Validation & Verification of Debt

In the event of your credit accounts enters collections, don't assume that paying the debt is the next step. Creditors and collection agencies can and do make mistakes and some of them don't operate entirely honestly. Therefore, if a collection agency contacts you, always validate the amount of the debt before you pay a penny. Definition Debt validation is the process of having a collection agency prove you really owe a debt. Under validation,...

Read More

The Advantages of Debit Vs. Credit Purchases

It's usually easier to get a debit card than a credit card because you're tapping the funds in your checking account when you make debit-card purchases. Poor credit histories can prevent people from getting credit cards, but credit profiles typically don't come into play when a person applies for a debit card. People who manage their checking accounts responsibly likely won't have trouble getting a debit card. Debt Credit cards offer the...

Read More

Credit Card Debt When Divorcing in New Jersey

When a couple gets divorced in New Jersey, the court has to allow for property division of all assets and debts owned by either spouse. No two divorces are identical, and how the court divides these debts depends on each case. Talk to a New Jersey divorce attorney if you need legal advice about dividing credit card debts in a divorce. Court Distribution When a New Jersey court is asked to divide property between spouses in a divorce, it takes...

Read More

How to Settle Student Loan Debt

Settling student debt is challenging relative to other forms of private debt because of the special protections afforded such loans by federal legislation. Unlike most other forms of debt, the law prevents student loans from being discharged in bankruptcy. Despite this, private lenders are often willing to settle student debts for less than the total amount owed. Federal and state student loan lenders are unlikely to provide settlements, but many...

Read More

Statue of Limitation for Suing Over Credit Card Debt

Statute of limitation laws for credit card debt vary by state. These laws regulate the length of time debt collectors have to win court judgments against you. There are no limits on how long debt collectors have to actually file a lawsuit. They can sue at any time, theoretically even decades after you defaulted. However, the judge will automatically dismiss the lawsuit in court if she determines that the debt is beyond the state's statute of limitation for collection. Timeline BCS Alliance, a nonprofit consumer information website, reports...

Read More

Credit Repair Questions

If you have ever been turned down for a loan, or perhaps even a job, chances are your credit history played a key role in that rejection. Credit reporting is like a financial report card that affects nearly every aspect of our lives. Those who want to do business with us use it as an indicator of our character, as well as how likely we are to repay our debts. Keeping our credit record clear of negative entries and repairing past damage is hard work...

Read More

Wage Garnishment Rights in Georgia

When you fall behind on credit card payments, your creditors can take you to court. This can lead to garnishment of your wages, a system where a portion of your debt is deducted from your pay every week. Wage garnishment rights in Georgia afford some protection to Georgians going through a wage garnishment process, however. Statute of Limitations To obtain a judgment or garnishment against you, your creditors must sue within a certain window. You can still be sued after the window closes; however, the statute of limitation provides you...

Read More

What Makes Your Credit Score Decrease?

A high credit score can save you hundreds and even thousands of dollars of interest payments every year. Lenders view people with high credit scores as responsible borrowers. These people typically check their credit reports often for mistakes and make sure to avoid incidents that will negatively impact their credit score. Preventing your score from decreasing requires vigilance, but it is an attainable goal. Payment History The highest percentage of your credit score, 35 percent, is determined by your payment history. It makes sense, because...

Read More

How to Settle a Tax Debt

Tax debts differ from most other items that appear within your credit history in that, if left unpaid, they can continue to appear on your credit report indefinitely. Once a tax debt has been paid, it will age off your credit report in seven years. The IRS is willing to settle many consumer tax debts for less than the amount owed. Choosing to settle a tax debt is wise as it ensures you will be able to avoid the negative consequences of nonpayment such as wage garnishment and property levies. Instructions 1 Decide how much of the debt you...

Read More

What Is a Consolidation Loan?

Many financial institutions advertise consolidation loans as a way to improve the borrower's financial situation. They may promise a lower payment, lower rates and other favorable terms. However, not all borrowers qualify. Banks offer several types of consolidation loans to fit the customer's needs. For many consumers, consolidating debt is only one part of the problem. They also need to prevent accruing debt by learning to spend money wisely. ...

