Standard Bank Debt Consolidation

If you are thinking of consolidating your debt, you can go to a specialist company and pay them money to do it for you. Or you can go straight to the bank and get a loan directly from them. A debt consolidation loan is not very different from other types of loans you can get at your bank. Debt Consolidation When consolidating debt, you take out a single low-interest loan and use that money to pay off many small, high-interest loans, including...

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Should You Consolidate Your Debt Through a Second Mortgage?

Debt consolidation can help you get control of your finances. There are several different options when considering a consolidation loan. Many people choose to use their home as collateral on the loan to get a lower interest rate than other options. This is generally done through a second mortgage. Debt Consolidation Loans The advantages of a debt consolidation loan is that it can be used to pay off several smaller loans and give you one monthly...

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How to Qualify for a Credit Card With No Preset Spending Limit

Credit cards without pre-set spending limits are actually charge cards. Theoretically, you are allowed to charge as much as you want in a given month, with the requirement that you pay the balance after receiving your statement. The card company will monitor your spending habits, payment history and credit score as it determines how much to allow you to charge. To qualify for a card without pre-set limits, you generally need a good credit score,...

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What Is the Corporate Purpose of Debt Collecting?

Any company that issues bills, particularly companies that regularly extend some form of credit to their customers, either in the form of a loan or another kind of payment, are familiar with debt collection. When a business collects on a debt, it's collecting money that's owed to it for services rendered. Collecting on a debt fulfills a number of different functions for the business. Debt Collection Debt collection can take various forms: contacting the party to remind him of his debt obligation, filing suit against him for breach of contract...

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Is the Executor of a Will Responsible for the Debts?

The executor of an estate and will is responsible for many things, but he is not personally responsible for paying off a decedent's debt with his own money. In some states an estate executor can be held personally liable for a decedent's debts if she has been found negligent or violated other probate-specific state laws. Always consult with a licensed probate attorney for your state before taking on the duties of an executor. Death Notification Responsibilities The executor of an estate and will is responsible for making sure all death-notice...

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How to Fix My Credit Tradelines

Sometimes good people make mistakes. Unfortunately, those mistakes can stick with you for years, preventing you from getting a break because of the legacy they leave on your credit report. Sometimes a credit report can simply contain inaccurate information, preventing someone who never made a mistake in the first place from getting their entitled credit. For both cases, there is a recourse. Instructions 1 Acquire a copy of your credit reports...

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How to Build Corporate Credit

Building corporate credit is essential for growing a new business and establishing credit worthiness. By building corporate credit, serious business owners can never be turned down for a loan and do not have to use their personal credit to finance their business. Business owners need to take action to establish corporate credit before they apply for loans, leases, or lines of credit. Instructions 1 First, you need to prepare your company...

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Can a Lender Garnish Pension Benefits?

Creditors can use a number of different methods to attain payment of a delinquent debt. One of the most severe methods is the garnishment of an individual's wages. When wages are garnished, it means that the employer siphons off a portion of the payment to the creditor. This is generally done until enough money has been set aside that the debt has been paid off. Pensions, however, cannot be legally garnished. Garnishment In order to garnish a debtor's wages, a creditor must first receive the permission of a civil court judge. Before receiving...

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What Steps to Take If You Are Being Sued for an Old Debt?

More companies are focusing on collecting old debts, hoping to profit from getting consumers to pay delinquent debts they may have accumulated several years ago. Some of these collection efforts are legitimate, but others may be sidestepping state law and suing consumers to turn a profit. People facing lawsuits should ensure they understand their state's debt-collection laws to protect their rights. Collection Calls When called by a debt collector, do not commit to pay or acknowledge an old debt if a debt collector calls and demands payment....

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Statute of Limitations on Debt in Illinois

The Illinois statute of limitations mandates how long debt collectors have to sue for a debt. Illinois residents can use the statute to avoid debt lawsuits and have those lawsuits abandoned. Limitations Debt collectors still passed the statute of limitations. Even after debts have passed the statute of limitations mark, debt holders still sue. However, Illinois residents can use the statue of limitations law to petition the court to throw...

