What Happens When a Collection Agency Won't Accept Your Monthly Payment?

Unpaid creditors often enlist the aid of collection agencies when attempting to recover delinquent consumer accounts. Collection agencies coerce debtors into paying by calling repeatedly, sending letters and sometimes threatening lawsuits. Most consumers who pay collection agencies do so via monthly payments. Prevention/Solution Debt collection agents often work on commission and receive a percentage of the money they collect. Therefore,...

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Top 5 Credit Card Debt Relief Programs

Consumers who are looking for debt relief are wise to do advance homework. Many so-called "debt relief" organizations are nothing more than sham operations that take advantage of those who need help the most. The best debt relief companies are clear and up front about their services and fees, and don't promise more than they can deliver. The old maxim "If it sounds too good to be true, it is" was never truer than in debt relief. The National...

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How to Pay a Mortgage When You're Laid Off

Contacting your mortgage company is one of the first things you should do if you have been laid off and fear that you may start missing mortgage payments. Avoiding late notices while scrambling around for a solution could be a major mistake. Technically, you can default on your mortgage by missing just one payment. It's possible your mortgage company will be more understanding if you are open, honest and timely about your financial problems. Instructions 1 Contact a nonprofit credit counselor in your area. A housing counselor approved by...

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How to See Dave Ramsey Live for Free

Would you like to see Dave Ramsey live for free? It is possible! Follow the steps in this articles to attend a Dave Ramsey LIVE event free as a volunteer. Instructions 1 Make sure you are the appropriate age. Dave Ramsey LIVE event volunteers must be at elast 18 years old. 2 Decide on the city in which you would like to see Dave Ramsey live. Dave regularly appears in cities where his radio show airs. A list of cities that are currently scheduled for the Dave Ramsey LIVE event are listed at DaveRamsey.com. Click on the 'See Dave Live'...

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Debt Consolidation & Bad Credit History

Debt consolidation has many advantages and disadvantages. There are many things to consider before deciding to consolidate owed debt into one lump sum. An advantage is that consolidating debt does help the debtor obtain a more affordable payment. On the other hand, a disadvantage is negative scores or credit ratings from the lending companies. Bank Debt Consolidation Bank debt consolidation is always an option. Bank debt consolidation...

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What Is Mastercard RPPS?

Mastercard Remote Payment and Presentment Service (RPPS) is a payment processing and presentment hub. Background Mastercard introduced the Mastercard Remittance Processing Service in 1987. The name of the service was changed to Remote Payment and Presentment Service (RPPS) in 2000 when Mastercard added electronic bill payment and presentment (EBPP) to the service. Electronic Bill Payment and Presentment Mastercard claims the RPPS service is connected to 95 percent of the providers in the EBPP industry. The features that RPPS offers,...

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How to Handle Short-Term Debt

When you have short-term debt--debt that you must repay within a year--the clock is ticking on making your payments. Because you don't have much time to pay it off, your payments probably will be much larger than if they would be if you were paying off the debt over a longer period of time. You might need to tighten your belt a bit, but you can handle short-term debt with basic financial management. Focus on your financial goals in order to pay off short-term debt. Instructions 1 Set up a payment plan. Your creditor sometimes will do this...

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Is Revolving Debt or Installment Debt Better for Your Credit Score?

While reviewing your credit report, you may notice some debts marked as "revolving" while others are labeled "installment". Although these types of accounts are very different, having both on your credit report is crucial to maintaining the best possible credit score. Facts Neither revolving debt nor installment debt is better for your credit score, yet both are required on your credit report for you to demonstrate a balanced debt profile....

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The Best Debt Help Program

Finding help to get out of debt isn't as easy as it seems. There are myriad scams online vying for your business, but they are costly and will often leave you in a worse financial situation than when you started. Being debt free can become a reality if you can develop and implement new and healthy financial habits with help from trusted and reliable sources. Whether you want to work toward paying your debts in full or you need help managing your creditors and debt, consider two top programs with different options. Debt Reduction & Payoff...

