How to Collect Money Owed on a Property

When someone is in the process of buying a piece of property from you and they do not pay you for all of it, you may need to take action to ensure that you get the money you are owed. With the help of the court system, you can either get the money you are owed or you can take back the property that you were in the process of selling to the other individual. Instructions 1 Contact the person who owes you money first. Try to contact them over the phone and in writing. In some cases, the individual may simply need to work out a payment plan...

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Are There Any Programs That Can Help to Lower High Credit Card Debt Because of High APR?

With total credit card debt in the U.S. approaching $1 trillion, many people are looking for a way to reduce their debt. The only sure way to reduce your credit card debt is to pay extra on your accounts. Even so, other programs may help you reduce balances or interest rates. Government Programs The publicity surrounding the federal government's Making Home Affordable program has had many consumers looking for a similar program to help them reduce credit card debt. Although rumors are plentiful concerning the existence of such programs,...

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The Liability of a Co-Signer

Becoming a cosigner on a loan is a major responsibility. Cosigners are completely liable for the loan if the primary borrower fails to make payments as agreed. If necessary, lenders will file civil lawsuits against cosigners to collect on a debt that's past due. Considerations Lenders require a cosigner when a loan applicant has poor credit or little credit history. Typical examples include a parent cosigning for an adult child's first new car, or a sister guaranteeing a signature loan for a sibling. The lender makes it clear, in some instances,...

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How to Buy a TV on Finance

Financing a television can be easy -- if you have an acceptable credit score. Home electronics items are often purchased on credit, with some stores offering "instant" approval on financing. A credit score of 720 or higher generally represents excellent credit, but it is possible to be approved for financing for scores much lower. Credit scores range from 350 to 850, with higher scores generally leading to the best interest rates on loans and credit...

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How to File a Claim Under the Fair Credit Debt Collection Practices Act

The Fair Debt Collection Practices Act or FDCPA protects consumers from unfair, deceptive or abusive practices related to debt collection. Under the act, debt collectors may not call you before 8 a.m. or after 9 p.m. They also must cease contact if you send a letter asking them to stop. A debt collector may not use profanity or threaten to harm you. He also cannot falsely claim you have committed a crime or threaten to have you arrested. If a debt collector has violated the FDCPA, you can file a claim by reporting the violation. Instructions...

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How Can I Consolidate Credit?

If you are struggling to make your minimum monthly payments on several different credit cards or if you are having a difficult time keeping track of whom you have already paid this month, then a consolidation loan may be a good option for you. Companies and banks are willing to allow you to pay off several small loans with one large loan, which gives you one monthly payment to manage. Credit Consolidation Credit consolidation works by using...

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The Fair Credit Act in California

According to the Federal Reserve Consumer Reports, Americans have over $813 billion revolving credit debt as of Sept. 2010. The U.S. Census Bureau estimates that in 2010, 181 million Americans carry over 1.4 billion credit cards. Federal and California Fair Credit Acts help protect consumers' privacy, establish rights regarding information maintained by lenders and protect credit card users from abusive debt collection activities. Debt Collection...

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How to Finance a Roof Replacement

A roof replacement can be a major expense costing thousands of dollars. Fortunately, obtaining financing may be easy if you have good credit. Credit scores of 720 and higher usually get you the lowest interest rates on loans, according to Privacy Rights Clearinghouse, a nonprofit consumer information company. Financing for your roof replacement may be available with lower credit scores as well, but expect higher interest rates, especially if your score is below 620, the cutoff for "good credit," according to Privacy Rights. Whatever your score,...

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How to Calculate a Loan's Value When No Payments Are Made

Loans are made for various purposes and with varying terms. An amortized loan is the most common type for a home or auto. It is designed to repay the loan and interest in a set period of time, with a set monthly payment based on the loan principal and interest rate. The value of an unpaid loan is calculated by adding the interest and late fees to the original principal amount of the loan. Instructions 1 Determine the current balance of the...