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How to Start Paying a Judgment

Creditors and lenders may seek payment, but if you're unresponsive, they can file a lawsuit against you. A judge can place a judgment on your record for non-payment. Taking steps to start paying a judgment can help fix your credit problems. Judgments on your credit report indicate past payment issues. For this reason, don't ignore a judgment. Review your finances and make plans to satisfy the debt. Instructions 1 Satisfy a judgment through...

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Do I Have to Pay My Dead Mother's Debts?

When a loved one dies and leaves behind unsecured debts, such as credit card debts and hospital bills, its isn't uncommon for family members to eventually hear from debt collectors concerning the unpaid balances. In most circumstances, however, your deceased mother's debts aren't your responsibility. Facts Unless you signed for the original account, you aren't legally liable for any debts your mother leaves behind. The New York Times notes,...

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When Can a Debt Collection Agency Garnish Your Wages?

Wage garnishment serves as a voluntary payment alternative for creditors who must recover unpaid debts. Both original creditors and third-party creditors, such as debt collection agencies, have the right to pursue the debt you owe via a court-ordered wage garnishment. Once your employer receives notice of the garnishment, it re-directs a portion of each paycheck to your creditor until you pay off the debt. Following a Judgment A debt collection agency does not have the option to merely request that the court issue it a wage garnishment...

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Do You Need a Title to Qualify for an Auto Loan?

You do not need a title to a car to apply for a standard auto loan, such as when purchasing a car on credit. However, the title is necessary when you are seeking a loan using your car as collateral. Some banks and credit unions offer long-term installment loans backed by the car and title serving as collateral. The lender keeps the title until you make all payments as agreed. Considerations Banks and credit unions may offer competitive rates on personal loans backed by the title to a car. However, other lenders offer so-called car title...

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How to Repair a Credit Report With a Judgment Removed

Judgments on credit reports are orders from a court to pay obligations. They mean that a creditor brought a suit against you in court and won. These are seriously damaging to your credit. If you've paid a judgment, it doesn't necessarily mean that your credit will immediately improve. It could remain on your report for up to seven years. There are steps to take, however, to improve your credit after you've satisfied a judgment. Instructions ...

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How to Avoid Getting Trapped in Debt

A financial plan can position you to avoid substantial amounts of debt. Your ability to buy items that you can afford, while deferring the purchase of non-essential goods will help keep you on track. Your hard-earned money should be used toward goals, such as debt consolidation, college tuition or retirement savings. Steering clear of promotions that offer introductory credit cards and interest-free financing can help you avoid getting trapped in...

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How Safe Are Debt Settlement Companies?

If you are considering using a debt settlement company to help reduce your debts, proceed with caution. The methods some debt settlement companies use to lower balances are unethical and not safe for either your credit score or your wallet. Facts The most common method a debt settlement company will use is to request that rather than making regular payments to your creditors, you make regular payments to a settlement counselor who then will...

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Explanation for a Bankruptcy

Bankruptcy allows you, the debtor, the opportunity to repay your debt, or eliminate it altogether with the protection of the bankruptcy court. A bankruptcy basically allows a consumer or wage earner to liquidate or reorganize debt. Types of Bankruptcies Chapter Seven, Nine, 11, 12, 13 and 15 are the types of bankruptcies available. Each chapter has its own rules. For instance, filing Chapter 13 allows you to keep your property and repay your debts over a period of time. Eiligibility In order to qualify for any type of bankruptcy,...

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Foreclosures Due to Job Loss

Banks and other mortgage lenders can foreclose on homes when homeowners fall behind on their payments or stop paying altogether. Foreclosure is a way for lenders to recover their investments, since they can sell a foreclosed property to satisfy the mortgage owed. Unfortunately, foreclosure is often due to financial hardship beyond homeowners' control, such as job loss. If you've recently lost your job and are falling behind on your mortgage, there...

