Fastest Way to Repair Credit After a Consumer Proposal

Your credit score is determined by a number of factors, such as your payment history on credit debts, the amount of your debt, what your credit availability is, the length of your credit history and any new credit. If you've made a proposal or request for more or increased credit, this can negatively affect your credit score. The algorithm by which your credit store is determined is complex and depends on the above factors to varying degrees. There...

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How to Refinance Private Student Loans

Private student loans are often offered to students who need extra financing for higher education--like law school. Private student loans should not be confused with federal loans, like Stafford and Perkins loans. Instead, private student loans are offered by traditional lenders such as banks and finance companies. While it's more difficult to refinance private student loans than federal loans, it is still possible. However, you must take extra caution...

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How to Deal with Credit Card Debt Collectors

Credit cards are a convenient way to make purchases when you don't have cash on hand. Unfortunately, the economic downturn has forced many people to rely on credit cards to get by. The problem with using credit cards to meet your living expenses is that you eventually end up with too many bills. You continue to fall deeper into debt, and, before you know it, debt collectors are ringing your phone off the hook. You can put a stop to the constant calls...

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Debt Management Program Requirements

Debt management programs are known for their ability to help customers get out of credit card debt. However, debt management programs are not for everybody. Here are some ways to tell if a debt management program is right for you. Debt Management Programs Debt management programs are heavily advertised on television and radio, with their claim of reducing your interest rates being their main selling point. Another perk of debt management programs is that they can rebuild your credit while lowering your balances. The bad part about debt...

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What Will a Hospital Do When I Don't Pay the Bill?

Sixty-two percent of bankruptcies in 2007 involved medical debt, and most medical bankruptcies involve middle-class families with homes and college-educated breadwinners, reports a study by Harvard and Ohio University researchers published in "The American Journal of Medicine" in 2009. Bankruptcy, however, is not always necessary when tackling a hefty medical bill. Most hospitals will work with patients to make their charges more affordable. ...

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Credit Card Settlement Vs. Chapter 13

You have several options if you are seriously delinquent on credit card payments. One option is to negotiate a settlement with your card company, or, if that is not possible, you can file for Chapter 13 bankruptcy. However, filing for bankruptcy should be viewed as a last resort. With an out-of-court settlement, you avoid having to make financial disclosures and save yourself court and legal fees. Card Settlement As an unsecured lender, your...

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Statute of Limitations in Kentucky for a Judgment & Lien on Real Property

Like other states, Kentucky established a statute of limitations period for the enforcement of judgments. Once the limitations period expires, the holder of the judgment can no longer collect on the judgment and any writs of attachment or liens secured by the judgment holder dissolve. Consequences of Judgment A plaintiff who prevails in his civil action against a defendant receives a judgment by the court in the amount of the money damages awarded. Once an entry of judgment is recorded by the court on its docket, the plaintiff becomes a...

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When in Severe Debt, Can Wages Be Garnished?

Finding yourself in debt can be a very discouraging financial position to be in. If you have a large amount of debt that you cannot pay, one of the remedies that your creditors may have is to garnish your wages. Whether or not the creditor can do this depends on a few factors like state laws and the status of your debt. Garnishment A wage garnishment is a process that involves taking money directly out of your earnings to pay a debt. When this occurs, a creditor will work with your employer directly and you will never see that portion of...

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How To Rebuild Your Credit History After Foreclosure

Rebuilding a credit history after foreclosure could be a daunting task. With foreclosure, your FICO score typically dips anywhere from 250 to 280 points. The dip is recorded in your credit history, reflecting poor financial health and stability. Despite the magnitude of the hit, there are ways to rebuild your credit history to the point where you can again expect to find the best loans and interest rates. Instructions 1 Analyze the situation....

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How to Get an Unsecured Loan at a Low Fixed Rate

Unsecured loans are personal loans with no collateral. These loans are usually granted at higher interest rates than secured loans, such as mortgages or car loans. It is possible to obtain an unsecured loan at a low interest rate if you are credit savvy and follow these steps. Instructions 1 Know your credit score. Customers with higher credit scores are offered better rates. Several websites exist to help you understand your credit worthiness. 2 Start with your local bank. Banks offer preferred rates to existing customers. Ask if they...

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Can Credit Counselors Help You After a Debt Has Been Turned Over to a Collection Agency?

Once a credit account becomes delinquent, the lender may hand the account over to a collection agency. Debt collectors then attempt to collect the total amount due. If you've fallen behind in payments and negotiations with collection agencies fall through, credit counseling may help. Credit counselors work with consumers by offering budgeting advice and negotiating with creditors. Facts Depending on your financial situation, credit counselors provide budgeting advice and explain your options in detail. When credit counseling involves a...

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What Happens When a Creditor Files a Judgment?

Creditors may go through the courts to get you to pay what you owe if your account becomes delinquent. Once a creditor files a complaint or motion for judgment against you, you must address the complaint. You have some options during this process, but unless the creditor withdraws the complaint, you likely will lose some of your assets. Summons When a creditor files a complaint against you, you have the legal right to know about it. The court sends you a summons asking you to come address the complaint. The summons tells you that the court...

