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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

If a second collection agency takes over a unpaid debt can they have that collection put on your report?

Yes the second collection will be placed on the credit report. But they will remove the first collection agency off the report. In some states it is against the law to be double billed by two collection agency for the same debt.

Am i responsible for deceased spouse medical bills in NJ?

Medical bills of the deceased are the responsibility of the estate. Anyone that was a co-signer on any of the agreements might also be responsible. Consult a probate attorney in your jurisdiction for help.

Do debt collectors have to provide consumers a toll-free number?

There is no requirement for a debt collector to provide a toll-free number, but most do, because it improves response rates.

If you sell a business does the business debt transfer?

This depends on the buy/sell agreement. If the agreement establish that the seller takes the liability to pay the debts for the business, then will not be transferred. But in other hand the business is sold with all liabilities (debts), then the buyer that acquire the business will be liable to the debt. Is good to establish the assets and liabilities that will go with the buy/sell agreement.

What is facnab?

Frost Arnett Collection


800 264-7156

How much can a third party collection sue for on a credit card account balance of 2500?

It is probably unreasonable for them to expect more than the $2500 dollars you owed. Also, if the debt is several years old, though, you may want to check the statute of limitations for your state to see if you are still liable to pay it off. If your credit report shows that it has been charged off, do not pay them anything since it starts the clock again.

How much money does a debt collector make a year?

I make $18 a hour and average about $16 a hour in comission. So that makes a total of $34 a hour.

How do you do online payments?

Depends on what and where I am buying, but mostly I use paysafecard, which is a prepaid card. I don't like it when I have to give away personal details on the internet since I don't want to leave a track record of everything I do and buy... plus it's safer than using a credit card, which is what I use when psc isn't available as a payment option.

Will you be liable for missed payments after foreclosure?

You will not be Liable for "payments". Depending on your state laws, the lender may obtain a deficiency judgment against you.

If the house is a primary residence, you will not be sent a 1099-A nor, will the IRS receive one on you, unless you have a HELOC, Line of credit, or other type of lien. (Pool) In that case they can come after your for the entire deficient balance. You will not receive a 1099 in this case, you will receive collection calls and possibly civil liens, and wage garnishment. This applies even if you live in a non-recourse state such as AZ. If the property is an investment property, you will most likely receive a 1099-A for the deficiency, and they will try and collect that debt as well, as it is not covered under non-recourse laws. The only real way out of both of these actions is to file bankruptcy or to pay the debt off.

You can go to hud.gov (the specific URL is in the related links section) and find a certified pre-foreclosure specialist. HUD counselors work with you and your lender at no cost.

Do you inherit debt?

No, you do not inherit debt. Unless you choose to do so. The estate is responsible for ending the debt by either paying it off or showing the court there are no assets.

What can they do when you have lost your job and can not pay your credit cards?

because no job no income now im the one undocumented person.i wiil facing any punishment to be serve to me.i didnt want to lost my job.what can i do now?

Why would someone have to owe the IRS?

Foolish planning an ignorance are the 2 main reasons. That tax is a fact of life can't really be reasonably considered to be unexpected to anyone otherwise.

Has the national debt ever been zero?

Yes, 1835 was the first time and perhaps again in the 1850s, but not since.

What is the difference between security and collateral security?

Security is broader, including guarantees etc. Collateral is something specific that can be seized upon default, like a house, car, or shares.

Is a wife who is not a joint account holder responsible for her husband's credit card debt in Illinois?

Illinois is not a community property state, therefore a spouse who is not a joint account holder is not responsible for the credit card debt of the other spouse.

Can your wife have your bank account frozen if it is your name only?

without knowing which country you are in I can not say yes or no, but..I am in a similar situation here in England.

My marriage broke up in May. My wife took the joint account with her as it received her salary, and i maintained my own account.

However, my wife decided to declare herself bankrupt and as a result, the joint account is frozen, my own personal account frozen, and furthermore an account in the names of myself and my mother also.

So, essentially i think the answer is..yes, but, not directly. It depends upon how your wife behaves in respects of any accounts where your names as listed together

How do you send a letter to collect a debt for your business?

(Your Letterhead)

(Address Element) (Date)

RE: Account # _________________

Dear Mr. John Doe:

This is just a reminder that your payment of $_________ has not been received by our collection office. If you forgot to mail us your payment, please send it today. If you have already mailed your check, please disregard this notice.

Sincerely,

Creditor Company (or name of business)

________________________________________________________________________________________________________________

(Your Letterhead)

(Address Elements) (Date)

RE: Account # _____________________

What are the costs and pitfalls of using a charge card a debit card and a credit card?

credit card:

no worries if card is lost all you have to do is annul it.

Debit card:

you have to be in charge

charge card:

don't really exist

I received a 1099-c in my deceased spouses name do you still have to claim this?

If when your spouse passed away, a Trust or an Estate was setup to manage their remaining assets, then you are required to file a tax return for the trust or estate and the 1099-c would need to be included on that tax return.

If no Trust or Estate was established, then you do not need to file an Estate tax return. Your spouse's final return would be processed either jointly with yours or individually depending on how you have historically filed and your individual tax situation. The 1099-C would NOT be included in that return.

In Illinois is the surving spouse responsible for medical bills if their is no estate?

The base assumption is always going to be that that the other spouse inherits the other's assets. But the estate has to liquidate all assets before they can transfer them to the spouse. One way or another, the spouse ends up paying the debt. The spouse has some right in all real property owned by the husband. If the assets are not enough to cover the debt, the real property may have a lien placed against it to cover those debts.

Conclusion of energy conservation?

the conclusion is sumthing which concludes so conclusion of energy conservation is to conserve energy fr futher generations.....:P;):)

1795 liberty coin value?

ALL coins in the U.S. have the word LIBERTY on them, and in 1795 ALL coins had a picture of Miss Liberty on the obverse side as well. Please post a new question indicating the coin's denomination.

Can you reinstate a home foreclosure although the court gave the bank judgment?

You can reinstate your mortgage after judgment was entered. The bank can move to have the court set aside the judgment.

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