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Is Debt Consolidation Bad for My Credit?

There are several ways that you can consolidate your debts. Some of the methods to consolidate your debts are definitely bad for your credit, while some will not harm your credit. In fact there are some methods that can help to improve your credit by increasing your credit score. There are many advantages of consolidating your debts. You can receive a lower interest rate in some situations, and your payments can be lowered. Considerations If you decide to consolidate your debts by using a debt management company, this will affect your...

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Can You Get Credit Shortly After a Bankruptcy?

It's possible to qualify for new credit just months after a bankruptcy, according to Microsoft Money. However, the wait may be significantly longer for really big purchases, such as a house. Types Certain kinds of credit, such as secured credit cards and secured installment loans, are available virtually immediately after bankruptcy. You're required to place money in a savings account, which acts as collateral and makes approval easy. ...

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What is Your Credit Card Debt Responsibility in a Divorce?

A lot of property division law amounts to debt division for many American couples. Illnesses, layoffs and poor purchasing decisions can leave you and your soon-to-be-ex mired in debt. Since many people turn to credit cards to pull them through lean times, you may find yourself facing credit card issues in the property division phase of your divorce. How this plays out will depend upon how your state divides marital property and debt. Debt Division...

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How to Improve Slow Credit

If you have "slow credit," it means that your credit report shows that you regularly pay your bills late, according to ABC affiliate 13WHAM News. This will lower your credit score, which is a three-digit number ranging from 300 to 850. With low credit scores, you may pay more for all forms of credit, including automobile loans, mortgages and credit cards. Improving your score will require time and patience. The Federal Trade Commission (FTC) says that bad credit cannot be fixed in just a few months, despite claims made by some credit repair firms....

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What Is Judgment Proof Regarding Credit Cards?

Any time you owe a credit card debt that is still within your state's statute of limitations, the creditor may sue you in an attempt to get a legal judgment levied against you. If you are judgment-proof, however, a lawsuit and subsequent judgment are much less likely to occur. The Facts The term "judgment-proof" is used to refer to an individual who, due to a lack of income or assets, is unlikely to be sued by a creditor for a debt. Significance...

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Section 1681 of the Fair Credit Reporting Act

Enactment of the Fair Credit Reporting Act brought consistency to the business of consumer credit reporting. Significant portions of the act and its subsequent amendments deal with consumer protection and the guarding of citizens' rights involving the escalating crime of identity theft. FCRA's in-depth treatment of consumer privacy issues effectively safeguards a person's credit report from unauthorized examination. The text and amendments to the Fair Credit Reporting Act exist as a part of U.S. Code, Title 15, Subchapter III, Sections 1681 through...

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The Best Credit Report Score

That all-important credit score varies between 300 and 850, with the latter number representing a spotless credit history. In the 1980s, the Fair Isaac Corporation came up with the scoring system and what is now the most common method of calculating it. The major credit-scoring agencies -- Experian, Equifax and TransUnion--all use the FICO method, as it is known. The score weighs several different factors in an attempt to predict the chances of...

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How to Negotiate Settlements With Creditors

When an individual ends up owing a large amount of money to creditors, it is generally in his interest to negotiate a settlement for a payment plan. This settlement has a number of benefits for both the borrower and the creditor. It allows the borrow to break free of harassment from his creditors and to begin to put his financial life back together without sinking deeper into debt. It gives the creditor assurance that the borrower is committed to paying back at least a portion of what he owes. Instructions 1 Outline your financial resources....

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Am I Responsible for My Dead Husband's Medical Bills Under Texas Law?

If you are under the assumption that your spouse's debts will disappear after death, you might want to check your address. Texas, along with Arizona, California, Idaho, Louisiana, New Mexico, Washington and Wisconsin, is a community property state. Thus, since medical bills are considered an estate debt shared by both spouses, it is very possible that the responsibility for paying the medical bills may fall on you. Community Property In general,...