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How to Contact Experian Credit Agency

Experian is one of the three major credit bureaus in the U.S., along with Equifax and Transunion. Consumers may find it necessary to contact the Experian credit agency for a number of reasons, from obtaining a credit score to disputing errors on a credit report. Experian offers contact information for consumers and separate contact information for businesses that use Experian services. Instructions 1 Contact Experian online. The Experian website allows consumers to request copies of their credit reports and dispute errors on a credit report...

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How to Keep Creditors at Bay

There are few things as stressful and annoying as dealing with creditors who demand money from you that you can't pay right now. Unless of course, it would be dealing with collectors demanding money that you don't owe, which happens more often than you think. Fortunately, the Federal Trade Commission (FTC) has rules restricting what they can do. Here's what you can do to deal with these pesky bill collectors. Instructions 1 Demand all pertinent...

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How Charge-Offs Affect Existing Credit Cards & Mortgage

Charge-offs are the worst entries you can have on your credit report. While they certainly affect your future ability to get credit cards and mortgages, charge-offs often affect your current credit card accounts too. Depending on your repayment status with your mortgage lender, charge-offs may affect your home and loan. If you are making current payments as agreed, your mortgage should remain unaffected. Should you be delinquent, however, your mortgage...

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What Happens When a Creditor Refuses Payment?

When you use credit or borrow money, you still have to repay the creditor with regular payments. In some cases, creditors will refuse payments for one reason or another. If a creditor refuses to accept your payment, your account will remain unchanged and you may eventually find yourself in court. Delinquent Payments When you are delinquent on a loan and it falls into default, the creditor may not want to accept any payments. In some cases, when you break the terms of the loan or credit agreement, the creditor will simply want to foreclose...

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Can a Credit Card Garnish My Wages If I Am on Disability and Work Part Time?

After a creditor has made numerous attempts to resolve a past-due balance on a loan, credit card or other debt, it may resort to filing a civil suit against you for the balance of your debt. Unless you can provide a valid defense to the lawsuit, such as proof that you previously paid off the debt, the creditor will likely win a judgment against you. This allows the creditor to garnish your wages. However, if you collect disability and work only part time, the creditor's garnishment options may be limited. Garnishment of Disability Although...

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Debt Consolidation for Medical Bills

Debt consolidation entails using one large loan to pay off several smaller loans. Since medical bills are unsecured debt, they can be paid off through debt consolidation. Unsecured Debt Unsecured debt is not tied to an asset, while secured debt is linked to an asset such as a car or a house. If car payments or mortgage payments are neglected, a lender can repossess these items. Bills for medical care are unsecured because they are usually not tied to anything tangible. Features Taking a second mortgage or using a line of home equity...

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Is It Better to Go Bankrupt or Settle My Credit Card Debt?

Bankruptcy and debt settlement are both options available to debtors who cannot handle their monthly debt payments and need help. Both are serious options: more common options include debt renegotiation and debt consolidation, which either pay off the entire debt or change the debt to make easier to deal with. But sometimes the debtor still cannot make payments or cannot qualify for the necessary changes, so settlement or bankruptcy are the only options. Both have their advantages, but debt settlement is a less drastic option for most situations....

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How to Approach Negotiating Credit Card Debt

Dealing with credit card debt can be a scary process. However, if you remain firm and are able to face the situation, you will generate much better results than if you are timid and don't try negotiating credit card debt. Instructions 1 Dealing with credit card debt can be a scary process. However, if you remain firm and are able to face the situation, you will generate much better results than if you are timid and don't try negotiating credit...

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Is it Illegal to Collect Bank Write Off Credit Card Debt?

Many banks that have a significant portion of delinquencies in their credit card portfolios elect to take an accounting charge against these non-performing accounts by writing them off as uncollectible. Once an account has been charged off, the bank will either continue with collection activity or sell it to a third-party purchaser of bad debt. Even though the bank has characterized the debt as "uncollectible" for accounting purposes, a cardholder is still liable for the full amount of the default balance owed. Purchasers of Bad Debt Many...

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How to Try to Get Out of Debt Before Using Counseling Services

Using counseling services to get out of debt is beneficial, but these types of services often only work with people who have a certain amount of debt and using a company to manage your debt can look bad on your credit report because creditors may report "third party assistance." Before handing your debts over to a service, explore methods to eliminate debt on your own. Instructions 1 Work longer hours to pay down your balances without counseling. Increase the amount of hours you work in a week by either asking for over-time or taking a second...

