How Long After Repossession Does a Judgment Happen?

When you finance the purchase of a vehicle by obtaining a loan, you are legally obligated to make the monthly loan payments on time. Failure to make the scheduled monthly payments will result in the loan being placed in default status. Once a loan is in default, the lender may repossess the vehicle and sell it at auction. If the proceeds from the sale fail to satisfy the balance owed on the loan, the lender may file a lawsuit for the deficiency and obtain a judgment against you. Many factors will affect how long after repossession a judgment is...

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How to Negotiate Interest Rate Reductions With Credit Card Companies

Credit card companies profit from interest rates on consumer purchases. The amount of interest you pay is based on your credit rating. Credit card companies are willing to loan money to people with high credit scores at a lower interest rate because they are less of a credit risk. No matter your current credit score, you can negotiate interest rate reductions with your credit card companies, saving you hundreds, sometimes thousands, of dollars in interest each year. Instructions 1 Maintain an excellent payment history. If you are a customer...

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Credit Card Debt After Death in California

If a spouse or loved one has passed away in California owing a significant amount of credit card debt, it's wise to be aware of state laws governing this situation. While it's possible that the debt will die with him, in some cases if you are a close relative, you may have to become involved. Joint Credit Cards If you were a joint account holder for the credit account, you will be held liable for the entire amount of the debt. The card company will not care which partner ran up the debt or who benefited from the purchases; you are legally...

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Statute of Limitations on Co-Signing Student Loans

The statute of limitations is a legal principle that prohibits a plaintiff from filing a civil action in court beyond a specified period of time after his cause of action initially accrued. Each state establishes its own limitations period for each distinct legal cause of action such as negligence, fraud and breach of the terms of a student loan contract. A civil action filed outside the designated limitations period is considered time-barred and may be dismissed by the court. Actions for Breach of Contract Since the obligation to repay...

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Tips to Pay Off Debts

As the old adage goes, "The worst part about being poor is that it takes all of your time." Though being in debt and being poor aren't necessarily one of the same, it's hard to get a head start in the world when a large chunk (or all) of your income goes right out again. While some debt is unavoidable, there are ways to help ease the pain of debt, and to take the edge off. Types There are many types of debt: personal loans, student loans,...

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How to Avoid Eviction & Utility Shut-Off

Avoiding eviction and having your utilities shut off is a challenge that many face in hard economic times. Residents who make their home in an extreme climate are especially vulnerable. If you are facing eviction and utility shut-off, find out what options are available for you in your area. It can mean the difference between home sweet home and out on the street. Instructions 1 Apply for the Low Income Home Energy Assistance Program (LIHEAP)....

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How to Request a Credit Card Charge Off Settlement

Credit is important if you are looking for financing or even securing a job these days.The average outstanding credit card debt for households that have a credit card was $10,679 at the end of 2008, according to a 2009 Nilson Report. One main ingredient in your credit score calculation is factoring in your charged off or non-paid accounts to creditors. If you are interested in repairing your credit, you may be searching to find out how you can resolve old unpaid credit card debt. Debt settlement is one way to repay charged off debt, and even have...

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Who Pays Off the Balance of a Deceased Person's Credit Card?

When a person dies, the estate of the deceased is responsible for paying off that person's credit card. However, that is just one of several financial obligations for which the estate is responsible. If you are an authorized user on the credit card account, or co-account holder with the deceased, you may be responsible for paying off the balance, depending on the terms of the credit card agreement. Function The state in which the deceased lived has rules regarding in what order debts must be paid by the estate. Unsecured debts, such as...

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How to Reduce Mortgage Payments Without Bankruptcy

It's a good idea to continually find ways to reduce your expenses, but it's imperative in times of financial distress. Some people seek protection from their creditors by filing for bankruptcy, but they should explore other ways to deal with their woes because of the damage a bankruptcy causes to their credit ratings. If you are facing a mortgage payment that is more than you can currently afford, here are some ways that you can reduce it. Instructions 1 This first option is for you only if you consider your financial problem to be temporary....

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How Long Do Charged Off Accounts Stay on Your Credit Report?