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The Statute of Limitations in Massachusetts on a Contract

A contract in Massachusetts is a legally binding agreement, but it is not enforceable forever. There are three types of contracts one can enter into: oral contracts, written contracts and promissory notes. Time Frame All three types of contracts have a statute of limitations (SOL) of six years in Massachusetts. This is the time period these debts may legally be collected. If you default on a contract within this time, the lender can take you to court. Warning If you are taken to court before the six year SOL has passed and are successfully...

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How to Stay Afloat During a Recession

We're living in recessionary times. But that doesn't mean that you can't get ahead. This article gives a few tips on how you can profit from the financial fallout. Instructions 1 One of the most obvious defensive strategies that you can practice is to keep your credit score high. Use your bank or credit union's automatic bill payment feature to avoid late payments. Opening a new credit card account can add points to your FICO score. Keeping...

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If I Am Being Sued by a Credit Card Company, Can It Take My Child Support Money?

If a person owes money on a credit card and carries the balance for long enough without paying on his bill, he may eventually face lawsuits from his creditors. The creditors will usually follow a prescribed legal process in order to attempt to collect their debt, which may eventually end with the garnishment of income sources and the possible attachment of assets of the debtor. Different types of income are treated differently in lawsuits. Judgment-Proof Child support income is exempt from collections in a lawsuit from a creditor. This...

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Wage Garnishment Rules by State Section 125

Businesses that pursue garnishment of wages are not given unlimited control of your earnings. They are bound by certain rules determined by the state government in your state of residence, including IRS Section 125. Your employer is regulated under the federal Consumer Credit Protection Act (CCPA) too, so states also follow those rules. States' rules can vary from the federal rules, but some basics are consistent: limited garnishment amount, pretax...

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Can a Creditor Take a Home of a Surviving Spouse?

When an individual dies, he may owe debts from his final illness, as well as from transactions he made throughout his life. In some cases, there may not be enough assets in his estate to repay all of his debt. Though creditors may try to make a surviving spouse pay her deceased husband's debts, they can't usually take her home. Debts After Death When an individual dies, his estate representative must inform his creditors of his death, and...

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Information on National Credit Systems

National Credit Systems is a collection agency whose primary aim is to help apartment landlords secure past-due monies from tenants, according to the company's official website. Ninety-eight percent of the agency's business is derived from apartment community managers and landlords. Founding National Credit Systems opened in 1991, according to the company's website. Location The company headquarters is in Atlanta, according to the National Credit Systems website. BBB Standing The Better Business Bureau has issued a "F"...

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Non-Wage Garnishment

A non-wage garnishment is a way for creditors to collect unpaid debt balances from individuals who do not earn regular employment wages. People earn regular employment wages through regular pay, salaries, tips, bonuses and commissions. Income earned by self-employed individuals such as independent contractors does not count as regular wages. About A non-wage garnishment is when a creditor and state or federal agencies collect money from an individual through means other than garnishing their regular wages. Federal laws limit wage garnishments...

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Debt Collection & Purchasing Outstanding Judgments

A judgment against a debtor is the result of a lawsuit levied by one of the debtor's creditors. The judgment legally allows the creditor to perform a variety of legal actions to compel a debtor to pay an outstanding delinquent credit obligation. Occasionally, a debtor's financial situation may prohibit a creditor from executing a judgment. Selling the judgment to a collection agency allows the creditor to recoup at least a portion of the debt owed. Credit Judgment Definition A credit judgment is an order of a court after a creditor or collection...

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Can a Lender Go After Personal Assets in a Foreclosure?

A foreclosure occurs when the lender takes possession of a piece of property, usually due to the borrower's lack of payment on the corresponding note. If you are in foreclosure or anticipating one, you should understand that foreclosure will allow the lender to go after your personal assets as a result. Identification When a lender takes possession of a piece of property due to non-payment of the note by the borrower, this is called a foreclosure. Based upon the signed contract between the lender and the borrower, the lender has the right...

