Monday, April 20, 2009

If a father owes real estate debt does the debt go to the children after his death?

Real estate debt as in a mortgage on a house that isn%26#039;t yet paid off. Does the bank just take the house? Or do the children have to pay off that debt?


PLEASE leave a link to an official website showing the answer if possible. Thanks much!

If a father owes real estate debt does the debt go to the children after his death?
The bank will collect the remaining debt from the estate of the person who died.





They will take the house and any other valuables left.








Children can not be held responsible for anything, you have rights.
Reply:Basically, the mortgage company has a lien on the property, meaning that they will get paid off no matter who owns the property. That is, if title transfers to the children as stipulated in a will or living trust, then the children owe the money to the bank that is owed on the property.





In this case, the children have to negotiate some kind of payoff with the bank. I don%26#039;t know if they can just take over payments, since the bank never approved them for the loan. But, I%26#039;m sure they would be amenable to working something out (if the children lost the home because the bankers were jerks, that would make for some pretty bad publicity for the bank).





One option would be an estate sale, where the children sell the property on the open market to get the money to pay off the mortgage. But, the mortgage doesn%26#039;t just fade away when the father dies. Someone has to pay it back somehow.





The last resort would be a deed in lieu of foreclosure. This is where the bank just comes in and takes the deed to the property. This would probably be the best thing for the heirs to do if the father were upside down (owed more than it%26#039;s worth). Then the children owe nothing. If the father is dead, the survivors are not punished for his error in judgment while alive.
Reply:If you father has passed, and there was no will, the court will decide his estate. If he left a will it will be abided by, but most likely the property will have to be sold. What is important is to get the right to handle the property right away, so that you can get it listed for sale. The mortgage will need to be paid, hopefully he had some insurance to help you out with that. If not, then you kids most likely will have to pay for it. Or you could contact the lender and see if they would be willing to take deed in lieu of foreclosure. The down side to that is, if there is any equity in the property, you kids won%26#039;t get it.
Reply:Children can not be held responsible for your father%26#039;s debt.





Here%26#039;s the website u can read





www.books.google.co.in/books?id=06L6_S...





www.forallhouses.info





http://en.wikipedia.org/wiki/Estate_(law...
Reply:no whowver inherits the house is responsible but if he had home owners ins the death would pay the loan off and the inheritor would be free of debt..
Reply:Someone owes someone pays........if your dad has life insurance it will help.........mortgage insurance will help, but someone owes someone the debt............just that simple....so who%26#039;s next in line........good luck........pray for dad

Genealogy

How does one know Statued of limitations on an old debt that has been charged off and sold to a 3rd party?

Concerning 3rd party collections.... How does one know statued of limitations on an old debt that has been charged off and sold to a 3rd party collection agency. Is the debt collectable after a curtain amount of years? And does the statue of limitation begin after charge-off date or the last dated payment made on the account?

How does one know Statued of limitations on an old debt that has been charged off and sold to a 3rd party?
Typically the Statute of Limitations (SOL) starts from the date of last activity or last payment. Making a payment will restart the SOL. In some states, acknowledging the debt will restart the clock.
Reply:this will depend on the state in which you reside. If you have moved to another state since the account went into default and then move back to the original state, some states will %26quot;toll%26quot; the statute of limitations time and only count the time period you lived in that state.


This can be anywhere from 3 to 15+ years.





now here is where it gets tricky. some states are %26quot;adverse action%26quot; states, in which the sol is counted from the date of adverse action - typically the first missed payment that leads up to default. some states rely on the %26quot;date of last activity%26quot; to determine when to start counting the sol, and any time you make a payment or even promise on the phone to make a payment can reset the clock... so once an account goes into default never ever ever talk on the phone to the collectors, do everything in writing certified mail.





and the 7 year period is how long the credit reporting agencies can report the debt, not necessarily how long the collectors can persue legal action, though for some states it is 7 years.





Also, a debt being time barred doesn%26#039;t guarantee that you can%26#039;t get a judgement against you - it is merely an affirmative defense. if you don%26#039;t show up to court, they can still get a default judgement against you.
Reply:http://www.fair-debt-collection.com/stat...





This explains it. Be careful. That statue of limitations bars the debtor from using the court system to collect the debt after a certain period of inaction on THEIR part to collect the debt through the court system. That is, if you own them money, they must submit the claim through the court system before the SOL runs out. It doesn%26#039;t mean that if you don%26#039;t pay after a specified time, the debt is cleared. Read the info on the above site carefully!
Reply:There is a statute of limitations for credit card debt, which is the amount of time that they can take legal action against you for the debt. This time period varies for each state. You can find this time period for your state by going to the link below and looking under %26quot;Open Accounts.%26quot;





http://www.creditinfocenter.com/rebuild/...





If your debt is older than the time period listed for your state, they can no longer defeat you in any court action because the debt is time-barred. This does not mean that they can%26#039;t try to collect the debt...it just means that they%26#039;ve lost the power to take legal action....all they can do after this point is annoy you...



Reply:There is a statute of limitations. I think it%26#039;s 7 years, but it could vary state by state. I think the statute would run from the due date of the debt.


Will consolidating my debt with a consolidation company worsen my credit or will it help?

