owe him money. If he did I would sue him for twice the money you owe him.
Reply:Were you informed of the initial proceeding where they got their judgment? Did they send the letter via traceable means? If not...you can contest the judgment on grounds that it violated process rules (ie due process). Typically, they can request what they want...but legally your landlord is not under obligation to give them that information, in fact providing a 3rd party with that information may be illegal and against privacy laws. They can call your neighbors but they aren't obligated to give them any information. If they harass your neighbors they themselves can sue if they tell them to stop contacting them and they keep doing it.
Reply:As a former Debt Collector I can tell you why they took judgment. They know that you are not working right now and they know that you don't own anything right now, so they took what you had in your bank account. This judgment is good for 10 years at which time they may renew it for another 10. It is their choice at the end of 10 years. They know that you will eventually go back to work and they can then garnish your wages until 2017.
Everything they have done is legal regarding calling neighbors, and contacting landlord.
What in the world possessed you to run up $60,000 worth of credit card debt?
Reply:New York Statutes of Limitation
N. Y. Civil Practice Law and Rules: Chapter Eight of the Consolidated Laws, Article 2 - Limitations of Time:
211. Actions to be commenced within twenty years. (a) On a bond. (b) On a money judgment. (c) By state for real property. (d) By grantee of state for real property. (e) For support, alimony or maintenance.
Reply:Another adult running away from debt. Just get some jobs and start paying. Why do you not have to pay? Are you different from everyone else.
fruit gift baskets
What happens when I do not respond to a credit card judgment debt?
If they currently have a judgment, it won't end soon - sorry
From your comment, I don't know if you still live in New York or in another state, but in New York judgments last 20 years (with a 10 year renewable lien) Which means they can wait a very long time for you to get a job or to purchase something that is allowable to place a lien on.
If you live in another state and the bank account is in that state, they would probably have to domesticate the judgment to that state before they can freeze the bank account. If they didn't, they may be held accountable for that action.
If you defaulted in 2002, you would have still been within the legal collecting SOL on the amount they sued for. The collecting SOL in NY is 6 years.
As far as speaking with your neighbors, that would depend on the extent of the conversation. They can ask the neighbors if they know you, if they know your phone number, etc. They can't say why.
As for the landlord, like the previous poster said, you would have to check the statutes on it. I'm just guessing, but if it's for the judgment, they may be able to.
If it's for an account that a suit "was not" filed on, then no - they can't.
It's possible that you could petition the court to waive the bank account freezing under hardship. But, time is limited so act fast.
You might call Legal Aid and see if they will help you in writing up the hardship petition, etc.
If they have set up an asset hearing, you have to go. Not going would be considered contempt of court.
I am not a big bankruptcy fan and rarely bring it up, but in some cases I do support it. It might be an option that you may want to think about.
Reply:if they already have a judgement against you bankruptcy is not going to do you any good. you do not have a job so there are no wages they can garnish right now until you get a job. They are calling your neighbors because they are trying to find you, I don't think it is illegal to do that. You do not have to hide from them because right now there is nothing they can do to you.
Reply:judgment? did you go to court? if you have a judgment against you and you don't comply you can be arrested. also, the 7 year thing applies until the re issue a lost debt with you then its 7 years again......trust me it once happened to me
Reply:judgements last much longe than 7 years. they are on your credit report till payed , you file a chapter 11,or you are deceased. As for getting your information from your landlord, as long as they are only inquring about information that you have supplied him there is no legal issue. you cannot hold liable any person who gives information about you to a third party in commision of collecting a debt. Actually you can't sue anyone for giving non-personal information about you to a third party period. this includes but is not limited to address, listed phone numbers, next of kin, age and or date of birth, physical appearence, and mode of transportation. this is all a matter of public record and can be looked up in the state that you live in if a person knows that you are there. basically the only think that people can not divulge is you social security number, private phone number, and any tax information about you. there isn't a whole heck of a lot that they can't ask third parties. as for freezing your account. that is the order of the court that did that, it would be to freeze all bank assets to begin repayment of a debt. I see it all the time since I work for a bank.
Reply:you should have been serviced papers for the judgment. Normally if you go to court you can always work out a payment plan or if you are not working and have hardly any assets they would say that you don't have the means to pay it back. also that judgment will stay on there for 10 years until paid if you do not pay its 20 year. Once you start working they will start garnishing your wages some states up to 15%. You should consider bankruptcy and wipe it out. Allot of people look at people who do that as dead beets but they don't know peoples situation things happen to everyone and I am sure if that happened to them they would do the same thing. People shouldn't judge when they are not living that life. Good Luck wish you the best.
Reply:It depends on the state. The credit card company sold your debt and the new company is allowed to collect. Contact a legal aid office in your state and ask them. You may want to ask if it is legal for your landloard to give out your personal information to anyone who calls. You should sue him for that. He might have done this becasue you owe him money. If he did I would sue him for twice the money you owe him.
Reply:Were you informed of the initial proceeding where they got their judgment? Did they send the letter via traceable means? If not...you can contest the judgment on grounds that it violated process rules (ie due process). Typically, they can request what they want...but legally your landlord is not under obligation to give them that information, in fact providing a 3rd party with that information may be illegal and against privacy laws. They can call your neighbors but they aren't obligated to give them any information. If they harass your neighbors they themselves can sue if they tell them to stop contacting them and they keep doing it.
Reply:As a former Debt Collector I can tell you why they took judgment. They know that you are not working right now and they know that you don't own anything right now, so they took what you had in your bank account. This judgment is good for 10 years at which time they may renew it for another 10. It is their choice at the end of 10 years. They know that you will eventually go back to work and they can then garnish your wages until 2017.
Everything they have done is legal regarding calling neighbors, and contacting landlord.
What in the world possessed you to run up $60,000 worth of credit card debt?
Reply:New York Statutes of Limitation
N. Y. Civil Practice Law and Rules: Chapter Eight of the Consolidated Laws, Article 2 - Limitations of Time:
211. Actions to be commenced within twenty years. (a) On a bond. (b) On a money judgment. (c) By state for real property. (d) By grantee of state for real property. (e) For support, alimony or maintenance.
Reply:Another adult running away from debt. Just get some jobs and start paying. Why do you not have to pay? Are you different from everyone else.
fruit gift baskets
Marrying someone and inheriting their debt?
I am planning on getting married in August, but my fiance has major debt issues. If I marry him, am I also responsible for his debt? Is there a way that this can be avoided with some sort of a pre-nup? If so, how much does it cost to have a pre-nup and is it fool-proof?
Marrying someone and inheriting their debt?
someone ask this same question on the Suze Orman show
you are NOT responsible for his debt because you didn't create the debt together or while together (married)
if you get divorced (and i hope not) but if you do that debt remain HIS.
