Help With Past-Due Bills

Past-due bills could cause a strain on your financial fitness. While it may become annoying to see that your mailbox and answering machine are filled with notices from creditors, it might be a sign for you to obtain some help. Most past-due bills that lack your attention will continue to grow. However, a prompt follow up with your creditors may present options to help resolve your arrearage. Rising Debt Past-due bills may increase above your...

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How to Write an Investment Summary Letter

People who invest money are hoping to make a profit for short- or long-term goals. Short-term goals include saving for a used car or a family vacation. Long-term goals include saving for retirement or for a college education for children. Savvy investors regularly track their progress on short- and long-term goals. Writing an investment summary letter provides an accurate view of their progress. Investment summary letters also are helpful for informing others who are participating in the same investment, such as members of an investment club. Investment...

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The Consequences of Consolidation for Personal Debt

Personal debt consolidation is a method of combining all debts into a single payment. Methods for debt consolidation include taking out a personal or home equity loan to pay off credit cards and other loans. Several companies, including banks, offer debt consolidation loans. Consolidating debt can be beneficial if a home equity loan is used since the interest can qualify as a tax deduction. However, there are many pitfalls to personal debt consolidation....

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How to Find Legal Help to Collect a Judgment

Collection of judgments can be a confusing and frustrating experience. Unfortunately, legal aid foundations do not generally accept collections cases. Additionally, the court that issued your judgment can not assist you in collecting your judgment except for issuing orders such as an Order for a Debtors Examination, Writs of Possession, Writs of Execution, Garnishments and Levy Orders. Your best option for locating a collections attorney is by searching the website maintained by Martindale. Read on to learn how to find legal help to collect a judgment....

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Are Medical Bills Considered Consumer Debt?

Medical debt is unsecured debt and is considered consumer debt. The unsecured nature of medical debt makes it similar to credit card debt. No collateral is pledged for medical debt, with the threat of debt lawsuits -- and possible wage or bank garnishment -- the most powerful weapon debt collectors have to collect on unpaid medical bills. Insurance Woes People without insurance coverage are the most vulnerable to medical bills. Even routine, non-emergency medical treatment can cost thousands of dollars, with hospital stays or serious treatment...

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How to Change a Name on Billing Accounts

If you have recently changed your name due to marriage or other reasons, one of the things you should do is update your name with creditors and other billing accounts. Most companies have an easy protocol that will allow you to update your name. Depending on the extent of your name change, you may be required to provide proof of the change. Instructions 1 Contact the billing company. Generally a telephone number will be listed on your bill. If not, try visiting the company's website to obtain contact information. 2 Advise the company...

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Consequences of Not Paying a Hospital Bill

If you have an outstanding hospital bill, you're not alone -- medical collections make up half of all collection accounts for unpaid debt, reports MSN Money. Medical collections for hospital bills and other health care fees are not unusual on credit reports, but over time, the damage they can do to your credit score -- as well as your health and income -- can be substantial. Damage to Credit Not paying a hospital bill can be hazardous...

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The Best Fixed Loans to Pay Off Credit Card Debt

Credit cards may be a convenient source of on-demand financing, but high interest rates, sometimes exceeding 30%, have many cardholders looking for ways to clear outstanding balances. By consolidating high-interest credit card debt under a lower-cost fixed loan, many customers can use loans from home equity, retirement plans and even life insurance to cut credit card costs. Home Equity Homeowners who have considerable amounts of credit card debt may find that the easiest and most beneficial way to consolidate the outstanding balance is...

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What Is a Charge-Off Debt?

A charge-off debt can reek havoc on a debtor's life in many ways. Creditors can charge-off a debtor's account and damage a debtor's credit score for failure to pay. Charge-offs can make it difficult for a debtor to purchase a home or car, to gain personal credit, or even to get a job. Even if a debtor is able to obtain a loan, the loan will be at a higher interest rate, possibly costing the debtor thousands of dollars in interest over the term...

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Who Can File a Lien on a House?