I am in debt with all my credit cards, i was thinking about consolidating my debt but I heard that was going to mess up my credit even more. Is that true?

Will consolidating my debt with a consolidation company worsen my credit or will it help?
Dont do it!! It is just as bad as bankruptcy!! Try the snowball effect it really works and you will pay off your bills before you know it.


First write down all your debts. List them from smallest to largest. Pay what you have been paying on all your bills except the smallest. Add as much as possible to that bill and pay that amount every month. When you pay that bill off; add the amount that your were paying to the next smallest amount. You will pay the amount that you were paying on the last bill plus what you were already paying on the next and continue to pay this amount until it is paid off. Then you add that amount to the next smallest bill. You will continue doing this until all your bills are paid off. The best part about it is when you get to the big bills you are paying such a large amount that it gets paid off super fast!!!


You should also start saving as soon as possible so that if you get an unexpected repair or something you are not skipping payments on the bills. Start a seperate account and add as much as you can into it each paycheck. Count it as a bill not an extra. Find small ways to save money so that you can get back to where you want to be financially. Buy generic brands they are usually just as good as the name brands without the cost. Use less clothes soap and dish soap. Little things will add up!


You should also know that every time your credit is checked it hurts your score so just leave it alone for awhile.


Good luck! Oh and remember STOP USING THE CREDIT CARDS!!!
Reply:Why give yourself one INSURMOUNTABLE bill....when at least right now you can attack them in pieces...





If you are serious.....list your bills smallest BALANCE to largest....pay minimums on all....and every extra penny on that first small balance...look under the couch!





Maybe with that first victory under your belt you will stay motivated to attack the next bill....





Lose the cable/internet....lower cell phone.....deliver pizzas....I wonder where you%26#039;ll be by Christmas time.....I bet tired, but a lot happier
Reply:as long as all your payments are current it shouldn%26#039;t hurt you. all your doing is getting a loan to pay off all your credit debt so you will have one payment. it would be better to pay them then go into default. just be careful of the interest this company may charge you.
Reply:It depends on your definition of debt consolidation.





If it%26#039;s paying a third party negotiate payoff/settlement, yes it will trash your credit. Typcially the hold all you payments till the accounts are 3 months past due, then offer lowball settlement under threat that you will file bankruptcy. Some credit card companies refuse to pay and just sue you.





If you are taking out a new loan to pay off all your credit cards, it is still a bad idea to shift debt to a new loan. People tend to run the credit cards back up. Then you have the credit cards and that big loan to pay.





A better way is to pay off your credit cards one at a time. Make a strict budget. Eliminate all the extras -- cell phone, eating out, new clothes, premium cable and internet, etc. Take every penny you can squeeze out of that budget and put it on the HIGHEST interest rate card, while making minimum payments on the rest. When the highest interest rate card is paid off move to the next one till they are all paid in full.





Concentrating on the highest interest rate first means you will pay less interest and more will go on the debt.





You should also look for ways to bring in more cash -- garage sale, collect alum cans, get a second job. Throw every penny at the debt.





If you work at it, you can pay off your credit card debt within 2 years. Not only will you pay it off and save that interest, but you%26#039;ll have a good consistent on time payment history which will improve your score.
Reply:worsen.


visit dave ramsey.com for common sense to problems coming ur way .


learn from others bigger mistakes.
Reply:Not always. Using a consolidation debt to pay off credit cards can be beneficial. However, here is some food for thought. When you pay off the credit cards do not put yourself back in the same position by using them again. Keep the one with the best rate and put it away in a safe, shoebox up in the closet or somewhere where you have to think about it before use, I use the freezer, but that%26#039;s just me. Close all the store cards, and cut up he others but don%26#039;t close them, this increase your credit scores by reduces your %26quot;utilization%26quot; aka %26quot;balance to high credit ratio%26quot;. The new loan will cause a slight and temporary decrease in your credit score but it rebound within 90days or so. When it does, and you get %26quot;great offers%26quot; in the mail.....well just say no!
Reply:Hi,


I used %26quot;Credit Solution%26quot; to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It%26#039;s legitimate.I came across this company on NBC News Special Edition.Check it out here:


http://www.x.se/a5nf
Reply:Well I will suggest just file bankruptcy rather cause those companies dont work. Cause they will want to settle payments after you are 90 days later with your creditor. Few creditor dont even work with them.
Reply:Consolidationg your debt can be a better solution than bankrupcty.Depending on your situation and how much credit debt you have. One of the issues with debt consolidation is that there will be late payments sometime reported during this process which will lower your credit score dramaticlly. But of course BK will do the same thing. If you have more monthly obligations than you have money coming in every month, yoiu might consider debt consolidation.


Here is a good company which won the JD power %26amp; Assosciates customer service award.


www.creditscorequick.com/loans select Credit Solutions.
Reply:debt counseling is almost as bad on your credit as bankruptcy


What is the collection process of bad debt and next time how to recognise these kinds of people?

One of our co - worker cried about his family problems like mother%26#039;s ill health, son%26#039;s education etc etc and asked a good amunt of money as help on returnable basis.





However, after getting his share of help, he became unresponsive and slowly it is turning into bad debt.





The worry is the change in our perception to help other people bcos of his bad habit of not paying the dues on the time. Hence to safeguard self, this question.