But I do think that his debt will still have an impact on your household because he still have to pay the debt and that will decrease your household income
But in a marriage you have to take the bitter with the sweet
good luck
Reply:NO, you are not going to be responsible for the debts of your partner in case of marriage. Credit contract, personal or institutional, holds responsible for the repaying only parties who actually signed the contract. I do not want to be your personal adviser in private issues. However, a process of getting prenuptial agreement is a good indicator of the engaged party's intentions. At the same time, remember prenup is mostly about assets before, during the marriage and in separation. Debts acquired together in marriage matter in separation. It is fool-proof if it's done properly. Cost from $50 online to $2000 and more. depends on lawyer and contract. May be the following articles will help you to make decision about prenup agreement. http://www.idotaketwo.co
http://money.cnn.com/2004/03/19/pf/prenu...
http://www.lawdepot.com/contracts/prenup
You can find much more through Google.
Reply:You will not get stuck with his debt. Irregardless of what some say, you are only liable for any debt you and your husband incur while married. There is no need for any type of prenup, unless you don't want him to get anything of value that you owned prior to the marriage (i.e. property, stocks, bonds etc) if you divorce him.
However, anytime the two of you try and obtain a loan or mortgage in both your names, his credit report will be used to make a determination.
Hope this helps.
Reply:yes you will be..
Reply:If you marry this person you will NOT inhert his debt on paper but you WILL get the consequences from it...meaning that if he IS paying is debts that is less household income for the two of you...if he is NOT paying the debt, this is a character issue that is indicative of someone who does not honor their commitments...I am not sure which is worse but both are not all that great for the man you are thinking of marrying....
how long have you known this person. Have you noticed problems with irresponsible spending?
A bigger question is WHY is he in this debt. If he is a bad planner and a poor spender, this guy is a poor canditate for a husband! I am sure you love him but you have to be aware of how his irresponsibility will impact your quaility of life.
I would postpone the wedding.
His debt will keep you both from the material things that you might like in the future...how is it going to look when you decide you want a new car and buy one. Do you think he will just smile as his car put putts down the highway?
I doubt it and if you are serious about him I think you know that this is true. Be sure to honestly think this over...what about a house...not much chance you will get one if he doesnt pay his bills.
The prenup will be insulting to him and if you offer it to him he will probably NOT marry you, bu even if he does, I dont see how this takes care of the other problems and what do you do when he asks YOU to use your credit for him...please know he WILL feel entitled since you are his spouse
Pull his credit report.
quite a bit of the time people with bad credit dont disclose the full extent of the problem
RUN
Reply:Contrary to what many may believe, you can inherit debt through marriage in some states... especially community property states.
I know because it happened to me when I married my ex spouse in a community property state and inherited her debt.
After we were married, she filed bankruptcy, but they still came after me for her debts, especially student loans and other debt to government agencies.
I would suggest you consult with a financial advisor to know for sure, and if they say you need to get a pre-nup or whatever, then follow that advice.
If you're in a community property state, it can work for you or against you, even if you're not married but just living together.
So do your due diligence and get consultation first.
Marrying someone and inheriting their debt?
someone ask this same question on the Suze Orman show
you are NOT responsible for his debt because you didn't create the debt together or while together (married)
if you get divorced (and i hope not) but if you do that debt remain HIS.
But I do think that his debt will still have an impact on your household because he still have to pay the debt and that will decrease your household income
But in a marriage you have to take the bitter with the sweet
good luck
Reply:NO, you are not going to be responsible for the debts of your partner in case of marriage. Credit contract, personal or institutional, holds responsible for the repaying only parties who actually signed the contract. I do not want to be your personal adviser in private issues. However, a process of getting prenuptial agreement is a good indicator of the engaged party's intentions. At the same time, remember prenup is mostly about assets before, during the marriage and in separation. Debts acquired together in marriage matter in separation. It is fool-proof if it's done properly. Cost from $50 online to $2000 and more. depends on lawyer and contract. May be the following articles will help you to make decision about prenup agreement. http://www.idotaketwo.co
http://money.cnn.com/2004/03/19/pf/prenu...
http://www.lawdepot.com/contracts/prenup
You can find much more through Google.
Reply:You will not get stuck with his debt. Irregardless of what some say, you are only liable for any debt you and your husband incur while married. There is no need for any type of prenup, unless you don't want him to get anything of value that you owned prior to the marriage (i.e. property, stocks, bonds etc) if you divorce him.
However, anytime the two of you try and obtain a loan or mortgage in both your names, his credit report will be used to make a determination.
Hope this helps.
Reply:yes you will be..
Reply:If you marry this person you will NOT inhert his debt on paper but you WILL get the consequences from it...meaning that if he IS paying is debts that is less household income for the two of you...if he is NOT paying the debt, this is a character issue that is indicative of someone who does not honor their commitments...I am not sure which is worse but both are not all that great for the man you are thinking of marrying....
how long have you known this person. Have you noticed problems with irresponsible spending?
A bigger question is WHY is he in this debt. If he is a bad planner and a poor spender, this guy is a poor canditate for a husband! I am sure you love him but you have to be aware of how his irresponsibility will impact your quaility of life.
I would postpone the wedding.
His debt will keep you both from the material things that you might like in the future...how is it going to look when you decide you want a new car and buy one. Do you think he will just smile as his car put putts down the highway?
I doubt it and if you are serious about him I think you know that this is true. Be sure to honestly think this over...what about a house...not much chance you will get one if he doesnt pay his bills.
The prenup will be insulting to him and if you offer it to him he will probably NOT marry you, bu even if he does, I dont see how this takes care of the other problems and what do you do when he asks YOU to use your credit for him...please know he WILL feel entitled since you are his spouse
Pull his credit report.
quite a bit of the time people with bad credit dont disclose the full extent of the problem
RUN
Reply:Contrary to what many may believe, you can inherit debt through marriage in some states... especially community property states.
I know because it happened to me when I married my ex spouse in a community property state and inherited her debt.
After we were married, she filed bankruptcy, but they still came after me for her debts, especially student loans and other debt to government agencies.
I would suggest you consult with a financial advisor to know for sure, and if they say you need to get a pre-nup or whatever, then follow that advice.
If you're in a community property state, it can work for you or against you, even if you're not married but just living together.
So do your due diligence and get consultation first.
Are there any credit card debt consolidating agency's that give you a loan to pay off your debts?
I heard about consolidating agency's that provide you with the funds to pay off your debt.Then you just pay back the money as you would any other loan.Is there any truth to this?
Are there any credit card debt consolidating agency's that give you a loan to pay off your debts?
Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://nanoref.com/linksynerg/cjY_5g
Reply:Never heard of that one, they just provide the assistance and the avenue/expertise to consolidate, pay less, and pay the debt down faster, they don't provide loans, Or they would be in the same position as the organization that gave you the money/credit. They can only work with and negotiate arrangements with the companys to first take a lesser amount, re-age the account, lower or stop interest, etc. they will not give you a loan to pay off current debt.
Reply:This isn't what a debt consounseling/agency does.
What you are describing is going to a bank, getting a loan, and paying the loan back. If done, make sure the interest rates are better, not worse, than the original credit cards.
Reply:try CCC
Debt consolidation is also provided by credit-counseling firms. These firms will total up all your monthly debts and let you make one payment to them. With this amount, the firm will pay the lenders till the entire debt is cleared off. But exercise caution while selecting a credit-counseling firm, since some firms do not offer free services. People who have utilized debt counseling will assist you in choosing the right firm. The other option is to go for a debt consolidation loan that has quite a low interest rate.
http://debt-trap.com/category/Credit-Car...
Are there any credit card debt consolidating agency's that give you a loan to pay off your debts?
Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://nanoref.com/linksynerg/cjY_5g
Reply:Never heard of that one, they just provide the assistance and the avenue/expertise to consolidate, pay less, and pay the debt down faster, they don't provide loans, Or they would be in the same position as the organization that gave you the money/credit. They can only work with and negotiate arrangements with the companys to first take a lesser amount, re-age the account, lower or stop interest, etc. they will not give you a loan to pay off current debt.
Reply:This isn't what a debt consounseling/agency does.
What you are describing is going to a bank, getting a loan, and paying the loan back. If done, make sure the interest rates are better, not worse, than the original credit cards.
Reply:try CCC
Debt consolidation is also provided by credit-counseling firms. These firms will total up all your monthly debts and let you make one payment to them. With this amount, the firm will pay the lenders till the entire debt is cleared off. But exercise caution while selecting a credit-counseling firm, since some firms do not offer free services. People who have utilized debt counseling will assist you in choosing the right firm. The other option is to go for a debt consolidation loan that has quite a low interest rate.
http://debt-trap.com/category/Credit-Car...
What is the best solution for unsecured credit card debt?
No home ownership
debt settlement vs. consolidation?
Too many companies to choose from %26amp; they all boost their offers! Scam or legitimate?
What is the best solution for unsecured credit card debt?
If I understand your question, you are having difficulties making the monthly payments on your credit card debt. Consolidation is not really a good answer because your credit score is probably pretty low right now and if you can get one your interest rate will be pretty high. You also have those credit cards still available and you could (and most people that go this route do) end up running up the credit cards again. Now you have twice the debt and no solution.
There are a bunch of scams out there and a lot of people that will try to rip you off under the guise of repairing your credit. Go with a reputable organization that will help you and not rip you off. I have worked with Consumer Credit Counseling Service for a couple years and they have been great. Check them out at: http://www.cccsintl.org/
They can help you work with your creditors to reduce payments and interest and they have educational information to help you to manage credit better.
Good luck!
Reply:Debt Consolidation is the best...some info here
http://www.askaquery.com/Answe... Report Abuse
Reply:You can visit http://www.cashguru.info and find very useful tips and several articles on debt consolidation. Report Abuse
Reply:Could use more info, such as how much income you have and what sort of debt we are talking about?
Bet better of the two is consolidation. But the big danger is that you MUST get control of your credit spending. Over the past few years, many people have been suckered into the consolidation game. They clean off their credit cards into one debt, then turn around and run up the credit cards again. Now they are in twice the debt, and their only hope is bankruptcy. Last year many thousands of people filed for this very reason.
Debt settlement in my opinion is a scam. These companies are offering you services that you can easily do yourself. The problem is trying to get the credit card companies to work with you. Most of them are jerks.
Reply:pay your bills, slacker!
Reply:credit guard
debt settlement vs. consolidation?
Too many companies to choose from %26amp; they all boost their offers! Scam or legitimate?
What is the best solution for unsecured credit card debt?
If I understand your question, you are having difficulties making the monthly payments on your credit card debt. Consolidation is not really a good answer because your credit score is probably pretty low right now and if you can get one your interest rate will be pretty high. You also have those credit cards still available and you could (and most people that go this route do) end up running up the credit cards again. Now you have twice the debt and no solution.
There are a bunch of scams out there and a lot of people that will try to rip you off under the guise of repairing your credit. Go with a reputable organization that will help you and not rip you off. I have worked with Consumer Credit Counseling Service for a couple years and they have been great. Check them out at: http://www.cccsintl.org/
They can help you work with your creditors to reduce payments and interest and they have educational information to help you to manage credit better.
Good luck!
Reply:Debt Consolidation is the best...some info here
http://www.askaquery.com/Answe... Report Abuse
Reply:You can visit http://www.cashguru.info and find very useful tips and several articles on debt consolidation. Report Abuse
Reply:Could use more info, such as how much income you have and what sort of debt we are talking about?
Bet better of the two is consolidation. But the big danger is that you MUST get control of your credit spending. Over the past few years, many people have been suckered into the consolidation game. They clean off their credit cards into one debt, then turn around and run up the credit cards again. Now they are in twice the debt, and their only hope is bankruptcy. Last year many thousands of people filed for this very reason.
Debt settlement in my opinion is a scam. These companies are offering you services that you can easily do yourself. The problem is trying to get the credit card companies to work with you. Most of them are jerks.
Reply:pay your bills, slacker!
Reply:credit guard
How have you earned extra money to pay off debt?
I've sold stuff on Ebay, I shop at thrift stores for clothes instead of charging new stuff on a credit card, but I'm still trying to find some extra money to pay down some old debt. Do you have good suggestions? PLEASE no spammers. I'm not looking for a get rich quick scheme.
How have you earned extra money to pay off debt?
Earning extra money is *not* the best and most permanent way to reduce your debt. That's the equivalent of someone who wants to lose weight saying "I'm just going to run one mile a day and do everything else the same". It's not likely to succeed because you're going to be hungrier and will eat more food.
The best thing for you to do is to live beneath your means. Reduce your expenses -- or when you get a little extra money, make sure you don't spend it. Until you find a way to live like someone who makes 90% of what you earn, you'll never get ahead. You *know* that this is possible, because you certainly have neighbors who live on less than you do.
And once you *do* figure out how to do it, the debt will evaporate and the money will just pile up.
Good luck.
Doug
Reply:I've done everything you have done. The best thing my husband and I ever did was become real estate agents. I work about 10 to 15 hours extra a week, in addition to my regular 40-hour a week job. He works about the same. Since Jan. 1 we've made $10,300. Taxes have yet to be taken out of that but it still will pay off some credit card debt.
When we started we knew of only one couple looking for a house, us. It cost us about $1,000 to get started, so maybe $500 for just one person. But it will take about 6 months before you see any sort of return.