When you owe someone money, one of the ways that they can collect it is to place a lien on your house. This makes it impossible for you to sell the house without repaying your debt. In some cases, it could result in you being forced to sell your home. What Is a Property Lien? A property lien is a type of encumbrance that someone can put on your property when you owe them money. When a lien is placed on the property, you have to repay the debt that is attached to the lien before you can keep any of the money that is generated from the sale....

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Typical Debt for a College Grad

Attending college is expensive and students are often forced to take out loans to cover the cost of tuition. Many students graduate college with a large amount of education debt which is often scheduled for the start of repayment just months after leaving school. The typical debt students graduate college with can affect many areas of life from where they live after graduation to the health of credit ratings. Student Loan Debt According to Newsweek's web site, as of 2009 the average college student graduated with over $24,000 in student...

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Can a Collection Agency Collect a Debt Upon Death?

Collection agencies can attempt to collect debts after your death. When you die, the assets you leave behind become your estate. Collection agencies can be paid from your estate if there's enough money to cover the debts. If there's not enough money, collection agencies can't collect unless the debt is shared by someone else. Fair Debt Collection Practices Act The Fair Debt Collection Practices Act protects consumers from being mistreated by collection agencies. Collection agencies can't call at odd times and they can't threaten or harass...

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What Can You Do to Enforce a Financial Civil Judgment?

Once a plaintiff prevails in his civil action against a defendant, a court will enter a judgment for the amount of damages awarded. Thereafter, the plaintiff is designated as a judgment creditor and the defendant, a judgment debtor. The principal means by which a judgment creditor can enforce his judgment is to initiate various court approved post-judgment procedures authorized by the jurisdiction in which he resides. Post Judgment Collection Procedures Once he obtains a judgment from the court, a judgment creditor can seek satisfaction...

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Can You Recover From Tax Debt?

If you owe a substantial tax debt, you may feel like you will never be able to financially recover and restore your credit rating. The IRS, however, is willing to work with consumers to help them settle their tax debts and regain financial freedom. In addition, your credit score may not be as damaged as you think. Time Frame Unlike other forms of debt, unpaid tax debts do not have a set credit reporting period. If you pay the debt, however,...

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The Best Way to Get Rid of Debt

Few things stand in the way of financial security more than debt. If left unchecked, it can cripple your credit rating, drain your resources to the breaking point and leave you casting about desperately for any means of recourse. Reducing your debt starts by sizing up the problem and developing a comprehensive strategy for addressing it. It takes discipline and hard work, but with the right amount of patience, it can be done. Spending Habits Getting rid of debt starts by eliminating all unnecessary spending. Go through your finances and...

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How to Lower Credit Card Percentages

Credit card interest rates can be very high. In some cases it can be difficult to decipher why an interest rate is so high. Lower interest rates means lower payments; it also means you can pay down your debts faster. In order to get lower interest rates, you need to ask for them and provide evidence that you deserve them. Instructions 1 Pull a recent copy of your credit report (see Resources). You should also pay for a copy of your FICO score....

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How to Combine Debt Options

Consolidating debt saves money for many burdened with high interest payments and huge debt loads. It can be a method for reducing risk or a strategy to enable taking on even more debt. Credit counseling and debt consolidation companies offer specially tailored loans to combine multiple debts, but debtors have the option of creating their own consolidation plans by taking out personal loans or lines of credit at a lower interest rate than their other debts. Instructions 1 Contact a non-profit credit counseling service using some of the links...

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How to Find Your Credit Score in Canada

Canadian credit scores are held in the databases of one of two companies: Equifax Canada and TransUnion Canada. Borrowing money from any entity will affect your rating at one of these companies, or possibly both. To maintain a high credit rating, it is best to pay your bills on time and not accumulate too much debt. Your credit score is available to you and can be found out fairly quickly. Instructions 1 Type in the web address of the company...

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Can I Get a Secured Loan If I Have a Poor Credit Rating?