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Help for a Student to Get out of Debt

Students who have gotten themselves into a large amount of debt may be looking for a way out of debt. The only way to get out of debt without severely damaging your credit is to pay it off. This can be difficult when you are on a limited income like most students are. Through hard work, and a by following a strict budget, it is possible to take care of your debt. Debt Payment Plan Set up a debt payment plan to help you focus any extra money...

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How to Offer a Settlement to a Debtor

Some debtors will settle their debt if they are given the opportunity. Whenever you offer a settlement to a debtor, the right conditions must exist. Once you decide to offer a settlement you may have to negotiate the amount that you are willing to accept. Debt collectors many times purchase delinquent debt for pennies on the dollar, so just about any amount collected represents a profit. You have leeway to make the offer enticing to the debtor and...

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What Happens if You Fail to Show in Court for Credit Card Debt?

Failing to show up in court for a credit card lawsuit has severe consequences. The judge will automatically award the credit card company a so-called default judgment. The judgment requires you to pay a specific amount of money. By failing to appear, you waived your right to defend yourself against the allegations in the lawsuit. Considerations "The New York Times" reports that some debtors fail to show for court hearings because they are unaware of the lawsuits. Couriers usually hand-deliver lawsuits to debtors at their residences, places...

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How to Write a Payment Plan Request

Many people deal with unexpected or overwhelming expenses on a regular basis. Sometimes these expenses come in the form of medical bills, taxes and credit or loan payments. When faced with a bill that is too large to handle, many people avoid paying altogether. This strategy will leave you with a lowered credit score, non-stop creditor calls and potential legal or financial penalties. Before you decide not to pay a bill because it is simply not in...

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Line of Credit Statute of Limitations

A line of credit works similar to a credit card, according to the credit reporting agency Experian. Lines of credit can be used to purchase goods or withdraw cash up to a pre-set credit limit. Credit Reporting If you pay your line of credit account on time and eventually close it, your positive payment history will be reflected on your credit reports for 10 years from the date of account closure, according to Experian. But if you fail to pay the bills on time, the federal statute of limitations on resulting negative credit reporting lasts...

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Statute of Limitations for Debt in California

California laws create a statute of limitations on consumer debt by placing a time frame on how long creditors have to file a lawsuit against alleged debtors. One purpose of the statute of limitations is to prevent creditors from bogging down the court system with extremely old cases. It also prevents debtors from a surprising lawsuit when they thought a debt was over with years before. Types Some alleged debts are verbal agreements between...

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What Do Banks Charge to Lend Money to Consumers?

Effective debt management is key to the success of any financial plan. Through solid debt management, you can make timely bill payments, save on interest and even leverage credit to purchase assets that generate additional wealth. As part of wealth creation, it is critical that you first think of money as a product. Identification In exchange for offering consumer loans, a bank collects interest income on its investment. As with any investment, the bank expects interest payments, or returns, in accordance to risk. You are likely to pay...

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How to Garnish Wages in New York

If you have made a loan to a New York resident, and the debtor fails to make loan payments as agreed, you should make reasonable attempts to resolve the delinquency, such as mailing the debtor late notices and calling or emailing the debtor. However, if these efforts do not result in repayment of the debtor's delinquency, you may garnish his wages as long as you follow proper procedures required by New York and federal law. Instructions 1 Gather evidence showing that the debt is valid, such as a copy of the contract signed by you or a representative...

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What Happens If I Don't Answer a Judgment for a Credit Card Lawsuit?

Failing to answer---or respond to---a summons in a credit card lawsuit typically leads to a judgment against the defendant. A judgment, which is also known as a monetary judgment, is the result of a lawsuit. A lawsuit in a credit card case alleges that you failed to make payment as agreed. Judgments require payment of the card balance plus court costs and attorney's fees. Decisions Not answering or responding to a summons waives important legal rights. A small claims court may recognize a "motion to vacate," which---if approved---annuls...

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Credit Card Relief Vs. Credit Counseling

If you have thousands of dollars in credit card debt, then you may be looking at ways to help reduce your burden, perhaps sooner rather than later. There are two ways besides opting for personal bankruptcy that you can use to improve your financial situation: implementing a do-it-yourself credit card relief strategy or by seeking outside assistance in the form of credit counseling. Credit Card Relief You may be able to handle some if not all of your credit card problems yourself. For starters, decide not to use these cards again. Or, if...

