Non-Profit Organizations That Help Repair Credit

After going through a difficult financial time, many consumers find themselves with negative information on their credit reports. While removing negative information on your own is possible, it can be more time consuming and difficult than most people can tolerate. Choosing a non-profit organization to help repair credit can allow consumers to raise their credit scores without spending all their free time working on it. Family Credit Management Family Credit Management is a Christan organization licensed as a non-profit with a goal of helping...

Read More

How to Deal With a Summons From a Collection Agency

A summons is a notification that you are being sued. If you receive a summons from a collection agency concerning a debt, there are several things you should do. In general, if you are so far along in dealing with a collection agency that you have received a summons, it means you have ignored previous communications with the agency or, at the very least, have not begun payments. Before you pay anything or contact anyone, several steps should be taken for your protection. Instructions 1 Verify the summons is real. A true summons comes from...

Read More

What Does Your Credit Report Say About You?

It's important for consumers to check their personal credit reports frequently. Credit reports reveal your entire credit history, and lenders use this information as the basis for credit approvals. Based on the contents of your report, lenders, creditors, landlords and sometimes employers develop an opinion about your creditworthiness. Spending Habits Credit card companies routinely report updated data, including information about your outstanding balance, to the credit reporting bureaus. The amount you owe makes up 30 percent of your...

Read More

How to Write Credit Card Companies to Lower Debt

If you are struggling with credit card debt and are barely able to make minimum monthly payments, you can try to negotiate a debt settlement with the lender. The credit card company may or may not be willing to work with you. But you do not have anything to lose. Just be polite and explain your situation clearly. Instructions 1 Type the letter as opposed to handwriting it. It looks professional and will be more legible. 2 Write the date,...

Read More

About Debt Negotiation

With easy access to credit cards and home equity loans, and with medical bills spiraling out of control, American consumers are in more debt than ever. Debt collectors can be extremely aggressive, using harassment and other scare tactics to get what they're owed. But there are laws in place regarding debt collection to protect debtor's rights, and also plenty of effective negotiation methods that allow debtors to stop abusive collection practices and pay off their debts. Identification Debt negotiation is a bargaining process where a...

Read More

What Can They Do on Credit Card Judgments?

If a credit card company or collection agency cannot obtain a payment for unpaid credit card debt from a debtor, it may attempt to force the individual to pay through a judgment. Should the creditor be successful in securing a credit card judgment against the debtor, not only will the creditor be able to collect the debt through legal force, the debtor's credit report will reflect that a judgment was issued. This may prevent the individual from being...

Read More

Are Wage Garnishments Legal in Texas?

If a creditor successfully sues you in Texas for unpaid unsecured debt, the ways with which the creditor can enforce a judgment are extremely limited and prohibit wage garnishment. However, wage garnishment is still permitted in Texas if executed by a state or federal entity for other types of debt you owe, such as student loans, child support and taxes. Writ of Garnishment A "writ of garnishment" pertains to wage garnishment ordered by a...

Read More

The Pros and Cons of a Credit Card Debt Settlement or Negotiation

Debt settlement or negotiation is the process of requesting a lower pay-off balance from your credit card company. If you find that your debt is getting out of control, it would be easier to pay your debt if you could get the credit companies to agree to a lower balance. There are pros and cons to debt settlement that you should understand before you get started. Lower Debt The point of debt settlement is to lower your debt and reduce your...

Read More

How to Legally Erase Credit History

If you have bad credit and are looking for a way to erase your credit history, I totally feel your pain. Low credit scores can wreak havoc on all areas of our lives and can lead to frustration and low self esteem as well as having to pay higher interest charges or not being eligible for loans altogether. Although I wish I could wave a magic wand and erase your credit history, there is no legal way to do this. Yes, many companies claim that they...

Read More

Low Interest Credit Card Consolidation Help

Consolidating your credit card debt to one low-interest credit card can save you hundreds, if not thousands, of dollars in interest. All you have to do is open a 0 percent introductory or other low-rate credit card and transfer your other debts over. While, of course, you need to qualify for an ample spending limit to allow this, relief is almost immediate. However, there are some important things to consider before using low interest credit card...

Read More

Guidelines for Stimulus Checks

From time to time, the federal government will provide supplemental income to tax-paying citizens and residents, depending on the state of the country's economy. However, the process is often confusing, and you may be unsure of how to proceed without guidance. Taxes Fill out your tax forms completely and on time. Send in your taxes to the Internal Revenue Service in a timely fashion to ensure receipt of any stimulus money coming your...

Read More

How to Fill Out an ISR Student Loan

Income-sensitive repayment plans are useful for managing student loan payments for borrowers who are experiencing or expecting periods of lowered income. This method is available through lenders that service loans from the Federal Family Educational Loan Program. Qualified borrowers are given fixed, reduced monthly payments based on a percentage of their monthly income, generally between 4 percent and 25 percent. The maximum repayment term is 10...

