How Does a Person Consolidate Loans Without Collateral?

Consolidating your debt can give you the financial flexibility you need to get your bills back under control. With many debt consolidations, collateral such as a home's equity is used to secure the loan. If you do not have collateral, the goal of debt consolidation is not dead, as some other options exist. What Is Debt Consolidation? The purpose of debt consolidation is not necessarily to pay off debt but to move it from multiple accounts into a single account. You borrow money from one source that is large enough to pay off every debt...

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Student Debt & Spending

Many Americans endure their first debts when transitioning from high school to college; with higher education comes higher costs and with increased freedom comes the freedom to spend. Between the one-two punch of student loans and tempting credit cards -- coupled with spending on common expenses such as lodging, food and textbooks -- student debt saddles the majority of graduates the moment they throw their caps. Student Loan Debt Because...

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Federal Debt-Relief Grants

Whether on the web, in the backs of magazines, or on late-night television, ads proliferate for "free government grant" debt-relief assistance. Unfortunately, 2011's difficult economy has caused many otherwise-savvy consumers to fall for these federal debt relief scams. While the federal government does provide mortgage debt assistance through the Making Home Affordable program, it doesn't provide relief from debts such as credit cards. What Grants Do While the federal government does spend millions of dollars every year on grants spending,...

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You Can Sue a Former Spouse for Damage to Your Credit Report

Almost everyone who has taken out some form of credit has a credit report. This report, which is used to determine your credit score, contains information about your lending habits. If you have a higher score, one correlated to positive information about your lending habits, you can expect to receive lower interest rates on loans. If a spouse damaged your credit report illegally, you can sue him for the money such damage will cost you. Credit Reports Each person has her own credit report. Spouses each have their own separate credit report....

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Credit Protection Programs

A credit protection program is an optional insurance feature that certain lenders provide to cover loan payments on behalf of borrowers under certain circumstances, such as when they become ill, lose their jobs or become deceased. The cost of the insurance is usually a small percentage of the amount borrowed. In the Federal Deposit Insurance Corporation's, FDIC, view while certain classes of individuals may benefit from credit protection programs,...

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My Charge-off Was Sold to a Collection Agency

When a person does not pay back a debt to the creditor, the creditor will often charge the debt off, declaring to a credit reporting agency that it will not be able to collect on it. While this will hurt the person's credit score, the person may think that it is the last they will ever hear of the debt. However, this is incorrect, as charged-off debts are commonly sold to debt collectors. Charge Offs When a company seeks payment of a debt and fails to receive it, it may choose to "charge-off" the debt. This means that it is listing the...

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Can I Be Sued by a Credit Card Company for Non Payment?

Credit card debt arises from a legally binding contractual agreement between the cardholder and the credit card company. In the event the cardholder fails to make payments, the creditor could file suit against the debtor for breach of contract. Considerations In general, most credit card companies will file suit against a debtor only if attempts to reach a mutually satisfactory payment arrangement have failed or would prove futile. Effects...

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How to Place a Fraud Alert With the Credit Bureau

Identity theft remains a major concern all over the world, and there are ways for those in the United States to protect their credit information from abuse. Concerned consumers can place a fraud alert on their Equifax, Experian, and TransUnion credit reports. This means that each time someone applies for credit, whether it is you or someone who has stolen your identity, the bank must confirm that you actually made the request before granting or denying credit. This is a good way to help prevent people from getting credit and other types of accounts...

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How Can One Secure a Loan?

When a person takes out a loan from a lender, the lender expects to be paid back. Few lenders make loans without some assurance that they will receive back what they lent -- plus a small profit. To make a loan more secure, a lender often demands that the borrower put up some form of collateral that the lender can seize in the event that the borrower defaults on the loan. Secured Loans A loan that is backed by collateral is known as a "secured" loan. The exact kind of collateral that a lender will require will depend on the type of loan...

