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Debt Consolidation
Services offering advice regarding the management of personal debts and the combination of several individual loans into one large loan
1,173 Questions
Can you pay your debt to the original company if the debt has been passed to a credit company?
No because the original company has 'sold' the debt to the credit company or in other words the credit company has bought the debt account from the original company for less than what you owe. That is why credit companies keep chasing you to pay them.
What is the consequence of printing money to pay off the debt?
You spend time in jail for 15 years and you have to pay.
What is legally enforceable debt?
A legally enforceable debt is a debt that meets the requirements to be able to be enforced in a court of law. It is debt that must be repaid.
Is Yellow Brick Financial a decent company for debt settlement?
Answer:
Yes, Yellow Brick Financial helped me and settled all my debts. They were great. And yes, I'm a real person. Basically, they tell you up front their services. You need to due your due diligence! With this company they have a U.S.O.B accreditation which helped me to decide with this company. You need to educate yourself by calling several companies.
Yellowbrick serves as an intermediary service. They do the negotiating for you. Because they do it all the time they know what the going rate is (pennies on the dollar) each credit card company will potentially settle for. Then you start paying into a holding account. When your account hits a certain amount they call up the first creditor to settle the account "in full." Then on to the next card. They tell you it's not a guarantee. They tell you you will get harassing calls for a few months and it tapers off (thank goodness for caller ID).
They do tell you what to expect and provide the paperwork to send to collectors to cease and desist the annoying calls! You just need to take time to read the contract or ask them to explain it again until you get it. I didn't understand the first time and they just continued to answered my questions. Take notes.
Yellowbrick is there to make an ugly situation easier to deal with. They were good at monthly check-ins and replying to my questions within a 24 hr period.
Answer:
No! The owner has been accused of stealing hundreds of thousands of dollars from customers of the different businesses he's been involved in. All creditors will settle your debts with you after you have missed your payments for 4-6 months. Many, like Chase, will not work with debt settlement companies and will sue you within 8 months of being delinquent and garnish your wages. Debt settlement companies notoriously wait until you receive a summons by the Sheriff to show up in court before they will even contact your creditor for the first time. By then, your credit is ruined and your chance to reach a decent settlement has vanished. They will also ask you to change your mailing address to their corporate headquarters address, so that you won't receive all of the settlement offers that the creditors have been mailing to you. Their only interest in you is collecting that huge fee. There is no need to pay a debt settlement company to make one phone call. You can call 150-180 days after your last payment and say that you want to work something out because you have been in a financial hardship and you want to avoid filing bankruptcy. They will be delighted. Offer them between 20-25% of the total balance and ask them if you can make installment payments. In many cases they will abide by your wishes.
Is it better to file bankruptcy or do a debt consolidation?
Of course, it's up to you to decide, but I think that it's much better to apply for debt settlement provided by debt consolidation companies rather than file babcruptcy. The most important reason for this, as for me, is the possibility of saving your credit report undamaged. Well, sure if you file bancruptcy you will get rid of your debts at once, but your credit history will be absolutely ruined and it will be very difficult for you to restore it, therefore, you won't have the opportunity of taking loans you may need in case of emergency. Creditors will lose their money if you choose bancruptcy, hence, they won't be pleased at all and your personal data will be placed to the so-called blacklist. If you will try to consolidate your debts your credit score will be remained in the same state or it can even be improved as with the help of debt consolidation your debts will be repaid at once by debt consolidators.
Can you get approved for new credit after a Debt Management Plan?
Yes you can. If you are still on a debt management plan, you may not get additional credit. But, once you have completed it you are eligible for a new loan. However, you should remember that a debt management plan can temporarily affect your credit rating. But do not worry. Most creditors look at debt management plan as a positive action from your side. So your chances of getting approved for a new loan are high.
Debt advice please regarding payments?
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If Hermesch Company uses the direct write-off method for accounting for bad debts, it will report bad debts expense equal to the amount of specific accounts receivable that are determined to be uncollectible during the accounting period. This means that the company will directly write off the bad debts as they are identified, rather than estimating a percentage of total receivables. The total bad debts expense will thus reflect the actual losses incurred within that period.
What is the advantage of consolidation company?
Well, the main advantage of debt consolidation company is that it can help you reduce your debt as you will get the lower interest rates. Besides, after your debt is consolidated, you will have to make only one monthly payment instead of multiple. Moreover, your credit score will be improved as debt consolidators will repay the whole amount of your debt at once.
What will happen if the supplementary card holder is asked to pay for their purchases?
In this case the actual account holder/ the primary applicant of credit card will have to pay the bill.
Do debt consolidation companies arrest you for non payment?
No. They will contact you and ask you why you DID NOT make a payment to them. If you are on a very tight budget and can't make that payment, it is understandable for one month. If the second month, that you don't make a payment to them, then your account will be inactive and you will end up paying the creditors yourself.
People get into debt can be a lot of reasons. One of the reasons I know is one of my friends who's parents didn't give her any financial support (when they are suppose to) until she was 18. Once she was 18, she worked at minimum wage jobs and still not enough money to her name. So, she used credit cards to buy practically everything that she needed. Once she decided to send herself to college, she still got into more debt because of books and tuition.
Now that she is working at a job that she enjoys, she decided that she had enough debt. She did manage to enroll in a debt managment program and is almost finish. I can't say from people because that word is broad, but if you know someone like my friend that is why is because of her parents. Everyone is worth something.
Is it better to try for lower payments through your credit card company than to file bankruptcy?
Always. In brief, bankruptcy will follow you for the next seven (7) years and make it difficult (if not impossible) for you to get any consumer credit during that time.
If you are having trouble making payments, call your credit card company and let them know. In the process, help them understand that you want to be a good and responsible customer and ask them to help you figure out a plan that will meet your budget while preserving their interest in what you owe.
There are also nonprofit credit counselors that can help you with the process.
What do you understand by land consolidation?
Land as a factor of production is a free gift of nature and is fixed.
Do debt collectors have to send you a written statement validating the debt?
Upon your written request for validation, yes. This is covered under the Fair Debt Collection Practices Act (FDCPA).
What are the risks of a debt relief order?
For the duration of the Order, the debtor will be subject to similar restrictions as in bankruptcy. When in a DRO, The debtor must not obtain credit of £500 or more, without disclosing that they are subject to a DRO to the lender. The debtor may not be involved with the promotion or the management of a limited company, without the court's permission. The debtor may not carry on a business in a name that is different from the name under which the DRO was granted under, without telling the people that the debtor does business with, the name which they were granted the debt relief order.
Although DRO's are aimed at providing a cheaper method of seeking debt relief, they are not an easy option to get rid of debt and should only be considered when other options, such as debt management are not viable.
first ... you'll start getting phone call and letters from the credit card company asking you to pay... keep in mine that all the while there will be fees added to you total sum owed ... second ...the credit card company will sell your debit to a third party (collection agency)... thirdly ... the third party will start sending you latter and calling you asking you to pay ... the third party may even cut what you owe them by as much as half ... keep in mined that the half price deal is not much of one considering that the credit card company has add fee to the amount owed ... fourthly ... the third party may or may not sue you and or ask a Judges for a lean on your property or garnish your pay ( with the exception of SSI and disability moneys they are protected under law ) ... in any event call the credit card company and tell them why you cant pay they may just work with you ... trust me they will take $1 a mouth Vs $0 ...
