How to Pay Bills Online in Foreign Currency

Paying bills online is an efficient way to conduct business. Many international websites will already use your current currency. However, what if the site you are using to pay a bill displays the money in a foreign currency? Things could get tricky. How do you know how much you are paying out for your bill? How will you even know in which currency to make your payments? You can clear up the confusion of paying bills online in foreign currency with...

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If Overpaid for Unemployment in New York, Can They Garnish My Wages?

Being unemployed is a stressful experience, though being eligible for unemployment compensation certainly does help the situation. If you collect unemployment in New York, ensure that you keep track of your payments and report any earning to the unemployment office when you certify for benefits. If you don't report all earnings, even freelance earnings, the New York Department of Labor may view this as fraud and will begin collection efforts. Not only your wages can be garnished. Overpayments Overpayment of unemployment benefits in New...

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How do I Eliminate Credit Report Charge Offs?

Your credit report is a snapshot of your financial reliability. Creditors use your credit report to determine if you are a safe borrower. As we mature, we realize the importance of good credit. It is never too late to clean-up your credit. If you ever had a seriously delinquent account, the creditor may write the balance on the account off as a bad debt, referred to as a charge-off. If your credit report contains charge-offs there are steps you can...

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Credit Consulting Companies

Credit consulting companies educate consumers on the best strategies for improving their credit scores. Clients learn how to avoid filing for bankruptcy or becoming victims of identity theft. Most credit consulting companies offer fee-based services and are readily available online. Customers receive one-on-one counseling and individualized solutions to help improve their credit score ratings and eliminate their debts. Most credit consulting companies offer a fee-based service. Simple Solutions Credit Counseling Simple Solutions Credit...

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How to Dispute a Credit Report

It is always a good idea to review your credit report at least once a year so you can spot any errors or fraudulent accounts. In many cases, victims of identity theft first learn their identity has been compromised when reviewing their credit report. If you do spot errors or fraudulent accounts, it is within your rights to dispute the credit report. Under the Fair Credit Reporting Act (FCRA), the three main credit reporting bureaus--Experian, TransUnion...

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Letter of Credit Requirements

Letters of credit are used in business when a purchaser does not have the cash on hand for products ordered, or does not wish to use the cash it has on hand. Instead of paying in cash, the purchaser asks its bank to issue a letter of credit. This letter of credit indicates the bank is willing to finance the transaction for the purchaser. The recipient of the letter of credit is then entitled to receive the money owed from the bank that issued the...

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Consumer Debt Settlement Programs

Debt settlement programs reduce overall debt through creditor negotiation. While technique may vary depending on the debt relief company, the idea behind debt settlement is to convince creditors to accept a reduced lump-sum payment in lieu of the entire amount owed. Successful debt settlement not only lowers overall debt, it can provide an alternative to bankruptcy for cash-strapped consumers. As with any business deal, do your homework on debt settlement options and particular companies before signing a contract. Debt Settlement Process ...

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How Can Someone Garnish Your Bank Account?

If you have been sued for a debt you owe and a judgment has been issued against you, you must pay off that debt by court order. There are several avenues a creditor can take to ensure you pay, one of which is a garnishment of your bank account. A specific procedure must be followed by the creditor to effect this garnishment; you are not notified until your accounts have already been frozen. Process Though the names of the forms and courts vary from state to state, the process of freezing your bank account is essentially the same no matter...

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How to Settle a Judgment With a Counteroffer

A judgment is a decision reached in civil court by a judge. The judge rules that you failed to pay as agreed on a credit account, and that you legally owe a creditor or debt collector. It is a very serious ruling that could subject you to garnishment of your bank account or wages. The New York Times reported in April 2010 that pay garnishments were rising fast, with creditors quick to take advantage of judgments. You can avoid garnishment by making a counteroffer to settle the judgment -- possibly for less than the amount awarded by the judge....

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What Is Debt Burden?

According to the December 7, 2010, Federal Reserve Statistical Release, Americans owned almost 2.4 billion dollars in revolving and non-revolving debt as of the end of October 2010. When learning to manage your money, understanding debt burden and its impact on your finances can be a positive step to learning to save for the future and avoiding unnecessary debt. Definition According to the Economics-Dictionary.com, a debt burden is how much...

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Are There Disadvantages of Debt Management Companies?

Debt management programs may be a solution for those who have problems paying off their credit card balances. While they can help customers, debt management programs often come with their own set of problems. In some cases, these issues make it difficult or impossible to use debt management programs. Debt Management Basics You may have seen debt management programs advertised on television. These programs aim to help you pay off your debts by lowering your interest rates and providing you with a payment schedule that maximizes your contributions....