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Delinquent Mortgage Questions

The possibility of losing your home to the bank is a frightening prospect that many Americans have had to face in recent years. In fact, the Mortgage Bankers Association reported record-breaking numbers of homeowners were behind on their mortgage payments in the third quarter of 2009, reaching nearly 10 percent. By seeking answers to delinquent mortgage questions you can prepare yourself with proactive solutions to foreclosure. How Many Payments...

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The Responsibility of Unsecured Debt

Unsecured debt might seem like free money to some, but this line of thinking couldn't be further from the truth. In fact, unsecured debt might take even more discipline and responsibility to manage than secured debt. While you know what you stand to lose with secured debt, getting into trouble with unsecured debt can sometimes be an even bigger headache. Unsecured Debt Simply put, unsecured debt is debt that doesn't have any collateral attached. While the most common types of secured debt are mortgages and car loans, the most frequently...

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How to Stop Payday Collectors

If you have been in a financial bind, you may have taken out a payday loan. Payday loans are high interest loans because they have no credit requirement. Depending on the term of the payday loan, interest rates can be exorbitant, such as almost 400% in Cleveland in 2008, according to CNN. While you may have gotten the payday loan because you were in financial trouble, paying back a payday loan debt can oftentimes strain you financially. If payday...

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Credit Default Repair

Defaulting on a credit account can be a damaging situation for your credit score. While this can set your credit score back, you can recover from it with the right actions. Taking steps like making regular payments and paying down your other balances can help the recovery effort. Pay the Balance When you default on a credit account, this does not necessarily mean that you should give up on trying to pay the debt. If you come up with the money to make payments, you should still try to repay the credit account that you defaulted on. This...

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Does Breaking a Contract Affect Credit History?

Before making the decision to ignore and break a legally binding contract, understand the consequences of such behavior. Contracts between two people protect the interest of the person or business that provides a service or funds. Contracts are common with rental leases and when borrowing money from a bank. These legally binding documents detail how much a person will pay and for how long. But when individuals decide to end a contract prematurely, the credit consequences are often devastating. Collection Account Anything negative reported...

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How to Settle Credit Card Debt at a Reduced Amount

Generally speaking, creditors are more likely to lower your interest rate or alter your payment terms rather than reducing the amount of debt you owe. Since you make a legal agreement to pay your debt when you open a credit card account, creditors have various legal means to enforce your repayment of the debt. Ironically, the more you fall behind on your payments, or otherwise show an inability to pay, the more likely your creditors are to settle your debt for less than you owe. Of course, debt settlement damages your credit score and could result...

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New Jersey Wage Garnishment Rules

If a debtor is unable to pay a creditor, the creditor may seek a court order to recover the money owed. These judgments can often be enforced by a garnishment, which is a court order that allows the creditor to take money directly from the debtor's income or paycheck. New Jersey allows for garnishments as long as the creditor follows specific rules. Money Limits New Jersey allows creditors to garnish up to 10 percent of a person's gross salary....

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Borrowing Against the Equity in Your Home

Borrowing against the equity in your home could be an effective way to finance a child's education, cover unexpected medical bills or create a cushion for major emergencies. However, the Federal Trade Commission (FTC) warns against tapping the equity in your home to pay off credit card debt, take vacations or go on shopping sprees. The agency warns that you could lose your house to foreclosure if you take a second loan against the equity in your home and you are unable to make the monthly payments. Instructions 1 Order an appraisal of your...

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Problems with Debt Elimination

Debt relief is a completely different concept than debt elimination. Each year, countless consumers are lured into believing that debt elimination will solve all their credit woes, only to find that they have been scammed out of money they could have put into actually paying down their debt. Consumers approached by debt elimination companies should instead investigate their options for debt relief. Debt Elimination Debt elimination companies...

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Laws on Installment Loans in Illinois

Banks, credit unions and other lenders offer installment loans in Illinois. Installment loans are for a variety of purchases ranging from automobile loans to appliances. The state refers to standard installment loans as consumer installment loans to separate them from other types of loans, including payday loans. In 2010, the state adopted new laws on installment loans as part of new regulations on payday loans Definition The state of Illinois defines consumer installment loans as loans for six months or longer. That places the loans in...

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