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A debtor owes someone else money. A creditor is owed money from someone else. So, a debtor owes a creditor. Or, a creditor is owed by a debtor.
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∙ 12y ago
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What can a collection agent do if you can't pay the debt?
Depends,how is the amount of debt. if amount is low,only warning should be placed to debter. But if amount is big enough,then they can bully on you. Depends on the situation,how you tackle it.
Why does your credit report have chargeoffs when you have paid all the creditors off?
in most cases your original crediter, say sears, charged off your account and then turned it over to a collection company. the collection co bugged you and you paid the amount owed. in this way you did pay in full but prior to paying in full Sears charged it off as a bad debt. the collection company got 50 60% of the total amount you paid.
What happens after repossession?
Yes they can take you to court, try to get a judgment, and then try to garnish wages, put leins on property, etc. THis varies by state law but they can't "SUE" you and have a judge force you to pay. They got rid of debter prisions a while back thank goodness. The finance company will sell your auto wholesale (much cheaper than you could have sold it) and then say you owe them the difference. You can look up the wage garnish laws, and property lien laws of your state online. In most states only the mortgage company can force you to sell your home, but check it out. This debt can also be wiped out by filing bankruptcy successfully.
If had unpaid debt for credit card and car loans in Texas how long until the statute of limitations apply?
First thing you can not go to jail for your debt. It's in the constitution the U.S has no debter prison. The unpaid bills will be on your credit report for at least 8 years. Traditionally every 8 years the information on your credit report resets. This information doesn't completely reset, information from say seven years past will still be there. The stuff that has been sent to collections will sometimes be there. Bankruptcy stays on your credit for ten years. When you lose a home, you are buying stays on there for ten years.The way most credit card companies handle what you owe them, they sell to a collection agency. This is called a [charge off], the agency buys your bill from the credit card company. It is bought pennies on the dollar. Then it is the collection agency's job to collect from you. The collection agency can and will usually get a judgment against you. Judgments can expire, but it can be renewed through the court every several years before the judgment expires. The car loans fall into the same pattern.
How can your loans be forgiven if they are in default and you are disabled?
https://www.acs-education.com/bac/FFEL/DefermentQualifications.HTML#Disability There is a Temporary Disability Deferment Request form that you would need to fill out and have a physician sign. This form is available at the URL above. I was in college in 1999. I became disabled with Reflex Sympathatic Distrophy and could not continue school. I am receiving SSI. I filed the papers for the loans(4000) to be forgiven. My doctor filled out his portion. I sent it in and thought that was the end of it. Now every year I get a letter from EDS saying it is still owed. I sent them copies of my disability 3 times. It has become a bad mark on my credit. My SSI is 564 a month, my rent is 530 a month and I am trying to raise my 13 yr old son on this. The best advice I can give is BEFORE you send the letter from your doctor make several copies because each time they sell you student loan / send it to collections, they leave out the fact that you are permanently disabled and you have to go through the whole process of re-filing your disability claim. I was in the same position.When the crediter wrote and called me I informed them of my disability and was referred to another arm of the crediter.They sent my loan back to ED's where you can begin to get your loan totaly removed after being disabled for 3 years. I am not sure how the credters work ,but when they found out my only income was SSI,which they can't touch,it was less than 2 weeks before I heard from ED's.This is a permanent disability.
Can a crediter garnish your wages in Texas?
Possibly.
Is Sweden a debtor nation?
Sweden is a Donor Country, not Debter.
What happens when a creditor sends you a summond to go to court for a bad debt that was a bank loan. should i go to court or settle with the crediter?
better to settle with creditor first
What can a collection agent do if you can't pay the debt?
Depends,how is the amount of debt. if amount is low,only warning should be placed to debter. But if amount is big enough,then they can bully on you. Depends on the situation,how you tackle it.
What is the meaning of pro note?
If any person borrows any thing like money or any valuable property for a certain period. in such transaction when the debter writes a letter acknowledging his debt and stating that when he will return money. this written thing is called pronote. zohaib raza
What is the meaning of note?
If any person borrows any thing like money or any valuable property for a certain period. in such transaction when the debter writes a letter acknowledging his debt and stating that when he will return money. this written thing is called pronote. Hafiz Aqeel Ahmad Qila Ahmad Abad
What is the meaning of pro-note?
If any person borrows any thing like money or any valuable property for a certain period. in such transaction when the debter writes a letter acknowledging his debt and stating that when he will return money. this written thing is called pronote. Hafiz Aqeel Ahmad Qila Ahmad Abad
Why does your credit report have chargeoffs when you have paid all the creditors off?
in most cases your original crediter, say sears, charged off your account and then turned it over to a collection company. the collection co bugged you and you paid the amount owed. in this way you did pay in full but prior to paying in full Sears charged it off as a bad debt. the collection company got 50 60% of the total amount you paid.
If you by a car from a used dealership and it gets repo'd do they serve papers?
When you fall behind on your payments from any place, the lienholder has a legal right to repossess the collateral, mainly the car or truck. They can be nice and warn you, or not. The only papers they may serve is the order to repossess. Most recovery agents (repo people) prefer not to tangle with a debtor and take the collateral when the debter doesn't show up. As long as they call it into the police to protect themselves and they have an order to repossess the goods from the bank, that's it.
What was Georgia's relationships with England?
Colonial Georgia was started as a place where people who were in English debter's prisions could come and start over. England probably did not have good relations with Colonial Geogia because it was a place where the debters were free and could start over and not have to spend life in debters prisions.
What happens after repossession?
Yes they can take you to court, try to get a judgment, and then try to garnish wages, put leins on property, etc. THis varies by state law but they can't "SUE" you and have a judge force you to pay. They got rid of debter prisions a while back thank goodness. The finance company will sell your auto wholesale (much cheaper than you could have sold it) and then say you owe them the difference. You can look up the wage garnish laws, and property lien laws of your state online. In most states only the mortgage company can force you to sell your home, but check it out. This debt can also be wiped out by filing bankruptcy successfully.
How long does negative information stay on credit file?
15 years FCRA says the SOL is 7 years and up to 1o in some states