We have decided not to argue, ask and confront him.

What is the collection process of bad debt and next time how to recognise these kinds of people?
How to collect? IMHO the best way is to take him to court. You%26#039;ll have a stronger case if he signed a promissory note or similar written evidence of the debt.





How to avoid in the future? Check people%26#039;s credit, make them sign a promissory note with a specific repayment schedule, maybe get a cosigner or collateral. Or simply make a %26quot;no personal loans%26quot; rule. Or don%26#039;t make personal %26quot;sympathy loans%26quot; unless you are willing to lose the entire amount.
Reply:Keep it up Report Abuse

Reply:Wow you have an interesting question! Have you thought of asking a lawyer? Probably worried about the cost? What if I can get you unlimited contact with a lawyer for personal and your business questions for less than a 3 dollars a day? I can help you and your business.





http://www.biz.darrenhale.net
Reply:i use caller id but if i accidentally answer the phone i have a weird last name and if they mispronounce


i just hang up
Reply:you need to take advice on how to recoup your money.


If somebody legal comes to your home for money,theyshould carry id which you will be able to check.If they are legitimate they will wait while you check their id


How can I find out what state a Sprint "debt" originated from?

I%26#039;ve been dealing with a debt collection agency trying to make me pay for a phone line I never had. I%26#039;ve gone through all kinds of calls, and for some reason, Sprint does have my personal info, and says I did create a home phone account. I have never owned a home phone in my life though. I had them send me copies of the bills, and there were never any calls made on this line, etc. But I%26#039;m getting away from my original question.





I am trying to find out what state the debt originated in. This is because the statute of limitation on debt determines the validity of the debt. Different states have different SOL%26#039;s so I need to find out what state Sprint debts originate in.





I%26#039;ve looked all over the internet, but cannot find any answers. HELP!





Thanks all!

How can I find out what state a Sprint %26quot;debt%26quot; originated from?
Forget about Sprint you need to Utility Commission .


Public Utilities Commission 1-877-742-5622 or www.puco.ohio.gov. Or what ever state you live in put it first.


You can file a complaint on line as well.
Reply:I think Sprint%26#039;s Headquarters is in Shawnee Mission Kansas. It seems some of your answer may be predicated on where you lived at the time you originated the account. Reading your information, it might be the State in which they say you lived.

lilac

I am paying on a old debt on my credit Report will the 7 years really start over?

My credit is 490, 493, 515, people say this is very bad but I only have 2,000 dollars in debt... There are so many people with better scores with a lot more debt.. I have decided to pay on the newest debts and have heard once I bring the balances down it will actually raise my score is that true?

I am paying on a old debt on my credit Report will the 7 years really start over?
OK, once again people are getting confused by the reporting dates. Let me explain again.





The credit reporting period is 7 years, and begins from the date of the last delinquency. It does NOT get reset if you make a payment, contact the creditor, or is sold to another collection agency. It%26#039;s 7 years from the delinquency date...PERIOD!





The Statute of Limitations is the timeframe that a creditor has to sue you for a debt. That time begins from the last transaction date. It can be reset if you make a payment or charge to the account. That time period varies from state to state, and averages around 6 years.





Now your next problem. When you pay off a debt, all the creditor is required to do is show %26quot;paid%26quot; on the credit report. But all of the negative stuff, like charge off%26#039;s, collections and late payments, will still be there! Unless you get them to DELETE this report, your payments will do nothing to improve your credit score.





If your debt is old (over 5 years) on the credit report, paying on it will turn it into a %26quot;recent activity%26quot;. Your credit score looks at those as much worse then an older debt. As debts age, they do not see them as important, and your credit score actually improves a little bit. But pay this off, and you will actually HURT your score! Unbelievable but true.





So it%26#039;s advised that if the debt is over 5 years old, and the creditor will not delete the item, don%26#039;t pay it.
Reply:Yes the clock resets to the last transaction. What you can do is request that if paid they get taken off of your report make sure it is in writing. If they are debts that are very old over 3-4 years the statute of limitations have run out and would just let the 7 years expire, unless you wish to wait another 7 years
Reply:you are correct. pay the most recent debt first and then pay the older debt last. the way the scores are generated is by current loans being paid on time, the age of the current loans being paid on time, the balance to high credit of the current loan paid on time.





Derogatory items like old collections, bankruptcies, etc. take lesser % of the scores.





To get the very best credit, get some credit and pay on it religiously. It%26#039;s all about longevity of time.


What can a debt collector do on an 8 year old debt?

I have a collections agency trying to collect on a debt I failed to pay 8 years ago. It%26#039;s no longer on my credit report and I had long since forgotten about it. What can they do to me? If I pay, won%26#039;t it go back on my credit report?

What can a debt collector do on an 8 year old debt?
I was going to answer but bdancer2 has already done so. Follow her advise!!





They can not take legal action but do have a right to try and collect. If you know the debt is %26quot;time barred%26quot; then by all means send them a letter to inform them you know YOUR rights.





Here is a sample letter:





Today%26#039;s Date


Your Name


Your Address


Collector%26#039;s Name


Collector%26#039;s Address


RE: [insert account number or name of account or name of debt]:


Dear [insert collector%26#039;s name or company name],


This letter is in response to your [letter dated xx-xx-2005] (copy enclosed) or [phone call on xx-xx-2005], concerning the collection of the above referenced [account or date].


