The Statute of Limitations on Debt in Ohio

Anyone with debt faces the possibility of a creditor coming to collect at any time. Three sections of the Ohio Revised Code provide protection for Ohioans who have collectors calling on old debt: 1303.16, 2305.06 and 2305.07. Written Contracts Ohio Revised Code Section 2305.06 states that actions on any debt incurred as part of a written contract must come within 15 years of the last activity. Section 2305.07 says that a collection upon a...

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How to Calculate Credit Card Payoff Date

Developing a monthly payoff plan is a great way to get on track to being debt-free. By calculating the amount owed, plus the interest rates of various debts, you'll be able to determine when you will be out of debt. Here's how to find that payoff date. Instructions 1 Gather all of your credit card information. For each credit card, gather the paper statement or open the window to the online banking interface on your computer. 2 Input...

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How to Recover a Defaulted Student Loan

Defaulting on a student loan can do serious damage to your credit and can lead to wage garnishment and other negative consequences. Fortunately, borrowers who are in default have the option of rehabilitating their loans. Not only does loan rehabilitation stop collection activity on the loan, but it also offers borrowers the opportunity to have negative information removed from their credit report. Instructions Rehabilitating a Direct Loan 1...

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How to Fix Damage to Credit From Late Payments

Late payments for mortgages, student loans, credit cards or other bills can damage your credit. Your credit report outlines your borrowing, charging and repayment activities, and all of these things combined create your credit score. Unfortunately there is no quick fix to repair damaged credit, however, there are things you can do to improve your credit over time. Instructions 1 Check your credit report and credit score so you know where you...

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Different Standards of Financial Problems

Money management problems may arise for numerous reasons. Proper financial planning requires that you take steps to minimize these risks. Learn to evaluate the scope of your financial difficulties, prior to moving ahead. Identification Financial problems arise from being unable to effectively balance your personal income with expenses. Minimal and negative cash flow levels may force you to take on debt to meet expenses. Of course, debt carries...

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Can Collection Agencies Garnish Your Wages Without Any Notice?

Garnishment is one of the most effective strategies available for collecting a debt. Bank garnishment allows a debt collector to freeze a person's bank account while withdrawing money electronically for the debt. Wage garnishment allows debt collectors to receive a certain percentage of the debtor's paycheck each pay cycle. Laws governing garnishment do not require the debt collector to give advance notice of the action. Considerations The...

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Can My Wages Be Garnished for Alimony in South Carolina?

If you do not make alimony or spousal support payments as required by a South Carolina court, you may be held in contempt of court. This may result in imprisonment for up to one year. However, in most cases, your wages cannot be garnished for failure to make alimony payments in South Carolina. Wage Garnishment Exemption South Carolina is one of only four states -- Pennsylvania, North Carolina and Texas are the others -- that does not allow wage garnishment in most cases. Only debts for unpaid child support and taxes may be recovered through...

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What Is a Consumer Reporting Agency in Regard to the Fair Credit Reporting Act?

The use of credit enables many consumers to finance their education, home, car and many other necessities and luxuries. The information tracked on consumers and their credit habits provides useful insight to many organizations, and protecting this information has become paramount so consumers do not become unknowing victims of predatory schemes or other unfortunate events. Consumers have a right to know what information resides in their credit file, so they can manage it and have it protected. Consumer Reporting Agencies The Fair Credit...

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How to Add a Rental History to a Credit Report

If you are currently a renter, then consider adding your rental history to your credit report. There are a variety of items that a person can rent for an extended period of time, such as an apartment, vehicle, furniture, electronics, jewelry, office space and so on. Making regular on-time payments on your rental account can definitely improve your credit score. Learn how to properly add rental history to your credit report. Instructions 1 Order a copy of your credit report from the three major credit bureaus--TransUnion, Equifax and Experian....

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Does Using a Debt Consolidation Service Negatively Affect Your Credit Score?

People who use debt consolidation programs need to be aware of the potential impact such methods have on your credit report and credit score. Like any other loan you take out, a debt consolidation loan or service can have different impacts on your credit rating depending on the nature of the loan and how you behave as a credit consumer. Debt Consolidation In its simplest form, debt consolidation is a new loan you use to pay off two or more other loans. If you use a debt consolidation service or program, you obtain money from a new lender...

