Can personal property or a paid off condominium be taken by a debt collector to pay off credit card debt in Pa?
Creditors may certainly look to seize/attach your assets of most types to pay the debts you promised or obligated to pay and don't. They also get to recover any costs for having to act to have you adhere to your legal obligations. However, they must have court authorization to do so, and commonly, other options, like garnishment of wages or liens against the assets (which continue to accrue costs to you), are used first.
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Can liens be placed on your home if you cannot pay off your credit card debt and can you lose your home if you do not pay this debt?
Yes, a lien can be placed against real estate for unpaid debt. Generally, this results in no loss of the real estate, rather impedes the title by having additional liens which need to be cleared by payment prior to sale or transfer by some other means (like a will). Consult a real estate attorney fo…r more specific information. I would add that it would be a good idea for homeowners to check how their property is titled. And also to be informed of the laws of the resident state concerning such matters. For example, a state which recognizes "tenancy by the entirety" is quite different in real property, than a commnity property state. (MORE)
Will a credit score be better or worse if you take out an unsecured personal loan to pay off credit card debt?
Answer . If you get a loan, pay off credit cards and keep the loan payments current until it is paid off. Your CR will be pretty darn good..
If a lawyer says he has taken over a charged off credit card debt and will sue you unless he can collect should you pay him?
Debt-Collecting Lawyer Good question. The answer is yes, he can file suit against you. However, based on his statement in your question that he has taken over a charged off credit card debt, what he is really saying is that he or the firm he works for are junk debt buyers and he has purchased the r…ights to collect your alleged debt from the original creditor for pennies on the dollar. If he genuinely represents the original creditor, then you need to hire yourself an attorney. Unfortunately, he may falsely tell you that he represents the original creditor. You need to find out. One way to determine this is if and/or when he files suit against you, he will list himself/his firm or the original creditor as the Plaintiff. If it's NOT the original creditor, this means he is a junk debt (stressed debt) buyer. If he or his firm has purchased the "rights to debt collection", then you stand a much better chance of defending yourself. But I recommend that you still hire a Lawyer. Also, if he misrepresents himself as working for the original creditor and he does not, he is in violation of the Fair Debt Collection Practices Act. A "charge off" does not mean the debt is not valid. It means the credit card issuer, or original creditor, has written it off their books for tax purposes as noncollectable. They receive insurance payments and tax credits on the charge off. That account may then be purchased for pennies on the dollar by a third party who will attempt to collect the debt. There are Attorneys and Law Firms (Mann-Bracken) who specialize in collection lawsuits to recover payment in full but their success is limited against the informed. If you do nothing a default judgment will be made to the Lawyer. There are many things these Lawyers do not want you to know! Read further! If you fail to respond/answer the complaint/summons, and a default judgment is won by the third party collector, they will initiate action(s) to collect. Some of the ways for them to collect are, garnishment of wages and/or bank accounts. Liens against real estate, requests to have non-exempt assets liquidated. All states have a set of exemptions to protect specific amounts of the defendants property. If you are sued: Always file an answer to the complaint/summons within the 30 day period! The first thing you should know and check is that you are protected by various consumer laws depending on what state you live. There are certain time limits, called statute of limitation, in which a Lawyer/Debt Collector has in order to claim remedy. For example it is four (4) years in California from the "Date of Occurrence" or when the account is in default or the date of last payment. Generally the default date is when the first payment was missed if there are no subsequent payments. So if you live in a state where the statute of limitations has expired, you should file an answer to the summons, stating that your debt is beyond the statute of limitation and move that the case be dismissed with prejudice. Pursuant to the Fair Debt Collection Practices Act, (Â§ 803.4) these Lawyers or Debt collection agencies are NOT the original creditors. The Lawyer must establish a creditor/debtor relationship with you and establish a course of business dealings between you and he in order to claim remedy. DON'T AGREE TO OR SIGN ANYTHING! The Lawyer must also provide viable validation of the alleged debt beyond his own records. Since the Lawyer is not and does not represent the original creditor, the records they keep are hearsay. This includes affidavits since said records or documents upon which the affiant or the Lawyer relied is not the original creditors or not admitted into evidence or attached to the complaint or affidavit. This means he must provide the original creditors complete records of the alleged debt. As a rule, he will not be able to do this. He will also claim "breech of contract". In order to sustain the burden of proof for a Breach