I do not believe I owe what you say I owe therefore I dispute this debt. I am well aware of my rights under the Fair Debt Collection Practices Act (FDCPA) and my state laws so I hope to save both of us a great deal of time by letting you know that not only do I dispute the validity of this debt, I have also checked with my State Attorney General and verified that the Statute of Limitations for enforcing this type of debt through the courts in (insert your state or the state in which the contract was signed) has expired. Therefore, should you decide to pursue this matter in court I intend to inform the court of my dispute of this debt and that the %26quot;statute of limitations%26quot; has expired.


This letter is your formal notification that I consider this matter closed and demand that you, or anyone affiliated with your company, stop contacting me regarding this or any other matter except to advise me that your debt collection efforts are being terminated or that you or the creditor are taking specific actions allowed by the FDCPA or my state laws.


Be advised that I consider any contact not in accordance with the Fair Debt Collection Practices Act a serious violation of the law and will immediately report any violations to my State Attorney General, to the Federal Trade Commission and, if necessary, take whatever legal action is necessary to protect myself. Be advised that I tape record all phone calls and violations of the FDCPA can result in you or your company being personally fined up to $1,000 per incident.








(Sign above name)


Printed Name








Hope this helps


LEGAL DISCLAIMER: The advice contained herein is for informational purposes only. It is not to be construed as Legal Counsel nor Legal Advice.
Reply:Derogatory items age off your credit report 7-1/2 years from the date of first deficiency. Nothing can restart that clock.





You should also check the Statute of Limitations (SOL), the timeframe to bring lawsuit, for your state. Check here: http://www.fair-debt-collection.com/SOL-... Even if the debt is beyond the SOL, the collector can still try to collect. They can hound you to the grave.





It is likely that an 8 year old debt is beyond the SOL. You can send the collector a certified, return receipt letter telling them to cease and desist all contact. They have to stop. Of course the will probably just sell the debt to another collector and you will have to send another cease and desist letter.





Some of the collection agencies that buy up antique debt don%26#039;t always play by the rules. Don%26#039;t talk to them on the phone. And if you should get a court summons, be sure to show up and use the SOL as an affirmative defense. If you no show, they get a default judgment.
Reply:It depends what state you live in. You need to find out what the statute of limitations is in your state. I suggest looking at this site:http://www.fair-debt-collection.com/SOL-... .





If the SOL has passed then you need to tell them to leave you alone or you%26#039;re going to get a lawyer because they no longer are allowed to collect on this debt. If it has not passed then you need to settle with them and get it in writing that they will not put it on your credit report. There are a lot of sites out there that can tell you more about this process. Just try some google searches.





PS This site is a little easier to understand: http://www.creditinfocenter.com/rebuild/...
Reply:if you have not paid any payments for last 4 years, don%26#039;t worry about it, they can not collect on debt,they mite threaten you,but tell them to stick it,WHAT ever you do,don%26#039;t make a payment to them as this will start your debt all over again.
Reply:You should check with your District or County Attorney office. They can give you free advice. It depends upon the laws of your state. It varies in most states.


How do you get a court to garnish wages for debt collection?

I have judgement against an individual and his company for close to $10K. I know that his company is still solvent, yet few debt collection agencies could be found in my area (Lehigh Valley, PA). Is there a way to have the court garnish wages to collect debt?

How do you get a court to garnish wages for debt collection?
Hi,


I used %26quot;Credit Solution%26quot; to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It%26#039;s legitimate.I came across this company on NBC News Special Edition.Check it out here:


http://memurl.com/furetu
Reply:http://www.enforcemyjudgment.com/


How do get my credit card debt to zero?

I had left USA around 4 years back as I could not get a job(software). When I left I had credit card debt. Now i want to be back and normalize my debt. I currently dont have a job. I checked my credit report on the internet but confused with the terms. Its certain that collection agency must be trying to locate me. I cant figure out my current debt, thats when I left and now(including interest?). I need help in how to take the first step and how its going to affect my job-hunt.

How do get my credit card debt to zero?
If you get a copy of your credit report, it will show you how much you owe on your card(s). Depending on how long ago you defaulted, it may be better to *not* pay it off and just wait out the debt. Most debt will clear 7 years after the last reporting. I would recommend going to a site like http://www.truecredit.com, it should also help you with the terms.
Reply:You should check the statute of limitations for your state. And, if you are living in a different state than the one you lived in when you incurred the debt, you should check that state also.





If you leave the country while owing a debt, in some states, the time limit for legally collecting the debt will continue to run. In other states, the time limit will stop until you return to the states (basically extending the time limit on legally collecting the debt).





I would just suggest that you go to the site that I%26#039;ve listed and do some reading.





Also, there are plenty of people on that site that can help you understand the details about your credit report. And help guide you in the steps to cleaning up your credit.





It is a %26quot;free%26quot; do it yourself credit repair site with a very big data base of information and with many people that have been or are in similar situations.
Reply:cut up the cards you da.
Reply:You are right to want to take the first step. It is always better to call your creditors (the people you owe money to) than to wait for them to find you.





