Debt Collection

ACH debit is a type of payment that allows companies to electronically withdraw funds from your bank account, using your bank routing number and your account number.

Credit card debt does not expire. If collection for the debt becomes a liability, then the creditor can write off the debt as a total loss or warrant a reposession of property, but the debt itself will never expire on its own.

This is a serious endeavor that require you to engage in a business relationship with one or all of the 3 credit agencies. It is not designed for an individual to report a single account. The laws surrounding credit reporting are far to vast for the average person to process.

If you own a company and will need to set up a reporting relationship I suggest you visit the websites for:

Equifax

Experian

Transunion

Yes. It says "Account information disputed under Fair Credit Reporting Act" or some variation of that. The dispute doesn't hurt your score, it is your legal right.

No they cannot. It must be by court order, and/or government agencies (tax delinquency for example).

No. You never agreed to pay the debt, therefore cannot be held responsible.

No one. The family is not responsible for the debt. Credit cards want people to think they are, but it is volunteer to pay/assume the debt of the person who passed away.

No one. The person left is not responsible for the debt. The credit cards want people to think that the family owes for the deceased debt, but they don't.

The debts properly belong to the "Estate" and if you are inheritor of the estate then you can be held responsible to pay the debts. Under estate laws the estate must pay its debts. Normally when the amount of debt outweighs the liquidatable portion of an estate you can 'make a deal' with them to pay off a percentage of the debt. If they will not work with you then you can file bankruptcy on behalf of the estate, and force them to accept that amount, less all fees for bankruptcy (IE: a lot less than they would have gotten). Note however that they cannot affect your credit or your credit score, as the debts are not properly attributable to you.

If Roxanne had $300 in her savings account which had a 5% APR, her balance after one year would be $315. You would calculate this by multiplying 300 by .05, which equals 15, and add that to the original balance of 300.

It means, bank can only contact through mails not over phone.

The executor is not personally liable for anything. The estate is liable for all of the debts. If the executor is going to inherit anything, there may not be anything for them to get.

NO -- Even if the federal government again reaches a financial state of having relatively low debt compared to the GDP, I am quite sure the U.S. Congress will spend so much more on programs that the level of federal debt will be driven-up again (this predisposition has been the track record since LBJ started the Great Society programs in the mid 1960s). What really matters is whether the federal government gets into a situation where it becomes so difficult to pay the costs of servicing its outstanding debt, that there are insufficient appropriations to fully fund existing programs / operations. Yes, even the federal government can only increase its debt just-so-much in a budget period -- note that public debt vehicles are marketable securities, so only so much new debt can be sold at a given yield over the life of the vehicle. Also note that up till now the Congress also has transferred liquidity from Social Security revenues to fund other programs, essentially making in-the-ledger (ie. no contract vehicle) loans from the Social Security funds. This will be dropping to 0 about now because the increasing proportion of retirees starting to draw Social Security benefits has reached the level of consuming all the Social Security revenues. In extreme times (eg. a depression), the federal government might not be able to float any new debt because the market of investors has been too diminished, and/or the investors don't believe the government can continue to service the outstanding debt at the reducing levels of GDP (which directly translates to reducing revenues). Of course the federal government literally can authorize an increase in money supply (either as currency or on accounts for disbursement of funds), but this quickly causes devaluation of the dollar versus foreign currency and eventually causes price inflation within the national economy.

This is done to prevent people from spending the money in the account or moving it elsewere. This is usually done when the perosn is acused of criminal activity to keep them from emptying their accounts and moving to another country to avoid going to jail.

Used to prevent losses to the bank. Most banks make funds from a check you deposit available to use before they actually receive the money from the other bank that the check was drawn on. Some people will deposit checks they know won't clear into an account, then as soon as the funds are made available withdraw them. A little later the check will bounce, but the person will have already stolen the illegitimate funds. A bank can freeze an account so that a person can't do that.

You are not required to give a collector any information

Unless both spouses signed the credit card agreement, the answer is no. The debt can only be charged against the property of the deceased, but must be fully paid (or paid as much as it can be in the case of an insolvent estate) before anything can be paid to the spouse.

