If a creditor charges off a debt can they still go after you for repayment?
Yes, the designation "charge off" does not make the debt owed invalid or uncollectible in any context.
Yes. A debt repayment program other than a chapter 13 bankruptcy, does not confer legally binding terms on creditors to prevent them from seeking litigation. AN exception obviously would be if the creditor has signed an agreement agreeing not to file a lawsuit as long as the debt repayment obligation is met. It is however, very doubtful a creditor would agree to such.
Can a spouse have her name placed on your credit cards as a second card holder with out your authorization Can you be held financially liable for her debts in Florida these were not joint accounts?
Under Florida law a spouse cannot be held liable for debt repayment if the debt was not jointly incurred. The issue concerning the second card holder will need to be taken up with the creditor. If the couple were still legally married at the time, the creditor will probably accept the spouse's right to use the account. In which case the account holder will be held liable for all charges pertaining to the account in…
If you have about 50000 of credit card debt that is 10 years old and you have not filed for bankruptcy does the debt still have to be repaid?
It depends on if the debt has been charged-off. Typicall after a debt is charged-off the original creditor has a specific time period depending on the state in which the debtor reside to file suit to obtain a judgment in order to force the repayment of the debt. If the time period mentioned above elaspes without the creditor filing suit then typically the answer would be that the debt does not need to be repaid…
If you have signed a promissory note with a five-year repayment term and you file for bankruptcy will you be protected from repayment of the debt?
Unless you committed fraud, the answer under most circumstances, yes. If you pledged any collateral as security for the loan, the creditor's lien on the collateral would survive. The creditor would have 60 days after the meeting of creditors to file an action objecting to your discharge. If the creditor took no action, the debt on the promissory note would be discharged.
Ask the creditor to send you written verification of the debt including all of their documents after incurring the debt. If the cancellation of the debt is not indicated in their documents, then dispute the debt by providing your written notification of cancellation of the debt to the creditor and if unsuccessful, then dispute the debt with the credit bureaus who will initiate an investigation with the creditor and the credit bureau will usually repond…
If a debt on your credit report says 'bad debt write off ' can the creditor still sue you or collect the money?
The Limitation Act 1969 (NSW) places time limits on the rights of a creditor to bring an action for the recovery of debts. In most cases a creditor or a debt collector must recover the debt, or commence court action to recover the debt, within 6 years of: the date on which the debt first arose or the date you last made a payment or the date you acknowledged the debt in writing The 6…
Can collection agencies request additional money on interest charges after the debt is paid in full?
No, a debt collection company purchases a debt from a creditor. They can try to collect on that debt but may not charge interest on it as they have no contract with you outlining interest charges. If a company is attempting to do that, cite the Fair Debt Collection Practices Act, a federal law, and complain to the Federal trade Commission, which oversees debt collection practices.
See my answer to post on "collections after 1099c???" Do you mean owe the difference to a creditor? Answer no 1099c is a confirmation that a debt has been canceled by the creditor. No further obligation of repayment by debtor is expected or can be requested. This may be income to you according to the IRS whom also gets a copy of the 1099c.
Is a surviving spouse in Pennsylvania responsible for repayment of a credit card debt when his deceased wife was the authorized user on an account that was held by her deceased mother?
No. Only the account holder is responsible for repayment of debt incurred on a credit card. An authorized user is not responsible for repayment, but in this case if the now deceased AU continued to use the account after the death of her mother (the account holder), the AU's estate might be responsible for any charges made under such circumstances. In any event, the surviving spouse is NOT responsible to repay the CC debt.
If the collection agency amount is more than the creditor amount which amount do you legally have to pay?
If you sue someone for charges they make on your credit card do they have to pay you or the company?
If a creditor did not file during a chapter 13 and then it is discharged will you still have to pay them?
The main difference between the two is that when a account being. Debt services means they consolidate your debt and debt repayment means they are asking for repayment through money. You should go for debt services to get out of debt. The meaning of this is that the debt consolidator will get in touch with all your lenders, "pay off" the balances on your behalf and subsequent to this instead of two or more credits…
Do the kids have to pay their mother's outstanding Visa balance when she dies if she has no assets and no husband?
It will be difficult to prevent the creditor from obtaining a judgment when the debtor has no monies. The debtor may have to borrow money from friends or relatives to prevent pending legal litigation. The creditor generally prays for judgment after negotiations for repayment of debt have broken down and cannot be agreed upon.
Recall of a debt by a creditor is when the original creditor asks for the debt to be returned to them after they have sold it, often to a collection agency. This may occur if the debt has not been collected for a certain amount of time, and the debt will be sold to another agency to collect, or if the debtor offers the original creditor a settlement.
"Written off" does not always (usually) mean a debt is not still collectible. The term "forgiven" indicates that the creditor no longer considers the debt valid. When a debt is forgiven the debtor will receive a 1099C from the creditor/collector and a copy is sent to the IRS.. The debt is then considered income and must be reported on the debtor's tax return as such.
If a creditor uses a collection agency to collect on a debt do you still have to receive some kind of statement?
If your debt with a judgment against you has been sold can the judgment still be on your credit report from the original creditor effecting your credit report twice?
Who should the debtor pay when an account is sold by the original creditor to another lender or collector?
Is distributed inheritance from a deceased cosigner's estate subject to creditor action when the primary borrower cannot make the loan payments?
The bank can go after the granddaughter for repayment. * Monies belonging to any persons other than the primary borrower would not be subject to creditor attachment. If the primary borrower received monies from the estate, that would be viewed as an asset if the creditor decided to file suit to recover the debt owed.
The terminology that is generally used is "judgment proof" or "execution proof". Basically it means that the debtor has not property which can be seized by creditors for repayment of debt. Or possibly the debtor resides in a state which does not allow such action to be taken; for example wage garnishment for creditor debt is not allowed in Texas, Pennsylvania, North Carolina or South Carolina.
After you pay the collection agency the negotiated credit card debt settlement amount can the creditor still chase you for the balance of the credit card debt later?
Yes, unfortunately a negotiated settlement does not legally satisfy a debt. I would recommend that you request a letter from the creditor stating that the debt has been satisfied and make sure to submit that to the 3 credit bureaus as proof of fulfillment of collection. that is right, i settled a debt and they still have the balance on my credit report. I called the collectors (citi bank) and they told me i can…
Then the creditor must cease any attempt to collect the debt. It means the creditor is not allowed to call debtor, or send the bill to debtor's address or to make any further attempts. If the creditor still call the debtor, the debtor may complain and initiate a lawsuit. But usually the creditor will take the debt to court when a debtor serve him with cease and desist letter. It could be as soon as…
If the collection account keeps being sold to another collector at what point does the statutes of limitation start?
I don't know if you have heard of debt elimination, it's when you hire a contractual attorney to sue the creditor for violating you Consumer Rights. And trust me we are all victims of the banks predatory lending. For example; if a creditor raised your interest rate without your written consent that is illegal! The best part is that an attorney only charges 30% of the debt vs. 60-65% when you settle. Check out the…