Read More

Can I Establish Credit Under My TIN Number?

A frequent promise made by credit repair companies is the ability to create a "new" credit file for consumers. For an individual who cannot get approved for a loan or who is plagued by high interest rates, a fresh start with credit sounds like the perfect solution. Establishing a credit file under any tax identification number (TIN) other than your Social Security Number has its own set of issues, however, and could potentially do more harm that...

Read More

What Is the Meaning of Book Debts?

Over 3 billion solicitations will be sent out this year for people to sign up for new lines of credit, according to finance expert Clark Howard. Understanding book debts and paying them off is a major challenge but well advised for those seeking to maintain good credit. Definitions In the United Kingdom government's manual, book debts are monies owed to the "bankrupt, partnership or company at the date of the insolvency order." According...

Read More

How to Obtain a Free Credit Report Without a Credit Card

Just because you don't own any personal credit cards like Visa, MasterCard, or American Express, doesn't mean you don't have a credit report. It's always safe to check on your personal information to make sure no one else out there is using it without your knowledge. Everyone is entitled to a free credit report check once a year from the three major credit bureaus. Instructions 1 Go to the annual credit report website. 2 Choose your state from the drop down menu in the center of the page and select "Request Report." 3 Fill...

Read More

How to Eliminate Credit Card Debt Fast

The average American family is bogged down with credit card debt. They often struggle to pay off creditors in addition to regular bills. The only way out of this debt dilemma is to stop the behavior, change your spending habits and eliminate debt as quickly as humanly possible. Instructions 1 Analyze your budget. Decide how much additional money you can put towards paying down debt more aggressively each month. Cut out your luxuries. For example, if you like to drink Starbucks coffee each morning, brew your own at home. Instead of eating...

Read More

Rules to Transfer Debt to a Collection Agency

The Bureau of Consumer Protection within the Federal Trade Commission is responsible for protecting consumers against illegal or deceptive business practices. The bureau administers the federal Fair Debt Collection Practices Act and requires credit collection agencies to comply with the federal disclosure and anti-harassment regulations. Credit collection agencies that fail to comply with the act face criminal and civil sanctions. Fair Debt Collection Practices Act The Fair Debt Collection Practices Act covers household debts, personal...

Read More

Amount of Payment Required for Delinquent Debt

When a debt goes unpaid, the repayment amount of the debt can increase due to late fees or decrease if you are eligible for a settlement. Paying a debt before it defaults can prevent legal action and an even higher repayment amount. Significance When you are late on a debt payment, the payment amount required may change. Considerations Once a debt is delinquent, the creditor often adds penalty fees, which increase the amount you must...

Read More

How to Improve Credit After Foreclosure

Losing a home to foreclosure can be devastating both personally and financially. A foreclosure is listed on a credit report for 7 years, but that doesn't mean you can't rebuild your credit and even own a home again before those 7 years have passed. The keys to improving your credit after foreclosure are diligence and hard work. Instructions 1 Pinpoint the problems that led you to the foreclosure, so you can avoid those mistakes in the future. If you don't make positive changes, you may find yourself dealing with more financial problems,...

Read More

What Do You Do If You Think You Do Not Owe the Money to a Creditor?

Receiving a telephone call or collection letter from a creditor may catch you off guard, especially if you don't think that you owe a debt. Unpaid debts can have an effect on your credit rating. For this reason, it's imperative to resolve any unpaid balances or dispute unfamiliar debts. Submit Evidence A creditor may mistakenly forget to record a payment or lose record of a payment. If you paid the debt in question and don't owe additional funds, explain this to your creditor and provide evidence to support your claim. You can go through...

Read More

How to Get Out of Debt on a Fixed Income

Debt elimination is challenging. it is even more challenging if you have little to no disposable income left over at the end of the month. If you are struggling to pay down overwhelming credit card debt, you must change your borrowing and purchasing habits. In addition, you must take a strong look at your monthly expenses. Instructions 1 Calculate your disposable income. This is the amount you have left over at the end of the month after you make all monthly payments. To find this figure, subtract the sum of all monthly bills (credit-reportable)...