Read More

Debt Recovery Procedures by Agencies

Debt collection agencies recover large amounts of money each year from debtors, but because of the unethical practices of some agencies, confusion exists about what procedures agencies can use. Legally, you have some protection against unethical practices. Debt recovery agencies are limited on what they can do to recover debt. They sometimes use unethical and illegal practices, because not many people know the laws of debt recovery and are not...

Read More

Four Danger Signs of Debt

Acquiring unexpected debt can cause stress, worry and anxiety. Sometimes, past due bills include late fees, and before you know it, you are struggling just to make ends meet. Taking hold of the situation before it gets to serious can save you from future financial troubles and prevent your credit score from dropping. By paying attention to your spending habits and analyzing your bills, you can look for dangerous signs of debt and prevent your financial...

Read More

What Does Debt Management Do?

The majority of people dealing with debt are using next week's paycheck to pay last month's bills. Debt management helps you to get a hold of your spending as well as your saving. You must evaluate all monies coming in and going out before you will ever see your debt eliminated. Debt management does this and sets you on the right path to financial freedom. Evaluate Finances Before you can eliminate your debt, you must know exactly how much you owe. Debt management calculates your monthly expenses and compares it to your monthly income....

Read More

How to Get My SBA Disaster Relief Loan Cleared

For those who find themselves under-insured or without insurance following a disaster, a Small Business Administration (SBA) Disaster Relief Loan can provide recovery funds. These low-interest, 30- year loans fund re-building and re-locating, if necessary (See References 1). Erasing the debt seem challenging, but by knowing the SBA's rules, you can make it easier. Instructions 1 Spend the funds only for allowed items. Misusing SBA disaster...

Read More

How Much Will My Credit Score Go Down With a Tax Lien?

If you have unpaid taxes, the IRS may file a tax lien against you, which significantly affects your credit score and history. The amount of damage caused by a lien varies, but you can expect a significant decline in your score until you pay the debt or enter into a satisfactory payment arrangement with the IRS. IRS Tax Liens A tax lien is a public announcement by the IRS that it has a claim on your assets because you owe federal taxes. Following the filing of a tax lien, the IRS can take steps to seize your assets, such as your bank account,...

Read More

How to Get Paid Collections Deleted Off Your Credit

Negative information on credit reports, like collections, can seriously impede your ability to get new financing, mortgages, or even a job. In order to achieve and maintain financial freedom, it's important to maintain a strong credit report. Deleting old collections accounts that have been paid in full is a significant step forward in the fight to regain good credit. There are several methods you can try to get these accounts paid, and each account will be reviewed on a case by case basis. Instructions Dispute the Credit Report 1 Pull a...

Read More

Can a Mechanic Put a Lien on a Car That Is Not Paid For?

A lien is a powerful remedy available to recoup money owed for valid debts. If a person follows the relevant state procedures to establish a lien, the law allows the lien holder to sell the property and apply the proceeds towards the debt. A car mechanic can place liens on vehicles when she repairs them. The lien attaches even if the owner does not have full title to it (such as if it is under a lease or other finance agreement). Repair Liens A repair lien, also called a repairman's lien, provides payment security to mechanics who make...

Read More

Is Salary Garnished for Debt in Missouri?

Failing to pay a debt as agreed typically results in collection actions by the creditor or debt collector, including collection letters and telephone calls. If you ignore your creditor and continue allowing your account to remain delinquent, the creditor may decide to sue you for the entire amount of the debt, plus interest, court costs and attorney fees. In Missouri, if a creditor obtains a judgment, it may garnish your wages. Judgment Process In most cases, a creditor cannot garnish your wages in Missouri without obtaining a judgment...

Read More

Comsumer Debt Laws

Consumer debt is taken on by individuals to buy homes, cars, higher education and for personal spending. The borrower has a legal obligation to repay their debt unless they go through bankruptcy. However, consumer debt laws focus equally on the consumers rights and the debt collectors obligations. Validation of Debts Consumer debt laws state that the collector must send the consumer a validation notice. If the consumer does not reply within...

Read More

How to Avoid Foreclosure in Las Vegas

The city of Las Vegas was hit hard by a recession and housing crisis, with the city ranking number one in the nation in foreclosures in 2009, according to the "Las Vegas Sun." The Sun reported that in April 2010, one of every 28 housing units in Las Vegas received a notice of foreclosure. The flood of mortgage defaults prompted city and state officials to make available a variety of resources for people trying to avoid foreclosure in Las Vegas. Instructions 1 Contact your lender immediately if you are behind on your mortgage. Inform the...

Read More

Tips On Getting Out of Debt

Being in debt can be a real burden. All those monthly payments can tax the monthly budget. The interest on debt can significantly increase the amount of an item's original cost, and, by paying only the minimum payments, those debts will be around for a long time. Maybe the debt was used for investment purposes, such as funding a business, investing in real estate or buying stocks. Perhaps it was used to buy a home or to fund a college education....

Read More

How Does Paying Debt Every 14 Days Save Money?