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How to Calculate Loan Payments for Debt Consolidation

A debt consolidation loan allows you to pay off all your financial obligations with a single monthly loan payment. It can be a smart choice for consumers with many different debt payments or those seeking to obtain a lower interest rate. Research Consolidation Loans Figure out the terms of your consolidation loan will have before calculating monthly payments, Critical information includes: the amount borrowed, the interest rate, and the loan term. To find the amount you need to borrow, add up all the principal balances on the debts you...

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How to Consolidate Your Student Loans From the Government

The average four-year college student graduates with just over $23,000 in student loan debt, according to the U.S. Department of Education. Borrowers must repay these loans, plus interest, soon after graduation. One way to simplify your student loan repayment and lock in a fixed interest rate is through federal loan consolidation. Consolidation rolls all your separate student loans into one monthly payment. These consolidation loans are not credit...

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The Credit Card Debt Relief Act

The Credit Card Debt Relief Act has been referred to in commercials by debt settlement companies and other debt counseling services, but is not an actual law that has been passed or proposed. It is sometimes used as a marketing strategy playing off the Mortgage Debt Relief Act of 2007. This law allowed people who had debt forgiven as the result of a short sale on their home to exclude the forgiven debt from their income, and save on taxes. Premise...

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The Disadvantages of Short-Term Debt

There are times when a business needs cash in a hurry. For example, if the business is having trouble paying its employees for the next couple of months but expects a substantial increase in clash flow a few months down the line, the business may look for a short-term loan in order to tide them over. Short-term debt is generally due within a year's time. Short-term loans can be beneficial to get you through a tough time, but there could be drawbacks....

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Will a Debt Management Plan Affect My Credit Score?

People borrow money. They incur credit card debt, student loans and automobile loans to pay for items today without having the money for them. Many people struggling with debt consider committing to a debt management plan. Companies offering debt management plans claim to help individuals pay their debt off faster with lower interest charges. In most cases, participation in a debt management plan will not directly affect your credit score. Purpose of Debt Management Plan Debt management plans provide a solution for debt-ridden consumers....

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How Does a Bank Levy Work?

If you have fallen behind on a debt payment and have been unable to satisfactorily reach an agreement with your creditor to bring your account current, your creditor may use several strategies to recover the debt you owe. Typically, the creditor will send collection letters and make phone calls to try to resolve the past-due status of your account. It may also use other strategies, including levying your bank accounts. Levy Authorization Before a creditor can levy your bank account, it must file a civil suit against you for the money you...

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Texas Debt Settlement Laws

Debt settlement companies help debtors settle their debts by negotiating with creditors on the debtor's behalf. In Texas, debt settlement companies must be careful not to mislead or misinform debtors. In addition, the companies must inform consumers of all their rights prior to entering debt settlement. Texas has strong consumer protection laws in place to protect debtors from unfair debt collection practices, as well as from shady debt settlement tactics. Prohibition Against Misleading Services Debt settlement companies in Texas may not...

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Can You Bargain Down Your Credit Debt?

When your debt is overwhelming, settling for less than you owe can seem like a great solution. TV and radio advertisements make it seem easy, but the truth is that debt settlement isn't for everyone. Though you can reduce the amount that you have to pay the company, you'll have to pay with a lower credit score, which can hurt you in the long term. Creditors vs. Collections Initially, you owe debt to a creditor, typically a credit card company or a bank. When you don't pay that money back, it goes to a collection agency. It's easier to get...

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How Long Does Debt Settlement Affect My Credit Rating?

When a creditor or collection agency offers to let you settle a debt for pennies on the dollar, the prospect can seem too good to be true. Often, that's just the case -- while debt settlement agreements can let you get rid of debt for much less than you owe, your credit rating will pay the price in the long run. Last-Ditch Effort Debt settlement, whether offered by your creditor, a collection agency or a so-called credit repair company, is your creditor's parting shot at collecting even a portion of what you owe. Offers to settle your...

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Who Can Pay the Car Loan After Someone Dies?

When you have just lost your spouse, the last thing you want to think about is the bills mounting up with his name on them. However, you must handle those bills for which you are responsible and give the rest to your late spouse's executor to handle to avoid damage to your credit and lawsuits against the estate. Vehicle loans are especially important, because if you or your executor do not pay them, the creditor can repossess the vehicle from the estate. Joint Ownership If the deceased person jointly owned the car along with a spouse, child...

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How to Retrieve an Old Credit Report

Information on your credit report determines your credit score -- which, in turn, influences the interest rate on your loans and home mortgages, as well as other important life decisions, including employment. Many factors, from late credit card payments to bankruptcy, can affect this report. While it is simple to get a current credit report, you may also wish to examine old credit reports to help determine the factors still influencing your credit....

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Can You Place a Lien on a Joint Account?

A joint bank account is convenient for many purposes, but it also can cause problems if one account holder has a collections judgment against him. Whether a person has a joint bank account or is a creditor seeking to collect on a judgment, it is important to understand the process of placing a lien on a joint bank account to be able to protect his rights. Joint Bank Account Ownership A joint bank account is an account wholly owned by each of the persons on the account. This means either person can use the full amount of money in the account...