Secured loans are a type of loan that is backed by the item being purchased in the loan. In the case of a house or car loan, it's a cash amount equal to the loan or some other form of collateral. Secured loans are an alternative to an unsecured loan if you need to make up for a bad credit rating. Not all banks offer secured loan options for those with bad credit ratings, however. Finance Departments Talk to the business's finance department if you are buying a car or furniture, or looking for another type of loan backed by real property....

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Credit and Debt Relief Solutions

Debt does not open the door to your dreams and desires. Instead, it can cause a nightmarish financial situation that can take several years to eliminate. Credit and debt relief solutions involve more than just making a phone call. You also need discipline, will power, a commitment and the courage to admit you need help. With strategic planning and addressing the issues behind problem spending, you can find a long-lasting solution to your debt. Calling Credit Card Companies While credit card companies may seem like the enemy with high interest...

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How to Check for Bad Checks

Bad, or bounced, checks are usually written in two situations: inaccurate checking account management or fraudulent activity. You may not be aware your check has been reported as bad because you are unaware the funds are not available to cover the check due to miscalculations or documenting errors. If you think you may have written a bad check or fear someone has illegally used your account to write bad checks, you can obtain a consumer checking...

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How Do I Get Something Removed From My Credit Rating?

When you are given a credit rating, the information used is derived from your credit report and credit history. There are three major credit reporting bureaus, but your credit rating is created by an outside company and not the credit bureaus and is separate from your credit score. To have something removed as a factor in your credit rating, you must have it removed from your credit report. When the rating company examines the report again, it will...

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Bills That Are Reported to Credit Bureaus

Almost all monthly billing accounts will show up on your credit report. This includes monthly payments for utilities, credit cards and personal loans. There are also several other types of bills, such as those for medical services, that you may not think apply to your credit score but can in fact have a negative impact if you don't pay them in a timely manner. Credit Card Bills Credit card companies report your payment status to at least one of the three major credit reporting bureaus. Many card companies report to all three. This can,...

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Debt Collection Statute of Limitations in Texas

If you are living in Texas and are contacted by a creditor or collection agency about an old debt, check whether the debt is within the statute of limitations. Most debts have a statute of limitation of four years: If a creditor sues you for a debt that is out of statute, you can ask the judge to dismiss the case. If a debt is no longer under the statute of limitations, creditors will often still try and persuade you to pay. Open Accounts ...

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Debt Help in the United States

A financial crisis can occur at any time over the course of a person's life. Knowing what to do or where to turn for help can be challenging, especially as the crisis becomes overwhelming. However, mounting debt is a challenge that can be overcome --- people just need to assess their situations and decide what solutions may work best for them. Debt Relief Credit counseling agencies can help people assess their financial situation and begin to take charge of their debt problems. These organizations have certified counselors trained in consumer...

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How Much Can I Save With Loan Consolidation?

How much you can save with loan consolidation depends on many factors, including how much you owe, what interest rate you're paying, how many more payments you must make on existing loans and the terms of a consolidation loan. While some debt consolidation companies make amazing promises about savings, you can use a debt consolidation calculator to determine the numbers before choosing a consolidation plan. Debt Consolidation Calculators Bankrate, MSN Money and Free Online Calculator Use all provide free online calculators to help you figure...

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Credit Card Settlement Effects on a Credit Score

When credit card accounts are delinquent, debtors may have the option to reach settlements with their credit card companies for less than the amount due. The effect such action has on a credit score is generally negative, but varies from creditor to creditor. Considerations Any notations on a credit report that indicate a creditor took a loss on an outstanding debt is viewed as a negative item. Barry Paperno, chief operations officer at FICO,...

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Help for Debt Relief & Bankruptcy

There are many options available to reduce or eliminate your debt and get your credit rating back on track. Much depends on the amount of your debt, type of debt (secured versus unsecured), the number of creditors you owe and your financial situation. Bankruptcy may be a last resort or an option better than, say, debt settlement plans, but you should explore all possibilities before deciding on a course of action. Hiring a bankruptcy attorney or...

