How Name Changes Affect Credit Reports

Legally changing your name, whether because of a marriage or divorce, or another legal reason, requires a significant amount of paperwork. Your driver's license, Social Security card, tax documents and utility and credit card accounts all need to be updated to reflect your new moniker. Failing to do so can cause major headaches, especially if your credit report is inaccurate. Credit Reports In general, legally changing your name is not going to affect your credit report. When the major credit bureaus provide a report to you or a potential...

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Indiana Laws on Payment of Dead Spouse's Debt

When a man passes away and leaves unpaid debt behind, collection agencies would have the widow believing she has to pay off her husband's debts. In some states with community property laws there may be validity in that claim, but it is complicated even then. Indiana is not a community property state, and a widow cannot inherit debt her husband left behind. Estate Probate A probate process is the legal means of settling a decedent's debts and ensuring the terms of her will are carried out as desired. Any assets the decedent owned when she...

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Defaulting on a Business Credit Card

Like a personal credit card, business cards allow you to make charges on behalf of your business during times when cash isn't flowing as freely as you'd like. It also offers rewards programs for business owners, including discounts on office supplies and services. But if you default on a business credit card you can still experience some of the same issues as a personal card. What Is Default? In most cases, a default on a credit card is a failure to make full payment on the account within a certain period of time. When you miss the payment...

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What Percentage of Wages Can Be Garnished in Illinois

The state of Illinois is one of many that allow creditors to garnish a debtor's wages. Many states adopt the federal withholding limit for ordinary wage garnishments, however, Illinois has its own maximum threshold. Furthermore, a debtor's wages can be garnished for child support and tax debts in Illinois. Ordinary Garnishments Under Illinois law, an employer can garnish up to the lesser of 15 percent of the debtor's weekly disposable income or the total by which his disposable earnings exceed the greater of 45 times the federal minimum...

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How Much Does Debt Consolidation Cost?

When you consolidate two or more existing loans, you take out a new loan to pay them off. You then make a single monthly payment. How much your debt consolidation loan costs depends on several factors that differ for each person. Consolidation Options There are various consolidation options available for consumers. Home equity loans, credit card balance transfers and debt consolidation loans are the most common. Like all other loans, these...

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How to Overcome Bad Credit

Bad credit can cause major complications in your life for many years. Negative marks such as late payments can remain on your credit report for seven full years, and a Chapter 7 bankruptcy will follow you for 10 years. While the effect of your bad credit history will diminish over time, as long as these derogatory marks stay on your report you may have difficulty obtaining credit, be it a credit card, a car loan or a home mortgage. Overcoming your...

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How to Send Checks

Despite electronic banking and debit services, there are times when sending a paper check is more appropriate. When a long distance relative has a birthday or an unexpected bill occurs, sending a check may be the best option. However, you want to send your check safely and securely without drawing the attention of thieves and swindlers. If you know how to mail checks properly, you will reduce the chances of losing a check or missing an important...

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How to File a Lawsuit for Money Owed

Creditors and service providers often settle financial disputes out of court through options like refinancing, settlement and reworking of payment amounts and schedules. When these options fail, lawsuits are the next step to collect money owed. This requires formally filing paperwork with the court clerk, as no creditor or service provider, with the exception of government agencies like the IRS, may collect money from someone else without a formal...

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How to Give Up a Car to Reduce Debt

Giving up a car to reduce a debt can be a smart move for someone struggling with a tight budget -- or for a person who simply wants to reduce expenses to pay down debt. A car payment, gasoline, oil, repairs and insurance for a car can easily total hundreds of dollars a year. Someone with a car payment of $400 or $500 could spend more than $1,000 a month on the vehicle with the added expenses. However, not all cars are easy to get rid of, and careful...

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How to Pay Bills at AXS Machines With Diners

Located in Singapore, AXS stations are interactive terminals that resemble ATM machines. Instead of dispensing money, like an ATM, however, the AXS accepts money for bill payment and payment of fines. AXS users can also top off prepaid cards, purchase movie tickets, pay for resort packages, purchase magazine subscriptions, book an NParks barbecue pit and make credit card payments. Diners Club International is one of many credit card processors that...

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Legal Implications of Unpaid Credit Card Bills

Individuals cannot be sent to prison for failing to pay their credit card bills. Just because prison is not a consequence of overdue debt, however, that does not mean that refusing to pay credit card bills won't have significant legal implications. Credit card companies have the right to take legal action when attempting to collect overdue debt. Facts When a consumer applies for a credit card, the credit card company requires him to sign...

