What Are Florida's State Laws on Credit Card Debt?

State law regarding credit card debt in Florida centers around bankruptcy and the statute of limitations for collecting debt. Whether the agreement between the consumer and the creditor is a written contract or an oral one determines the statute of limitations time frame. However, the precise definition of the two contract types appears to be left up to the discretion of the individual courts. The statutes for bankruptcy are much clearer. Written...

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Can a Debt Collector Add Interest in Massachusetts?

A debt collection agency or creditor in Massachusetts may charge interest within the boundaries of the law when attempting to collect on a debt. The law in the state places caps on the interest rate a collection agency or creditor may charge depending on the type of debt in question. Caps on Contracts Massachusetts laws places a cap on the interest a creditor or debt collection agency may charge when seeking repayment. According to BCS Alliance, a credit information website, the maximum interest rate a creditor or collection agency may...

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Can Collection Agencies Charge Debtor Interest?

Collection agencies are private companies hired by creditors to seek payment of a debt. In some cases, these collection agencies will be hired on commission, receiving a percentage of the amount they recover. In other cases, the agencies will buy the debt outright from the creditor. In either case, the creditor is not allowed to charge the debtor any fees or interest payments that the original debt contract does not specifically allow for. Collection Agency A collection agency, whether it has purchased the debt or is merely acting as a...

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How to Pay Down Debt When Money Is Low

Paying down debt may come easy for people who have extra money. They can simply write a check to pay off their credit card balances. But if funds are low, getting rid of credit cards and other types of debt can prove challenging. Fortunately, you don't need a lot of extra money to eliminate debt. True, having money can speed this process. But even if you're not in a position to wipe away debt with a single check, other options are available. Instructions...

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What Is a Debt Claim?

Most businesses and individuals need to borrow money at some point, whether it's to invest in expansion, hire more workers or buy a home. But when someone borrows money it's with the expectation of making more money in the future to repay the debt. If this doesn't happen, the borrower may face bankruptcy, which will bring up the question of debt claims and how to pay them. Definition A debt claim is a claim that a lender makes asserting that a borrower in the process of bankruptcy owes it money. Lenders can be commercial banks, a business's...

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Credit Collection Functions

Banks and other lenders as well as independent collection agencies perform credit collection functions. A variety of collection functions can be used in recouping outstanding debts from consumers who have fallen behind in their payments. Each company follows its own business model, collecting debts using a variety of strategies, but the method must follow the requirements of the Fair Debt Collection Practices Act. Organization An organization designates the credit collection function to be either centralized or decentralized. The key to...

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What Is the Statute of Limitations on Written-Off Debt in Oklahoma?

Writing off debt is an accounting practice used by creditors that is commonly referred to as a "charge-off." The legal enforceability of the debt is unaffected by this practice regardless of when it occurs. The statute of limitations is the legal deadline by which a creditor must file a lawsuit to enforce a debt or its right to sue on the debt is lost forever. Like all states, Oklahoma law provides a statute of limitations regarding debts that is unaffected by a creditor's charge-off of the debt. Charging Off Delinquent Debt A creditor...

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Ways to Rebuild Bad Credit

A poor credit history can have far-reaching negative effects on a person's life. With a bad credit score, a person is less likely to receive reasonable terms on a loan. This can prevent him from purchasing a house or a car, or getting a credit card. Fortunately, there are a number of steps that those with tarnished credit histories can take to rebuild their record. Pay Down Your Debt One of the chief factors that lowers a credit rating is the amount of outstanding debt. The first step to rebuilding a credit history is to pay down the debt...

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How to Apply for Minority-Owned Business Status

Being certified as a minority-owned business could help your company grow. Public and private organizations that are proactively looking to do business with minority-owned companies often want proof that the firm really is owned by a minority. Certification is available through many state and local governments, as well as private organizations such as the National Minority Supplier Development Council. Also, the Minority Business Development Agency,...

