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.
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