Some credit report entries -- such as charged off accounts, or charge-offs -- can have a negative affect on your credit history and credit score. Charge-offs appear on credit reports after a lender or creditor sells a delinquent account to a collection agency. Collection agencies attempt to recover the funds owed, and they receive a commission if they are able to collect. If charge-offs appear on your report, make sure you understand the consequences. How Long Charge-offs Remain on Your Report Similar to other negative credit items, once...

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How to Stop a Writ of Garnishment

After suing you, a creditor can request a writ of garnishment from the court. A writ of garnishment grants your creditor the right to seize funds from your bank accounts or force your employer to withhold money from your paycheck each pay period and submit it to the creditor as payment for the debt. You have options to stop an ongoing garnishment or prevent one from occurring. Instructions 1 Contact the creditor and make arrangements to pay...

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Deadbeat Dad Law in Indiana

The term "deadbeat dad" refers to fathers failing to pay child support, though the concept can also include any noncustodial parent. The laws dealing with such cases vary from state to state. Indiana parents delinquent in paying child support, as well as parents seeking just compensation, should familiarize themselves with the deadbeat dad laws in Indiana. This will familiarize debtors with the consequences of their actions, as well as inform parents seeking payment of their legal options. License Suspension In 2008, the office of Governor...

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What Is the Statute of Limitation for Unsecured Debt Collection in Nebraska?

The statute of limitations for unsecured debt in Nebraska varies by the debt's specific classification. An unsecured debt may fall into almost any debt category depending on how the loan or other extension of credit was created. Each type of debt has a corresponding statute of limitations that serves as a creditor's timeline for debt collection should the debtor default on the loan or line of credit. Credit Card Debt Credit card debt is usually considered unsecured because the creditor has no collateral to seize in the event of account...

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What Does It Mean If a Company Writes a Debt Off?

If you fail to pay a debt, the creditor may write it off at some point in the future. When a company writes off a debt, this does not necessarily mean that you do not owe the debt anymore. This is simply an accounting procedure that companies use and the debt is still intact. Function Companies write off or charge off debt when it sits uncollected for an extended period of time. This is simply a procedure that companies use in order to take debts that are unlikely to be collected off of the regular books. At this point, the debt is generally...

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Arizona Payroll Laws: Employee Engaging in Illegal Activity While Working

When an employer discovers that an employee is engaging in a crime while working, this creates a number of problems. First, the employer may begin to distrust the employee. Second, the employee may be neglecting his work. And, third, the employee may be opening the employer up to a variety of legal actions. In Arizona, the employer is allowed to fire the employee in most cases, but he may not be able to withhold pay. Payment If an employee is committing an illegal act while working, the employer is not automatically allowed to withhold...

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What Happens to Debt When Your Spouse Dies?

After the death of a spouse, it can be a struggle to deal with everyday life. Debt can complicate the matter, making it difficult to know what to do with life insurance money and whether to stay in your home. It is important to understand the debt for which you are responsible and the debt for which you will not be held accountable. Cosigner Assumes Debts If you are a cosigner on any accounts with your spouse, you become solely responsible for those debts when he passes away. Both spouses typically sign on mortgage and car loans, and they...

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Quickest Way to Pay Off Debt

Getting out of debt can seem like an uphill battle. The stress and strain you face can be overwhelming and depressing. But it is possible to gain control of your finances. When the bills arrive in the mail, confront them and get busy with your plan to get out of debt. Here are some tips on the quickest way to pay off debt. Cut Out All Unnecessary Expenses We all spend money on things we do not need, from trips to the movies to brand-name...

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California Law for Nonpayment on a Credit Card

When credit card debt goes unpaid, it can have dire repercussions for the user. The company may sue to get the funds back or hire a collection agency to harass the user about payments. In California, strict laws govern the handling of credit card debt, in order to ensure fair practices on both sides. The intent is to provide the card company with reasonable means of securing payments, while ensuring that the cardholder doesn't suffer excessive harassment in the process. Collection Agencies Once debts go unpaid, a collection agency often...