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Can You Garnish a Co-signer?

When an individual takes out a loan or credit account, there is a possibly that he will default or fail to pay back the debt. Lenders look at the credit history of potential borrower to help determine the likelihood that they will fail to make payments. Risky borrowers may be able to convince lenders to give them money by getting co-signers to guarantee their loans. Lenders can potentially garnish the wages of co-signers if borrowers fail to pay their loans. What is Loan Co-Signing? Loan co-signing is a process where a third party agrees...

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How to Dispute an Account When the Credit Accounts Are Sold

A credit account is any debt that you accrue through credit alone, without having to provide collateral. Two common types of credit debts are credit card debt and medical debt. If you stop making payments on a credit account for long enough, the creditor will eventually sell the account to a collection agency. A collection agency will then add fees and attempt to collect the debt. Collection agencies also make negative notations on your credit report that remain for seven years from the date the debt first went six months delinquent. A successful...

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Factors for Credit Card Debt Forgiveness

Large credit card debts can take years to pay off, and if the amount owed becomes overwhelming, bankruptcy may be an attractive option. But before taking such a serious step, many credit card users and credit card issuers try to work out a debt forgiveness agreement. The credit card company agrees to settle the account for a percentage of the balance, and the card user usually must close her accounts. While debt forgiveness can give you the financial...

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Long-Term Vs. Short Term Debt to Protect Credit

When you are trying to rebuild your credit, it is important to choose the best types of credit that will impact your credit score. Long-term versus short-term credit is one of those decisions. History FICO scores have been around for decades, and how they translate your credit has changed little since their creation. They are standard for determining your credit worthiness. Function The purpose of a credit score and credit report is...

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Must a Child Pay His Dead Parent's Debt

Many parents and children worry about who will be responsible for any remaining debt when the parent passes away. Parents do not want to pass on debt and any financial mistakes they have made to their children. There are specific laws regarding debt and death. Debt cannot be passed down to children, but it may affect the amount of inheritance they receive. Debts and Death Debt does not get passed down after someone dies. However, any assets...

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How to Donate Eggs for Money in Chicago

Fertility clinics in Chicago, and throughout the United States, that offer in vitro fertilization (IVF) typically pay healthy donors for their eggs. The Cash For Donating website lists the payment range between $5,000 and $15,000. According to Advanced Fertility Center of Chicago, the compensation for being an egg donor at their location in Chicago is $7,000 as of October 2010. Not just anyone can be an egg donor because there are certain qualifications that must be met. Instructions 1 Evaluate yourself to make sure that you meet the qualifications...

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How Can I Have My Ex-Wife's Debts Removed From My Credit Report?

Many life events can affect a person's finances, and divorce is no exception. In fact, divorce can have a devastating impact on an individual's credit score if one or both spouses acted irresponsibly with their credit. When a husband and wife separate, it's important for both parties to review his and her credit reports and decide how to deal with any joint accounts that might exist. Only joint accounts should be listed on both party's credit reports....

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Free Government Loans for Debt Help

Time are tough. Unemployment continues to rise, and people are seeking help as they are increasingly having trouble paying their bills. And with the government implementing programs to help people pay their mortgages and receive cash for trading in their old cars for more fuel-efficient ones, people naturally wonder if there might be any government assistance available to help them alleviate their debts. Financial Assistance The government offers a number of programs to help people who are struggling financially. Most are familiar with...

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Debt Collecting Laws in New York State

If you owe a significant amount of debt, you might soon begin receiving phone calls from collection agencies hired by your creditors. If you're a resident of New York State, though, you have certain rights under state law when it comes to debt collection agencies. For your own protection, you should familiarize yourself with these rights. Otherwise, you won't know if the debt collection companies contacting you are acting illegally. Intimidation...

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How Does a Credit Card Settlement Affect My Credit Score?

Some consumers believe that settling a credit card debt is a great way out of debt. While debt settlement can eliminate some of the debts you owe, it is looked on unfavorably by creditors and will harm your credit score no matter what. Talk to a credit counselor or financial adviser before you decide to try to settle your credit card debts. Credit Score A credit score is a numerical representation that some companies calculate to represent...