Since a collection agency is already involved, you need to contact them and work out a payment schedule. Here in Canada, they are prohibited from harassing you (no more than one call a week, no threats, no verbal abuse etc.). I imagine it%26#039;s similar in the States. If you owe a lot of money you might consider a consolidation loan, where all your debts are paid off for you and you then repay the debt at a lower interest rate.





Your credit rating does not bounce back to good all at once, even after you have paid off the debts. It will be some time before you will be able to get credit again. And this may affect your job search - some companies do a credit check on prospective employees, as well as a criminal record search. My main advice is waste no time in dealing with your debt. The longer you wait, the more you will owe and the worse your rating will be. Good luck - I made it back to good credit but it took about six years.
Reply:There is some good info here.
Reply:This may sound strange, but a cheap way to get started is to simply go apply for a credit card. You will most likely get turned down.





Then, when you get your refusal letter they will list the credit bureau%26#039;s they referenced (usually 3 of them), and you will have 30 days to inquire about the decision to refuse you credit. You need to request a free credit report from them when you do this.





In the process, they should send you information regarding your credit history, and from that you can begin again to work on all your past bills.





Don%26#039;t be in no hurry, it%26#039;s going to take some time.
Reply:Here is an article which would help you:





How to Manage Your Credit Card Debt?


http://www.askaquery.com/Answers/qn1579....
Reply:Contact a credit counseling agency. Contact the credit card companies. And start paying a small amount to the company. Even if its only $10. It shows good faith.


How serious will debt collectors become?

I have a couple credit cards $2000 and $600 debts, that im paying through a consolidation company.





Debt collectors are calling several times a day now.





How much more serious can this get? I don%26#039;t have to worry about someone knocking on my door do I?

How serious will debt collectors become?
Are you sure the debt consolidation company is actually paying your credit cards? The norm is for the debt consolidation company to not pay any of your debts till they are 3 months past due. Then they negotiate lowball settlements under threat that you will file bankruptcy.





Some credit card companies refuse to play that game and it doesn%26#039;t sound like your credit cards want to deal with this company. It is likely they will file lawsuit, get a judgment, then attach your bank account, garnish your wages, and lien your property.





I suggest you call this consolidation company and ask why they aren%26#039;t paying your creditors. You would be much better off using the money to actually pay these debts off yourself instead of paying fees to this consoliation company to completely trash your credit.
Reply:if you are using another company you should tell them you are working with a debt consolidation company. If they know this they have a tendency to back down.





No they won%26#039;t knock on your door, but they will call you until you tell them you are working with someone on debt consolidation.
Reply:no - they don%26#039;t knock on doors - they can put it in your credit report....
Reply:no there just these fat sloths that pick there butt all day and call people who owe money. Start to make fun of them and freak them out be like what are you wearing size color ext..might work might not! Anyways pay that debt off debt doesn%26#039;t make you rich having money does! good luck!
Reply:If your paying through a dept consolidation company it is there responsibility to inform all debtors of your efforts to pay and to stop the collection calls.
Reply:Make sure that your debt management company is paying the right collection agencies for your debt. Have you tried getting a debt consolidation loan just to pay the cards off and then you could just make one payment to the bank until the loan is satisfied?


What happens to a credit card debt if I die?

I have some outstanding debts on credit cards and am being hounded to pay in spite of me calling the companies to say it is a temp cash flow problem they are bombarding me with phone calls (especially over the weekends) which means I can%26#039;t relax or sleep and I don%26#039;t feel well. My blood presure is through the roof and I am starting to feel like I need a real long sleep. If I am not around any more what happens to the debts? Can they demand payment from my estate or does the debt die with me?

What happens to a credit card debt if I die?
your estate pays it. But if you have nothing to take. Than it is paid by no one and is wrote off.
Reply:Your debt dies with you but if you are married, the debt goes onto your partner. It becomes their responsibility to pay it then.
Reply:Do what I do . Ring the companies , say you can`t afford it , and offer a very small payment, abot £10 a month . They`ll accept it , they done it for me
Reply:You just need to find a good debt settlement company.


First off it is important to understand debt settlement and how the process works. Essentially, debt settlement is a negotiation process where by one of the many reliable debt settlement companies you are considering will negotiate with your creditors on your behalf.





it is the job of a debt settlement company to convince your creditors of the value of lowering the total amount of money that you owe. A little money is better than no money at all.


You%26#039;ll be ok, just go about it the right way.
Reply:i work for a bank and if you pay payment protection on your cards it would be paid off for you as that%26#039;s what your paying them to do......How ever if you dint pay for protection its left to ur next of kin.....someone has to pay the money back..........!!!!!!Lets hope your estate is worth more then your outstanding debt huh...good luck matey
Reply:Quite a morbid thought, but I think they can try to get money from your estate or possibly any co-signers.
Reply:your debt dies with you
Reply:The other posters are right. They will take it from your estate. Talk to a credit counseling service first. They are usually not-for-profit and charge little to nothing. Then talk to an bankruptsy attorney. Don%26#039;t take your own life over this. This is a temporary problem that you can get out of. Confront it head on!
Reply:Guess what.





S c r e w - em. O.K.