Reply:you can either opt for second job or you could control your expenses. This link will help in savings to pay off your debt.
good luck.
http://selfimprovement-success.blogspot....
Reply:I consolidated my debt - used a program (Cambridge Credit Counseling Corp.) that lumped everything together and put me on a payment plan. That was the only way I was able to get through the madness. It's kept me disciplined, even when I didn't have extra income. And it's helped me a great deal.
Reply:Getting an extra job is a great way to make extra money.
Here are some other ways to generate extra revenue
- Babysitting
- Petsitting
- House Cleaning
- Substitute Teaching
- Sell some stuff
- SPEND ALL OF YOUR MONEY ON PAPER BEFORE THE MONEY ARRIVES! When you spend your money on paper before it arrives, you have the opportunity to change what you will spend the money on. When I started to spend my money on paper before the money arrived, I saw how out-of-order some of my spending behavior was. I saved $200/month on groceries/Wal-Mart spending alone.
Reply:Joseph answered it best....get a 2nd job. Or, seek a rich uncle. :)
Reply:Personally, I got involved in politics, cigarette machines, and small personal loans. Oh yeah, and running guns to South America.
ginkgo
How have you earned extra money to pay off debt?
Earning extra money is *not* the best and most permanent way to reduce your debt. That's the equivalent of someone who wants to lose weight saying "I'm just going to run one mile a day and do everything else the same". It's not likely to succeed because you're going to be hungrier and will eat more food.
The best thing for you to do is to live beneath your means. Reduce your expenses -- or when you get a little extra money, make sure you don't spend it. Until you find a way to live like someone who makes 90% of what you earn, you'll never get ahead. You *know* that this is possible, because you certainly have neighbors who live on less than you do.
And once you *do* figure out how to do it, the debt will evaporate and the money will just pile up.
Good luck.
Doug
Reply:I've done everything you have done. The best thing my husband and I ever did was become real estate agents. I work about 10 to 15 hours extra a week, in addition to my regular 40-hour a week job. He works about the same. Since Jan. 1 we've made $10,300. Taxes have yet to be taken out of that but it still will pay off some credit card debt.
When we started we knew of only one couple looking for a house, us. It cost us about $1,000 to get started, so maybe $500 for just one person. But it will take about 6 months before you see any sort of return.
Reply:you can either opt for second job or you could control your expenses. This link will help in savings to pay off your debt.
good luck.
http://selfimprovement-success.blogspot....
Reply:I consolidated my debt - used a program (Cambridge Credit Counseling Corp.) that lumped everything together and put me on a payment plan. That was the only way I was able to get through the madness. It's kept me disciplined, even when I didn't have extra income. And it's helped me a great deal.
Reply:Getting an extra job is a great way to make extra money.
Here are some other ways to generate extra revenue
- Babysitting
- Petsitting
- House Cleaning
- Substitute Teaching
- Sell some stuff
- SPEND ALL OF YOUR MONEY ON PAPER BEFORE THE MONEY ARRIVES! When you spend your money on paper before it arrives, you have the opportunity to change what you will spend the money on. When I started to spend my money on paper before the money arrived, I saw how out-of-order some of my spending behavior was. I saved $200/month on groceries/Wal-Mart spending alone.
Reply:Joseph answered it best....get a 2nd job. Or, seek a rich uncle. :)
Reply:Personally, I got involved in politics, cigarette machines, and small personal loans. Oh yeah, and running guns to South America.
ginkgo
When is it Right to transfer a Credit Card Debt?
We have a debt on a credit card with a16.99% APR. I received an offer to transfer this to another card with 0% for 6 months, thereafter 3.99% until paid off. Of course there is the 3% transfer fee. I can calculate what impact this will be on the monthly interest (including the 3% transfer rate), but how do I determine the monthly payments and compare if this makes sense to do (specifically the cost of the transfer vs the savings in long term interest)? Thanks.
When is it Right to transfer a Credit Card Debt?
It is sounds right to do, because the transfer fee will have a up limit - like 3% or $99 for max. And use the one with 3.99% APR for until you pay off. Read again, I don' t think it is 0% and 3.99 afterward.... take it.... because most likely you are accumalating debt on other credit card. And you need to calculate that on it.... complicate math, but it sounds definitely good to transfer.
Reply:dump that crappy card company...and when you shop.look for low intrest rates
When is it Right to transfer a Credit Card Debt?
It is sounds right to do, because the transfer fee will have a up limit - like 3% or $99 for max. And use the one with 3.99% APR for until you pay off. Read again, I don' t think it is 0% and 3.99 afterward.... take it.... because most likely you are accumalating debt on other credit card. And you need to calculate that on it.... complicate math, but it sounds definitely good to transfer.
Reply:dump that crappy card company...and when you shop.look for low intrest rates
When a person dies in debt is it wiped out?
When a person dies with debt - like credit card debt, is the debt wiped out or does the responsibility fall on family members and if so how is it determined what family members are responsible for paying the debt. I'm not talking about funeral expenses, but personal debt.
When a person dies in debt is it wiped out?
It falls as far as the decedent's estate. The assests the person has when they die. If the debt is in a spouse's name or some other responsible party's name, then the debt becomes their sole responsiblity and they must pay off the debt. If you remove account holders before the person dies it is seen as fraud if it is within a reasonable time, like a few months or after the person is diagnosed with a terminal illness. Now you have the financial problem along with a felony charge of fraud. If the debt is a mortgage then that debt goes to whoever gains the house after it goes thru the estate process, to pay off other debts within the estate. If there is debt then any asset worth anything is sold to pay the debt. So there is a long line of events before any debt is wiped off the slate.
Reply:If they have nothing, then its wipe out
----------------------------
http://www.bestcreditrates.net
Reply:They take it out of the estate. After that, it is forgiven. Family members are not liable.
Reply:If the debt was solely in the individual's name, the debt will be repaid from the deceased individual's estate. If there is not enough assets in the estate to repay the debt, the debt is erased.
When a person dies in debt is it wiped out?
It falls as far as the decedent's estate. The assests the person has when they die. If the debt is in a spouse's name or some other responsible party's name, then the debt becomes their sole responsiblity and they must pay off the debt. If you remove account holders before the person dies it is seen as fraud if it is within a reasonable time, like a few months or after the person is diagnosed with a terminal illness. Now you have the financial problem along with a felony charge of fraud. If the debt is a mortgage then that debt goes to whoever gains the house after it goes thru the estate process, to pay off other debts within the estate. If there is debt then any asset worth anything is sold to pay the debt. So there is a long line of events before any debt is wiped off the slate.
Reply:If they have nothing, then its wipe out
----------------------------
http://www.bestcreditrates.net
Reply:They take it out of the estate. After that, it is forgiven. Family members are not liable.