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How to Stop Credit Card Companies From Taking You to Court in Illinois

Credit card companies will close your account and consider you in default of your credit card agreement if you stop making payments as agreed. Illinois Legal Aid reports that the credit card company will eventually have two choices: It can forget about the bill and consider it noncollectable, or it can send your account to an attorney, who will begin the process of suing you. Contacting the credit card company before your account is assigned to an attorney could help you avoid being taken to court in Illinois. Instructions 1 Contact the...

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Mortgage Modification Solutions

If you find yourself unable to make your mortgage payments, you may be eligible to apply for a mortgage modification. This can be a workable solution if you are unable to bring your account current. Federal government guidelines under the Home Affordable Modification Program say a mortgage is sustainable if payments are 31 percent of before-tax income. A mortgage modification can make your notes more affordable based upon your income. Mortgage Modification A mortgage modification is a permanent change in the terms of your mortgage loan....

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How Much to Pay to Reduce Credit Debt

When you are in debt, the last thing you need is extra fees on top of what you already owe. You should not have to pay anything to reduce credit card debt. Anyone can negotiate with a credit card company, without having to pay an agency to act as a middle-man. Features Credit card debt is made up of the amount that you have borrowed plus interest and any late payment penalties. It's difficult to reduce the first part, but you can negotiate with the credit card company to lower the interest rate and erase penalty fees. Prevention/Solution...

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Can a Landlord Garnish Wages for Unpaid Rent in Washington, DC?

When someone fails to pay rent after occupying a space in Washington, DC, he may be sued by his landlord for the money that he did not pay. Generally, this legal action will follow an eviction of the tenant. In Washington, DC, people who are found liable for a debt in a court of law can have an order of garnishment levied against them if they fail to pay back the debt as ordered. Unpaid Rent If a person fails to pay rent on time in Washington, DC, he should not worry about facing a garnishment order immediately. Rather, the person will...

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How to Contact Experian

Experian is one of the three major credit reporting agencies in the world, and there may be several reasons why you may want to contact them. In order to correct any inaccuracies in your credit report with closed accounts, dispute accounts, correct personal information or clean up any other part of your credit report, it is more efficient to get it done directly through Experian rather than trying to work through the creditor directly. Instructions Contacting Experian 1 The first place that credit consumers in the United States should look...

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Can Creditors Garnish Social Security Disability Payments?

When individuals become temporarily or permanently disabled, they may be eligible to receive Social Security disability payments. The two Social Security disability entitlements are Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI). Each entitlement has its own rules for eligibility and whether a creditor may garnish payments. Generally, creditors cannot garnish payments from either entitlement. However, exceptions...

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Definition of a General Ledger

A general ledger is a paper based journal or electronic program that is used to record every transaction that a company makes. It helps a company to assess its financial condition. Recording Entries The opening balance is the first item entered into a ledger, and then, depending on the types of transactions the company makes, entries are recorded as debits (expenses) or credits (revenue) under the appropriate general ledger categories. ...

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How to Write Settlement Letters to Creditors

Debt settlement can help people lower the amount of debt they owe by renegotiating the terms of the debt or the total debt due. Many creditors will agree to debt settlement offers, because they see them as a chance to recoup at least some of their money. Although people can hire professional debt settlement companies to deal with creditors a simple debt settlement letter will often work just as well, if not better. Your debt settlement letter must...

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What Can You Do When Bill Collectors Are Harassing You at Your Workplace?

The Fair Debt Collection Practices Act forbids debt collectors from harassing debtors at work or at home. When it comes to the workplace, debt collectors may not call the debtor at work if he requests they refrain from doing so and may not repeatedly call the debtor so that his work day is unreasonably disrupted. If a debt collector is harassing you at work, hiring an attorney allows you to take legal action to stop the harassment. Cease and Desist Letter You or your attorney can send debt collectors a cease and desist letter telling them...

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Cleaning Up My Credit Rating

Cleaning up your credit rating takes work and patience. Bad habits such as late payments and overspending contribute to a poor rating, and it can take several months or years to undo the damage. But bad credit doesn't have to last forever; and with effort, you can realistically improve a low rating in six to 12 months. Payment History Your payment history significantly impacts your credit rating, and improving a bad rating involves paying your bills on time. Every late payment or missed payment reduces your rating; and in some instances,...