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Debt Contract Law

Whether you promised to pay a doctor, an ex-spouse or a credit card bill, you entered into a legally binding debt contract when you made that agreement, according to both Experian and "How to File for Chapter 7 Bankruptcy." Potential Consequences Violated debt contracts can lead to negative credit reporting, civil lawsuits against you and wage garnishments. Misconceptions Even bankruptcy cannot eliminate your legal obligation to pay certain debts, such as child support, alimony, court fines, tax bills less than three years old and...

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How Does a Permanent Loan Modification Work?

Loan modification is an option many borrowers use when they fall behind on mortgage payments and want to avoid foreclosure. Borrowers can modify their loan either before they stop making payments or after they default on the loan. Modifying before default helps save borrower credit and is advisable, but borrowers must prove their financial difficulties before the lender will consider this option. A loan modification can have several different results depending on the negotiation between the lender and borrower. After a brief trial period, the modification...

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Ways Your Information Can Be Obtained for Identity Theft

Anyone can be the victim of identity theft and have his financial information stolen and used for fraudulent purposes. The Consumer Sentinel Network accumulates consumer fraud-related data for the Federal Trade Commission. In 2009, the Consumer Sentinel Network received reports of over 278,000 cases of identity theft in the United States. To protect yourself, you need to understand the ways that information can be obtained for identity theft. ...

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Debt Reduction Help in Ohio

If you live in Ohio and cannot pay your consumer-oriented debts as promised, you potentially qualify for several types of debt reduction help. The federal government, nonprofit credit counseling agencies and your lenders are all potential resources for assistance if you get in serious financial trouble. Also, even if you must take a drastic step like filing for bankruptcy you can usually retain at least some of your assets under Ohio exemption laws. Debt Management Programs Ohio debt management programs, usually run through nonprofit divisions...

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What Is a Variable Interest Rate?

A variable interest rate is a type of interest rate whose effective rate is tied to a collection of representative rates called an interest rate index. Variable interest rates help keep lending instruments profitable during changes in the general level of interest rates. Risk Variable interest rates help minimize the risk lenders incur when making a loan at a specific interest rate. For example, if the market interest rate is 3 percent, a...

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Who Can Help With Credit Repair?

Good credit is essential for saving money on everything from buying a home to auto insurance. If your credit score needs improvement, there are several options for credit repair. Law firms and other companies specializing in credit repair are among those who can help improve your situation, but you can also help yourself with a little bit of knowledge, persistence and patience. Identification The highest possible credit score you can have...

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Fastest Way to Improve My Credit Score

Your credit score is determined by five primary factors: your payment history (35%), your debt to credit ratio (30%), the age of your credit history (15%), the types of credit you have (10%) and the amount of new inquiries or new credit you apply for (10%). Improving your credit score takes time and responsible borrowing behavior. There are a few tricks, however, to improve your credit score quickly. Become an Authorized Signer One of the fastest ways to improve your credit score is to take advantage of someone else's good credit. If possible,...

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Can Payment Arrangements Be Made If I Am Sued for My Credit Card Balance?

When you accumulate a credit card balance, you must make at least the minimum payment to the credit card company to avoid further collection actions. In some cases, the credit card company will sue you to collect the balance that you owe. In this situation, you may still be able to set up a payment arrangement. Civil Lawsuit When you sign up for a credit card agreement, you sign terms that are set forth by the credit card company. Once you start using the card, the credit card company has the right to sue you in civil court to collect the...

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How to Use a Credit Card Internationally

Using credit cards while traveling outside of the United States is much more convenient than carrying travelers checks or large sums of cash. However, keep in mind the cost of foreign currency exchange rates and other banking fees before you travel. Instructions 1 Use the phone number on the back of your credit card to contact your credit card company before you travel. Ask your credit card company if its card is accepted in the areas where...

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Debt Relief Dos & Don'ts

Resolving debt issues is a stressful and frustrating experience even when it's done right. Managing your credit and spending is the best way to avoid the need for debt relief. When you're struggling with overcoming your debt debt, a number of resources are available. Following a few simple guidelines when pursuing debt relief helps you learn from your mistakes and can keep a difficult situation from worsening. Contact Creditors Do contact...

