When Can You Repo on a Default With a Texas Promissory Note?

A promissory note is an agreement you sign when you purchase property using a loan, such as a car, furniture or electronics. The promissory note is an agreement to make payments on the the item purchased, and that the creditor has the right to recover the property if you default on the loan. Texas law permits repossession of collateral upon default of a signed promissory note. No Waiting Period Texas law does not establish a waiting period for repossession of collateral after default on a promissory note. The borrower is in default the...

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When Does a Debt Become Uncollectable?

When you rack up a debt with a creditor, that creditor has a legal right to try to collect it from you. At some point, if the debt is not collected, it can become uncollectable for the creditor. A few different types of circumstances could lead to a debt becoming uncollectable. Statute of Limitations One scenario in which a debt could become uncollectable is when the statute of limitations runs out. Every debt has a statute of limitations associated with it. This is the amount of time in which the debt is legally collectible. If this amount...

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How to Lower Credit Card Interest Rate

If you have a high credit card interest rate, with a single phone call to the card issuer you might be able to secure a lower rate. A six-month history of timely payments and overall responsible management of your account may be all that you need to persuade a listening customer service representative that your request has merit. Instructions 1 Gather all credit card statements for the past six months. Make note of your extended credit to...

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Can Collection Agencies Garnish Your Income Taxes?

A collection agency is a company that seeks to collect repayment on overdue debts. A collection agency will either be hired by a creditor and seek repayment of a debt on commission, or it will purchase old debts itself for a low price, then attempt to collect them. Collection agencies have many ways of encouraging debtors to pay what they owe, including garnishment of wages. However, in nearly all cases, a collection agency cannot garnish a person's income tax refund. Garnishment Garnishment is the process by which a debtor's income is...

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Can Credit Cards Be Used If You Consolidate?

Debt consolidation may seem like an easy way of getting your debt under control; however, consolidation loans must be used with caution to prevent further financial anguish. While you may continue to use your credit cards while on a consolidation loan, doing so only creates more debt. Canceling your credit cards would be a mistake because it might damage your credit score -- but using them can be a mistake as well. Debt Consolidation When...

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Information on Consumer Debt Counseling

Consumer debt counseling is a process that may help struggling consumers to manage and pay off their debt. Consumer debt counseling helps to make the debt more manageable while protecting a consumer's credit score from significant damage. Before beginning a debt counseling program, consumers should understand how these programs operate, what alternatives are available and what to look for from a provider. How it Works Consumer debt counseling...

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How to File a Lien on a Car

If someone owes you money, attaching a lien to a car owned by the debtor may be an available legal remedy to secure payment. A car lien may be filed if the owner owes you for repairs completed on the vehicle or its storage. You may also be entitled to attach a lien to a vehicle if you have obtained a judgment against the debtor for a civil debt. State laws and procedures will vary; however, there are some common steps generally required for both situations. Instructions Judgment Lien 1 Obtain a judgment against the owner of the car. A judgment...

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The Laws in the State of Texas if You Don't Pay Your Credit Cards

Texas laws are friendlier to debtors than many states. If you stop paying your credit card bills, the company has only a limited ability to impose a lien on your property or take your wages. Texas law also limits the methods credit-card companies and debt collectors can use to talk you into paying up. The federal government has similar restrictions but Texas applies them more broadly, affecting both debt collectors and the creditor company itself. Judgments Credit cards don't come with collateral the company can seize. If you can't or won't...

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California Law on Bill Collecting

Taking the time to understand California's laws on bill collecting can teach you how to respond to collection agents when they contact you and help you recognize if an agency is using abusive or unfair tactics. The California Fair Debt Collections Practice Act prohibits bill collectors from threatening you with physical violence or adding excessive interest charges to a debt you owe. Report collection agencies who violate the law to the state Attorney...

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How to Get Out of Debt Without Bankruptcy

When consumers are in dire financial straits, they will often consider filing for bankruptcy to alleviate their financial woes. However, a bankruptcy can have significant long-term impact on a consumers financial profile. In some cases, bankruptcy is unavoidable. However, researching all of your options is imperative to ensure that you will make the best decision for your situation. Understanding how to get out of debt without filing for bankruptcy...