Reply:If the debt was solely in the individual's name, the debt will be repaid from the deceased individual's estate. If there is not enough assets in the estate to repay the debt, the debt is erased.
Out of debt finally, but now how to budget and learn to save?
It's been years and finally we are not carrying debt. I know the next step is to learn how to budget better and save for big things like a house. Right now, our credit is good, we use one credit card which is paid every month, but my husband and I seem to charge a lot. This is money I know we could use to save for a house. I'd say most of the time we buy stuff we really don't need. How do we learn how to cut the fat out of our lives and save for the things we really do want? How can I get my husband on the same page? Thanks.
Out of debt finally, but now how to budget and learn to save?
First off, don't use the credit card. If you can't afford to pay cash for it, don't get it until you have enough.
Write out a budget together that you both agree on and review it monthly and stick to it. Every dollar should have a name on paper.
Make sure you have 3 to 6 months of your income saved up for emergencies. Then start saving for a house.
Reply:The first step is to pay yourself first.
One way is to set up an onlien account with INGdirect or some other online banking company. They usually pay a very large interest with no minimum deposit.
Set up a an ongoing direct deposit. Either directly out of your paycheck or automatic monthly or biweekly transfers.
Start out with $50 every two weeks, adjust your spending to the new level, every time you get a raise... increase the automatic deposit. You will be surprised how quickly you adjust your spending habits to what appears as your income level. If you never see the money hit your checking account, you won't miss it.
Reply:Just move whatever amount you were paying for debt into a savings account 2 minutes after it enters the bank .
As long as it is Not in your checking , don't touch it .
Move it to ING , or Citi eSavings and eventually some to a broker .
Once it has disappeared into the savings ,
You should Not think of it as spending $$$$ .
%26gt;
Out of debt finally, but now how to budget and learn to save?
First off, don't use the credit card. If you can't afford to pay cash for it, don't get it until you have enough.
Write out a budget together that you both agree on and review it monthly and stick to it. Every dollar should have a name on paper.
Make sure you have 3 to 6 months of your income saved up for emergencies. Then start saving for a house.
Reply:The first step is to pay yourself first.
One way is to set up an onlien account with INGdirect or some other online banking company. They usually pay a very large interest with no minimum deposit.
Set up a an ongoing direct deposit. Either directly out of your paycheck or automatic monthly or biweekly transfers.
Start out with $50 every two weeks, adjust your spending to the new level, every time you get a raise... increase the automatic deposit. You will be surprised how quickly you adjust your spending habits to what appears as your income level. If you never see the money hit your checking account, you won't miss it.
Reply:Just move whatever amount you were paying for debt into a savings account 2 minutes after it enters the bank .
As long as it is Not in your checking , don't touch it .
Move it to ING , or Citi eSavings and eventually some to a broker .
Once it has disappeared into the savings ,
You should Not think of it as spending $$$$ .
%26gt;
How can conservatives justify the historical size of US debt?
Why is anything labeled "defense" ok even if it is "offense"?
Everyone wants lower taxes but who is going to pay off the mounting debt?
How can conservatives justify the historical size of US debt?
They thought of it as a strategy known as "starving the {government} beast" (beginning with Ronald Reagan who doubled the national debt). Their fatuous theory was government spending would have to be cut if you kept running up the deficits. What they didn't realize is they were nothing more than cranked-up Keynesians (deficit spending and monetary stimulus together). But when the economy got going under it's own steam, they didn't dial back either stimulus. This led to a bubble of some sort in some sector that eventually burst. But then they cranked-up another notch the same stimuli to save us from the bursting bubble. Round and round it went (with a Clinton pause that balanced the budget with higher taxes as we grew) until we now face approximately $50 trillion in total credit market debt (all sectors except corporate debt).
As we warned them over and over, if they kept doing that while pursuing their irresponsible supply-side economics the economy would collapse and there would be no government to save us from ourselves.
Now the debt bubble (the ultimate bubble of doom) is bursting and we've run out of options....except for the Third World to lend us more of their savings.
Reply:You can start with Roosevelt and the New deal socialist programs that robbed from the American worker and created BIG centralized government.. America has been trying to keep up with the payments ever since.
Reply:How can liberal democrats justify raising taxes in a so-called "recession"?
Reply:the same way the democratic congress can justify approving it. hey, it didn't suddenly appear in the last 8 years. it's been climbing for quite some time. you cannot seriously believe that the republicans are the only ones that have earmarked monies? please.
Reply:Great question! They simply CAN'T. But many true conservatives were talked into voting for Bush and Company, who doesn't give a damn about conservative ideas. Bushco just wants to get into the middle east in a big way and stay there to keep the oil going from all over that area. It is a trade/business strategy using our money to pay for their business.
Reply:last I looked there were 2 political parties in this Country. You can't blame conservatives without at least menctioning liberals.From what I have seen the libs attach just as many if not more earmarks as conservatives do.
Reply:I don't think you can call it a conservative debt. The Conservatives didn't create this mess all by themselves. It took the President and Congress to make some of this mess, and we the American people are to blame for a big part of the mess. We are to blame because we let out elected politicians do what they want and don't hold them accountable. We the American People, Democrats, Republicans, and Independents are allowing this to happen. We have laid back and allowed our Educational System go down the tubes, we have turned our back on God, we allow people to burn our flag, endorse homosexuality, have destroyed the traditional family, want the government to solve all our problems, don't believe in personal responsibility anymore, and blame the other guy for everything.
Reply:Well for starters Democrats had just as much to do with it as Republicans. Does a Democratic congress(lawmakers) sound familiar to you?
Reply:You have to raise taxes to do it. The USA has a retarded 9.2 trillion $$$ in debt and it doesn't have decent leaders who try to find ways to pay it off. I think Red China holds $1.8 trillion of it. If China drops just 10% of what it holds, the USA is already officially screwed. The USA is currently living on a credit card that has interest payments that are piling up rapidly.
Reply:Well I guess we all are going to be paying down the debt that the "Conservative" compassionate born again christian has saddled us with, and what we, do not pay down the next generation will, if there is a next generation.
It will not matter what party is in the WH next year taxes are going up and you can count on that being a reality. Like it or not.
Reply:they will blame it on clinton or the last 2 yrs. dem's have been in congress ignoring the previous 7 yr. republican congress and the way it will be paid off is to simply lower taxes so it stimulates the growing economy. problem solved. pffft.
Reply:Well, since we owe our trend of indebtedness to FDR, a liberal it's just that, a debt.
Sometimes the best defense is a good offense, what do think the value of the USD$ is going to be if we're fighting wars on our soil and not theirs?
Reply:the cons use the same mind set the Dem's use,.....it is the Dem's in control of the house, and the house holds the purse strings to the money spent,.....no spending bill goes to the president, without having been passed by the Democratic house of Representatives,.....
