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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
What happens when you close a credit card with a balance?
You cannot close it until you settle all your dues to the card issuing bank.
What does credit on debit card means?
Available credit or in general credit on a Debit card means - the amount of money you have in your bank account.
Lets say you have Rs. 10000 in your account then your credit is Rs. 10000 only.
The estate is responsible to pay outstanding debt before being distributed to the heirs.
How do you negotiate my own debt settlement?
If you really want to settle on your own, you have to be stubborn, and be willing to let your credit score keep taking a beating. Once you have saved a lump sum (the percentage of the entire debt you'd be willing to pay to settle it) and call the debt holding company. Advise them that you're willing to offer x dollars to settle your debt. It's doubtful they'll say yes at first. They are trained and experienced at trying to get more money out of people.
If this is the case, be firm, and be willing to hang up and not pay anything.
Another good tip is to start with an offer lower than the maximum you'd be willing to pay. That way, if they say no, you can let them "convince" you to pay an additional amount.
Key is to be stubborn. Helps to keep in mind that many debt collection agencies buy these past due accounts for pennies on the dollar. They will often make a profit from you paying much less than the full balance of the debt.
There are settlement companies out there who can help you too. Do a google search, it will bring up hundreds. One I'm familiar with is swiftrock.com. Even if you don't go through them, they have a concise FAQ on their website with debt options.
Who is responsible for my mother's credit debt when she died with no assets?
Generally speaking, if your mother was the sole owner and user of the credit cards then you should notify the companies of her death. If she had no assets there is no estate and they are out of luck. However, her creditors may hire a local person to do an asset check. If they find any assets they will go after them.
What are the origins of debit and credit?
a debit card comes out of your savings and a credit card is something that you are billed with....lets say u bought a desk with a debit card an it costs u $50...that $50 comes out of your savings acount but if you bought that desk with a credit card you will be billed for $50 later in the month....its just better to use a debit card then a credit card...
How many credit cards does the average household have?
I would say the average household has 4 credit cards? One for the mom, one for the dad, and a business credit card for each.
That is wrong the average household has eight credit cards, and owes more than 8,000 on them. About 50 percent report having problems making the minimum payments on their bill.
If you recently deposited a personal check into your account, the bank will let you use $100 immediately by law. Until the rest of it clears however, it may show up on your bank statement as a "memo debit" until the check clears. For example, you deposit a check for $800. $100 is made available to you right away, but $700 will appear as a memo debit. Once the check clears 3-11 days later, that amount will disappear from your Pending debits and you will have access to the full amount of the check.
Your creditor made a mistake on your name can you tell the debt collector is not your account?
i was sued by citi bank and the wanted me to agree on a judgment so that i can continue making payment.
Can a creditor freeze your IRA account?
I don' t know about an IRA account, but a creditor cannot freeze or "attach" an individuals' social security or pension account in many States. If you can show that the bank "attachment" was either a SS monthly payment or receivables from a pension fund payout, the courts will declare the action invalid.
Don in Cherry Hill, New Jersey
Is a widow responsible for husband's debt in GA?
It depends if the dept was in both your names or just in his. If the widow co-signed for any of the credit she will be responsible. If the credit was only in his name, then no she is not responsible. Best advise is to talk to a lawyer
If no estate and husband dies is wife responsible for medical bills in Florida?
yes, the wife has to deal with the bills
Is cancellation of debt taxable?
Yes, it is a taxable event. I got caught myself one year by not reporting it as income.
What does income tax credit mean?
An income tax credit is a dollar-for-dollar reduction in your tax, based on money you spent or invested in an item the government has decided is a social good, and which therefore is to be encouraged by the credit. It is different than an income tax deduction, which is a dollar reduction in your taxable income, but only a partial dollar reduction in tax.
For example, let's say you spent $30,000 on solar panels for your home, for which your government will award a tax credit of 50% of the purchase price. In this case, your tax credit will amount to $15,000. If you owed $18,000 in tax in that tax period, $15,000 would be credited off, leaving you with only $3,000 in tax.