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How to Clean Up Your Credit Quickly

Making some key moves could help you quickly clean up your credit, but don't expect an instant makeover. The Federal Trade Commission reports that the passage of time is the best cure for past credit problems, and that no one can fix your credit overnight. While overnight success may not be possible, you can significantly improve your credit in about 30 to 60 days. That's roughly how long it takes for improvements in your credit to be updated on your credit report and to be reflected in your credit score. Instructions 1 Get a copy of your...

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Damage to Credit Scores for Credit Card Debt

Your credit score is dependent upon numerous factors, and how you use your credit cards impacts many of them. While using a credit card wisely and responsibly can increase your credit score, using it irresponsibly is sure to lower your score. Knowing how a credit score is determined and what credit card actions will lower your score is important if you want to keep the best credit score possible. Credit Score Factors A person's credit score...

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Does a Bankruptcy Affect a Potential Marriage Partner?

If you have become so deeply buried in debt that you cannot foresee ever restoring your finances, and creditors are calling and sending collection letters every day, bankruptcy may represent an option for a fresh start. Bankruptcy takes a severe toll on your creditworthiness; however, it can help relieve severe financial stress. If you plan to get married soon, though, keep in mind that bankruptcy not only affects you but also indirectly affects your potential marriage partner. Credit Availability A bankruptcy can affect your personal credit...

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How Long Can I Receive Unemployment Benefits Before I Have to Accept a Lower-Paying Job?

Often, when a person is fired from his present work, he will be eligible to go on unemployment. This means that the person receives a regular check from his state government, one that allows him to meet day-to-day expenses while he tries to re-enter the workforce. However, benefits are not meant to be permanent, and a person receiving them will generally be required to take a lower-paying job if it offered to him. Unemployment Benefits Unemployment benefits are not meant to be a substitute for work, but are rather meant as a safety net...

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How to Find Out Your Debt to Income Ratio

The debt-to-income ratio is your total monthly debt and housing payments divided by your gross monthly income, expressed as a percentage. It tells you how easily you can make your monthly payments. A high ratio may indicate that your monthly expenses are becoming unmanageable, which may discourage lenders from lending you any more money. Instructions 1 Add your monthly debt payments, such as credit card bills, car loan or lease payments, student loan payments and minimum payments on lines of credit. 2 Add your monthly housing expenses....

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Does Negotiating Down Your Credit Cards Hurt Your Credit?

Sometimes, when a person owes a large debt to a creditor, rather than pay off the debt, he will attempt to settle with the creditor for a lesser amount. If the creditor accepts, the debtor will only be legally obligated to pay a portion of the amount he originally owed. This agreement is often preceded by a period of negotiation. While the negotiation itself does not harm a person's credit rating, receiving a settlement often does. Credit Reports A person's credit score is determined using all of the data listed in that person's credit...

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How to Settle Your Debt for Free

Consumers oftentimes find themselves in a situation where they have more debt than they can afford. The good news is that many consumers are responsible and would rather find a way to honor their debts if they can. The bad news is that many have been led to believe that the only way to settle a debt is to pay someone to do it. The truth is, you can settle most debts yourself for free by making one simple phone call. Instructions 1 Order a...

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How to Build Great Credit

A credit score is the representation of how much of a risk you are to the credit industries based on your past history of credit-based purchases and payments. If you have strong credit, you are more likely to receive school and car loans, mortgages and credit cards. Building up a credit score can take several years and it may take longer if you have late payments and bills on your credit history. Instructions 1 Sign up for a gas or retail...

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How to Settle Credit Cards That Are Left When a Spouse Dies

The death of a spouse is a horribly painful experience, which is often compounded by the stress of managing the deceased's financial affairs. If your spouse died leaving behind credit card debt, it is important to know that you may not always be personally liable for these debts. By going through your spouse's credit card statements, you can take steps to secure his accounts against identity theft, stop additional fees while the estate is settled,...