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How to Reduce Debt With Creditors

With the economy in the state that it is in, many individuals have run up thousands, if not tens of thousands, of dollars in credit card debt. A solid plan and discipline are needed, along with an acceptance of how you got into debt in the first place. Once you have these things in place, you can begin the work of reducing your debt. Instructions How to Reduce Debt 1 First and foremost, you need to find out what got you into debt. Download your credit card and loan statements into your budgeting software program. If you do not have budgeting...

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Debt Repayment Strategy

When you get into any kind of debt, particularly serious debt, it can seem quite overwhelming. You may have trouble knowing where to start dealing with your debt, or even have difficulty thinking about your debt. However, the first step to getting your financial situation under control is to develop strategies for repaying your outstanding debts. By understanding the basic starting points for debt repayment, you can develop workable repayment plans...

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Selling Personal Assets to Pay Bills

Ask any financial planner, paying your bills on time each and every month is one of the most important things you can do to help you secure your financial future. However, many people find themselves in a pickle when it comes to paying those bills each month, and they struggle with coming up with a viable solution to eliminating debt. One of the easiest ways to generate some extra cash is to sell off some of your assets. Instructions 1 Decide...

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How to Settle Unsecured Debt

Unsecured debt is debt that is not secured by collateral. Some examples are bank credit cards, medical bills, student loans, personal loans and department store cards. This type of debt does not require that you put up any security for the debt, such as a home or a vehicle. In 2004, statistics show that one third of all adults have some form of unsecured debt. These numbers may have increased since then. Instructions Understand the Realities of Unsecured Debt 1 Become aware of the risks. Most consumers are clueless when it comes to the risks...

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Timing Tricks for the Best Way to Pay Down Debt

Pay down your debt more smoothly by developing a strategy that times which bills you pay first and which you pay next. Follow a process of paying off each debt in an orderly fashion and, once one debt is paid, use the money that would have gone to that debt to build a bigger arsenal of money to hit the next debt. By using timing tricks like this, you can tackle your debt with little stress. Debt Snowball Plan The debt snowball plan takes its name from the concept of forming a snowball: you start with a small snowball and gather snow around...

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Which Liens Get Paid First in a Foreclosure & Why?

When you purchase a home with a loan, the lender places a lien on the property. By way of the lien, the property becomes collateral for your mortgage. A property can hold several liens at once, and liens get paid first in a foreclosure based on the actual recording dates of each lien. With a few exceptions, the first-recorded lien (senior lien) on a property is given priority in a foreclosure sale. Function A lien represents a claim to your...

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Collection of Credit Card Debt in Texas

If you are a debtor who has fallen behind your payments in Texas, you face an array of potential debt collection actions from your creditors. From simple phone calls to more complicated processes that involve lawsuits, debt collectors have different ways to collect the debt from you. Talk to a lawyer if you need legal advice about debt collections. FDCPA The simplest way a debt collector tries to collect an unpaid debt is by convincing the debtor to pay. They do this in a number of ways, but most often through phone calls and letters. Whenever...

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How to Get Help to Pay Credit Card Debt When You Don't Have Any Money

Whether you've lost your job or simply lost track of your spending, it's uncomfortable to find yourself with a credit card balance you can't afford to pay. Late or missed payments negatively affect your credit score, meaning they may cost you a credit card, auto or home loan in the future. To prevent this, take action as soon as you realize that you don't have money to pay your credit card bill. Instructions 1 Call the credit card company...

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How to Rate Credit Counselors

A reputable credit counselor can be invaluable in helping those who are struggling with their bills to become debt-free and more in control of their finances. The financial experts at Credit.com urge you not to rely on the results you see in your search engine when looking for a credit counselor--many of these agencies may be unscrupulous and care more about getting fees from you than solving your debt problems. Knowing just where to go and what questions to ask when you call for information can help you rate credit counselors before you agree...

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