Read More

How to Check a Balance on a Debit Card Online

Many financial institutions now allow customers to do their banking online from the comfort of their home. This means you can transfer money between accounts, send money to creditors and check a balance on a debit card without ever getting up off the couch. Online banking makes it easy to see how much money you have in your account and where the money you spent went. Instructions 1 Set up your online banking account for your debit card and checking account. Most financial insitutions have a Web site that can walk you through the process....

Read More

Will You Save Money If You Make a Car Payment Early Each Month?

How great would it be to save money? Paying your car payment earlier than the due date each month can help you save money by reducing the interest you have to pay to your lender. Function When you make your car payment, some of your payment will be applied to the interest on the loan, while the remainder will be applied to the principle. Interest is the amount the lender charges for letting you borrow the money, while the principle is the...

Read More

What Can the Oregon Circuit Court (OJD) Garnish Wages For?

In general, Oregon allows the garnishment of wages for a variety of legal debts. Some examples are consumer, tax and federal student loans, though you should note that the state has more stringent guidelines in place than most exempting certain types of income from being garnished. For example, Oregon typically protects public benefits, retirement and insurance payouts. Keep in mind that in cases of federal debt, state laws do not apply and creditors...

Read More

Can I Demand Proof of My Signature on a Credit Card Debt Collection?

The Fair Debt Collection Practices Act (FDCPA) provides consumers with protection against potentially abusive collection tactics. One right you receive under the FDCPA is the right to dispute a collection account by requiring a debt collector to provide you with validation or "proof" that you owe the debt. Obtaining a copy of your signature on the original's creditor's contract is one method of validating a credit card debt in collections. Facts While the FDCPA gives you the right to demand a debt validation, it doesn't specifically state...

Read More

How to Calculate Total Debt

Most lending agencies view the amount of total debt carried as a measure of financial strength. Some debt is essential and, if used correctly, can even improve finances. If debt is structured to build assets or provide more quality of life, it may worth taking on. On the other hand, buying consumables on credit without paying the charges back will usually only hurt finances. While most people are aware they need to carry some debt, calculating the...

Read More

Help for Paying Mounting Medical Bills

When you receive medical bills in the mail, it might seem as though they just keep coming. Even a day or two in the hospital can put you back several thousand dollars. It is important that you stay on top of each bill that arrives, however. If you cannot deal with the bills yourself due to illness, ask a family member or friend to advocate on your behalf with doctors' offices and your your health insurance company. Read Go over each bill carefully. It is possible that you were overcharged for certain procedures or tests, that those tests...

Read More

Help With Credit Card Bills

According to CreditCards.com, at the end of 2008, the credit card debt for Americans reached more than $972 billion ... and counting. Credit card debt has become a burden for the average American as many cardholders find it difficult to make their minimum payments. High interest rates and late fees combined with job losses and wage cuts have left many families scrambling to pay their bills. The answer to reducing your debt may lie with what's in your wallet. Understand Your Debt The first step in eliminating your credit card debt is learning...

Read More

How Does a Collection Agency Find Out Your Bank Account?

If a collection agency wins a judgment against you, it may attempt to garnish your bank accounts. Collection agencies have several ways of getting information about your accounts, including information provided by the original creditor and asking you to complete a financial disclosure form in court. Bank Garnishments Bank account garnishments, sometimes known as levies, are a typical strategy for collecting debt. After a creditor wins a lawsuit against you, it can seize the money in your bank account to satisfy the debt. Depending on where...

Read More

The Most Common Credit Reporting Agencies

Three of the most common credit reporting agencies are required, under the U.S. Fair Credit Reporting Act, to provide consumers with one free credit report annually. Those agencies are Equifax, Experian and TransUnion. Yet they also can make use of a credit-scoring model provided by the Fair Isaac Corp. (FICO), which affects credit and loan decisions at thousands of banks and other businesses. FICO Some credit scoring models are produced with software developed by FICO. Banks, credit card issuers, insurers and others rely on FICO scoring...