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How to Rebuild Credit Loans

Using new loans to rebuild your credit can be smart. Your biggest challenge will be getting approved for new credit while your credit scores are still poor. However, it can be done, even if means taking out a few small loans over 12 to 24 months. Instructions 1 Open a savings account with a bank or credit union that offers secured credit cards. Secured credit cards require you to maintain money in a savings account that is used for collateral...

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How Can I Stop From Being Sued on Credit Card Debt?

Being sued for a credit card debt is a serious matter, and you should try to avoid a court case. The "New York Times" reported in 2010 that credit card companies and debt collectors were much more likely to seek legal action than in previous years. The Times reports that credit card companies used to be content with the tax breaks they received for writing off bad debts. However, as of 2010 that has changed, with the card companies filing scores of lawsuits across the country. Illinois Legal Aid reports that the credit card companies are guaranteed...

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What Can I Do to Redeem My House After Foreclosure in Georgia?

If you do not make your mortgage payments on your Georgia home, your lender will likely contact you to resolve the delinquency. If the lender's attempts are unsuccessful, it may issue a notice of default, which requires you to pay all past due amounts by a specified date. Failing to catch up your mortgage loan after a notice of default can result in foreclosure. Georgia does not provide a statutory right of redemption, which means that you cannot reclaim the home by paying the loan balance after the sale. However, you can use several strategies...

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How to Dispute a Creditor's Letter

Creditors are businesses or individuals who await outstanding financial obligations. If you spent $2,000 on your credit card, the credit card company remains a creditor until you pay off the debt. Creditors can communicate with debtors by telephone or mail, but they must comply with federal and state laws, including the Fair Debt Collection Practices Act. Some original creditors sell debts to third-party collection agencies. Instructions 1 ...

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PrivacyGuard Information

PrivacyGuard is a comprehensive online member-based service providing highly secure and confidential access to credit reporting, credit protection and monitoring, and identity theft resources and services to help consumers control their financial and personal information. PrivacyGuard offers state-of-the-art financial and credit-related tools, calculators, forms and personal services all in one user-friendly website. Check your credit card...

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Debt Relief Help Information

When you have a significant amount of debt to deal with, you might be interested in pursuing one of several options. You could try a debt management plan, debt settlement or even bankruptcy, depending on the severity of your circumstances. Working with a debt relief company could help you with this endeavor, but you have to be careful which one you choose. Debt Relief Companies Many companies advertise that they can offer you a substantial amount of debt relief. They make promises of being able to cut your debt by a certain percent or save...

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Do I Have to Pay for a Credit Card With My Husband's Name on It When He Passes Away?

The death of a spouse is a difficult enough event without worrying about how your spouse's debts will affect you. If your husband has racked up credit card debt, your responsibility for servicing this debt after his death will often depend upon when the credit cards were issued, who used the cards and the state where you reside. Pre-Marriage Debt If your husband's credit card debt was contracted prior to your marriage, you will not be responsible for paying off the debt after his death. Debts contracted by one spouse prior to marriage...

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Am I Responsible for a Relative's Debt?

Your responsibility regarding a relative's debt depends on the account type, your state of residency and your relationship to the account holder. Generally, you are not liable for debts you did not incur or sign for. Additionally, your rights are protected from illegal or unethical debt collection tactics. If you feel a debt collector violated your consumer rights---including protection from harassment---contact the Federal Trade Commission or your State Attorney General to file a complaint. Community Property If you live in a community...

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What Are My Debt Resolution Options?

Debt is a problem with many potential solutions, and one of them is not necessarily the best option for everyone. When you look at ways to handle your debt, you have to evaluate how they will affect your credit and how quickly they will help you get out of debt. Managing Your Debt With a Plan One option that many people turn to when facing a large amount of debt is a debt management plan. With a debt management plan, you work with a credit counseling company. The credit counseling company negotiates lower interest rates with your creditors...

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Riskiest Places to Use a Debit Card

Thieves are always hard at work trying to figure out how to bilk consumers. Therefore, every debit-card transaction consumers make presents some risk. Debit-card users need to be on alert each time they use their cards to avoid having their account numbers stolen. Yet in some cases, cardholders' account numbers may be at risk without their knowledge. Retailers The security of your debit card may be at risk when you make a store purchase using your card's personal identification number. That's because your PIN may be stored in temporary...