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Can a Non-Active Corporation File Lien Against Homeowner?

Where corporations are concerned, non-active does not mean dead. In fact, with the exception of conducting business, there is very little an non-active corporation cannot do. This means that even though a corporation is non-active, it still may place a lien on your home. Fortunately, once a corporation moves from non-active to terminated status, the threat of it placing a lien on your home should cease to exist. Dissolution A corporation...

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Importance of Good Credit

The need to maintain a good credit rating is a fact of life. In order to get things that we need to survive, we need credit. Read on to learn the importance of maintaining a good credit rating and how it could affect your finances. Mortgage Teetering on the line between moderate and good credit could cost tens of thousands of dollars. As the applicant's credit score goes lower, the interest rate on a mortgage goes higher. Employment Employers are pulling more credit reports than applicants think. They view a potential employee's...

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Can I Pay on My Student Loans Before I Need To?

The typical student graduates about $20,000 in debt, so it makes sense to want to pay it off as soon as possible, but this is not always the wisest choice for wealth management. Student loan debt is usually viewed as a beneficial debt to have, because you invest in your education and earnings potential. If you have disposable income, however, it might prove wiser to pay off other debts first -- you may even avoid fines. Identification All federal student loans carry no prepayment penalty. You can pay them off at once and the lender will...

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How to Fix a Bad Credit File

Having a bad credit file can be worrisome. We all need access to a credit line of credit at some point. There are many reasons why your credit file is bad. It could simply be an error on your credit file. Maybe there was a late or missed credit card payment. It could be the bank didn't pay your regular monthly loan. Perhaps, your credit cards are up to or even over their limit. All of these can be contributors to a negative credit file. Fixing a...

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8 Things You Must Know About Credit Card Debt

Your credit card debt can seem like Mount Everest if you are unaware of the laws and debt techniques that directly benefit consumers. Conquering your debt takes planning and strategic spending coupled with communication between you and your credit card company. Sticking to your financial plan will prevent calls from collectors and negative credit marks on your credit report. Credit Necessity Having some sort of credit is necessary to obtain...

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How to Consolidate Mortgages & Credit Cards

One way to eliminate credit card debt is to roll it into your mortgage loan. To do this, you'll need good credit, equity in your home and a loan that works for you. Just keep in mind that by adding your credit card debt into your mortgage loan could reduce the amount of money you make when you sell the home. The consolidation of your debts will use a portion of the equity in your home. Instructions Consolidation Process 1 Tell your mortgage lender you want a consolidation loan. A loan officer will take an application and examine your credit...

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How Debt Collectors Can Find Personal Bank Accounts

Debt collectors have several options for collecting financial judgments. If the debtor refuses to pay the judgment voluntarily, the debt collector will need to find ways to access the debtor's assets, including bank accounts. Debt collectors use a variety of methods to find these accounts, including subpoenas, public record searches and a review of the original creditor's records. Getting a Judgment Collection agencies cannot garnish wages,...

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What Could Legally Happen if Cash Advances Are Not Paid?

A cash advance is a type of loan typically provided by credit card companies to customers in which the company provides cash to the customer through an automatic teller machine or similar system. Like any other kind of loan, failing to repay cash advance can lead to significant legal troubles. Consult an attorney if you have taken out a cash advance loan and need specific information about the potential consequences in your state. Interest and...

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Rights When Credit Debt Cannot Be Paid

The Fair Debt Collection Practices Act is a federal law clearly outlining what debt collectors can and cannot do as they attempt to collect from you on credit cards and other debts. The intent of the law is to allow debt collection without the use of fear and intimidation. Debtors have several important rights. Contacts People pursued by debt collectors have the right to choose how they wish to communicate with the debt collector. The law forbids calls from debt collectors at odd hours, such as before 8 a.m. your local time or after 9 p.m....

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How to Get Credit Card Companies to Reduce Interest Rates

Reducing interest rates on your credit cards can help you pay off debt faster. But convincing credit card companies that you deserve a reduction in interest rates can take some time. The better your credit score, the more likely you will qualify for a reduction. If you make timely payments and carry a low balance, your chances of a reduction are even better. When contacting a credit card company, use your credit history and payment history as leverage. Ask to speak with a supervisor if the customer service representative cannot help. Instructions...

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Is There a Time Limit for Payday Loans?