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Advantages & Disadvantages of Consumer Credit

According to the Consumer Federation of America, 80 percent of households in the United States have a least one credit card. About 60 percent of those households have a balance on at least one credit card that is carried over each month. The availability of consumer credit can be an advantage for financially responsible consumers. Consumer credit, however, can also be dangerous. Convenient One advantage of consumer credit is the convenience it provides. With lightweight credit cards, it is not always necessary to carry around a large wallet...

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How Far Back Can You Collect on a Debt?

There is no set time period that governs attempts by a creditor to collect a debt that has aged beyond the initial date of default. A creditor seeking to legally enforce the debt however may run afoul of the statute of limitations that precludes a plaintiff from filing a lawsuit against a defendant after a specified period of time has elapsed from the date the cause of action first accrued. Established by State Law The statute of limitations period for each distinct legal cause of action, e.g., fraud, personal injury, or breach of contract,...

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Are There Any Dental Payments Plans Without a Credit Check?

Some dental procedures can have a large price tag. Many dentists have payment plans to help patients offset the initial cost of fillings, crowns and bridges, but most are subject to credit approval. Patients with challenged credit still have options. Types There are two available options for dental payment plans: credit-based payment plans and plans made directly with the dentist requiring no credit check. Credit-based plans will extend credit...

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Will Debt Consolidation Work With a Bill in Collection?

Consumers sometimes turn to debt consolidation loans to pay back their bills. You can use the money from a consolidation loan to pay back a bill in collection, though you should carefully consider your other options before taking a loan to pay back another loan. Debt Collections When you are late in paying your bills, your creditors can initiate collections processes. Usually, these efforts come in the form of written or phone communications...

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How to Add Accrued Interest to Your Judgment

If a debtor owes you money and you previously won a lawsuit against the individual, the court awarded you a judgment. Not only does a judgment provide you with more powerful collection options, such as garnishment and liens, each state allows creditors to add annual interest charges to the judgment amount that remains unpaid. The court that awarded your judgment does not add interest charges automatically each year. Thus, you must annually file a...

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Does It Go Against Your Credit Record if You Cancel a Credit Card?

In the battle to get out of debt, you may be inclined to cancel one of your credit card accounts. While this can help you avoid accumulating more debt, it could also negatively affect your credit score. Before canceling your card, there are a few credit score issues to consider. Credit Utilization Ratio When you cancel a credit card, it could potentially hurt your credit utilization ratio. This is a ratio that is calculated by looking at your credit balances in relation to the total amount of credit that you have available. If you cancel...

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Georgia Debt Reduction Laws

Under Georgia law, lenders can sue customers who do not pay their debts. Usually, the lender has four years to sue the delinquent consumer under Georgia state law. Credit-related lawsuits can lead to devastating financial consequences. Some debt reduction programs, including the federal bankruptcy process, can prevent the consequences of unpaid consumer-oriented bills. Credit Counseling Some credit counseling programs can help state residents get out of debt faster, notes the Georgia Department of Banking and Finance. But Georgia citizens...

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How to Stop Stressing Over Money

Money, or the lack thereof, can be a major cause of stress and anxiety. As the economy continues in a downward spiral of spending, debt, increasing interest rates and joblessness, it is difficult to keep one's mind from straying toward negativity. Take a few steps to clear your mind of monetary worries and make a plan to fix your finances for the future. Instructions 1 Plan a budget. To ease your mind about your personal finances, you must know your current financial status. Determine your level of debt, minimum monthly payments and expenditures...

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The Best Debt Management Solutions

With credit card balances and interest fees consuming your financial resources and sanity, you may look to a third party debt management firm to help you get back on track. When it comes to choosing a debt management service, there are many providers and types of companies -- and many operate programs as unique as each of our financial situations. Consider various factors when choosing the group best able to work with you to help alleviate your...

