If the person has been paying on the debt, but the creditor is still pursuing legal action, it would seem negotiating might be feudal. It never hurts to try, however, creditors do not like lawsuits, as they are time consuming, expensive, and often end up with the debt not being collectible. The reason being, the debtor has no property which is not exempt under the state laws. If the person is gainfully employed,the creditor is probably hoping to receive a judgment writ for wage garnishment or bank account levy.
Yes, if you are paying of a car loan, there is no penalty for paying over your monthly payment. However if your monthly car payment is on a lease agreement you will have to refer to the terms of your lease as to what is allowed.
Paying your bills in full is always better than paying the minimum monthly payment. When you are paying your minimum monthly payment your balance continues to grow because you continue to shop and the interest continues to be add-on and it will take years and years to pay off. (by law, the bill will show how long it will take to pay your bills, if you are paying the minimum monthly payment). That is how people get overly in debt and high balances affect your credit score. my advise is: treat credit cards as a replacement of cash, (to take advantage of the rewards/benefits of the card), NOT AS A FAST LOAN.
Money spent towards paying off debt often comes in the form of a monthly credit card bill. A car loan payment is also money spent towards paying off a debt.
Making monthly payments on a no interest loan is way better than paying it off in full if you are looking to improve your credit score.
Multiply the monthly payment you are required to pay by the percentage interest you are paying. This will give you the amount of your loan each month that goes toward interest. Subtract this number from the total monthly payment for your amount of principle.
The simplest way: make enough money to place an offer on one and enough to continue paying the monthly payment.
That is what you are paying monthly is your insurance premiums. You have a choice of payment plans that are best for you. You can pay it once a year or one a month.
Generally no. If you pay extra on the principal you will pay off the loan earlier, but your monthly payment will stay the same. If you want to lower the payment, you will need to refinance. But paying extra will help you payoff your loan faster and can save significantly on the interest paid. For example, a 300,000 loan at 5% for 30 years, paying just $200 extra per month reduces the number of monthly payments by 78, or 6.50 years, and reduces the interest and total paid by $69,210.39. A significant savings to you.
You can lower your monthly car payment by making a larger down payment, so that you borrow less money in total. You could also choose the loan with the longest term, for example, paying $250 per month for five years instead of $417 per month for three years.
The earliest way to pay off your car loan early is to pay a little above your monthly payment each and every month. The majority of your monthly payment, especially during the early months, goes toward paying interest and financing fees. Even paying a small amount extra can be the equivalent of making two payments that month. Additionally, these small payments add up over time. Paying an extra 10% each month means that in less than one year, you will have already shaved off one monthly payment.
What is the Annual Percentage rate set at? Are you making more than the minimum monthly payment? Is the collection agency charging any monthly fees? If you are making a $10.00 a month payment and the finance charges are $8.00, only two dollars is being applied to wards the balance, each month. Check to see how much of your monthly payment is going to the finance charges and then increase your monthly payment to cover the minimum monthly payment and finance charges.
I would refer to my real estate provider on payment procedures and I would also gather information from friends and family for their own experiences on paying the monthly rent.