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What Is Considered Heavy Credit Card Debt?

Credit cards give you the option of paying the full owed amount every month or making smaller payments and accruing interest. Your choice is reflected on your TransUnion, Experian and Equifax credit reports and affects your credit score and lenders' decisions when they review your applications. Modest credit card balances do not hurt your credit rating, but heavy debt means a lower credit score and problems getting more accounts. Definition A heavy credit card debt load means owing more than 30 percent of your total credit lines, according...

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The Statute of Limitations on Debt & Changing Residency

When you're delinquent on a debt, the creditor that you owe may attempt to collect the debt from you in court. Each state has its own laws regarding how long creditors can collect debts, and the rules vary depending on whether or not the debt is from an oral or written agreement, promissory note or open-ended contract. Types of Contracts Four types of contracts exist that states consider enforceable and collectible in court. Oral contracts, also known as "handshake agreements," are the most difficult to prove because nothing in writing...

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How to Refinance a Sallie Mae Loan

If you took out a student loan to pay for collage or graduate school, chances are you're looking down the road at years of endless, consistently large payments--or are you? For loans serviced by the Sallie Mae company, there are a variety of payment plans that can help tailor your repayment to your life and goals. Here's how to get started. Instructions 1 Log onto the Sallie Mae Web site at http://www.salliemae.com/ and click "Manage your loans." If you have not used the site before, you may have to enter or confirm some personal information...

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How to Stop Harassing Debt Calls

Defaulting on your credit obligations and failing to pay can result in your account being written off and the balance being sent to a collection agency or debt collector. Collection agencies can call you about your debt to try to get you to pay. The Federal Trade Commission regulates debt collectors' actions through the Fair Debt Collection Practices Act (FDCPA). If a debt collector or agency harasses and repeatedly calls you, you can take action -- with the FDCPA on your side -- to get the harassing debt calls to stop. Instructions 1 Talk...

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Negotiating a Lump Sum Payment of a Credit Card Debt

Negotiating a lump sum payment with your credit card company isn't necessarily difficult, but it can be a lengthy process. It may also be embarrassing to admit that your finances have gotten out of hand, but for the sake of your credit and future, it's important to push past that and address the problem. Before calling your credit card company, or the collection company if it's gotten that far, collect your most recent statements and your bank account information. It's also a good idea to call when you have plenty of time and the house is quiet,...

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What Happens When Your Name Is Sent to the Collection Agency?

Creditors periodically sell non-performing accounts to collection agencies in bundles. This minimizes the creditor's losses since the collection agency pays for each delinquent account it receives. The creditor may then claim the remaining unpaid balance as a tax loss. Although creditors attempt to collect debts before selling them, you can expect more aggressive collection efforts from a collection agency than your original creditor. Skip Tracing When creditors turn over account bundles, some accounts contain complete information on the...

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What Happens When I Don't Pay a Collection Agency?

Creditors often hire collection agencies to help them collect debts from individuals who have previously defaulted on payment obligations for a loan, credit card or other form of debt. Collection agencies focus solely on collecting delinquent debts, making them more efficient at recovering funds than the original creditor, which must focus on aspects of consumer accounts other than collecting payments. Facts Collection agencies primarily...

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Debt Repayment Options Prior to Bankruptcy

Bankruptcy is a legal procedure consumers use to get out from under crushing debt and try to get a fresh financial start. However, bankruptcy can negatively affect your credit score for up to 10 years and prevent you from getting auto or home financing, according to the Federal Trade Commission website. Before you file for bankruptcy, investigate the other debt repayment options available to you. Debt Consolidation Consolidating debt means combining your debt into one account and one monthly payment. You can use a personal loan, a home...

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How to Close a Spouse's Charge Account

Credit card debt can be a financial burden on a married couple who wish to decrease their debt load. If one spouse desires to close the other spouse's charge account, it is a difficult process without the consent of the card-holding spouse. Most banks honor only the primary cardholder's request for termination. Instructions 1 Contact customer service at the bank or credit company by telephone. If you are the primary account holder, customer service will give you the requirements for removing your spouse and discuss the steps for closing...

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New Jersey Collection Agency Laws

New Jersey is not a particularly debtor-friendly state, though in 2009 it took steps to change that. Statutes control who can attempt to recover a debt you owe as well as the process, but in general, almost anything you own and a portion of what you earn is susceptible to a collection agency under New Jersey law. Once a collection agency gets a judgment against you for money you owe, it can petition the court for a writ of execution and potentially...

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Do Company Cards Show Up on Your Personal Credit Report?

Some company credit cards show up on your personal credit report, and some don't. However, a card that shows up on your credit report is one for which you are personally responsible to some degree. It's important to understand what responsibilities and risks come with each type of company card. If you pay the card yourself and are reimbursed by your company, you and your company are most likely jointly responsible for that debt. How you use that card can affect your credit score, and any charges the company will not pay become your responsibility....