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Maine State Laws on Free Credit Reports

Maine and other states follow a federal law that allows residents to request free credit reports from three credit bureaus. However, consumers should watch out for free credit report offers that aren't connected to the federal law. Those offers may include a free credit report, but add on fees for other credit-related services. Free Annual Reports All Maine residents and other U.S. citizens are entitled to receive one free credit report from each of the three national credit bureaus every year. The Fair and Accurate Credit Transactions...

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Does Debt Settlement Have to Be Reported to the IRS?

Debt settlement can be an effective way of reducing your debt load to a manageable level. Rather than filing bankruptcy, debt settlement allows you to negotiate a payment for at least some of your debt. Unfortunately, settlement can have additional financial ramifications, since the creditor that agrees to reduce your debt usually has to report that amount to the Internal Revenue Service. Debt Settlement Debt settlement occurs when your creditor agrees to accept as payment-in-full a payment that is less than the total amount you owe. Typically,...

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Credit Card Bad Debt & the Law

If you are having problems paying your credit card bills, you should be aware of the federal and state laws that address the problem of bad debt. Unpaid bills do not go away: They can continue to haunt you in the form of bad credit and ongoing harassment from bill collectors long after you default on your balance. By knowing your rights and working with your credit card company, you can minimize the inconvenience and embarrassment caused by unpaid...

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How to Remove Negative Accounts From Credit

When thinking about applying for a loan or credit card, be prepared for a credit check. Most creditors will view an applicants credit history during the application process. It is important that the credit report displays accurate and updated information about payment history. If there are negative accounts listed on your credit report, have that information removed as soon as possible. There are legal ways to remove these negative accounts from a credit report--if the information is inaccurate. Instructions 1 Order a current credit report....

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Importance of Establishing & Maintaining Good Credit During College Years

Aside from your Social Security number, your credit score might be the most important number in your entire life. This number can literally make or break you, and the financial decisions you make while you're in college can affect you for years to come. Getting your credit history off to a strong start and learning to manage your credit is one of the best things you can do to help you achieve your dreams. Importance of Credit Though you might be used to paying cash for everything if you're just entering college, your college years will...

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FHA Programs to Avoid Foreclosure

The Federal Housing Administration is the largest insurer of mortgages in the world, according to its website. The agency, which is a part of the U.S. Department of Housing and Urban Development (HUD), said in June 2010 that it had insured loans on more than 34 million properties. The FHA, with help from HUD, also assists homeowners in danger of losing their FHA-insured homes to foreclosure. Foreclosure Avoidance Counseling HUD-approved housing...

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How to Settle Consumer Debts

It can be easy to become buried deep in consumer debt. If you have been laid off, had a pay cut or have been injured the bills can pile up quickly. Although paying off debt can be overwhelming, there are options available. Don't fall behind and get sent to collections. Be proactive and work with your debtors to come up with a plan. Instructions 1 Create a spreadsheet calculating your monthly income and expenses. Separate your expenses into...

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How to Look Up the Addresses of the Credit Bureaus

All lending in the United States is tracked by three major credit bureaus: TransUnion, Equifax and Experian. These three agencies are independent, though the information contained on credit reports is often quite similar and sometimes identical. The rating system each of these companies uses is also similar. If you have a question about a reporting error or mistake on your credit report and you need to send the credit bureaus documentation, you'll...

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How Does a Repossession Effect Your Credit?

When someone wants to obtain a car, boat or lawnmower, they often seek assistance from a financial institution or bank. The lender gives them the money to cash out the item with a store or previous owner. Once a loan is obtained, a lien is typically placed on the property until the balance is paid in full. Monthly payments are usually set out to manage the loan amount over an extended period of months or years. A repossession occurs when a...