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Do-It-Yourself Credit Card Debt Negotiation

One of the options available to consumers wishing to lower their credit card debt is debt negotiation. You negotiate a pay-off amount on your credit account with your creditor, and then arrange a monthly payment to settle your debt. You can hire a debt settlement firm, but the costs can be high, according to Aleksandra Todorova, writing for the SmartMoney website. A debt settlement firm's fees can include an account set-up fee, a monthly administration...

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Financial Problems With Hospital Bills

Having to go into the hospital can be a financially devastating experience, depending on your health insurance situation. When you accumulate large hospital bills, it can be a very difficult process to eliminate the debt. If you are faced with this situation, there are a few potential strategies that you could use to handle the problem. Talk to the Hospital When you receive large bills from the hospital, it is common to want to avoid the problem. Most of the time, this can only add to the problems that you will face. Contact the hospital...

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How Can I Pull Myself Out of Debt?

Recent economic upheavals have contributed to the increase in debt for many people. It seems like an impossible dream to get out of debt, but it is possible. There are many get-out-of-debt plans and even more advice givers. One thing most of them have in common is a clear emphasis on hard work and strict budgeting. Establish a Plan No matter which plan you go with, or even if you develop your own method, the first step is to look at the numbers. Just how much debt are you in? How much income do you really have, and how much additional income...

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How to Settle an Unpaid Charge Off Withthe Original Creditor

Unpaid charge-offs on your credit report can immediately stop mortgage and auto loan approvals. Charge-offs indicate that you stopped paying on a debt. These negative items lower your credit score, and a charge-off can stay on reports for seven years. But if you are looking to make credit improvements, you can negotiate a settlement with your original creditor. Instructions 1 Assess your finances before contacting the original creditor. This...

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How to Negotiate WAMU Credit Card Debt

Washington Mutual or WAMU is now part of Chase banks. All credit cards issued by WAMU are now being handled by Chase. Negotiating the credit card debt is very possible but may take time and repeated efforts. How you negotiate your credit card debt will vary based on whether your account is in collection status or if you are current and trying to lower your payments. Negotiating for a lower payment will require you to negotiate a lower interest rate, while accounts in collection can be negotiated down in both interest rate and balance. Instructions...

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Is it OK to Decrease Tithing to Pay Off Debt?

Tithing is the ancient practice of setting aside a portion of your income, usually to support your religion. Churches use tithes to support their basic operations and spiritual projects, so many people believe tithing is necessary to bring faith to others and stabilize religious organizations. Not everyone agrees on what amount you should tithe while in debt, with decreasing tithing to accommodate creditors being a major point of contention. The Tithe Amount The amount you should tithe varies based on the religion you follow, but in most...

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How to Delete a Credit Account From Equifax

Equifax is one of the three national credit bureaus responsible for maintaining the information contained within the credit reports of every U.S. resident. A credit report is a record of your past and current debt, including mortgage loans, bankruptcies, and credit card accounts. Because of the vast number of company reports Equifax receives on a regular basis, inaccuracies do occur. The Fair Credit Reporting Act (FCRA) limits the credit bureaus to reporting only information that is accurate. In the event that a consumer disputes the accuracy...

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How to Lease Equipment With Bad Credit

When you are having cash flow issues and need equipment to run your business, the clear alternative to laying out a large sum of cash is to lease the equipment instead. But lessors will usually do a thorough credit check before letting anything leave their premises. If you have bad credit, you may face challenges when trying to lease equipment. Here are a few tips for how you might be able to lease equipment when you have bad credit. Instructions 1 Have a friend lease the equipment on your behalf or co-sign on the lease contract. The friend...

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How to Stop a Judgment on Wage Garnishment

When an individual fails to pay a debt, the creditor can go to court and obtain a wage garnishment. The latter is a court-ordered document that the court sends to the employer, instructing it to withhold a certain portion of the debtor's pay to satisfy the debt. Notably, government institutions, such as the Department of Education and the Internal Revenue Service can garnish wages without a court order. But they must satisfy some legal requirements,...

