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Debt Collection
Debt collection is a legal and necessary practice when products or services have already been provided but the consumer has not paid for them. Some companies use collection agencies to pursue payments on debts owed by persons or businesses.
5,393 Questions
Debt consolidation can be a great tool to help manage your debt. By bringing all of your debt to one lender, you eliminate the hassle of making several payments. Read the rest of the article in the related links section.
Can a creditor remove a charge off?
Yes, a creditor can remove a charge off from your account and your credit reports. Credit bureaus can also delete charge offs from your credit report if they are disputed and not verified.
What happens if you foreclose?
You get your property back and get to keep any money already paid for it.
What do you mean by deferred income?
Deferred income is the converse of accruals. It is income received during an accounting period, but for which the company has not yet supplied the goods and services as at the end of the period, so which cannot be recognised as income.
How long are written check stop payments valid?
It depends on the bank. Most stop payments are lifted after 6 months. Here's an article about how to stop payment on a check.
http://stopchex.com/how-to-stop-payment-on-a-check.html
Refer them to the estate of the deceased. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
What happens to a married person's assets when he dies without a will?
The assets are transferred to the closest family member (if any). Most people have people whom they do not consider family, but in some cases this can be the person to whom the assets are transferred. In the case of a married person, the assets would be transferred to their spouse.
Collect a charged off or written off account debt?
The charging or writing off of a debt is only a required accounting entry by the creditor.
It does not effect you, or change the amount you owe, or that you owe it.
It does not change any of the legal methods to force collection that were available before making the entry. It does not change any of the creditors rights, or change your obligation in it. The debt is NOT forgiven.
All it does is make the creditors accounting statement recognize that an asset (your receivable) that it expected to realize, and already recorded as income, is not going to happen. They are taking the charge to their books for the expense of your not paying, or that it is now considered unlikely you will pay, and the asset essentially no longer exists (or in bank terms, is no longer productive). When the charge off occurs depends on many things in accounting parlance...most companies actually establish an account for expected bad debts (an accrual) as a current charge against sales, (expecting some to go bad), and adjust that account on experience...without having to do much on any particular account.
How long does it take for a debt collection agency to collect a debt?
A debt collector can attempt to collect on a debt for as long as she wants. She cannot, however, bring legal action against you once the statute of limitations has expired. At this point, she may still attempt to contact you by phone and written correspondence, but that is legally the extent of the actions.
What can you do if you have more than 10000 in credit card debt?
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What do Credit report tell creditors?
Credit reports generally tell creditors about your current and past credit history. They include things like the amounts of credit extended, the highest balance that you held, current balances, how long the accounts have been active, if and when you were late on a payment,how late the payment was, etc. They can then use this information to determine the risks associated with lending you money.
If your parents are deceased the Power of Attorney expired when they died. It is no longer in effect. If your sister used their credit card after their death then she committed a criminal act and could be prosecuted. Her use of the crdit card has nothing to do with their estate. She is responsible for her actions. If she charged on the account after your parents death, the credit card company can't attach the real estate you inherited. They would need to bring charges against your sister. You should cooperate by providing them with any information you have that would help in their investigation, where they can find your sister and the circumstances that enabled her to use your parents credit card (her being the executor of their estates).
How do you pull other individual's credit reports?
You need the written permission of the person whose credit you wish to examine or an order from the court.
How do you deal with credit card debt?
It depends how much debt , and how much disposable income (spending money) that you have. If you are able to make higher than the minimum payment, then do so. this will decrease the principle balance.
On the other hand, if you are making minimum payments, or you are struggling to do so, then you may need to enroll in a debt management or debt elimination program.
Carrying an excessive amount of credit card debt is like digging yourself in a hole. In many cases, the balances increase-not decrease. Due to the financial crises, there are many programs available to help people get out of debt.
When is a debt no longer valid?
The answer depends on what state you live in. See the link below for a web site which shows the time period when debts expire, by state:
''Doing a payment'' is to express completing a payment. '' payment is done '' means it has been completed.
What happens if a creditor sues you and you cannot pay because you do not have a job?
this site will answer your queries on credit problems www.failuretopaycreditcard.blogpsot.com
What does the term hold for collection mean when you deposit a check?
A check can only bounce twice before a bank will no longer accept it. As such, when collection agencies cash a check from a debtor and it bounces, they don't want to take the risk of trying to cash it and just hoping funds are available only to see it bounce again. If they did, then they would end up having to collect the delinquent funds all over again.
As such, they will often use this tactic of asking the bank to 'hold a check for collection', which means that the bank will keep the check on file for up to 30 days and check every day if there are funds available. As soon as funds become available they will immediately cash it.
A pre-foreclosure property has a delinquent loan and the owner is in imminent danger of losing his home due to foreclosure. His property has been listed as delinquent and will soon be taken into the custody of the lender. Buyers may be able to obtain a pre-foreclosure for 40 percent less than the home's market value, and the deal would close quicker than would a foreclosure.
How do you qualify for a hud home?
It depends on income and what the poverty level is in your state. HUD has a page for determining your eligibility. See Sources and Related Links for more information.
While the estate has primary responsibility in Louisiana, in most cases they will be held responsible. They are deemed to have benefited from to goods and services.