When a person takes out a payday loan -- a loan that charges him a high rate of interest and is meant to be paid back in a short time -- he will be given specific conditions for repayment. Generally, he must pay back the loan within several days to a month. If he defaults, then he likely will be hit with punitive rates of interest and fees. Payday Loans Payday loans command extraordinarily high rates of interest, up to 400 percent in a single year. Yet, for people who do not have access to short-term credit, they can present a means of...

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What Is the Statute of Limitations for Collecting a Debt in Oregon?

Statutes of limitation are time limits imposed on creditors and debt collection agencies for collecting on a delinquent debt by the courts. The statutes of limitation on debts vary from one state to the next. If you live in Oregon and are being hounded by debt collectors, knowing when it's no longer legal for them to try to collect can empower you to take action against such harassment. Maximum Years In Oregon, debt collectors cannot pursue you for more than six years. Oregon has a simple statute of limitations on debts, meaning that the...

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The Consumer Credit Act Explained

The Consumer Credit Act was passed in the United Kingdom in 1974. The Act was then amended in 2006. The Consumer Credit Act applies to financing, including credit cards, personal loans and hire purchase agreements. Extending Credit The Consumer Credit Act requires any business that provides loans, credit cards or extends credit to customers for goods and services to register with and be licensed by the Office of Fair Trading. Disclosure...

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What Can Creditors Do to You?

Don't think that a creditor is powerless when you default on an account. Creditors have rights to recover money owed to them. If you fall behind on payments due to financial hardship, communication can keep your credit rating in good standing. If not, creditors can take various actions to obtain delinquent funds. Collection Agency If creditors do not receive a payment after a few months, they will most likely refer your account to a collection agency and notify the bureaus of the collection account. This notation lowers your credit rating...

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How to Get a Loan to Clear Up My Debt

If you owe money to many different creditors, you may find yourself paying only the minimums on all your accounts each month, so your total debt load never decreases significantly. Taking out a large loan to clear up or consolidate all your debts would allow you to make just one monthly payment, as opposed to many smaller ones. Finding a loan with a lower interest rate than you have on your existing debts can also mean that you can pay down more debt each month so that your debt will be paid off faster. Instructions 1 Talk to close relatives...

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How to Find Out How Much I'm in Debt

One of the first steps in creating a debt management strategy for your household is to know what kind of problem you are dealing with. Your debts probably include a few different types of loans or credit accounts, ranging from a mortgage to student loans, car loans, personal loans, home equity loans, credit cards, medical bills, accounts in collection, retail store credit lines, loans from family members or even payday loans. Adding up all of your debts can be sobering, but it will help you develop a repayment strategy that is financially best...

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6 Reasons Why Credit Reports Are Important

As you obtain and manage credit, your creditors report information to three credit bureaus in the United States: Experian, Equifax and Transunion. These agencies compile credit histories that contain information about the types of debt you owe, the timeliness of your debt payments, and the length of time you have held debts. As a consumer, you should periodically check your credit report for six important reasons. Purchasing Power Obtaining your credit report can give you an overview of your creditworthiness, which can help you determine...

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Can I Be Sued for an Unpaid Judgment?

Cleaning up your credit history may involve satisfying old judgments. An unpaid judgment on your credit report can reduce your score, and this can look bad when applying for other loans or credit cards. Failing to pay a judgment can prompt a response from your creditors. It is prudent to take steps to avoid the repercussions of an unpaid judgment. However, a creditor cannot sue you for an unpaid judgment. What is a Judgment? Credit judgments are orders by a court to pay a creditor. Judgments are one type of negative item that can appear...

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Do Debt Relief Agencies Work?

If you are drowning in debt, online offers of consolidation and management programs can seem like a mirage in the desert. However, only reputable debt relief agencies provide a valuable service to consumers in need of assistance who wish to avoid bankruptcy. They all claim to be legitimate; the trick is finding the organizations that are telling the truth. How Debt Management Relief Works First, you need to contact a reputable agency and...

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How to Avoid a Financial Judgment

A financial judgment can takes its toll on your personal budget. This is a court-ordered payment that you must make to a debtor, and cannot only wreak havoc on your credit, but also land you in legal hot water if you don't pay the amount of the judgment in a timely fashion. Your best bet is to avoid a judgment at all costs; even if the court date has been set, it may not be too late for you to work something out with your creditor. Instructions 1 Look over your monthly budget and figure out what you can offer your creditor to satisfy your...

