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What else can I help you with?
Is it legal for a creditor to sell your debt?
Yes, it is legal for a creditor to sell your debt to a third party.
Is it illegal for a creditor to sell your debt?
No, it is not illegal for a creditor to sell your debt.
When a lien is filed on a property in Oregon can you contest it?
The time to contest a creditors claim of an unpaid debt is when and the creditor has sued you for the debt and the matter is in court for the hearing. If you miss your opportunity to defend against their claim, the judgment will usually be in the creditor's favor and the court will issue a judgment lien. Once the lien is issued and recorded in the land records you cannot sell or mortgage your property until the lien is paid.The time to contest a creditors claim of an unpaid debt is when and the creditor has sued you for the debt and the matter is in court for the hearing. If you miss your opportunity to defend against their claim, the judgment will usually be in the creditor's favor and the court will issue a judgment lien. Once the lien is issued and recorded in the land records you cannot sell or mortgage your property until the lien is paid.The time to contest a creditors claim of an unpaid debt is when and the creditor has sued you for the debt and the matter is in court for the hearing. If you miss your opportunity to defend against their claim, the judgment will usually be in the creditor's favor and the court will issue a judgment lien. Once the lien is issued and recorded in the land records you cannot sell or mortgage your property until the lien is paid.The time to contest a creditors claim of an unpaid debt is when and the creditor has sued you for the debt and the matter is in court for the hearing. If you miss your opportunity to defend against their claim, the judgment will usually be in the creditor's favor and the court will issue a judgment lien. Once the lien is issued and recorded in the land records you cannot sell or mortgage your property until the lien is paid.
If a debt on your credit report says 'bad debt write off ' can the creditor still sue you or collect the money?
= If your credit report reports that you have a bad debt write-off, then it means that the original creditor has written off the debt, but they can still sell the rights to the debt to a collection agency and they can contact you and take legal action.
If a debt has been written off as bad debt on taxescan a creditor seek payment after they have written it off?
Yes. "Writing off" debts to bad debt is a bit of accounting legerdemain, and not a legal waiver. Typically, original creditors only sell debt or sell the right and power to collect on debt after they have written it off.
If a Credit card company wrote off the debt and took a tax credit 4 full unpaid debt what legal rights does the credit card have in transferring rights to a collection agency?
Credit card companies win whether you paid or not. They write-off the credit card debt at the end of the year on their taxes, they also hedge their burden for increase risk by having insurance so they recover some of your losses from your default and they can sell their uncollectable debt to a third party (collection agencies). What rights do you have? The Fair Debt Collections Act. Your debt is with the original creditor (Credit Card Company) and not the collection agency any money you pay should be to the original creditor.
If i don't pay credit card debt can they take my car that is paid off?
If Your creditor get a judgment against you they can sell what property you have to pay the debt. So the answer is Yes.
What happens if you lose your job and cannot pay your credit card debt?
It may sound ridiculous, but unfortunately loss of income is not a valid defense for not paying ones debts. The creditor will attempt to collect the debt for a certain amount of time and then may sell the debt to a collection agency which will continue the action. Both the original creditor or the collection agency have the right to pursue legal action in the form of civil suit if they believe it to be warranted.
Can a you be forced to sell your home or car to pay for unpaid credit card debt in North Carolina?
Yes that can hapen any where.
Can a credit card company issue a summons for unpaid debt or can a credit card company retain services of an attorney and sue for unpaid debt?
sure they can but they cant collect or that is what happens in texas they can get an injunction against you but that means you have to pay them but not when Absolutely. You own them the money and they can hire an attorney or sell the debt to a collection agency.
What law gives the creditor the right to sell the debtors property to satisfy the debt?
First, there is no law that allows a creditor to sell property owned by a debtor. Rather, the creditor seeks a court judgment against that debtor and the court decides how the debt will be paid if the debtor is unable to do so out of their liquid accounts. Second, the property must be linked to the debt in some way. For example, repossession of a car for an unpaid auto loan, foreclosure on a home for an unpaid mortgage. A credit card company cannot go directly after the property of a borrower that did not pay - rather, they must seek judgment to do so AND the court must provide for the sale of property. Finally, the creditors must follow fair debt collection practices, meaning that there is a long time between liquidating any property and determining that the debtor will not pay. Collections processes generally run up to 180 days and subsequent court proceedings (e.g., foreclosure or civil suits) will take some time as well.
Is having a lien on your property a bad thing?
Having a lien on your property is generally considered a negative thing because it means that there is a legal claim against your property for an unpaid debt or obligation. This can affect your ability to sell or refinance the property until the lien is resolved.