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How to Remove a Fraud Alert From Equifax

If you have a fraud alert on your credit report, it can serve a valuable purpose. Whenever someone tries to apply for credit using your personal information such as a credit card or automobile loan, the creditor must notify you with a phone call before the account can be opened. You get the opportunity to speak with the creditor and verify if the account should or should not be opened. This keeps criminals and identity thieves from ruining your credit history. Instructions Process 1 Contact Equifax fraud department in writing. Your letter...

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Can I Be Sued on a Charged Off Credit Card?

If you fail to make your credit card payment, your credit card issuer may "charge off" your account. Not only are charge-offs the No. 1 reason why creditors get denied new loans, according to Steve Bucci of Bankrate, but your lenders can still sure you to recover the unpaid debt. Talk to a lawyer if you need legal advice about credit card lawsuits and your liability as a debtor. Charge Off A charge off is an accounting term used to describe a creditor who no longer considers a debt an asset. When your creditor lent you money, it counted...

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Can State of Florida Retirement Income Be Garnished?

When you owe money and don't repay it, your creditor can take you to court and obtain a judgment against you. With a judgment in hand, your creditor has a number of options for collecting the debt. One option is to garnish your wages and other income, subject to certain restrictions. The state of Florida not only protects retirement income from garnishment, it shields all the income earned by a head of household. Head of Household All wages...

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Can a Collection Agency Collect From Your Paycheck Without Taking You to Court First?

A wage garnishment involves a creditor taking money directly out of your paycheck before you receive it from your employer. While this can be an intimidating thought for a debtor, a collection agency cannot garnish your wages without going through the court system. Understanding how this process works can help you avoid it. Collection Actions Before a wage garnishment is pursued, a collection agency will try to collect money from you. Once the debt is turned over to a collection agency, you will start to get phone calls and letters from...

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Debt Payoff Strategy

Developing a debt payoff strategy can quickly reduce your consumer debt and fix your finances. Debt accumulates because of reasons such as overspending or cash flow issues. But just because you have a lot of debt doesn't mean you're stuck with these balances forever. Consider strategies to help payoff your debt fast. Know Your Totals Start your debt payoff strategy by first calculating the amount you owe on credit cards and other loans. Knowing your balance provides indication of how long it will take to reduce or payoff these balances...

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What Are Promissory Notes & How Do They Work?

When you borrow money, you make an agreement to pay the money back to the lender. When the agreement is in writing, it is called a promissory note. The promissory note details the agreement between the lender and the borrower, such as how much interest the borrower will pay and what happens if the borrower does not pay as agreed. Documenting a Loan With informal loan agreements between family or friends, it is a good idea to document the terms of the loan. A promissory note, in this case, can be an informal hand written document. It clearly...

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How to Challenge Information on an Equifax Credit Report

Your credit is your financial lifeline and keeping your credit mistake-free is essential to maintaining a good credit score. Creditors sometimes make mistakes and you have to step up and take care of the mistake before it lowers your credit score. Even the credit reporting agencies such as Equifax can make mistakes by not entering in the information properly or by leaving out information on your credit report. You can dispute your credit report and...

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How to Answer a Lawsuit for Debt Collection in Texas

Many people are overwhelmed when they are served with a notice that a creditor is filing a lawsuit against them and choose to ignore it rather than defend themselves. However, in Texas, failing to answer the lawsuit within 20 days of receiving the notice usually causes the court issue a default judgment in favor of the creditor. This means you lose your right to defend yourself and must pay what the creditor requests. You must prepare your own lawsuit answer because Texas courts do not have standardized answer forms. Instructions 1 Review...

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Chapter 13: What Happens to Debts Paid Before Dismissal?

In a Chapter 13 bankruptcy, the debtor does not have any debts discharged immediately. Instead, the court appoints a trustee that closely examines the debtor's current revenues and how much money they can afford to pay. The trustee then creates a payment plan that can last up to five years and requires the debtor to pay off at least a portion of the various debts. At the end of the plan, the rest of the debts are discharged. The debts paid are permanently removed from consideration even before the plan is finished, but a dismissal can complicate...

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