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What else can I help you with?
Will a credit card company accept a lower payoff for a balance if the account is not past due but closed?
No
My bank is threatening foreclosure are they willing to accept a payoff lower than the amount owed?
Maybe, but no homeowner knows in advance how much a bank will accept or even whether it will consider an offer for less than the total amount owed. The best idea is to speak with the bank about getting the principal reduced in a loan modification or allowing the borrowers to pay less than what is owed in order to sell the house in a short sale.
Can a creditor garnish wages if you send them a small amount of money?
Yes, if the creditor chooses to sue the borrower and receives a judgment award the borrower's wages can be garnished. Please be advised, once a lending contract has been defaulted the lender can take whatever action they choose, the fact that they may accept a lower payment then originally agreed on does not mean they cannot pursue a lawsuit.
What is the difference between a secured creditor and an unsecured creditor in terms of their legal rights and priority in the event of bankruptcy?
In bankruptcy, a secured creditor has a legal right to specific collateral that secures the debt, giving them priority in getting paid from the sale of that collateral. An unsecured creditor does not have collateral securing the debt, so they are lower in priority and may not receive full payment.
After several years of hardship I'm finally capable of paying off or settling debt. What is my best option for doing so?
You should call each individual creditor and see if they will lower the amount you owe them in exchange for you giving them one lump sum. Most creditors will work with you and you won't have to pay the total amount you owe.
Will a credit card company accept a lower payoff for a balance if the account is not past due but closed?
No
How do you find the payoff amount for an old collection account?
Finding Payoff AmountsIf you are referring to "how to actually locate the company" who has the collection to obtain the payoff amount, I would suggest obtaining your credit report. Most of the time your credit report will have a list of creditors along with their phone number and/or address of creditor (if they are a "by mail only" type of creditor). I would suggest then calling them and state over the phone what you are trying to accomplish; you will be surprised how many creditors will either "settle" with you for a lower amount owed to clear the debt or set up a repayment plan for you. By selecting the repayment plan option you are also "reestablishing" a credit paying history which also can be reported to your credit report as a positive item for you. I hope this helps; this is what I suggest to and often time help my mortgage customers do. More tips from Wiki s Contributors:You must contact them. I have been through this myself.
My bank is threatening foreclosure are they willing to accept a payoff lower than the amount owed?
Maybe, but no homeowner knows in advance how much a bank will accept or even whether it will consider an offer for less than the total amount owed. The best idea is to speak with the bank about getting the principal reduced in a loan modification or allowing the borrowers to pay less than what is owed in order to sell the house in a short sale.
Can a creditor garnish wages if you send them a small amount of money?
Yes, if the creditor chooses to sue the borrower and receives a judgment award the borrower's wages can be garnished. Please be advised, once a lending contract has been defaulted the lender can take whatever action they choose, the fact that they may accept a lower payment then originally agreed on does not mean they cannot pursue a lawsuit.
What is a debt payoff calculator used for?
It is a tool to help a consumer reduce the interest rate they are currently paying and compare it to a lower rate and what they will pay under a revised loan. It can let them know the amount of debt they can afford if they wish a large purchase such as a home.
What is the difference between a secured creditor and an unsecured creditor in terms of their legal rights and priority in the event of bankruptcy?
In bankruptcy, a secured creditor has a legal right to specific collateral that secures the debt, giving them priority in getting paid from the sale of that collateral. An unsecured creditor does not have collateral securing the debt, so they are lower in priority and may not receive full payment.
After several years of hardship I'm finally capable of paying off or settling debt. What is my best option for doing so?
You should call each individual creditor and see if they will lower the amount you owe them in exchange for you giving them one lump sum. Most creditors will work with you and you won't have to pay the total amount you owe.
How likely are you to get collection agencies to lower the amount of your depts?
It depends. If the debt is newer and you owe a lot of money, then the creditor or collection company can sue you for the debt and place a judgement on your credit report. This could end up with your wages being garnished or your bank account being levied. Sometimes, you can negotiate a lower settlement on a newer account by writing a goodwill letter to your creditor, explaining your difficult times and why you could not make the full payment. If the debt is older, and the statute of limitations in your state has passed (which means that the creditor/collection company can no longer sue you), then you have leverage to negotiate a lower settlement. You also have more leverage if the account will soon be falling off your credit report (most accounts will be removed after 7 years).
Will the bond proceeds always be less than the face amount of the bonds when the contract rate is greater than the market rate of interest?
Yes, when the contract rate is lower than the market rate you have to take less money for people to be willing to accept the lower rate.
Can a bankruptcy judge make a creditor lower the interest rate?
In cases of bankruptcy, it is quite common for interest rates to be renegotiated.
If you apply for a credit card but you are offered a lower limit than you are expecting do you have to accept it?
No. You can turn it down, you never have to accept their offer.
What will happen if you do not show up for court when being sued by collection agency or credit card company in the state of Texas?
What may happen is the court will give the "Creditor" the ruling to Garnish Wages. Its a good idea to WRITE a letter to the creditor or Collection agency and see if you can reduce what you owe. You can negotiate a lower payment. Make sure you can afford that payment. What may happen is the court will give the "Creditor" the ruling to Garnish Wages. Its a good idea to WRITE a letter to the creditor or Collection agency and see if you can reduce what you owe. You can negotiate a lower payment. Make sure you can afford that payment.