of Contract the Lawyer must attach a copy of his contract with you (not the original creditors), with your signature on it, to the complaint. If he does not, he fails to establish a contractual relationship between you. Additionally, if implied, it must be established that you, was sent a statement and that you expressly consented to the statement by failing to object. (meaning he sent you letters that you did not reply to) There needs to be a copy of a statement and proof of mailing (registered mail) to establish a presumption of no objection. For an account to exist between the Lawyer and you there must be proof of an agreement between you that a certain balance is correct and due and an express or implicit promise to pay this balance exists. There must be evidence that the parties agreed on any balance due and owing. Most damaging is that according to the doctrinal law, Volenti Non Fit Injuria, a legal principle that states that one who knowingly and voluntarily consents to and takes on a risk cannot ask for compensation for the damage or injury resulting from it, you cannot claim remedy for an injury which you inflicted upon yourself as the Lawyer has done by willingly purchasing debt on an account that was defaulted and deemed non collectible by the original creditor. Based on this, most cases are dismissed once it is established that the Lawyer is suing on his own behalf (since he purchased the debt collection rights to your account) and not that of the original creditor which is what HE wants you to believe! (MORE)
Can a mortgage company pay off the credit card debt for a deceased person several years after they died and then demand the money from the estate?
\nYes, that is the reason there is an estate, so that anyone that has a claim can make it and collect.
Most people know credit cards are unsecured debt(s). And some are under the mistaken idea that the companies have no recourse if a card holder defaults. That is, of course not true. They have the legal option to sue to recover their monies. Not being able to pay is unfortunately not considered a def…ense in a creditor lawsuit. If the creditor wins a judgment they can garnish wages, and levy bank accounts. Place liens on real property (sometimes force the sale of that property). Petition the court to liquidate any non-exempt assets of the debtor. Every state has a set of exemptions to help protect a debtor's property. It is a good idea for everyone to be informed of what those exemptions are (just in case). Amount of debt A lot depends on the amount of the debt. If it is only several thousand dollars they will sell your account to a collection agency who will start hounding you at home and work. They will also place a negative report with the credit reporting agencies and all future credit will probably be denied for the next seven years. If it is a substantial amount then you will probably get a letter from an attorney and they will take you to court. When they get a judgment it will be collected in accordance with the laws of your state. Property Any real property that YOU OWN, such as land, houses, business property, and inventory, can have a LIEN put on it, so that if and when you sell that property, the amount of the lien has to be paid off, before you get any money from the sale. Liens are registered at the county or state level. What to do Writing a hardship letter to your credit card companies can result in lowered interest rates and lowered payments. (MORE)
Under the given circumstances the consumer would probably be termed "judgment proof." Meaning a lawsuit would be futile for the creditor. Some creditors will file suit anyway. To obtain a judgment, for possible collection of the debt in the future. Some judgments are valid for ten years and can be r…enewed. The consumer can send a "judgment proof" letter to creditors letting them know legal action would be pointless. This is sometimes effective, especially if the debtor can supply proof of their status. (MORE)
Answer . Writing or charging off a debt is an accounting entry to acknowlege that the asset they have (the loan) is not performing and that investors/readers of the financials, should not consider it valuable. Again, it is only a required accounting entry - it does not effect your debt to them, d…ischarge it or reduce it in any way. You still owe. And they will...in fact must (to satisfy those same investors and regulators that read those financials), try and collect it or get some value for it. (MORE)
I am assuming this is a redundant query. Perhaps you mean how can a creditor collect? Some creditors may still proceed with a lawsuit to gain judgment. The premise being the debtor will not always be execution proof. Therefore they may be able to collect monies owed in the future.
Answer . \nAbsolutely. "Charge off" is a term used by the original creditor when removing the account from their books and listing it as a loss for taxation purposes. In most cases the account is sold for pennies on the dollar, to a third party agency who will pursue colletion of the debt. The be…gining procedure is telephone and mail contact in an attempt to set up payment arrangements or payment in full. Some colletors will offer to settle for a percentage rather than the entire account balance. If satisfactory arrangements for repayment cannot be made, the agency may refer the account to a collection attorney. The attorney can then file a lawsuit and proceed through due process of the court to collect the money owed.\nMacky (MORE)
If judge ordered your ex to pay a credit card debt because he incurred the debt after the divorce was filed how do you get it taken off of your credit report in Arizona?