A tax deduction of 50% of the purchase price would likely result in you're having to pay much more tax, because the deduction applies to your income, not directly to your tax. For example, suppose you made $100,000 in the year you bought the $30,000 in solar panels. The deduction would be $15,000, making your taxable income $85,000.
How much do you save with the deduction? It's the difference in tax owing against the $100,000 versus the tax owing against the $85,000.
If the marginal tax bracket is 30% starting at $50,000 income, you would pay 30% * ($100,000 - $50,000), or $15,000 in tax if you don't buy the solar panels. If you do buy the panels and take the deduction, your tax will be 30% * ($85,000-50,000), or $10,500 in tax. Thus your savings is $4,500.
So you see, in this case a tax credit of $15,000 is MUCH BETTER than a tax deduction of $15,000. The credit is worth $15,000, while the deduction is worth only $4,500!
How do you resolve a bank account levy with the IRS?
You pay the underlying assessment.
If they already went to levy an account, you may even be past the time you can protest.
If you ignore them long enough...THEY DO NOT go away!
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In my case, I didnt.
They took all the money out of 2 of my accounts. I contacted them and am working to file my back taxes. My CPA says after I do so, I will get a refund of the excess.
A levy is a 1 time thing. They did it to my account and I have since put money back in the account and they dont automatically get it unless they happen to do another levy. And they probably wont because I am not running from them anymore !
LOL
Can a bank withdraw from your account for insurance without your permisson?
Are you sure you didn't permit your insurance company to bill your account directly when you bought the insurance? This is becoming a very common thing. If you didn't, you'd have to ask how the insurance got your account information to get the funds.
The state party focusing on electing party candidates to state officials
Certainly, there is no reason they can't. They may not be able to foreclose on the property, but if it is sold, the debtor's share will go toward the lien.
im a bill collector and i no alot of ins and outs with credit ..the best thing you can do to improve your credit is to maintain credit always make min payments to creditors and always carry a small balance something you can easily pay off but enough to carry over every month this shows good payment history and will always improve credit scores. i would recomend to get 1 max 2 credit cards with small limits and use them for gas or groceries things that u have to buy anyway. pay majority of that off everymonth. the only problem with doing this is that it will cost you a little bit in interest each month so shop around for the lowest rate. and remember having bad credit is just as bad as having not enought credit hope this helps
Is a child responsible for any debt owed by parents upon their death?
They are not personally responsible. The estate has the responsibility to resolve the debts. If the assets are not adequate to resolve them, they have to be written off.
Usually, to open an account at a bank, you must provide multiple forms of ID. If you have a valid Driver's License, a Military ID card, or a Alien Residency Card these are accepted at a bank when opening an account. Your bank will also, most likely, require you to have two or more forms of ID to confirm your address. Sometimes you can provide a piece of recent mail (like a bill for utilities or phone service) that has been mailed to you at your current residence.
When coming to the bank after your accoutn is set up, usually one form of picture ID is all that is needed when completing transactions such as cashing checks and withdrawing money.
There is a web link located below for you. It will give you your three credit reports for free once a year, you will only have to pay for the scores if you wish to have it.
Request a free copy of your credit report from all three reporting agencies. You are allotted one free report per year from each agency. The service above only gives an abridged copy of each report. By going to each reporting agency, you will get complete reports.
Technically the bill will appear on your credit report for 7 years but they cannot make you pay a single dime if the hospital or debt collectors can't get you in a court room within a single year; know your rights people- don't get screwed over.
(if you are making payments, it takes one year from your last payment for this to take effect...)
Joint tenants own 100% of the total each. If one puts a lean on their part then its only on 50%. If that person dies the other owns the whole 100 % without question. You cannot desolve a joint tenacy unless you sell your half or joint tenent dies. If the leans of the other joint partner is against a joint property and he dies then his half automatically goes to his joint partner and the person putting debt on his 50% is redundant because it is someone else's 100% after death. This person might have to sue the other person for his lean on the joint ownership but he might not win.