You don%26#039;t have to die. It%26#039;s only temporary. You simply TURN YOUR PHONE OFF for some peace of mind. That%26#039;s all you have to do. Dont answer the phone. Anyone important will leave a message.





When you%26#039;ve got the money to pay it, it will still be there.





Pay it on your terms, not on theirs. Your credit will be dinged but so what. You%26#039;ll repair that when you%26#039;re financially ready to be more responsible about your credit.





You can answer the phone and tell them that their excessive calls constitute harassment which is against the law.





I would change my telephone number long before I ever thought of killing myself over some dumb stupid debt.





Your life is worth more than the debt, believe me the financial crunch you%26#039;re in is only temporary.





Just live your life, and pay what you can WHEN you can.
Reply:Normally this will follow you to the grave. Ha!!! Not really, I think in most cases it is just written off. Been a long time I had a Credit Card, but, I think they have that part covered. I hope to die debt free, but, the way things look it may be a dream. Most Credit Cards are unsecured credit. This means they only have you to go to for the debt. Now say a House Mortgage, the bank has the collateral of the house and could be able to take it back. Most home owners insurance can have a thing cover this.
Reply:You don%26#039;t have to pay once you%26#039;re dead.
Reply:Your estate, if you have one, will be responsible for any outstanding debts up to the limit of any assets in your estate. If your estate has nothing of value, then the debt effectively dies with you.





Contact a debt counsellor! It%26#039;s possible to both dig yourself out of this AND stop the phone calls and harrassment.





I%26#039;ve been down that road before and honestly know exactly how you feel. In my case, both debt counselling and personal counselling (for that urge for a long sleep; VERY dangerous thinking!) helped immesurably.





In the meantime, get Caller ID if you don%26#039;t already have it. Turn the phone ringer down low and don%26#039;t answer the phone unless it%26#039;s friends or family. This will go a LONG way to reducing your blood pressure.





Consult with an attorney as well. Bankruptcy is an option and although it will mangle your credit for a while, the release of pressure by stopping the dunning calls makes it well worth considering. Just filing for bankruptcy will stop them cold and if you can get things together financially you can just drop the bankruptcy action and move on with your life.





But whatever you do, PLEASE talk to someone! Don%26#039;t let that desire for a long rest get the better of you; it just isn%26#039;t the way to go.





Good luck and God Bless!
Reply:They don%26#039;t give up that easily - talk to a credit counselor.
Reply:first of all stop worrying....


go to the C.A.B.


or go on this site I.V.S,


your creditors can get into trouble for harrasment,because thats what there doing,if you go to c.a.b or i.v.s,you must be completely honest about your financial situation,your earnings,outgoings,how much you owe to all your creditors,


the c.a.b will write to all your creditors offering them an amount,they will eather accept what is being offered to them or they wont,they will also do you a financial statement,one for them %26amp; one you,as long as you keep up regular payment %26amp; dont miss any you should be ok.but trust me on this,iv just done the same thing,my payment are much easier to manage now,also make a note of all calls from the creditors,keep all letters etc,take them with..


do me a favour please dont do anything silly will you,talk to someone,theres help out there.


good luck hun x
Reply:In a few words they will take money from your estate.


But first the secured creditors will take the money and then the unsecured loans like visa cards


The best thing to do is dont answer your phone and try and relax.
Reply:they will attach a lien against your estate. then when all the moneys gone they will hound you family. if that dont work they will just write off the debt.
Reply:all debts die with you!
Reply:First of all, get a grip!


It is only money. Don%26#039;t go for a %26quot;real long sleep%26quot; over it!


seriously, watch the movie %26quot;It%26#039;s a Wonderful Life%26quot; trust me, you will feel better.





If the credit card companies are calling you non stop you just tell them to only contact you in writing and not call you anymore.


Send each creditor that is hounding you, a cease and dessist letter. I%26#039;m sure you can google for a sample. Don%26#039;t admit anything wrong in the letter, just basically the letter tells them to not call you on the phone anymore.





Stop thinking about your estate and all that nonsense.


Just start thinking of how you can pay off the debt or maybe just file for bankruptcy.


Maybe your card companies will work with you for lower minimum payments for a while...





so hang in there. this isn%26#039;t worth dying for.
Reply:please dont think like that. your creditors will accept any payment within reason from you. visit this site and then see if they will help you.





http://www.1reducedebt.com/consumer-cred...
Reply:They will demand payment from your estate. It%26#039;s not worth topping yourself over these debts. Think of how that will affect those around you. There%26#039;s still a lot you can do - don%26#039;t ignore these people - contact your local citizens advice bureau, consumer credit counselling service or the national debtline - their services are free and they can advice you on the best way to get these companies off your back - there%26#039;s still hope.
Reply:Your estate. No way out . cept bankruptcy, and that isnt even the worst thing in the wordl...as soon as you file, they have to stop calling you.
Reply:Here%26#039;s a tip: The next time they call, tell them you are aware of the problem, you have already spoken to someone there, and you want the calls to stop IMMEDIATELY. Be sure to tell them if they continue to call you every day, you will call your lawyer and sue them for violation of the Fair Debt Collection Act. Once you put them on notice that you are aware of the problem and you are handling it, THEY CANNOT CONTINUE TO CALL YOU. That%26#039;s harassment and it%26#039;s illegal.