Answer . \nMarital status has no bearing on liability, neither does what a divorce judge says or when the debt was incurred.\n. \nAny account holder on a joint account is liable for the balance due, regardless of any other legal action (like a divorce). Such an account cannot "be taken off of y…our credit report". You are liable for the money because you signed a contract. The only way to get rid of the debt is to pay it (and close the joint account), or discharge it in bankruptcy (if possible). You may be able to take your ex to court for violating the terms of the divorce decree, but that would have no affect on your credit. (MORE)
If you had approx 3300 in credit card debt and you just paid off about 2500 and will pay off the rest soon how will this help your score if it is miserable now?
Answer . \nyou credit score is based in approx 4 different criteria. Length of history, inquiries, debt ratio, and past credit. if you paid off large portion of revolving credit, then this is good for you and scores should go up. remember you always want to keep approx 30-50 % of revolving cre…dit in use and making monthly payments on- this builds credit. However, you must look at the effect of this payment in terms of total revolving debt available and in use. charge accounts, credit cards, car loans and mortgages add up in terms of what you owe. revolving accounts are just one part of this equation. (MORE)
Answer . When you signed up for the credit card you agreed to pay for any debt that you incurred. If your promise is worth anything, you are obligated to pay your debt. Failure to pay the debt will probably result in legal action by the credit card company and no doubt will result in a bad credit… rating, making future loans more difficult.\n. \nIf you don't pay the debt, they will get you. At some point in the future, you will wish that you had paid the debt.. Answer . \nThe outstanding balance and any applicable interest or fees will remain valid until paid as agreed. If the account holder defaults on what is owed, the creditor can remand the account to collections and/or pursue legal options such as arbiration or a lawsuit. (MORE)
What should you do if you have 70K in credit card debt and a house that is not paid off and your spouse is unemployed?
It would appear that the person's options are limited. Refinancing the home if one could get a lower payment and interest and perhaps cash out could be considered but that could prove difficult given the circumstances. There are debt consolidation and other such agencies, but one must be extremely c…autious when dealing with them. The interested party might also consider consulting with a qualified bankruptcy attorney. The ABA and all state bar associations offer free attorney referral services. American Bar Association, see the Related Link below. (MORE)
Answer . Typically when you use credit counseling services there has been damage done to your credit already. It affects your credit, but not as bad as if you are paying late all the time and struggling. Typically they help you settle your accounts and sometimes this "settling" l;owers your credi…t score.. Answer 2: Problems that cause you to seek credit card counseling will definitely lower your credit score. But the fact that you used a credit card counselor to help you out of your debt should not negatively affect your credit score, if your credit company is following the Fair Isaac & Company. Fair Isaac is the company who developed the first scoring model which is used by most creditors today. There are companies who follow a different model and as unfair as it sounds, it can affect your credit score. For more information, check the link below. (MORE)
Answer . No, it's not a good idea. Your mutual funds should be earning you a good interest. Consolidate your credit card debt and take out a "Line of Credit" as the interest rate is much lower.
Are you responsible for paying credit card debt after it was charged off and the account sold and what is the law on this?
Yes, you are still liable on the debt. Unless the debt is beyond the statute of limitations (which varies by state) or it is discharged in bankruptcy, you are likely to be liable on the debt. If the debt is forgiven/cancelled (you would then not be liable) then you will likely receive a 1099-C in th…e mail and it may be taxable income. Consult with a tax professional if that is the situation. (MORE)
What are the possible consequences of not being able to pay monetary judgments against you.
If you pay off an enormous credit debt within a year will it be completely off your credit report once it is paid off?
Answer . Every credit company and lender is required to repost to the credit bureaus monthly so it will show a zero balance within a month of paying it off but it will not be completely off you credit report. It will still show the company and original balance of the loan but it will show that t…he balance is at zero and when it was paid off. (MORE)
Yes. A car can be taken for a credit card debt if the creditor sues you in court, is successful and obtains a judgment lien. The creditor can use that judgment lien to take any property you own including your home and your car and your bank account.