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Help With RV Refinance

An RV is one of the largest purchases that a consumer can make, as the prices of many RVs are comparable to the price of many homes. When a consumer borrows a large amount of money, even a reduction of one point in the interest rate can result in significant savings over time. Though refinancing an RV is not always a simple process, the prospect of substantial savings makes the process well worth the effort. Check Credit A consumer's credit...

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Does Your Employer Have to Give You Warning Before Garnishing Your Wages?

A wage garnishment is a method used by creditors and others to force people to repay delinquent debts by automatically deducting payments from their wages each pay period. Employees receive advance notice about wage garnishments from an employer or lender in a few ways. However, you may be able to settle or dispute a debt to avoid a garnishment altogether. Process Creditors and debt collectors have to win a debt collection lawsuit against you to obtain a court order to garnish your wages. The order would be sent to your employer, and the...

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How Is Interest Calculated on a Judgment?

A judgment is the outcome of a lawsuit when you are sued for a debt that you owe and the judge decides in favor of the lender. On top of the remaining balance of the loan that is delinquent, you will also have to pay interest on the judgment amount. Every day that the judgment remains unpaid, more interest accumulates. Interest Rate The amount of interest that can be applied to a judgment depends on the laws in that state. For example, Indiana...

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If a Relative Dies Without a Will & Leaves Bills, Is the Family Responsible?

If you die owing money to creditors, those debts do survive you, but in most instances your relatives will not be saddled with the responsibility directly. This is the case even if you die without a will. However, the liability can depend on which state you live in. Debts After Death Any money that you owe to credit card companies or other creditors is still owed upon your death. It will be paid out of your estate. If you die without a will, your estate will be divided according to your state's laws. But creditors are usually always paid...

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What Is a Debt Elimination Plan?

A debt elimination plan is a set of steps that a borrower must complete to get out of debt. The plan can be formulated by a financial adviser or by the borrower himself. Significance When a borrower has debt that keeps him from having extra funds at the end of the month, he needs to look at ways to pay off that debt. A debt elimination plan will do just that. Function A debt elimination plan gives the borrower a set of predetermined...

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How to Convert Daily Percentage Rate to Annual Percentage Rate

Creditors typically use the daily percentage rate, also known as the daily periodic rate, to calculate finance charges. This method allows borrowers to pay interest based on the actual number of days the money was borrowed rather than calculating by the month, which varies in length from 28 to 31 days. The daily percentage rate is related to the annual percentage rate through a simple calculation, so you can convert from one type of interest rate to the other. Instructions 1 Look up your daily percentage rate for the loan, credit line or...

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Do I Have to File for Unemployment in Kentucky if I Worked in Kentucky But Live in Indiana?

When you lose your job, where you file for unemployment benefits may or may not be the state in which you live. You are not required to file for unemployment in your state of residence. Instead, unemployment compensation is paid out by the state where you worked. If you have worked in more than one state, you may have your pick of where you can file for unemployment benefits. Your 18-Month Employment History When you file for unemployment benefits in any state, your unemployment award is based on your employment for the past 18 months....

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Charities That Help With Bills

Get help with bills from local and national charities specializing in financial aid. Utility or medical bills grow into insurmountable obstacles during a financial hardship. Organizations are available which specialize in helping families pay utilities, mortgage payments, car repairs and even veterinarian bills. Certain professional practices provide free services to low-income families. National, state and local charities that help with bills set...

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Debt Recovery Rules

If you have found yourself overwhelmed by debt, you may have taken the necessary steps to get your debt under control and start on the road to recovery. Debt recovery requires willpower and the dedication to want to work to break the old spending habits that got you into trouble in the first place. By following some debt recovery rules, you can find yourself on the way to financial recovery. Use Credit Cards Sparingly Bad spending habits...

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What Does It Mean if You Get a 1099 Cancelled Debt?

A notice for a 1099 cancelled debt is a form for the Internal Revenue Service (IRS). Its formal name is Form 1099-C, Cancellation of Debt. Creditors and debt collectors issue the forms after settling debts with debtors for less than the full amount. They send a copy to the IRS. Definition The Federal Trade Commission (FTC) recognizes debt settlement as a legitimate debt-management solution. People who have fallen behind on unsecured debt such as credit cards often use debt settlement to pay off the accounts. Credit card companies and debt...