To answer your question: They can demand payment from your estate. This is how it works: When someone dies, the estate is handled by a probate judge. Every state is different, but the executor of the estate is required to advertise in a local newspaper for a certain amount of time that claims against the estate are being accepted. Your creditors then have a certain amount of time (usually six months) to file a claim against the estate. Any claims that are filed timely must be paid out of the estate -- if there is enough money in the estate -- before any other payments can be made. If there isn%26#039;t enough money in the estate to pay all the claims, the probate judge decides who gets paid and how much. If no claims are filed timely, or if there is money left over after all the claims are settled, the rest of the estate is distributed in accordance with your last will and testament.





Does that help?
Reply:It goes to your estate. If you have no money in your estate, any life insurance will be debited before it is payed out.


How do I consolidate my credit card debt?

My wonderful , but obviously money happy boyfriend has accumulated around $13k in credit card debt. He has 4-5 credit cards, one with a balance of $7k. He does not own a house. We tried the bank where he has his truck loan through, but he cannot get a loan because he has no collateral. What can he do now? We want to start moving in the direction of marriage and a family, but not with this looming over us. What is the best way to resolve this issue?

How do I consolidate my credit card debt?
Best thing to do is to ask your existing card holders to consolidate the others. I did this once with Discover and they swallowed all the other credit balances and lowered the rate. You can then concentrate on paying aggressively on that one card and get the balance paid off more quickly.





This technique works only if you are lowering your rate AND continuing to make the same total payment. That way you pay down the principal more quickly.
Reply:go to prosper.com and signup and ask for a loan. cut the card too
Reply:He may need to seek credit counseling. He obviously has a reliance on credit cards that he should address before you get married (Note: financial stress is one of the two biggest reasons for divorce).





He needs to give up use of those cards and learn to use credit more responsibly. If you suggest he visits a credit counselor, then they can discuss that with him very tactfully. They can also likely help him get lower interest rates so that he can pay it off much faster.
Reply:This is what I did:





I signed up for a card with 0% interest on balance transfers for a year.





I transferred both of my high interest cards, and CUT UP the new card.





I paid the new card off within that year, with no interest.





The reason why I cut up the new card was because if I made purchases on it, the interest on the purchase and the purchase would be paid after the balance transfer.
Reply:Your boyfriend needs to get his credit card debt under control. I would suggest talking to Consumer Credit Counseling Service. They are free and will work with his credit card companies to lower his interest rate and monthly payments. I used them several years ago and they were a live saver. In three years I was debt free.
Reply:Hi,


Try to go on this web site: http://www.gotoinfolink.com


they have many info and link about credirt card.


Hope that help !


Jeff
Reply:Consolidation is the best solution available to the credit cardholders to improve their future credit. People go for debt consolidation for many reasons: prolonging the loan period from 5 - 15 years and reducing the interest rate. Consolidation allows you to go for a loan with lower interest rate than the one you are currently paying. Besides it simplifies the loan repayment as you are paying only one lender in place of various payments to different lenders.





Before consolidating your credit card debts, it is important to carry out thorough investigation to determine its suitability for your condition. Many credit card companies and banks provide debt consolidation services to their customers. To start the process, it is important to scrutinize your debt properly. Write down the interest rates charged on various cards. If the new rate is far below average of the old one, then opt for consolidation as it will be cheaper for you. After you get all the information, contact a professional, to assist you with the consolidation, and get the best offer.





Debt consolidation is also provided by credit-counseling firms. These firms will total up all your monthly debts and let you make one payment to them. With this amount, the firm will pay the lenders till the entire debt is cleared off.


How did the funding of the national debt in Hamilton's financial plan alienate the common people?

I%26#039;m writing a paper on how Hamilton%26#039;s financial plan contributed to the two-party system in America. I need to know how funding the national debt alienated the common people. :)





Thank you!

How did the funding of the national debt in Hamilton%26#039;s financial plan alienate the common people?
Hamilton%26#039;s idea was for rich people to loan the government money through bonds. In order for those bonds to retain any value (and the people holding them to be able to cash them in later), the government would have to survive. Therefore, those rich people would use their influence to make sure the government succeeded. Common people living hand-to-mouth didn%26#039;t have extra money to loan out, or influence that would affect the fate of the new government, so they were pretty much left out of this process.


Is debt consolidation considered the same as bankruptcy?

I%26#039;m considering consolidating my debt with the consumer credit counseling agency in my town but someone told me that it%26#039;s considered (i guess by potential creditors) the same as filing bankruptcy? Is this true?

Is debt consolidation considered the same as bankruptcy?
Not at all. When you declare Bankruptcy, you aren%26#039;t paying back your debt. With Debt Consolidation, you are doing the right thing and paying back your debt.





It might bring your credit score down a bit and the cards in consolidation will be frozen.





Be careful you choose a reputable debt consolidator. Trying going on Suze Orman%26#039;s website, she gives great tips.
Reply:You can visit http://www.cashguru.info and find very useful tips and several articles on debt consolidation. Report Abuse

Reply:Get valuable tips on debt consolidation from http://moneymentor.cashmatter.... . It%26#039;s a very useful website. Report Abuse

Reply:Debt consolidation occurs when you take out a loan to pay out a number of smaller debts.