Reply:Why do liberals never entertain the idea of cutting spending as a solution to mounting debt?
Reply:Good question. It must be the liberal dems fault for not winning enough seats in Congress to keep the crazy spending Repubs out of office.
Reply:The same way they justify everything else: "It's the Liberal Democrats fault" and "We need another Reagan".
Reply:Yeah.. it's kind of funny that they always talk about big government and how the Dems want it... but by far we spend the most on our military. Far more than we need if you ask me, and that's what really costs taxpayers
azalea tree
Everyone wants lower taxes but who is going to pay off the mounting debt?
How can conservatives justify the historical size of US debt?
They thought of it as a strategy known as "starving the {government} beast" (beginning with Ronald Reagan who doubled the national debt). Their fatuous theory was government spending would have to be cut if you kept running up the deficits. What they didn't realize is they were nothing more than cranked-up Keynesians (deficit spending and monetary stimulus together). But when the economy got going under it's own steam, they didn't dial back either stimulus. This led to a bubble of some sort in some sector that eventually burst. But then they cranked-up another notch the same stimuli to save us from the bursting bubble. Round and round it went (with a Clinton pause that balanced the budget with higher taxes as we grew) until we now face approximately $50 trillion in total credit market debt (all sectors except corporate debt).
As we warned them over and over, if they kept doing that while pursuing their irresponsible supply-side economics the economy would collapse and there would be no government to save us from ourselves.
Now the debt bubble (the ultimate bubble of doom) is bursting and we've run out of options....except for the Third World to lend us more of their savings.
Reply:You can start with Roosevelt and the New deal socialist programs that robbed from the American worker and created BIG centralized government.. America has been trying to keep up with the payments ever since.
Reply:How can liberal democrats justify raising taxes in a so-called "recession"?
Reply:the same way the democratic congress can justify approving it. hey, it didn't suddenly appear in the last 8 years. it's been climbing for quite some time. you cannot seriously believe that the republicans are the only ones that have earmarked monies? please.
Reply:Great question! They simply CAN'T. But many true conservatives were talked into voting for Bush and Company, who doesn't give a damn about conservative ideas. Bushco just wants to get into the middle east in a big way and stay there to keep the oil going from all over that area. It is a trade/business strategy using our money to pay for their business.
Reply:last I looked there were 2 political parties in this Country. You can't blame conservatives without at least menctioning liberals.From what I have seen the libs attach just as many if not more earmarks as conservatives do.
Reply:I don't think you can call it a conservative debt. The Conservatives didn't create this mess all by themselves. It took the President and Congress to make some of this mess, and we the American people are to blame for a big part of the mess. We are to blame because we let out elected politicians do what they want and don't hold them accountable. We the American People, Democrats, Republicans, and Independents are allowing this to happen. We have laid back and allowed our Educational System go down the tubes, we have turned our back on God, we allow people to burn our flag, endorse homosexuality, have destroyed the traditional family, want the government to solve all our problems, don't believe in personal responsibility anymore, and blame the other guy for everything.
Reply:Well for starters Democrats had just as much to do with it as Republicans. Does a Democratic congress(lawmakers) sound familiar to you?
Reply:You have to raise taxes to do it. The USA has a retarded 9.2 trillion $$$ in debt and it doesn't have decent leaders who try to find ways to pay it off. I think Red China holds $1.8 trillion of it. If China drops just 10% of what it holds, the USA is already officially screwed. The USA is currently living on a credit card that has interest payments that are piling up rapidly.
Reply:Well I guess we all are going to be paying down the debt that the "Conservative" compassionate born again christian has saddled us with, and what we, do not pay down the next generation will, if there is a next generation.
It will not matter what party is in the WH next year taxes are going up and you can count on that being a reality. Like it or not.
Reply:they will blame it on clinton or the last 2 yrs. dem's have been in congress ignoring the previous 7 yr. republican congress and the way it will be paid off is to simply lower taxes so it stimulates the growing economy. problem solved. pffft.
Reply:Well, since we owe our trend of indebtedness to FDR, a liberal it's just that, a debt.
Sometimes the best defense is a good offense, what do think the value of the USD$ is going to be if we're fighting wars on our soil and not theirs?
Reply:the cons use the same mind set the Dem's use,.....it is the Dem's in control of the house, and the house holds the purse strings to the money spent,.....no spending bill goes to the president, without having been passed by the Democratic house of Representatives,.....
Reply:Why do liberals never entertain the idea of cutting spending as a solution to mounting debt?
Reply:Good question. It must be the liberal dems fault for not winning enough seats in Congress to keep the crazy spending Repubs out of office.
Reply:The same way they justify everything else: "It's the Liberal Democrats fault" and "We need another Reagan".
Reply:Yeah.. it's kind of funny that they always talk about big government and how the Dems want it... but by far we spend the most on our military. Far more than we need if you ask me, and that's what really costs taxpayers
azalea tree
Cell Phone debt, how long is the statute of limitations with a contract?
If I signed a contract with US Cellular in the state of Illinois, how long will it take for the statute of limitations to take effect and kill the debt? I've been dealing with a collections agency and they say that the statute of limitations is not up on it, so they aren't willing to deal with me for the amount that I would be willing to pay. Answers? Suggestions?
Cell Phone debt, how long is the statute of limitations with a contract?
Cell phone debt should not fall under either written or open but should fall under the UCC for sales, with a 4 year SOL.
You might read your states UCC statutes
Also, check and make sure the collection agency is licensed and bonded to collect in your state
edit++++++++++++++
To check if they are licensed AND bonded go to the Illinois Department of Professional Regulation (IDPR) website
www.idfpr.com/license.asp
Click on Professional Regulation.Click on License Look-up. In the drop down box for business type - you want Collection Agency. Then put in the business name
In Illinois, there is an exemption statute for out of state collectors. If the collector is located in a state that does not require collectors to be licensed and/or bonded, they would be able to skate the Illinois requirements.
If the collector is in a state that does require collectors to be licensed and/or bonded - they "must" be licensed and/or bonded in Illinois also.
Exemption for out-of-state collectors:
Out of state collectors "may" be exempt if:
[1] not soliciting accounts in Illinois;
[2] their state of residence has laws which provide similar reciprocity (allow out-of-state agencies to collect only); and
[3] the state in which the non-Illinois agency resides extends the same privileges to out-of-state agencies.
When in doubt, contact the IDPR and speak to someone about it.
If they are not licensed and bonded, contact the IDPR and inform them that the collection agency is trying to collect without being licensed and bonded.