Is the spouse resonsible to pay off credit card debt if their name is not on the card and if there is no estate?
Yes if the account if joint regardless if the actual card did not have their name on it.
Answer . No. Student loans must be administered by the college bursur and distrubuted according to the lenders instructions.
The debt usually remains until it is updated by the institution where you have paid it off. Also, you may look into your credit report and go from there if it is listed on it - they should be able to help you remove it also. . Added Info . The debt, even when paid off, could remain as part of… your visible credit history for up to seven years. This is why it so very important to pay all your creditors on time and every time. Just missing one payment can wreak havoc within ones credit history even if someone had never missed a payment for 20 years ... only takes one time ... seems the creditors only look at all the bad points instead of solid performance in one paying on time. (MORE)
(in the US) No. Such a default would be a violation of CIVIL law not criminal law. You cannot be jailed for violation of civil law.
Your first step is to stop using your credit cards. Call the credit card companies. However, they will do nothing for you unless your already far behind. If you are they are usually willing to do a settlement wich means you pay off a lower amount and they cancel the card, Also if there is somethi…ng that's going on personally, sometimes they have humanitarian clauses, which can allow you to pay smaller amounts and get a lower interest rate. If that does not work, Try debt consolidation companies, But theres a lot of scammers out there so do your research. (MORE)
You want to make sure that you check with the BBB to see if they are a legite company. I would recommend calling a company that I trust, and have worked for in the past called, "Alliance Credit Counseling, Inc'. Their phone number is 704-341-1010. They are a non-profit organization that can help, an…d assist you by enrolling you in a "Debt Management Program". These type of companies have contracts with certain creditors, and debtors; which allows you to pay your debt in a few years or less with as little as 5% interest, or as low as 0%. If you are left with this option, then this is a great way to get out of debt in a short period of time. (MORE)
It depends on the country you are in, but in the UK, the first claim on the estate is the revenue (ie tax), then debtors - which would include the credit card debt. That should be paid out of the estate of the deceased.
Not likely to happen ... you may get them to lower the interest rate some, but to forgive any of the principal amount, money you have already used to buy something that you could not afford in the first place, that will still have to be repaid in full. This answer is inaccurate to say the least. You… will have to stop making your monthly payments and the closer you get to 180 days past due, the more negotiating power you have. You should have extenuating circumstances and communicate those to the creditors. Expect to pay between 30 and 60 cents on the dollar. (MORE)
I would pay off the smallest card first and then mentally it helps get you out of debt faster. Also call the credit card companies to see if you can get your interest rate lowered. I had $32k in credit card debt but just recently consolidate. I couldn't make the minimum payments anymore. My payme…nts were cut in half and I will have them paid off in 3 years. Good luck in getting out of debt. (MORE)
There are credit cards that will let you do that. It may make sense to do so. If the credit card is at a lower interest rate it could make sense to consolidate debts into a single payment. But make no mistake, credit card interests rates are often extremely high . And when they do that sort of t…hing, they WILL charge you as if you had made a cash advance, paying interest from the day you transfer the balance, and you pay a percentage transaction fee. Read the fine print carefully! You are trading one debt for another debt, not making anything go away. If you can't pay the current debts, you may not be able to pay the credit card debt. Look for a lower-interest loan to consolidate your debt. Your local yellow pages should have a listing for debt consolidation. (MORE)
If Your creditor get a judgment against you they can sell what property you have to pay the debt. So the answer is Yes.
The lender will require that the lien be paid off with proceeds from the refi if the refi is approved. No. A lien encumbers the property and it cannot be sold nor refinanced without being satisfied or settled before any other financial transaction occurs.
YES.....pay the absolute lowest rate you can for all the cards, it might take quite long to do so...but you'll eventually pay them off and you'll have enough money to go through and live life as you wish while still paying off the debt you owe....