Read More

Pros & Cons of Credit Consolidators

Credit consolidators have become an attractive option for many people who have fallen behind with their credit card payments and other financial obligations. Those looking for a quick way out of debt will find several credit consolidation options, with pros and cons for each. The experts at Bankrate.com and ExpertLaw. com have comprehensive advice on what to look for if you are considering using a credit consolidator. Credit Consolidator Pros Some credit consolidators will offer you a loan in one lump sum intended to pay off all your debts---from...

Read More

Programs to Eliminate Debt

The only way to eliminate your debts is to pay them off--perhaps for less than the full amount due--or to eliminate them through bankruptcy. Debts are usually never completely forgiven by creditors, and there are not any government grants for eliminating personal debt. Nonprofit credit counselors, including Consumer Credit Counseling Service agencies, recommend that you create a long-term strategy for eliminating debt and stick to your plan. ...

Read More

What Is a Creditor Charge Off?

When you cannot afford to pay a debt, creditors have several options that they can pursue to try to get the money you owe. In some cases, however, the creditor will simply write it off as a bad debt. This is known as a charge off and it can negatively affect your credit. Charging Off a Debt When a company charges off a debt, it is essentially using an accounting procedure so that the company can report a loss on the debt. This does not mean that the debt is necessarily forgiven or forgotten about. In many cases, the company will still try...

Read More

How to Form Established Business Credit to Help Me Start a Trucking Business

Having access to credit is often critical for new businesses that need equipment, labor and facilities to help them grow. Likewise, creditors and suppliers often rely on a business's credit rating to assess its financial health and eligibility for lending. Whether you are starting a trucking business or a flower shop, obtaining trade lines, or credit relationships, can be a great way to build your business and establish the foundation for its future...

Read More

Consumer Information on Debt Consolidation

Debt consolidation usually involves taking out one loan to pay off other debts or transferring credit-card balances to one card. People who consolidate debts are often trying to lower the overall interest rate they pay on credit cards and loans to make their monthly expenses more affordable. However, there are consolidation pitfalls to consider that could sink a person deeper into debt. Home-Equity Loan Homeowners who have a significant amount of equity in their homes may be able to consolidate their debts through a second mortgage or home...

Read More

What a Judgment on Debt Means

If you have unsecured debt and don't meet your payment obligations, your creditor can't take any of your assets without a lawsuit. If your creditor successfully sues you, it has a judgment against you and has the power to take some of your assets. This usually only happens if you have a large debt and your creditor believes that you can afford to pay off the debt. Process If you don't pay your unsecured debt, your creditor may take legal...

Read More

Educational Requirements for Practical Nurses

In the hierarchy of nursing, the practical nurse ranks higher than a certified nurse's aid but lower than the register nurse. The practical nurse has the opportunity to begin working in the field of nursing in a hospital, a doctor's office or nursing home and can also use the education and experience gained to easily move up that hierarchy to become a registered nurse. General Education The practical nurse program is not a degree but a certificate...

Read More

Rent & Mortgage Assistance

When you are unemployed, a major stressor is the constant worry of how to pay the bills. Arrangements can sometimes be made for late or missed payments with understanding creditors. Most creditors want their money, however, and aren't always sympathetic. For those who need help, there are rent and mortgage assistance programs to help ease the burden. To participate, you must meet certain eligibility requirements. These vary depending on the program. Federal Assistance The federal government is providing billions of dollars in housing and...

Read More

How to Calculate Rent by Day

In some cases you may have to allow a tenant to move in or out on an odd day of the month instead of the first or last day of the month. In this case, you must calculate rent by day, which is also called prorated rent. Figuring out rent by day is a simple matter of division and multiplication to determine the total amount of prorated rent due. Instructions 1 Determine the total rent you plan to charge the tenant. For instance, $700 per month. Assume, for example, that your tenant wishes to move in on February 13 and you need to figure out...

Read More

Examples of Credit Repair Letters

Credit is what is used to give approval for loans on cars, houses and furniture. Added to this, now more and more employers are running credit checks on applicants prior to hiring them. It is crucial then to know how to effectively write credit repair letters to credit reporting companies--Experian, TransUnion and Equifax--to dispute any erroneous information on your report. Negative data can paint an incorrect picture of how you manage money and may pose a hurdle in enticing prospective employers. Facts Credit repair letters can be used...

Read More