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How to Finance a Home Computer

For many people, having a home computer is a necessity. You probably use the Internet on a daily basis to find information. Your kids use your home computer to do school work and write reports. You might even use your computer to work from home or check your work email. If you are in the market for a new or replacement computer and do not have the funds to purchase one, you have the option of financing the purchase of a new computer. Instructions...

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Do It Yourself: Debt Assistance

Debt doesn't pose too many problems if you develop a habit of keeping balances low and paying off balances within a reasonable time frame. But if you ignore debt or allow balances to linger, carrying debt can start to negatively impact your personal finances and financing opportunities. Understand the cons of carrying debt, and take steps to fix debt problems. Types of Debt Debt refers to a type of loan or other financing obligation that carries from month to month. This can include monies owed to a lender for a mortgage, auto loan, student...

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How to Write a Payment Agreement for a Personal Debt

When you take on a personal debt from a family member or friend, it is important to write a payment agreement that you both can agree upon. Not only is it vital to keep track of the personal debt, it is necessary for legal backup if something should go wrong. Writing a payment agreement for a personal debt is simple. Instructions Write a Payment Agreement for a Personal Debt 1 Discuss the total amount, any interest being charged, and the payment...

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How to Dispute Negative Credit Hits

When potential creditors---and other companies from which you're applying for credit---request or "pull" your credit report, this is known as a "hard" credit inquiry or hit. Credit inquiries get listed near the bottom of your credit report and stay on your report for two years. Too many "hard" credit inquiries can result in denials of legitimate credit applications. You may have "hard" credit inquiries listed on your credit report which you did not authorize. Since the Fair Credit Reporting Act stipulates that you must give written authorization...

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Does Bankruptcy Show in a Credit Check?

Bankruptcy tends to be the last step when you cannot resolve your debt problems through simpler means like a budget or professional debt management plan, according to the Federal Trade Commission (FTC) website. Bankruptcy clears your debt or helps you repay it, but your credit score also takes a big blow because this court act is reported on your credit bureau records and stays there for several years. Time Frame Consumers usually file Chapter 7 bankruptcy, which eliminates almost all bills, or Chapter 13 bankruptcy, which creates a court-ordered...

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Can I Hire a Collection Agency?

People can incur debts in a number of different ways, such as taking out loans or buying goods and services on credit. When a person or company is owed money by a debtor, he may not always be well equipped to collect on a debt. Generally, a person who is owed money can hire a collection agency to collect payment on the debt. Debt Agreement The only requirement for a debt to be collected is for the debt to be legal. In order for a debt to be legal, it must have been secured in some form of debt agreement. Many debt agreements are written...

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How to Get a Balance Off a Credit Report if a Car Was Repossessed

Getting behind on your car payments can be stressful, especially if the lender repossesses your vehicle. After the repossession, the lender will sell your vehicle for any amount that it can get, and then try to collect any remaining balance from you. Lenders may get aggressive in their collections attempts, using lawsuits and garnishments as allowed by law, but it will always list what you owe on your credit report. You can remove auto loan deficiency balances from a credit report with some effort by using a couple of different methods. Instructions...

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Can a Collection Agency Threaten to Garnish Wages?

When a person falls behind in paying debts, one option that collection agencies can use is to attempt a garnishment. The garnishment order tells a third party, either a bank or an employer, to either take funds from an account or to withhold money from paychecks to turn over to the collection agency. There are restrictions on the amount of money that can legally be withheld. Garnishment Order In order for a collection agency to have wages...

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Can I Divorce Without Paying Alimony in Ohio?

In Ohio, spouses requesting alimony must file their requests for permanent or rehabilitative alimony with the courts of common pleas. Ohio awards alimony based on equity and absent an existing prenuptial agreement, will not automatically award alimony without a hearing. Absent a valid prenuptial agreement, Ohio law does not automatically award alimony. Ohio Statutory Code The Ohio Revised Code allows judges to award real or personal property,...

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