Then file a complaint with the Attorney General in your state and the collectors state. Then write to the collection agency and tell them to delete the information from your credit report since they are not licensed in the state of Illinois to collect (be sure to file your complaints "before" you contact the collection agency about it - create a papertrail)
Even if they "suddenly" become licensed and bonded after your complaints, etc., you still have the option to still file a suit on them for their violation of trying to collect while not being licensed and bonded. (that's where your papertrail will come in handy)
If they are violating and you decide to sue, check your state's "Long Arm Statute" and you should be ablt to serve their resident agent in their state and drag them to court in your state.
Reply:For Illinois (written contracts) the statute of limitations is 10 years. Please see the link below for other statutes. On other menu tabs on this site, there are links to sample letters to send to collection agencies as well as other helpful tips.
If TransUnion is telling you the debt will fall off your report in December, then the debt will fall off your credit score, but the agency can still sue you for 3 years after that. You want to be careful what you say to them. Good luck!
Reply:I think what you're referring to is how long the debt can be reported on your credit report. 7 years after the last activity. That's a long time, and I'd bet your cellular debt is much more recent. If you owe the bill, pay it. It isn't worth it to lose your credit rating while you wait.
Cell Phone debt, how long is the statute of limitations with a contract?
Cell phone debt should not fall under either written or open but should fall under the UCC for sales, with a 4 year SOL.
You might read your states UCC statutes
Also, check and make sure the collection agency is licensed and bonded to collect in your state
edit++++++++++++++
To check if they are licensed AND bonded go to the Illinois Department of Professional Regulation (IDPR) website
www.idfpr.com/license.asp
Click on Professional Regulation.Click on License Look-up. In the drop down box for business type - you want Collection Agency. Then put in the business name
In Illinois, there is an exemption statute for out of state collectors. If the collector is located in a state that does not require collectors to be licensed and/or bonded, they would be able to skate the Illinois requirements.
If the collector is in a state that does require collectors to be licensed and/or bonded - they "must" be licensed and/or bonded in Illinois also.
Exemption for out-of-state collectors:
Out of state collectors "may" be exempt if:
[1] not soliciting accounts in Illinois;
[2] their state of residence has laws which provide similar reciprocity (allow out-of-state agencies to collect only); and
[3] the state in which the non-Illinois agency resides extends the same privileges to out-of-state agencies.
When in doubt, contact the IDPR and speak to someone about it.
If they are not licensed and bonded, contact the IDPR and inform them that the collection agency is trying to collect without being licensed and bonded.
Then file a complaint with the Attorney General in your state and the collectors state. Then write to the collection agency and tell them to delete the information from your credit report since they are not licensed in the state of Illinois to collect (be sure to file your complaints "before" you contact the collection agency about it - create a papertrail)
Even if they "suddenly" become licensed and bonded after your complaints, etc., you still have the option to still file a suit on them for their violation of trying to collect while not being licensed and bonded. (that's where your papertrail will come in handy)
If they are violating and you decide to sue, check your state's "Long Arm Statute" and you should be ablt to serve their resident agent in their state and drag them to court in your state.
Reply:For Illinois (written contracts) the statute of limitations is 10 years. Please see the link below for other statutes. On other menu tabs on this site, there are links to sample letters to send to collection agencies as well as other helpful tips.
If TransUnion is telling you the debt will fall off your report in December, then the debt will fall off your credit score, but the agency can still sue you for 3 years after that. You want to be careful what you say to them. Good luck!
Reply:I think what you're referring to is how long the debt can be reported on your credit report. 7 years after the last activity. That's a long time, and I'd bet your cellular debt is much more recent. If you owe the bill, pay it. It isn't worth it to lose your credit rating while you wait.
What is the tax rate on thecancellation of debt?
If my debt was $3000 and my creditor forgave $2000. What would be the approx rate or amount that we need to prepare to pay to the IRS? Is there a tax table available online for this? Or a general rate?
What is the tax rate on thecancellation of debt?
Same as ordinary income
Reply:You enter the cancellation of debt on Line 21 of Form 1040 as other income. It is added to all your other income and taxed at the same rate. If you are in the 15% tax bracket, your additional tax would be at most $300.
However, if you were in solvent or bankrupt at the time of the cancellation of debt, you may be able to exclude all or part of the cancelled debt from your income. If this applies, attach Form 982 to your tax return.
Reply:Assuming you live in the US, I am 90% sure it is taxed as general income, so it is taxed at your marginal tax rate (the rate at which the last dollar you earn is taxed). We have a progressive tax system, so the first $X you earn is taxed at one rate, then the next $Y you earn at another rate.
irs.gov has tax tables.
Reply:COD income is taxed as ordinary income. The rate depends upon your marginal tax bracket. The brackets currently range from 10% to 35%, however if your total income is very low there may be no tax due at all from the COD.
Reply:To Be honest,It will take a little time to find the answer for the question of yours.have a look at the resource here http://www.DebtFreetips.info/debt-free.h... for your reference .
Reply:$2000 times your tax bracket - so if youi are in a 15% bracket, would be $300.
What is the tax rate on thecancellation of debt?
Same as ordinary income
Reply:You enter the cancellation of debt on Line 21 of Form 1040 as other income. It is added to all your other income and taxed at the same rate. If you are in the 15% tax bracket, your additional tax would be at most $300.
However, if you were in solvent or bankrupt at the time of the cancellation of debt, you may be able to exclude all or part of the cancelled debt from your income. If this applies, attach Form 982 to your tax return.
Reply:Assuming you live in the US, I am 90% sure it is taxed as general income, so it is taxed at your marginal tax rate (the rate at which the last dollar you earn is taxed). We have a progressive tax system, so the first $X you earn is taxed at one rate, then the next $Y you earn at another rate.
irs.gov has tax tables.
Reply:COD income is taxed as ordinary income. The rate depends upon your marginal tax bracket. The brackets currently range from 10% to 35%, however if your total income is very low there may be no tax due at all from the COD.
Reply:To Be honest,It will take a little time to find the answer for the question of yours.have a look at the resource here http://www.DebtFreetips.info/debt-free.h... for your reference .
Reply:$2000 times your tax bracket - so if youi are in a 15% bracket, would be $300.
How can you get out of credit card debt the fastest?
I have debt a little over $7,000. I was unemployed for awhile and just now getting back to paying my regular bills i.e. car, mortgage, phone, gas, and food. I'm just making enough to pay these bills but I want to stop the incurring interest on my credit cards so I can pay them off completely by 2008. What do you suggest?
How can you get out of credit card debt the fastest?
Give up all the crap that you don't NEED. Load up payments on the debt.