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Credit Recovery After Bankruptcy

Bankruptcy creates a significant negative impact to a consumer's credit report. It affects borrowing ability to qualify for loans or lines of credit and lower interest rates. Rebuilding credit after bankruptcy takes time, patience and adherence to all financial agreements. Time Frame According to the Federal Trade Commission and the Fair Credit Reporting Act, bankruptcy information may be reported for 10 years from the date of the order's...

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The Best Ways to Pay Off Debt Faster

Different financial experts have different ideas about getting out of debt, though they all agree you must first stop spending beyond your means. According to Ron Lieber, who writes a money blog for the New York Times, people should automate their payments to avoid late fees and penalties for overdue credit card, student loan and other bills. Because individuals have unique financial situations, what works for one person may not be ideal for someone...

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Does Medical Debt Affect Your Credit Score?

Medical debt is different from other kinds of debt, because it is usually unplanned and uncontrollable. It is considered unsecured debt, like credit cards. Under certain circumstances, unpaid medical debt can negatively affect your credit score. However, with proper attention, you can help keep the debt from damaging your credit. How It's Reported Medical billing departments for hospitals and doctors' offices in the U.S. do not report to the three major credit reporting agencies. In fact, your medical bills may never appear on your credit...

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How to Request a Mortgage Rate Adjustment Fixed

Many homeowners got in mortgage trouble when the price of homes dropped in 2008 and 2009. They may have bought a home using an adjustable rate mortgage, intending to refinance later to a more affordable loan. When housing prices dropped, it made this option practically impossible because it left many people owing more on their house than what they can sell it for. Plus, the adjustable interest rate may be adjusting higher, sometimes doubling or tripling...

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Can You Join the Army When in Debt?

Simply being in debt won't disqualify you from joining the U.S. Army. After all, most people have at least some debt. A bigger challenge could be a poor credit score, but even then a complete disqualification isn't likely. Sensitive Positions A poor credit history, such as foreclosures, bankruptcies and multiple charge-offs could prevent you from holding certain jobs in the Army. The Army frowns on placing recruits with poor credit backgrounds...

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Which Is Better: Foreclosure or Bankruptcy?

Deciding between foreclosure and bankruptcy is a deeply personal decision that you should make only after consulting with a nonprofit credit counselor as well as real estate and bankruptcy attorneys. Every situation is potentially different, with foreclosure best for one person and bankruptcy better for another. Generally, foreclosure is the better option if the mortgage debt is your only financial issue and you are comfortable with losing your home to eliminate the debt. Bankruptcy may be better if you have a host of financial problems and you...

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What Debt Am I Responsible for After a Foreclosure?

Foreclosure is the method by which a mortgage lender calls due its security interest in your real estate by seizing ownership of the property. Mortgage lenders typically foreclose on a home when the borrower stops making mortgage payments. Although foreclosure provides the lender with the loan's collateral, allowing it to sell the property to recover unpaid mortgage debt, you may still owe debt to your lender and other creditors after the foreclosure...

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How to Not Get Sued by Creditors

Missing one or two payments may not prompt a lawsuit by a creditor. But if you continue to miss payments, your creditor can file a suit against you to collect funds, late fees and additional interest. Rather than allow a creditor issue to spiral out of control, learn how to avoid being sued by your creditor. Instructions 1 Stop ignoring creditors' attempts to communicate with you. Creditors often send letters or telephone your home before filing a lawsuit against you. Talk to your creditors and explain your situation to help prevent lawsuits....

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How Do Credit Applications Hurt Your Credit Score?

A person's credit score is determined using a variety of information found on his lending history. This includes the length of the credit history, the timeliness of his payments, and the amount of debt he has outstanding. Credit reporting agencies use this information to determine the likelihood of a person paying back a loan: the more likely he is to repay debt, the higher his score. However, a check of a person's credit report by an outside party will often lower a person's score. Hard vs. Soft Checks. A person's credit report is accessible...

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Should I Really Only Pay the Minimum on My First Credit Card?

Consider your credit card payments carefully. You Will Have More Cash Now Obviously, if you only pay the minimum payment due on your credit card, you will have more cash right now. This can be helpful if you have other urgent bills due, like medical expenses, utility bills or rent, and even payments to make on other credit cards with a higher interest rate. You Will Ultimately Pay More Because you are paying interest...

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