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Statute of Limitations on Federal Debts

Generally, there is a 10-year statute of limitations that applies to federal tax debt. The clock starts ticking not when the tax is due, however, but from the date on which you file a federal tax return. It behooves you, then, to file the return as soon as possible. Further, there is a three-year statute of limitations that applies to audits. Applicable Law The law that governs the statute of limitations on federal tax debt is Section 6501(a) of the Internal Revenue Code, entitled Limitations on Assessment and Collection. This law also...

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Will Paying Off Delinquent Debt Improve My Credit Score?

Eliminating Deliquent Debt Delinquent debt follows a debtor for seven years or more, depending on the type of debt it is. Paying off the delinquent debt decreases the amount of debt and stops late payment marks from being added to the credit report. Certain loans, such as mortgage loans, may require delinquent accounts to be brought current. Updating Deliquent Accounts Collectors and creditors may not update an old delinquent account until a payment or other type of account activity is made. When a delinquent account has a recent activity...

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Is a Reposession Worse Than a Foreclosure?

When an individual has an asset repossessed by a creditor or undergoes a foreclosure, the financial damage sustained by the individual goes beyond the loss of property. In many cases, the individual may face additional debts related to the costs incurred by the creditor in the course of the repossession and the foreclosure. In addition, the individual may see a drop in his credit score, making it harder for them to take out loans at reasonable rates. Repossession Generally, a person will only have a piece of property repossessed if he has...

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How to Cancel a Debit With RBS Digital

The Royal Bank of Scotland, commonly referred to as RBS, is headquartered in Edinburgh and has branches across the United Kingdom. This bank provides various types of services including loans; saving and investment opportunities; life, travel, car and home insurance; and banking. Checking account holders are provided with a debit card to pay for goods or services without using cash or checks. You can schedule direct debits with RBS through your online...

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How to Pay off Debt Using the Power of Amortization

Amortization is the term used to indicate the end of a debt or the process to reach the end of a debt, typically through regularly scheduled payments of principal and interest. Like the word mortgage, its root comes from the French word "mort," meaning "death." Most people welcome the death of debts and mortgages, and you can speed up the process of eliminating them in a number of fairly painless ways. The longer you take to pay off your debts, the...

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How To Pay Debts on Disability

Social Security Disability is a supplemental income plan extended to individuals who are unable to work and maintain an acceptable standard of living due to a terminal medical condition or one that is expected to last longer than one year. Disability benefits are typically minimal, and many individuals living on disability payments alone find it challenging to meet their monthly bills. Although being on disability does not alter your legal obligation to repay your debts, it does alter the methods most creditors may utilize to collect from you....

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How to Find a Debt Management Company

Debt management companies are usually nonprofit credit counselors, such as those affiliated with Consumer Credit Counseling Services. The agencies specialize in debt management plans, which allow you to restructure much of your debt with the cooperation of your creditors. The counseling agency develops a plan for paying off or greatly reducing much of your unsecured debt -- such as credit cards -- over a four-year period. You are charged a monthly management fee, and must also send a lump-sum payment to the counseling agency each month. The agency...

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What Is the Best Way to Pay Off My Credit Card Debt?

The best way to pay off credit card debt isn't drawing from your home equity or borrowing from your 401(k) savings. Rather than liquidating your personal assets to pay down debt, the Federal Trade Commission and other credit experts recommend you do it the old-fashioned way: form a budget and stick with it, limit card use and devise a repayment plan with the help of a certified credit counselor. Restrict Card Use Avoid adding more debt onto...

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Garnished Wages Laws in Portland, Oregon

Garnishment of wages is a legal action that compels the employer of a debtor to pay some of the debtor's wages to a creditor. The creditor can be a private party, business or government entity. Wage garnishment is regulated by state and federal laws. These laws address the amounts that can be garnished and procedural rules. Wage Garnishment Wage garnishment is a legal action that creditors use to collect money from debtors that owe them money. It legally compels the employer of the debtor to pay some of the debtor's wages directly to the...

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How to Pay Off a Debit Card Before It Can Be Activated Again

A debit card is tied to your checking account and can be used to make purchases or withdraw money from an ATM. If your checking account goes into the negatives, you owe money to the bank, and you won't be able to use your debit card until you repay the money. The bank can also close your account if you don't repay the money within a certain time, which makes it even more difficult to reactivate your debit card. Instructions 1 Call your bank...

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