Reply:there are non-profit credit counseling associations.
look for one*and* make sure it is NON-PROFIT, some are disguised as credit counselors and are really set up by companies trying you to sign you up for their consolidation loans and their credit cards which let you transfer your debt from one acct to theirs--AVOID THESE COMPANIES
and avoid loan consolidations!!!!
you don't get as many benefits as going thru non-profit credit counselors--who can actually take some of the debt off your account as well as take the interest all the way to zero (if you are inserious trouble and are about to file for bankruptcy)
Reply:The best idea is to approach a nonprofit credit counseling service. Most areas of the country have one. They will negotiate with the credit card companies to give you a lower rate. In addition, they will help you develop a sensible budget to help you get out of debt. The service will help rebuild your credit in the process. They do this for a fee, and it is well worth it. You can locate one in your area through the yellow pages of the telephone book under credit card counseling. However, if there is more than one of them, call around to see what their fee is before making the appointment. Also check with the Better Business Bureau if there were any complaints before signing on, too. I have included some helpful links for you below.
Reply:I agree with one of the other answers. If you are really serious about getting out of debt. CUT up and CANCEL the cards and go get a loan from a lending institution to pay off all the cards. The interest will be tons lower and you'll only have 1 monthly payment.
Reply:Die, unless you can go bankrupt.
Reply:Your credit card probably is charging you interest and will not stop charging you interest (unless your balance is on a card that temporarily has 0% interest). It might make sense to move the balance to a 0% interest card, but you do want to consider the impact it will have on your credit score of opening a new credit card. The most important thing then to do is figure out how much money you would have to pay each month in order to pay off your debts by the end of 2008.
Reply:Contact Consumer Credit Counceling,this is a non profit buisness.They will help you.
Reply:You could possibly get a debt consolidation loan. You could file chapter 13 Bankrupcy. You can go to a credit counseling service (I think this is the best option) They wll make arrangements with your creditors,possibly stopping the interest %26amp; lowering your monthly payments. Many of these services are free.
Reply:I calculated your debt from April to December and you would have to make payments of approximately $800 per month. You can make two payments a month on the credit cards ($400 each). Make sure the payments you make are more than the monthly minimum. The monthly minimum only pays the interest and a small portion of the principle. Check out Suze Orman's website. She's a financial genius!
Reply:I would find two separate credit cards that will offer you 0% interest on balance transfers. The reason I say two instead of one is because they generally cap it off at 4,000 if your credit isn't really good. The key is not accruing any new debt, and paying off what you can. At least pay down half of it, and it you have to, transfer that other half later to another 0% interest card. Budgeting helps, but you know how much you have to pay, just keep it consistent. Good Luck.
Reply:IF you have the Credit, get a Consolidation Loan and PAY OFF everything at once. I know this sounds the opposite of what you ask, BUT consider all the DIFFERENT interest you are paying now. It would be CHEAPER to have 1 payment, and set the Loan up to where you can afford it, and ALWAYS pay MORE then is due and APPLY it to the PRINCIPLE to cut down on the Terms of the LOAN. ( the time it is Financed for ) It will save you Interest charges also.
Reply:Best answer is always try to pay more than the suggested minimum payment. If you just pay the minimum you'll have that debt forever. You may also look for a CC that offers 0% interest for a period of time and transfer the balance over to that.
Reply:Try to consolidate your credit cards. If your credit card debt was all on one card, it might same you some interest.
Always try to pay more than the minimum amount due ... even if it's only a few dollars more.
Be patient ... it takes time :)
How can you get out of credit card debt the fastest?
Give up all the crap that you don't NEED. Load up payments on the debt.
Reply:there are non-profit credit counseling associations.
look for one*and* make sure it is NON-PROFIT, some are disguised as credit counselors and are really set up by companies trying you to sign you up for their consolidation loans and their credit cards which let you transfer your debt from one acct to theirs--AVOID THESE COMPANIES
and avoid loan consolidations!!!!
you don't get as many benefits as going thru non-profit credit counselors--who can actually take some of the debt off your account as well as take the interest all the way to zero (if you are inserious trouble and are about to file for bankruptcy)
Reply:The best idea is to approach a nonprofit credit counseling service. Most areas of the country have one. They will negotiate with the credit card companies to give you a lower rate. In addition, they will help you develop a sensible budget to help you get out of debt. The service will help rebuild your credit in the process. They do this for a fee, and it is well worth it. You can locate one in your area through the yellow pages of the telephone book under credit card counseling. However, if there is more than one of them, call around to see what their fee is before making the appointment. Also check with the Better Business Bureau if there were any complaints before signing on, too. I have included some helpful links for you below.
Reply:I agree with one of the other answers. If you are really serious about getting out of debt. CUT up and CANCEL the cards and go get a loan from a lending institution to pay off all the cards. The interest will be tons lower and you'll only have 1 monthly payment.
Reply:Die, unless you can go bankrupt.
Reply:Your credit card probably is charging you interest and will not stop charging you interest (unless your balance is on a card that temporarily has 0% interest). It might make sense to move the balance to a 0% interest card, but you do want to consider the impact it will have on your credit score of opening a new credit card. The most important thing then to do is figure out how much money you would have to pay each month in order to pay off your debts by the end of 2008.
Reply:Contact Consumer Credit Counceling,this is a non profit buisness.They will help you.
Reply:You could possibly get a debt consolidation loan. You could file chapter 13 Bankrupcy. You can go to a credit counseling service (I think this is the best option) They wll make arrangements with your creditors,possibly stopping the interest %26amp; lowering your monthly payments. Many of these services are free.
Reply:I calculated your debt from April to December and you would have to make payments of approximately $800 per month. You can make two payments a month on the credit cards ($400 each). Make sure the payments you make are more than the monthly minimum. The monthly minimum only pays the interest and a small portion of the principle. Check out Suze Orman's website. She's a financial genius!
Reply:I would find two separate credit cards that will offer you 0% interest on balance transfers. The reason I say two instead of one is because they generally cap it off at 4,000 if your credit isn't really good. The key is not accruing any new debt, and paying off what you can. At least pay down half of it, and it you have to, transfer that other half later to another 0% interest card. Budgeting helps, but you know how much you have to pay, just keep it consistent. Good Luck.
Reply:IF you have the Credit, get a Consolidation Loan and PAY OFF everything at once. I know this sounds the opposite of what you ask, BUT consider all the DIFFERENT interest you are paying now. It would be CHEAPER to have 1 payment, and set the Loan up to where you can afford it, and ALWAYS pay MORE then is due and APPLY it to the PRINCIPLE to cut down on the Terms of the LOAN. ( the time it is Financed for ) It will save you Interest charges also.
Reply:Best answer is always try to pay more than the suggested minimum payment. If you just pay the minimum you'll have that debt forever. You may also look for a CC that offers 0% interest for a period of time and transfer the balance over to that.
Reply:Try to consolidate your credit cards. If your credit card debt was all on one card, it might same you some interest.
Always try to pay more than the minimum amount due ... even if it's only a few dollars more.
Be patient ... it takes time :)
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