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How to Deal With a Harassing Collection Agency

Its never fun to fall behind on bills, but its even worse to pick up the phone and be harassed. Sadly, this happens to Americans every day. Depending on which collection agency buys your debt, you may come in contact with agents who will do whatever possible to get your money. All too often, this means that the agent will resort to harassment. While you may be intimidated at first, its important to remember that there are ways to deal with a harassing collection agency. Instructions 1 Use your caller ID and answering machine. You dont have...

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Should I Give a Post Dated Check to a Debt Collector?

Though a debt collector can and often will request that a debtor provide postdated checks when negotiating payments, it is not a good idea. Providing postdated checks exposes the debtor to many unnecessary risks. A consumer who is negotiating with a debt collector should understand these risks and the ways to reduce or avoid them. Explanation A postdated check is simply a check with a future date. An example of a postdated check would be a check written on July 1, but dated August 1. Often debt collectors will request that consumers send...

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Oregon's Law on Marital Credit

In Oregon, the legislature allows spouses to obtain "short form" summary divorces if they can agree upon a distribution of debts and assets without a court's participation. When spouses are unable to agree upon a property allocation between them, Oregon courts will divide marital property and debts between them. Marital debts are debts acquired during a marriage, and these debts include expenses incurred to pay for family expenses. Each spouse is...

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Why Is Consumer Debt Bad?

According to a 2009 Nilson report, consumer debt in the United States totaled approximately $972 billion dollars at the end of 2008. For many Americans, consumer debt carries a significant financial and emotional burden. Defining Bad Debt Bad debt refers to any debt that is incurred to finance something that offers no return. Credit card debt and store card debt are considered bad debt because they're often tied to items that hold no intrinsic...

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What to Know About Credit Counseling

Credit counseling involves instructing and educating individuals on how they can avoid taking on excessive debt that that they are not financially prepared to repay. Trained professional credit counselors, who are usually certified, work independently or for credit counseling organizations to assist people in paying off credit cards and other debt. Credit counselors teach people financial fundamentals as well as how to properly budget and manage their money. Function Most credit counseling services involve certified counselors who help...

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Is There a Time Limit on Charge Off Accounts?

Charged-off debts never expire. A creditor or debt collector can pursue you for the rest of your life for a debt that has been charged off. Collecting the debt is another issue, however. There are laws regulating how long creditors or debt collectors have to sue you in court for an unpaid charge off. State Statute of Limitations Individual states have laws on debt collection called "statute of limitations." Laws vary by the state, but generally debt collectors have about six years to pursue you in court for an unpaid debt resulting from...

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What Does Debt Settlement Do to Your Credit?

Settling a debt could be one of the fastest ways available to eliminate a debt without bankruptcy. While this method is effective, it can also drop your credit score. Once you settle a debt, you will suddenly become less attractive to lenders of all kinds. Before settling a debt on your own or with the help of a company, you need to think about the potential damage you are doing. Why Debt Settlement Hurts Credit The process of debt settlement involves giving a creditor a lump sum amount in exchange for closing out your account. When you...

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Foreclosure Prevention Act of 2008 HR 3221

The Foreclosure Prevention Act of 2008 provides relief for homeowners who are facing foreclosure. The bill provides tax incentives for lenders and first-time buyers to stir slow housing markets and gives states higher limits for bonds to finance low-renters. The bill aims to stabilize the market by slowing foreclosures and provide low- to moderate-income households the opportunity for affordable housing. Eligibility Homeowners must have a Debt-To-Income ratio above 31 percent to qualify for assistance. The amount of money that you spend...

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Credit Counseling Guide

When you accumulate a large amount of debt, you have a number of options that could provide assistance. One of the most commonly used options is credit counseling. Credit counseling is a service that is provided by various debt relief companies and helps you get on a payment plan with your creditors. Debt Management Plan The primary component of the credit counseling process is the debt management plan. The credit counseling company that you work with will help you set up a debt management plan with all of your creditors. This is a plan...

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Explanation of Credit Rating Numbers

From the moment you become and adult and start acquiring credit, you are building your credit score. That score will follow you the rest of your life and influence the majority of your big decisions, such as employment, purchasing a new home and having credit cards. What Is a Credit Score? A credit score is a three-digit number from 300 to 850 developed by Fair Isaac Corporation that creditors use to determine whether they should extend credit...

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