Yes, because the death does not really matter in terms of debt. One is responsible for any debts of their spouse anytime and all the time.

No they can not send you collection for the money they think you owe them , they must send you a notice or a letter first.

From Ripoff Report

1. LOOK OUT! If you or an relative has been contacted by this company D.C.S.!

2. This is an scavenger collection agency. They buy old debts that are past the legal collection dates, and attempt to "re-activate the debts".

3. The census is, this is a MOB owned Franchaise. That this is the new MOB method of collecting money illegally from regular people like you and me.

4. This is also, a franchaise. If you "Google" any phone number they contact you with, you will find, that they 'have branches" all over the U.S.A.

5. The #1 "TRICK" that D.C.S. likes to us is: Calling people in your last known area, with the same last name as yours. Example: your last name is Jones, and they will call all of the Jones' in your town. They use the Yellow Pages, White Pages, and then move on to more advanced searches. If they think they have a good "hit" on someone or a like name. They don't even care if the debt is really yours! only if they can convince you that it is your debt, or that you are obilgated to pay it, "to clear up your good name etc".

6. The obtain "victims" that is you and me, from old court documents on cases filed and granted. They look for foreclosures, bankruptcies, divorces, child custody cases etc.

7. When the start their "Scavenger Stalking" they like to repeatedly call, people they believe are your relatives. They "pray on the elderly", and use bad hearing, eye-sight and dementia to extract information on relatives.

8. Our advice is: Go to Clark Howard.com, and copy a drop dead letter from his website. We have used this letter twice, and it works wonders. We always add a "little extra" like under c.c. Dept of Justice, Law Firm etc.

9. Most people don't know that if you quit paying on a debt, that within 18 months the creditor has to by law, do a charge off on you. But scavengers like D.C.S. attempt to break this law, by contacting you, and threatening, lying, malnipulating, cheating, and being abusive to people like you and me. My plan is to sue in court. This may actually be a new way for me "to gain a little revenue for myself"!

I presume your question is "how did your debt wind-up at a collection agency". There are 2 methods: (1) the original creditor sold your account to an agency for a price that is a fraction of the outstanding balance on the account (so the collection agency now is your creditor legally), (2) the original creditor contracted with a collection agency to get you to make more payment on the debt than you have while interacting with the original creditor only. In either case, a collection agency is a company that makes a profit by getting debtors to make a payment of sufficiently greater amount (than they had been making to the original creditor) such that a greater return can be realized from this continued effort to collect the debt, and collection agencies usually are profitable companies. In my personal opinion, the first method (# 1 above) is used in the vast majority of delinquent debt collection situations. Any creditor organization of at least medium business size has enough staff to attempt to coax the debtor to make more payment, so there would be no reason to contract a collection agency to try again. That latter point being understood, collection agencies sometimes resell a debt account to another collection agency when they give-up on trying to get more payment from the debtor (and the account has not been settled).

The bank pays it to you. The interest reflects the return on the capital you have loaned to the bank.

No They can not.....you are in one of the safe states. Texas and North and South Carolina along with Pa are safe states that can not garnish wages.

Most likely yes. Contact your local consumer advocates office for specifics on your situation.

Not unless the mobile home was part of the collateral offered for the loan that is in default or. For example, if the lender gave money to a borrower and secured a lien against land, then you placed the mobile home on the property, the mobile home is your property and was not part of the defaulted loan. You will be required to vacate the land, but should be able to take the mobile home assuming it belongs to you. Generally, true mobile homes are not real estate, they are personal property. A mobile home can become real estate if it is built after the 1970s, has a HUD sticker, is on a foundation and the owner pays property taxes. If this occured and was owned by person who defaulted on the loan, it might be part of defaulted loan. There may be a trustee of record for the foreclosure, if you are unsure about your rights you may contact them or an attorney for information

If a person dies and owes money on credit cards, the person who issued the credit cards loses. The merchant still gets his money. (The credit card companies make money by charging merchants a small fee on each transaction. They make interest. They lose money on deadbeats and deaths.)