Most likely your bank. If you have been a valueable customer for many years and never left them no matter how much they charged you on overdraft fees, they will most likely give you a credit card, but be careful. If they do, do not charge things that you want. It is only for emergency purposes.
yes whatever you bought with the card can be taken until the balance has been met, or you just keep getting further and further in debt
They will not do so immediately. They will attempt to collect from the estate. Debts are one of the primary reasons someone should open an estate. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are …ended. (MORE)
No. That doesn't make sense. If a person is trying to figure out how to pay their credit card debt that means they haven't managed their finances very well. That behavior won't change by itself. There is a good chance it will continue after they have mortgaged their home as security for a loan …to pay off their credit cards. People who mismanage money often continue to use their credit cards and get deeper into debt. If they can't make their mortgage payments on time the lender will take possession of their property by foreclosure. Try credit counseling before placing your home at risk due to out of control spending. (MORE)
Not possible. The contract between the original creditor and buyer is a private transaction. The percentage varies widely. It's also important to understand that many collection agencies work in a contingency basis and only get paid if they collect.
Your credit card because once you pay it off, the collection agency would quit annoying you all the time. They would be satisfied because they will get a part of the money you pay to your credit card. :)
It is possible But It is very difficult to get them to do this, they cancel the card and won't give you another. And they can report this as a negative on your credit report. If you get them to do this: Make sure you get it in writing! Hold onto the letter or agreement! They will sell your ba…d debt to a bill collector, maybe More than once and you will have to prove you have fully satisfied the debt! Advice on how: Don't ever get angry, crying is Okay but quietly, no yelling, swearing or attitude toward the people you are dealing with. Start out and tell them what you can pay per month and why you can't pay the interest. They will want you to pay the interest to date but may at their discretion forgive future interest. They will not forgive interest already on the card account. Get the agreement in writing. They will try to get you later if you can't prove an agreement. When it is completely paid off get that in writing (see above) Pay it off quicker than required. Get it over with! (MORE)
What happens when your partner dies and had outstanding credit card debt who is responsible for paying it off?
If there is no legal connection (marriage or business partnership) there is no obligation. The estate has to be settled and the assets sold to pay off the debts before anything can be distributed.
Unless you have a very high amount of debt, it is usually best to pay off your credit cards. Although it is widely advertised as being "cheaper," debt consolidation often results in higher interest payments.
In order to plan a budget that will help you pay off credit card debt you must do several things. First of all you will need to assess what kind of monthly bills are going to be ongoing and also what unexpected costs will you need to budget for. Of course monthly income will need to be calculated… but for most people that is a little easier unless you have income that fluctuates from month to month. Once you have your base income and a good idea of what your estimated costs are you can see what your disposable income will be. From this amount you will need to realistically decide how much you can live without each month and put that amount every month toward paying off your credit card debt. (MORE)
The length of time a debt collection is sent really depends on the credit card company. If they have attempted to make contact on various occasions with no resolve then the companies will often send out a debt collection notification, and also the companies will notify the credit bureaus.
The first thing you need to do is always pay at least your monthly minimum on any credit cards you own. If you are able to pay off more than the minimum you will pay the debt off faster. Often times companies will allow you to consolidate your debt, so you will only need to make one payment for all …your credit cards. (MORE)
To find information about paying off credit card debt, one can consult various finance websites. These websites give advice on this type of problem. One might also seek the help of a financial planner or adviser.
Your credit card company will send you a bill and these bills will include a pre-addressed envelope. Mail the check in that and it will be applied to your bill.
Actually there are several good guides available online on how to pay off credit card debts. Some examples include: "Bankrate", "CSMonitor" and "DebtConsolidationCare".
Securing a loan to pay off a credit card debt is not generally a good idea. However, if the interest rate on the loan is lower than the credit card rate it may be a good thing to do. Online lenders usually do not offer a rate lower than credit cards, so one's bank may be the only place to find a loa…n with a lower rate. (MORE)
There are many ways to pay off student credit card debt. Some of the ways to pay off credit card debt are borrow against life insurance, get a home equity loan, renegotiate the term with a creditor and many more.
You just have to pay it from somewhere, such as from your regularcash or your savings. You could get a loan, but in the long runthat could end up costing you more money, as you may have to payinterest on the loan. You cut out frivolous expenses for a period of time and put themoney towards the most… expensive debt you have. When that is paidoff, then you go to the next one. At the same time, you start asavings account so that you have enough cash for emergenciesinstead of using credit. To do this, you cut living expenses, get aroommate, defer decorating expenses, eat home cooked meals and wearthe clothes you already own. Another help is to periodically choosea month where you avoid spending any money at all, which takes someingenuity, but can have great rewards. (MORE)