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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 you do not owe it, they shouldn't be able to collect it anywhere. even if its past the deadline for you to contest the bill you should still try
Can they freeze your child account if you are on it?
It depends on how you are "on it". If you are a joint-account owner, then yes they can freeze that account. If you are listed as the guardian of the child (therefore the account is in the child's name, but you control the account) then no they cannot freeze it.
Non spousal states for debt collection in US?
States where the Spouse is treated as a Third party and a collector cannot disclose the debt if speaking with the Spouse of the Debtor
It is in the best interest of the debtor to not allow access to his or her financial information and most particularly not to agree to an automatic withdrawal from a bank account by a collection agency. The safest method is to pay other means, such as a USP money order with return receipt.
Can you lawsuit your wife for credit card debt?
It depends on what state you live in...usually all assets and all debts are shared, meaning that in the eyes of the law you basically want to sue yourself. Check the phone book for family lawyers or firms, most will be happy to give a quick consultation for free.
Where do you get a deed of lien of foreclosure?
A deed of lien can be given to you from your lender. If you are having a hardship that is beyond your control, (ie., terminal illness, forced divorce, long term hospital stay and can't work), and it creates a circumstance so that you cannot pay your mortgage and you have to foreclose, then you can write to your lender and request that they give you a deed of lien on your foreclosure. If they accept your request and give you the deed of lien then your foreclosure won't go on your credit. It may help however for the lender to accept your request if they see that you did try to sell your home first.
My ex-husband was ordered to pay the credit card debts when we divorced. He never paid them and I have never been able to pay them. He died in 2004 and because he had not AGREED to pay these debts, his estate could not be held accountable for them (even though there was a court order). I gave up a huge portion of our joint property so that he would take on the debt and I am still angry that neither the court OR my own attorneys protected me properly.
Can a primary card holder add an authorized user without the secondary card holders permission?
Yes, they can. This happened to me in August by Capitol One and I only found out yesterday because I ran my credit report. Apparently, they don't even need the secondary person's social, just name and birthday and they send the information to the credit bureau, making this show up on the secondary person's credit report.
I want to know how this is legal!
Will a credit card company seize your car for unpaid credit card debt?
If a creditor/lender obtains a writ of judgment from the court in the state where the debtor resides, said judgment can be executed against real and personal property belonging to the debtor. In matters of judgments for CC debt in most US states it is possible for the judgment holder to place a lien against a vehicle (depending upon how the vehicle is titled) and request a forced sale. However, even though it is possible it is not in feasible for the judgment creditor to take such action and therefore highly unlikely to occur. The judgment debtor can also, garnish wages, levy bank accounts, seize and liquidate non exempt assets (stocks, bonds, etc.) or place a lien against real property. The judgment debtor should familiarize themselves with what real and personal property is exempted from attachment according to the laws of their state. Generally these exemptions will be the same as are allowed in bankruptcy proceedings.
What happens to the direct deposit of my payroll if my house is foreclosed?
Nothing happens. You still get the money in your account. They just want the house, not your money.
What happens if i default into pay my credit card bill?
This could damage your credit score. It will be harder for you to get credit cards or loans in the future.
How far behind on mortgage payments before foreclosure starts?
90 days This is not true. we were only 30 days late and our home was foreclosed on.
Yes, as with any loan even if your colatteral is seized and sold at auction, if it does nto bring enough value to cover the balance, you still owe them. typically though the company will write off the debt. Then you have to worry about paying taxes on that amount.
However, (recently in early 2008), the IRS makes that charged off debt non taxable up to a certain amount (somewhere between $250K and $1M). So, most people will no longer have to pay those taxes (who were foreclosed on 2008 or later approximately). Please see irs.gov for the exacts.
Can Liens by credit card companies be placed on jointly owned property?
Yes. My husband had credit card debt from before we got married and purchased out house. It turned into a judgment lien and not it's attached to the house we bought together even though the house is in both our names and I had nothing to do with the credit card.
How does the cost of debt differ from the cost of capital?
Cost of debt considers only the cost that goes to the debtholders. Cost of capital considers debt and equity costs both.
Collection agencies cannot restore your credit rating, all they can do is report if the debt was paid, or if a settlement was agreed upon. The credit reporting agencies are who you need to contact in order to get your credit rating restored, such as Experian and Equifax.
They are a 'global distressed debt investment company', whatever that means, that constantly ring me asking for someone totally different, then harass me when I tell them I am not who they want and ask them not to call again.
How are lenders paid after a first mortgage foreclosure?
Lenders are paid after the property is sold. Hopefully they will receive at least the balance of what you owed on mortgage. If not they will be looking to you eventually for any deficient balance if they are not able to clear you debt totally through the sale.
How do you find the debt collector that has your debt?
1. Open your mail. Just because it looks like junk does not mean it is.
2. Order a copy of your credit report from one on the major credit reporting bureaus. An agency has to "belong" to list your account, so the address and phone number will be able to be found on that.
3. Apply for a bank loan. Request a copy of your pulled credit report. This is cheaper than you ordering it, but worse for your credit rating.
How to get foreclosure off your record?
Foreclosure is simply on your credit report like any other damaging hit to your credit, for up to seven years. You can remove it from your credit report, you can only attempt to build up your credit in the meantime. The most effective way to build up your credit is to have a line of credit that is active, and in good standing. An example of this a credit card that you use to buy your gas on every week and pay in full every month.
The affect of a short sale on a home owner's credit report is much less damaging. The negative on credit may show up as a pre-foreclosure in redemption status, which will result in a loss of around 80 points from the FICO score. It can also simply show up as the loan was paid off and not affect your score at all. This means a short sale with a previous FICO of 680 could possibly see it fall to around 600 or it could remain the same.
What is a judicial foreclosure?
It depend on which state you are in. In some states the judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. However, when no power of sale is present, lenders may, at their option, choose to forego a lawsuit and foreclose by selling the property, as outlined below in the "No Power of Sale Foreclosure Guidelines".
How can I get a mortgage loan after a foreclosure?
Most traditional lenders will consider financing someoneone with a prior foreclosure a few years after discharge. Each lender may have different critieria regarding this time frame. You may want to consider non-traditional sources such as Lease to own or Lease with option to buy from private individuals who may not be as stringent. The most important thing after a foreclosure is to try and keep your credit clean. Create a good rental history by timely payments to help you qualify the next time around.