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If I Have No Assets How Can I Get a Debt Consolidation Loan?

You can get a debt consolidation loan without offering assets for collateral. Unsecured debt consolidation loans do not require collateral and are available from banks, credit unions and other lending institutions. Unsecured loans are guaranteed only by your signature and promise to pay. Examples include unsecured signature loans and unsecured personal lines of credit. The website Bankrate reports that people with good credit scores and a record of on-time payments on their current debts are the most likely to be approved for unsecured loans. Others...

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Mezzanine Debt Structure

Businesses raise capital from several different sources, most notably debt and equity. Debt financing occurs when businesses issue bonds and sell them to investors or take out loans from banks to fund projects. Equity financing is the result of selling shares to investors who are buying portions of ownership in the company itself. However, businesses may have reasons to avoid both these options to some degree. Debt financing can create serious financial burdens in the future, while equity financing dilutes company ownership. A common solution to...

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What Happens If You Get Turned Into a Collection Agency?

If you are unable to pay a bill and cannot work out the situation with your creditor, your account may be sent to a collection agency. If you are turned into a collection agency, you can expect frequent communications from them as they try to collect your debt. Collection Tactics Many collection agencies will try and contact you both by phone and by mail. The collection agency will likely call whatever telephone numbers it has for you, which may include your work and cell phone. If you speak to the bill collector on the phone, she will...

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How to Reduce Credit Card Debt With a Few Simple Techniques

Credit card debt has become so commonplace, some people despair of ever escaping, resigned to their fate. However, it is eminently possible to greatly reduce your debt. It is simply a matter of living strategically, relentlessly committed to this goal. Become intentional about this and you can begin to pay off your bills and reduce your credit card debt. Instructions 1 Make your payments a week in advance to avoid any late fees. If you can't...

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Ways to Avoid Identity Theft

Having your personal information stolen creates a host of problems. Thieves can open credit accounts in your name and run up huge debts. If the problem goes unnoticed for long, identity theft can destroy your credit rating. Yet, there are ways to protect your personal information and safeguard your credit score. Get a Paper Shredder Thieves go to extremes to acquire your personal information. There's a technique called "Dumpster diving," in which thieves rummage through large trash bins or trash cans left on the street in search of documents...

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Can My Bank Account Be Frozen by a Collection Agency if Two People Are on the Account?

When a person owes money to a creditor and refuses to pay after repeated requests for payment, the creditor may take the debtor to court. If the creditor wins his cases, the judge hearing the case will likely award him damages, called a civil judgment. When a creditor has a civil judgment, he can motion the judge to freeze the debtor's bank account. This includes joint bank accounts. Debt Collection A person who owes a debt to a creditor is the only person from whom the creditor can seek payment. A creditor is not allowed to attempt to...

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Classes on How to Get Out of Debt

Americans owe more than $800 billion in revolving debt such as credit cards or home- equity lines of credit, according to the Federal Reserve's January 7, 2011 Statistical Release. If what you owe is causing you concern, taking a class in managing and reducing your debt may help you regain your financial footing and take more control of your finances. Benefits Taking classes on how to get out of debt will equip you with the skills you need...

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How to Become Debt Free by Visualizing

Using "the secret" to get out of debt has become a popular method. Just sit back and think positive thoughts and you can become debt-free by visualizing. However, it's not quite as simple as that. While you can increase wealth and get rid of debt with the law of attraction, you also have to realize that part of the process is making things happen. Be prepared to jump when opportunities present themselves to improve your success. Instructions 1 Create the right mindset. You need to send the right message to the universe if you want to get...

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Line of Credit Modification

A line of credit is typically a one-year interest-only loan in which a bank or other lender approves funds for a borrower's use. The borrower can use these funds as necessary and, upon repayment, the credit line is replenished. A line of credit can theoretically be renewed for years at a time. During the life of the loan, circumstances of the borrower, the lender, or both may necessitate a modification. There are several aspects of a line of credit that can be modified. Credit Limit The most common type of modification is an increase or...