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What Are the Benefits of Reducing Debt?

MSN Money states that the average American household has approximately $8,000 in credit card debt, and nearly 43 percent of American households spend more money than they earn every year. Debt brings with it many consequences, including interest payments and fees and, for many people, stress. There are many benefits of reducing debt, including financial flexibility, a lower debt-to-income ratio, and less stress. Freedom to Spend One benefit...

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When You Die Is Your Debt Canceled?

With the exception of federal student loans, most debts aren't canceled at death, and creditors still have the right to attempt collection. However, collecting debts isn't always easy: Relatives and heirs generally aren't responsible for paying the deceased's debts, requiring creditors to file a claim against the deceased's estate in hopes of compensation. Debts of the Deceased When someone dies, her debts will be paid from her estate, if she left one. Her relatives and heirs are not responsible for paying her debt, even if her estate is...

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How to Calculate Consolidation Loan Payment Savings

Consolidating your debt is when you combine all of your loan balances into one account. Instead of paying several creditors you only have to pay one. This process usually saves you money by lowering your interest rates, which leads to a lower overall monthly payment. If you know how much you are paying monthly before you consolidate your debt, you can calculate how much you will save on a monthly basis after you have consolidated your debt. You can...

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Can Child Support Payments Be Frozen in Bank Accounts?

Bank accounts are frozen as a result of some debt collection practices, which can be either private or governmental. There are different laws for each, and laws also change depending on the state in which you live. However, generally speaking, child support payments -- especially those paid using direct deposit -- are typically exempt from such seizure. Frozen Bank Accounts A bank account is "frozen" when the money in it cannot be withdrawn. Usually, money can still be deposited, but isn't available for use. In order to freeze a bank account,...

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Christian Alternatives to Debt Consolidation

Proverbs 22:7 states, "The rich rule over the poor, and the borrower becomes the lender's slave." Debt is a form of bondage, and today's Christians can turn to the Bible for alternatives to quick fixes. While credit repair companies and debt consolidation companies offer claims that they can quickly repair credit or overcome debt in a matter of months, they are usually scams which should be avoided. Overcoming debt can be accomplished with desire...

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The Benefits of Business Credit

When you establish a business, start taking steps to separate your company business from your personal accounts. One way is to open a business bank account. Another common action new business owners take is to apply for a business credit account, such as a credit card. Explore the various benefits of opening a commercial credit account. Applying for Business Credit Getting a business credit line is very similar to getting a personal line of credit. You must meet the creditor's requirements for credit history and income. When you apply for...

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Five Steps for Improving My Credit Rating

Credit reports and scores used to be mysterious to consumers who tried to improve them and wound up doing all the wrong things. According to the Experian website and MSN Money, the key is having a few credit accounts, using them with some regularity, keeping balances low--ideally below 10 percent of credit extended--and paying on time. There are specific steps you can take. Order Your Credit Report Many people avoid looking at their credit reports for fear of negative information. However, often credit reports contain erroneous information...

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Consumer Rights When Sued by a Credit Card Company

A credit card company you have an account with can sue you in civil court for money owed. You, as a consumer, have the right to challenge the creditor in court to prevent the company from getting a judgment, or court award, against you. A creditor with a judgment can use additional collection enforcement methods permitted by law, such as garnishing your income. Respond You have the right to file a response to the lawsuit in the court handling the case. The court papers you received on the case dictate what form your response must take and...

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Help in Reducing Credit Card Debt

The recent economic bust has caused consumers to reevaluate their personal financial pictures. The 10-year period ending in 2007 saw an increase in credit card debt load of 75 percent. Eliminating this costly and potentially damaging debt is a critical first step as you begin to establish long-term financial security. Your Credit Problem Considering a few aspects of your debt situation yields immediate answers. For example, you have a problem...

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How to Make a Deal With a Credit Card Company for Reducing Early Payoff Amount Owed

No matter how low interest rates on savings accounts and certificates of deposit sink, credit card rates never seem to follow suit. Credit card interest rates have remained stubbornly high through both good economies and bad, and that is not likely to change anytime soon. That means it is up to each individual consumer to negotiate a better deal with the credit card issuer. Instructions 1 Gather up all of your bills and add up what you owe....

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Can I Request to Remove a Bankruptcy in Seven Years?

Many people think that filing bankruptcy will erase their bad credit and allow them to start over with a clean slate; however, this is not the case. What bankruptcy does is free you from having to pay back the debt you have accumulated. In some cases, a portion may still need to be paid, but this depends on the type of bankruptcy you file. Types of Bankruptcy There are two basic types of personal bankruptcy: Chapter 7 and Chapter 13. Chapter...

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