Debt Collection

A second party collection agency is an agency trying to collect a debt that is owed to someone else. If for example, you owe on a store credit card from ABC store, they may turn the debt over to another agency that has nothing to do with them. This is a second party collection agency.

The question is related to an e-mail from Commercial Banking, Hong Kong to Gunnar Werner 11 March 2010

When final payment is written on a check, it means in the debtor's eyes, this is the final payment. Other than that, it is not a legally binding statement and they may still owe money and money can be collected from them.

You can send a letter to requesting the collector to verfied the debt and the term is called foced verification. They must send your direct information regarding the debt in question with your signature. There is a lot of information regarding debt collection that you must understand in order to beat the system at it own game.

Sure. It may take some time but it can be done.

Limiting your credit card balances is good tip for improving your credit score. You can keep track of your spending by keeping a ledger and recording each transaction. Only when you have the money to pay off your balance should you really use a credit card.

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Yes, you just have to either deal with high interest rates or wait until the seven year period has passed. It's sad, but true. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.

if you live in England debt must legally be written off after 4 years if the people you owe money to cannot find you. exept mortgage arrears which is with you for life. i don't know the law on this in the states if that is were you are from.

Depends on which USA state where you live -

Check Debt with Statute of Limitations; and

http://www.bcsalliance.com/y_debt_sol.html

Funeral expenses get paid first. Medical debt related to death usually next. The rest is divided up (usually) pro rata.

You would need to project a cash budget.

Debt generally doesn't have a statute of limitation.

Of course debts have a statute of limitations. In Washington state it is 3 years or 6 years, depending on the debt. Check out Washington law RCW 4.16 for more information. Every state has a statue of limitations on debt, which you will commonly see referred to as "SOL" when people write about it.

Payday loans are considered illegal in the state of Georgia. However, if you default on a payday loan, the company can sue you in court. The judge will decide how a judgment will be carried out if the loan was given in Georgia illegally.

Absolutely, this occurs every day. Creditors often sell debt for pennies on the dollar. This is a very big business.

Due is an adjective that was pronounce as (d(y)oo), Due literally means, Expected at or planned for at a certain time. Example: The baby's due in August.

A joint account can be frozen by a judgment creditor of one owner. That can cause not only an indeterminate period of inconvenience for the non-debtor owner but also may result in the loss of half of the funds in the account. You should not open a joint account with another person who has a history of debt problems. You can read more about frozen bank accounts in general at the link provided below.

You can check your credit report to see who has placed a judgement and deal with that creditor directly. There are indeed legitimate businesses out there that can help you clean up your credit record. However it depends on your budget and whether or not you can afford their rates.

Beware, some companies are selling "credit repair kits" from $19-$99 and recommended information that is illegal and could get you into trouble. They are advising consumers to apply for new employee ID numbers, and then use them instead of their Social Security numbers to apply for more credit. Using an improper identification number is fraudulent and will be a further deterrent to cleaning up your credit record.

You can buy a home after foreclosure without a cosigner as soon as 6 months after a foreclosure 12 months if it's also a bankruptcy. The issue is the interest rate. Unfortunately a cosigner doesn't seem to help much in getting the interest rate better. The good news is that in the current market, you are bound to find plenty of homes for rent very cheap. Many times below what the interest rate is. If you are younger you still have many years to rebuild your credit and hopefully you can get back into your own home with a reasonable rate in 7-8 years after your foreclosure. You can buy a home after foreclosure without a cosigner as soon as 6 months after a foreclosure 12 months if it's also a bankruptcy. The issue is the interest rate. Unfortunately a cosigner doesn't seem to help much in getting the interest rate better. The good news is that in the current market, you are bound to find plenty of homes for rent very cheap. Many times below what the interest rate is. If you are younger you still have many years to rebuild your credit and hopefully you can get back into your own home with a reasonable rate in 7-8 years after your foreclosure.

A forced foreclosure indicates that the homeowners are being foreclosed on because they have not kept up one of the provisions of the mortgage contract that would allow them to stay in their home. Of course, there are relatively few actions that would initiate forced foreclosure proceedings on a property, but it is worth examining them so that borrowers do not fall into one of these traps and find that they are suddenly in foreclosure.

The most obvious way to end up in a forced foreclosure is simply for homeowners to stop making the monthly payments to the lender. In a matter of months, regardless of how much they want to save the house, the borrowers will end up being served with the lawsuit paperwork and will have to defend against the bank's attempts to have the house sold. Although the owners may not want to have their home auctioned through the foreclosure process, they may have little other option if they have not made the payments as agreed in the loan contract.

Secondly, homeowners may find that the bank has sued them for foreclosure if there is a sudden transfer of ownership. Many mortgages have a "Due on Sale" clause, which stipulates that a change in ownership or a newly recorded deed will trigger the full amount of the loan to be due. This is designed to prevent owners from adding or subtracting different interested parties on the title of the house without the bank approving. Even a quitclaim deed to a third party or simply adding another family member to the deed can trigger this clause.

In terms of properties where the mortgage payments have fallen behind, homeowners are often under the impression that they can transfer the title to some other third party or business and escape foreclosure. This is not only not true, but it could also quicken the pace of any foreclosure proceedings. Instead of obtaining a judgment for foreclosure after a lengthy pre-foreclosure stage, the bank may be able to call the entire loan due as of the date of the ownership transfer.

These two events, defaulting on the payments or triggering a Due on Sale clause, could initiate forced foreclosure proceedings on a property. Regardless of what the homeowners do, the process will continue unless the loan is paid off or reinstated. In effect, the bank is attempting to force the homeowners to uphold the mortgage contract in some way, either through paying the bank or having the house auctioned off to satisfy the debt.

A forced foreclosure may also be considered in comparison to such methods to save a house as a deed in lieu of foreclosure, a commonly used option for homeowners with few other options. Using a deed in lieu, borrowers simply transfer ownership of the house into the bank's name in exchange for not going through the full legal process of losing the home. In this case, borrowers voluntarily admit that they can no longer pay the mortgage and give title to the lender, which the bank accepts as payment in full of the mortgage.

As to the foreclosure of a property itself...(presuming they don't have rents/deposits or such received from the property), generally not involved.

From any of the other financial issues your probably dealing with, that may even be allied to the property foreclosure.....at risk.

A decimeter is 10 cm so half should be 5 cm.

The advantage of maintaining an appropriate amount of working capital is the ability to take advantage of opportunities that exist. If the company doesn't have this money, then the competition may take advantage and gain more market share.

You can write a letter of dispute to the collection agencies if that is who listed your credit account wrong. If it is a company, you can write a letter directly to their account or customer service department.

Filing for bankruptcy may enable you to recover your house from foreclosure. However the bankruptcy would entail dealing with your entire debt situation, not just the house.