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How to Find a Debtor's Address

Debtors are individuals that owe money to companies or organizations, which are called the creditors. Creditors need updated addresses for debtors to ensure that the debtors receive mailings from the creditors, such as statements and payment notices. Oftentimes, creditors may not have a current address for a debtor, so it is important that the creditor gets a current address for the debtor. There are several methods creditors can use to obtain current addresses. Instructions How to Find an Address for A Debtor 1 Search directory websites...

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How to Reduce Debt Payments

Monthly debt payments can take a huge chunk of your income, leaving you financially strapped each month. Getting rid of debt will not only improve your financial footing but also improve your credit score--lowering the cost of borrowing. Unfortunately, eliminating debt from credit cards and other loans is easier said than done. Even so, there are practical and effective ways to lower your debt payments and save money each month. The key is knowing...

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Can an Unpaid Credit Card Company Garnish Pay Checks?

If you have unpaid credit card debt, the credit card company can garnish your wages. The credit card company has to sue you in court and a judge has to find in their favor before the garnishment can begin. Regular wage garnishments are subject to federal laws under Title III of the Credit Consumer Protection Act. In addition to wage garnishment, credit card companies can also garnish your state income tax refund to collect on your unpaid debt. Wage Garnishment Lawsuit A credit card company sues you by filing a Request and Writ for Garnishment...

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Debt Consolidation Facts & Figures

Chris Viale of Cambridge Credit Corporation states in a Bankrate report that 70 percent of Americans who take out a home equity loan or other type of loan to consolidate credit card debt end up with the same or higher debt load in two years. Debt consolidation does not always lead to debt solutions, because the habits that led to the debt problems are still present. Not a Quick Solution Debt consolidation is not a quick and easy solution to your debt problems. It may not hasten the process of escaping debt, and you may not save money either....

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How to Get Loan Companies to Remove Negative Items From Credit Report

Loan companies are creditors that lend money to consumers with an agreement that the money will be repaid. However, consumers often default on the agreement, which prevents the loan company from recovering the money they loaned to the customer. If the loan is paid poorly or not paid at all, the loan companies will reflect the bad credit standing with the credit reporting agencies. The poor credit remarks left on your individual credit report may affect your ability to obtain credit from other loan companies when you need it. Instructions 1...

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How to Get Collections Off Your Credit Report

Individuals fall behind in their payments for a variety of reasons. In the current market, this is becoming a more common occurrence. Identity fraud is also a prevalent problem and can wreck havoc on a person's credit. Regardless of the cause for collection activity, there are some steps that can be taken to help minimize the negative effects on a credit report. Do not be fooled by companies promising to "fix your credit report" for a fee....

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What Shouldn't Be On Your Credit Report

Your credit report should be an accurate portrayal of how you use credit and manage your money. If old, inaccurate or misplaced information shows up on your report, federal law gives you the right to request its deletion. Old Information The Fair Credit Reporting Act limits the amount of time negative information can stay on your credit reports. Negative information is supposed to drop off your reports after about seven years, though bankruptcy information can stay on for 10 years and unpaid judgments can linger until the state statute...

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How Do Consolidation Loans Effect a Credit Rating?

Although a consolidation loan itself doesn't create a huge impact on your credit score, your actions following approval of the loan will determine how your score is impacted. If you do your best to continue paying down the loan while making every effort to avoid using more credit, you will see your score rise. If you continue to grow your debt, your score will be even worse than it was when you took out the loan. Definition A consolidation...

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What Is Non-Consumer Debt?

Americans are no strangers to debt -- MSN Money reports that households with one or more credit cards carry an average of $10,700 in credit card debt. While credit cards and irresponsible consumer purchases gain notoriety in the minds of Americans, many overlook the mass of non-consumer debt that plagues the nation as well. Between student loans, steep medical bills and pricey business financing, many people carry around as much if not more non-consumer...

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Debt Reduction & Assistance

Consumers who are drowning in a sea of debt and are seeking assistance will be relieved to know here are several places to turn for help. From do-it-yourself debt reduction to nonprofit debt management services to consolidation loans, there are many options to consider, especially if you are considering filing for bankruptcy. The keys to successful debt reduction are doing homework in advance, hard work and being honest with yourself. Doing It...

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