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The Best Ways to Improve Credit: Revolving Lines of Credit

Improving your credit file can help you get approved for financing easily and save money on it once you do. You could use many techniques to help boost your credit score, but focusing on your revolving credit lines can be extremely beneficial to the process. Revolving Credit Lines Debt is actually broken up into several different types, including installment loans, mortgage loans and revolving debt. Revolving debt is essentially a term for credit cards or similar accounts. With this type of debt, your balance can increase or decrease by...

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How to Reduce Debt Today

According to Kiplinger, a publisher of business finance advice, the average credit card debt alone for cardholders in their mid-20s to mid-30s exceeds $5,000. Many households are paying interest on auto loans and mortgages in addition to credit card debt. If you procrastinate in reducing your debt, you will just pay more in interest. Start today to reduce your debt and establish better habits for a secure future. Instructions 1 Start paying...

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How to Settle a Spouse's Credit Cards When the Spouse Dies

After a spouse dies, one of the more difficult aspects of squaring things away is settling his credit card debt. As a rule, debts are paid from the decedent's estate, which is handled by an executor (if there is a will) or a court-appointed administrator (if your spouse died intestate). If you're the designated party responsible for handling your spouse's estate, this means contacting his creditors to inform them of his demise, as well as paying the debt from the existing estate. However, there are also circumstances that may make you personally...

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Can I Lose My Home if I Co-Sign for Someone Else and They Default?

If a close friend or family member has asked you to cosign for a loan, there are a number of things you should consider before agreeing to act as a cosigner. A cosigner essentially has full responsibility for the loan, in most cases. If the primary borrower defaults on the loan, the lender can attempt to collect from you. In some cases, a lien could be attached to your own home for the amount due on the loan. Why Would You Need To Cosign? If someone applies for a loan and the lender does not feel that she meets the qualifications for it,...

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Liability of Debt

Debt is a necessary part of maintaining good financial health for many businesses and individuals. But debt also puts the borrower in a position of accepting liability for the borrowed money. The liability of debt, including who is responsible for paying it back and under what circumstances, involves many areas of law and is important or both lenders and borrowers to understand in order to make fiscally responsible decisions. Loan Agreements Liability of debt falls under legal regulations based on the type of debt as well as the loan agreements...

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Benefits of Financial Statement Disclosures

In modern economies, a new era of government accountability emerges. Public officials attempt to set sound procedures to monitor, measure and disclose economic information. Businesses and non-profits also have jumped on the bandwagon of clean, complete financial reporting. This increased level of accounting openness benefits the public and investors, as they can read financial-statement disclosures to gauge such factors as liquidity and profitability. Regulatory Compliance When a business is forthcoming with performance data, it cultivates...

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Definition of Outstanding Debt

According to the Business Dictionary, outstanding debt is the "unpaid portion of a debt that may include interest accrued on the balance." In other words, outstanding debt includes all of the money a person owes. In addition to the amounts borrowed, outstanding debt also includes the interest that is charged on the debt on a daily basis. Types Because outstanding debt includes money owed to all sources from which it was borrowed, people carry...

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Grants Program Information

By definition, a federal grant is money that is awarded for a specific purpose. The grant money is tax free, and there is no repayment required. Federal grants are awarded by individual government departments. The United States Federal government awards billions of dollars each year for a multitude of reasons. Catalog Of Federal Domestic Assistance Grants Of All Sizes Catalog of Federal Domestic Assistance (CFDA) is a publication to assist...

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How to Write a Settlement Letter for a Creditor

If you've fallen behind on your credit card bills, negotiating a settlement with your creditor may be an option. A settlement allows you to clear debt by paying less than what you owe, giving your creditors a chance to reduce their losses. While you can hire a debt settlement company to negotiate on your behalf, you can typically achieve the same results by drafting your own settlement proposal. Instructions 1 Calculate how much you can afford...

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How to Qualify to Rent a House

To rent a house you will need to meet certain requirements. The landlord will review your personal information and verify your information to determine the likelihood that you will be a good tenant. Each landlord will have their own standards and criteria that you will have to meet. When you apply to rent a home, you may want to apply for several, if you think there is a chance that you could be denied. Instructions 1 Visit a landlord and submit an application. When you find a house you would like to rent, make an appointment to see the...

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