Mortgage Payments Many banks are now offering consumers a new way to pay off their debts. While a traditional mortgage payment is made monthly, you can make your mortgage payment every 14 days. While this is seemingly the same cost to you, paying your debt every 14 days can save money in the long run. If you pay $1,000 a month on your mortgage,you will pay a total of $12,000 each year. In 30 years,you will have paid a total of $360,000...

Read More

The Effects of Debt Settlement

Debt settlement involves the process of debt reduction. Typically, debtors negotiate agreements with their creditors that allow debtors to repay a part of their balance; the payments are accepted by the creditor as "paid in full." Some debtors handle the own negotiations with creditors. However, most choose to work with an attorney or debt-settlement firm. The settlement agreement may call for the debtor to make a large one-time payment or a series of affordable payments over time. Settlement methods Debt settlement begins with an analysis...

Read More

What Is the Average Interest Rate for Student Loans?

A range of student loans are available for those studying for an undergraduate or graduate degree. Such loans may be funded or backed federally while others are financed privately. The interest rate on a student loan will often depend on how it is funded as well as what type of student the loan is intended for. Perkins Loans Perkins Loans are federal loans designed for students who come from financially needy families. The financial need...

Read More

What Might Be Done to Reduce Debt?

Several effective methods are useful for reducing your debt. Consumer debt can include credit card balances, student loans, auto loans and other types of installment loans. If you're not careful, you could acquire excessive debt and have difficulty making your payments. Learn ways to pay off or pay down your debt, an ultimately improve your personal credit rating. Cash Policy Develop a debt elimination plan that involves paying cash for items...

Read More

Household Budget Bill Payment Planning

Having a household budget is important, but making sure you are paying your bills on time is equally as important. Use money-spending and bill-paying tips to pay off your debt, and save money for future expenses. Get the Family Involved If the only personcommitted to the household budget is the person trying to balance the checkbook, the budget is in trouble. Get the whole family involved in understanding how the budget works, and what needs to be done to keep the bills paid on time. It may be that certain weeks of the month require...

Read More

Can Debt Be Inherited?

Broadly speaking, the debt of your parents, spouse or anyone else who might have designated you as the beneficiary of an estate is not directly inheritable. The debt usually will diminish the net proceeds you may receive from the estate, but your existing assets typically are beyond the reach of estate-related debts. Inheritance Basics When an individual dies, the assets he leaves behind are passed to immediate family members, even if there...

Read More

How to Make a Payment to Nordstrom

The department store Nordstrom, known for stylish women's and men's clothing, boots and accessories, offers its customers who qualify a Nordstrom credit card. The card offers customers a convenient way to pay when shopping in the store or online. Additionally, Nordstrom card customers receive perks like discounts, advance notice of sales and enhanced customer service. Nordstrom also makes it easy for its customers to make payments on their Nordstrom...

Read More

How to Write a Business Letter for Proof of Owner Financing

Owner financing, also called seller financing, allows a home buyer to purchase a home on credit and make monthly payments to the seller instead of a mortgage company. The arrangement is popular with sellers who use it as an incentive to sell a house that is proving difficult to sell because of the price, neighborhood or condition. Many buyers that are are unable to qualify for standard loans because their credit scores are poor are attracted to owner financing. Writing a letter to prove owner financing is a straightforward task. Instructions...

Read More

General Debt Issues

Debt is a problem that millions of people have to deal with on a daily basis. When you feel like you are trapped under a mountain of bills, it can be a particularly intimidating experience. There are several areas of your life that debt can affect in one way or another. Credit Impact of Debt When you have a large amount of debt, it can negatively affect your credit score. If you apply for a loan, your lender will look at the total amount of debt you have in relation to how much credit you have available. This is known as your credit utilization...

Read More

What to Do About School Loan Garnishment?

Garnishment of your wages for nonpayment of student loans is more difficult to deal with than many other wage garnishments, since you can't bankrupt government-backed student loans the way you can credit card debt. Nevertheless, most people can quickly and easily stop the garnishment and set up affordable payment arrangements after a nine-month loan rehabilitation program. It is to your advantage to work with the creditor and arrange payment as soon...

Read More

How Long Can a Debt Be Owed Before Suing?

Filing a lawsuit is both costly and time-consuming, so many creditors prefer to stay out of court unless they think a debtor won't pay his bill. Different creditors have their own policies on filing lawsuits against defaulted debtors, so unless a creditor discloses its policy, a debtor won't know when he is vulnerable to a lawsuit. If a creditor does file a lawsuit, it must be within the state's statute of limitations for debt collection. Unpaid Debts Once a debtor fails to pay a bill on time, individual and business creditors have the...

Read More

Debt Relief Counseling

Debt relief counseling services consolidate your overdue bills into one monthly note that is generally lower than your individual payments would be if you continued to pay them separately. Therefore, debt relief counseling services might lighten your monthly debt load. However, when you elect this debt-eradication alternative, you still need to educate yourself about the drawbacks of this type of arrangement before you agree to pay a company to settle...

Read More