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How to Negotiate Debt With Attorney Summons

If you have been notified of legal action being taken against you, you've got a tough road ahead. When a creditor files a suit against you in civil court, they are no longer serious about collecting from you simply by contacting you by phone. If you receive an attorney summons, you have several options. The best option, though, is to open negotiations with your creditor(s). Instructions 1 Verify the validity of the creditor's claim. If the...

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What Is a Judgment for Nonsecured Credit Card Debt?

A judgment for unsecured credit card debt is an entry entered on a civil court's docket that signifies that a credit card company has prevailed in its lawsuit against the cardholder for recovery of the default balance owed. Obtaining a Judgment A judgment may be obtained either after a trial on the merits or by default if the debtor fails to answer the credit card company's complaint after it is filed in court. Significance of Judgment Once a judgment is obtained, a creditor may avail himself of the postjudgment collection procedures...

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What Happens after a Debt Buyer Enters a Judgment Against Someone on Social Security?

Consumers who do not pay off their debts as agreed are subject to collection activity from creditors, regardless of how much income they receive or the source of that income. Should the creditor's efforts fail, it will sell the debt to a collection agency or "debt buyer" that will then take over collection efforts. Debt buyers sometimes sue consumers for unpaid debts---resulting in a civil judgment. A civil judgment gives the debt buyer additional...

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What Are the Three Categories of Consumer Credit?

Consumer credit is money borrowed for purchases that are immediately used or that decline in value after purchase. Consumer credit is not used to purchase investment items; therefore, a mortgage is not considered to be a kind of consumer credit. The three different categories of consumer credit are based on the terms of when payment is due. Installment Credit Installment credit is when the purchase of an item is paid off in even installments...

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The General Principle of Credit Balance Transfers

The average credit card holder has three credit cards, according to 2010 research by the Federal Reserve Bank of Boston. Based on the number of credit card offers most of us receive, it seems that banks would like us to have many more. Credit card companies often encourage new customers to transfer balances from existing accounts with competing card issuers. As an incentive, they may offer a low- or no-interest introductory rate. However, balance...

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How to Fight a Credit Card Civil Suit Summons

If you've received a civil summons because you're being sued over nonpayment of a credit card debt, don't ignore the summons. Although you'll need to consult your own attorney on your personal situation, knowing how you'd like to proceed in advance can save you time and money with your attorney. Ideally, you'll be able to reach a settlement with the lender on your own; if not, the federal government provides you with rights as a borrower, and knowing those rights will help guide you through the legal process. Instructions 1 Request a debt...

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The Best Debt Settlement Solutions

Taking steps to eliminate your personal debts is key to getting your financial life back on track. Opting to negotiate and settle debts is perfectly legal, although you should be cautious with whom you do business. You should also be aware that your credit rating will take a serious hit; although, if you're late already, chances are it's already poor. The Best Debt Settlement Resource Contact the National Foundation for Credit Counseling...

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Government Help for Credit Debt

Credit cards offer a convenient way to purchase goods and services without carrying cash, but irresponsible spending with a credit card can lead to high balances that are difficult to pay off. It can take years to pay off credit cards even if you never miss a payment. The government offers resources to help educate people about debt management options and offers bankruptcy as an option for consumers that cannot get out of debt themselves. Debt and Credit Management Information The government, in general, does not take a direct role in helping...

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What Happens If You Don't Pay a Pay Day Loan Company in Texas?

Payday loans are short-term, high-interest, deferred presentation loans. Generally, payday lenders require borrowers to post-date personal checks that are redeemable on the borrowers' next payday. Payday loans are regulated by state laws. In Texas, consumer protection laws require licensing to operate as lenders, limit the amount of interest that payday lenders can charge borrowers and limit their collection efforts against borrowers who fail to repay their payday loans. Regulatory Agency The Office of Consumer Credit Commissioner regulates...

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What Happens If I Pay the Creditor & Not the Collection Agency?

The 2009 Financial Literacy Survey revealed that 26 percent of all Americans say that they do not pay all of their bills on time, and that 15 percent of all Americans were late paying one of their credit cards over the last year. Statistics like these add up to big business for debt collectors. How Long Before Collections The length of time a creditor reports an account to collections depends on the creditor. According to consumer advocate group NEDAP, medical providers are some of the quickest to send outstanding accounts to collections,...

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How to Get Help Paying Off Payday Loans

Payday loans are short-term, small-dollar loans known for their high interest rates or high fees that are marketed to low-income workers with few avenues of traditional credit. They are called payday loans because a borrower gives the lender a check for the entire loan balance, plus any associated fees. The lender cashes the check on the borrower's payday. People living paycheck to paycheck often cannot bear the brunt of paying an entire loan balance--usually about $300--in one swoop. To avoid this, they may pay additional fees to extend the term...

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Medical Collection Laws in Missouri

Missouri does not have many state laws regarding debt collection practices, so the state primarily adheres to the federal Fair Debt Collection Practices Act, or FDCPA, which can be found in the United States Code at 15 U.S.C. 1692-1692p and on the Federal Trade Commission (FTC) website. Medical debt is classified as consumer debt, which is personal, family or household debt, and not debts incurred by a business. The FDCPA laws only apply to consumer...

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