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What to Do if You're Being Sued by a Credit Card Company in Small Claims Court

If you have credit card bills and are late making the payments, the credit card companies will begin collection actions. The companies have been known to call at various times during the day and night, asking you to pay the past due payments. Eventually, the collectors may step up their efforts, and you could end up in small claims court being sued for the amount of the debt. Determine if You are Really Being Sued It is against the law for a creditor to threaten legal action when it does not intend to sue, but it still happens. Many collectors...

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What to do in the Event of Identity Theft

The Federal Trade Commission estimates that more than 9 million people in the United States are victimized by identity theft each year, and the cost to recover your identity can run into the thousands of dollars and take years to complete. It is important to know what to do when you first find out your identity has been stolen. Immediate Action When you find out that your identity is stolen, you should immediately call all three credit reporting agencies to put a red flag on your credit account, according to the nonprofit consumer fraud...

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Federal Credit Protection Act

Consumers are protected under a series of credit protection acts to help mitigate unethical lending practices. The Federal Credit Protection Act, also known as the Consumer Credit Protection Act, encompasses these acts and sets standards for the credit card and lending industries. Consumers should learn their rights to better navigate disputes with creditors and ensure they are treated fairly. Equal Credit Opportunity Act Consumers are protected from discrimination under the Equal Credit Opportunity Act of 1974. This federal law "prohibits...

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How Successful Are Debt Management Programs?

Consumers can enroll in debt management programs through credit counseling agencies if they're unable to pay their bills or work out repayment agreements with their creditors. Debt management program participants deposit money each month with their credit counseling agency, which uses the deposits to pay participants' creditors. Still, some people may not get the debt relief they wanted even after they enroll in a debt management program. Creditors People who are deep in debt may discover that a debt-management program is no more affordable...

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Tips on How to Get Rid of Debt

For most people, getting rid of debt can be done if you understand your real debt, create a schedule and stay committed. While starting the process can feel overwhelming at first, the benefits you will receive from creating financial stability far exceeds the negatives. Budget Planning Finance specialist Dave Ramsey says, "When you see that a budget is just spending your money with intention, you'll actually experience more freedom than...

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Statute of Limitations of the Debtor-Creditor Law for Fraudulent Conveyance in New York

When someone files for bankruptcy or seeks other forms of debtor protection, they may be tempted to transfer property to a friend or close relative to prevent creditors from liquidating that property. Such a transaction is known as a fraudulent conveyance, and creditors can take the relevant individuals to court to negate such transactions. In New York, as with most states, there is a statute of limitations on the time within such a court case may...

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Advantages & Disadvantages of Settling Credit Card Debt

Debt settlement is a process by which you can renegotiate the debt you owe to a creditor and pay the creditor less than the current balance on the account. Debt settlement can give you peace of mind and prevent your account from being charged off or turned over to a collection agency. Anyone can negotiate a debt settlement plan. You do not have to hire someone to do it for you. While some creditors are more than willing to work with consumers...

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How to Avoid Bankruptcy and Pay Off Debt

Bankruptcy may seem like a logical solution when juggling excess debts, especially if you do not have the money to keep up with payments. However, a bankruptcy notation stays on your credit file for ten years and, after a filing, your credit score will plummet. Bankruptcy gives you a fresh start, but if possible, take steps to see if you can pay off the debt yourself and protect your credit. Instructions 1 Stop hiding from your debt. Learn the extent of your debt problem by grabbing your monthly statements, a calculator and adding the sum...

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The Definition of a Revolving Line of Credit

Revolving credit, also referred to as open credit or a revolving charge account, is a consumer credit arrangement that allows the borrower to buy goods or secure loans on a continuing basis as long as the outstanding loans do not exceed a specified limit, according to Black's Law Dictionary. The loan principal usually is paid off in monthly installments. Function The borrower decides each month whether to pay off the entire balance on a revolving...

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