What you%26#039;re considering is %26quot;Credit Counseling%26quot; which lenders look as needing help with debt management because you can%26#039;t manage it on your own.





Lenders see this as a poor risk situation perhaps not as bad as bankruptcy but not a whole lot better.
Reply:no, it%26#039;s not at all the same.





While enrolled in the program you will not be seeking out new credit, so it doesn%26#039;t matter what potential creditors think. When I did mine, as soon as I completed the program (paid off the debts I needed to), all references to the program were gone from my credit report.





I highly recommend CCC agencies when you need them. It%26#039;s a light at the end of a tunnel and you%26#039;ll be surprised how quickly you start to get your head above water. Good luck!
Reply:the simple answer is yes . its pretty tough to get from under that one . my advise is do not consoladate your credit its as bad as not paying also as a credit specialist i can tell you that i can teach you how to repair and negotiate with the companies your own settlements and payments the key is that when you arrange payments that the crdit company reports you as positive not negative . you want to preserve your credit rating and at the same time pay them little by little . if you go to these companies THEY WILL NOT preserve your credit rating they will bring it down and it will show on your credit report as you being in credit distress. email me if you are interested in me helping you fix and arrange payments to preserve your credit and have the credit card companies report your dept as PAID AS AGREED wich gives you a good credit score good luck achef22@yahoo.com
Reply:They are different.
Reply:nope...they both are different, debt consolidation is better than bankruptcy





Combination of various high interest loans into a single one, it is called debt consolidation. The aim behind debt consolidation is to reduce the payments or the interest rate. You make a single payment toward the loan instead many payments each month. This reduces your financial burden and you can have surplus cash left over. Credit counseling services offer debt consolidation loans. Check out the credentials of the credit counselor and find out if they are authorized by the government.
Reply:They are not the same. Bankruptcy will do much more damage to your credit score and will stay on your credit report for up to 10 years.





Credit counseling and debt consolidation can help, if done properly, but you can negotiate with your creditors yourself.





You can probably avoid bankruptcy by simply calling your creditors, because they are often very open to working with consumers that are sincere about settling their debts.





Your creditors really want to hear from you, because they are well aware of the effects of bankruptcy.





If you file Chapter 7, your creditors get absolutely nothing (although it%26#039;s tougher to qualify for Chapter 7 because of the new laws). If you file Chapter 13, they will only get on average 25 to 50% of the amount owed, but that will be stretched out over 5 years.





Most will be willing to work with you, but you need to have a good plan of attack before you make contact with them. I’ve included a link to a free resource that can give you a little more guidance.





I hope things work out.


What is the best way to consolidate debt without using a line of credit?

I have only one negitive on my credit report, 90 day late payment on a student loan from 2003. The loan has been payed in full for over a year now. But, I am unable to get a line of credit to consolidate my debt which is minimal. What options are out there? I am currently on a waiting list for housing and my number should be up in a year and a half. I need to get rid of my credit cards and put together the down payment for my place in this time. Any suddgestions?

What is the best way to consolidate debt without using a line of credit?
to start the process of buying a house this is what I did:


To boost your credit score:


The first thing you will need to do is call the three major credit reporting agencies and request a free copy of your credit report.





www.equifax.com


www.experian.com


www.transunion.com





Then once you get those in the mail (7-10 days) there will be a dispute form attached to the reports. Fill those out for every negative account on your report regardless. Fax, mail go online whatever it takes to get those submitted as quickly as possible. Then those companies must answer your dispute within 30 days or it is removed from your credit report completely. So that will eliminate some things, hopefully.





Then make sure you pay all your revolving accounts to below 50% of your credit limits.





Make sure that you make all your payments no more than 20 days from the date it is due.








Good Luck!
Reply:WHATEVER you do, STAY AWAY from all of those debt consolidaters you see on TV. The ones that claim they can %26quot;Get rid of interest%26quot; and stuff like that. They charge an outrageous fee, which they are shady about, and creditors consider it as bad as bankrupcy on your credit report.





Try contacting the bank which has the negitive and just ask them nicley to remove it. Always worth a shot. If that doesnt work, try disputing it through the three credit agencies. Usually, if a debt is resolved, a creditor wont waste time trying to prove its real.
Reply:you don%26#039;t say what type of debt you have, but if it%26#039;s credit card, take the one with the lowest interest rate and use it to pay off all the rest. then make sure you pay at least the minimum on that card each month, Obviously, you want to pay more as you are able, but at least the minimum will keep your credit on track.





good luck
Reply:If you are having huge debts but cannot or will not pay, apply for bankruptcy. You do not pay your bills to your creditors but make a single payment each month to the settlement company. Your lenders will ask for the payment from this company. When your level of debt reduces substantially, the settlement company will negotiate with your lender to settle your account. The settlement does not exceed 50% of the balance outstanding. This will let you clear off your debts within 2 years. But the major drawback of this method is the damage caused to your credit rating. Ascertain the reputation of the company before using their services.
Reply:Go online, or to a local credit counselor, they can get you on a repayment plan with your crediy card compamies. Your credit does no matter with them they are there to help you get out of debt the fastest and easy way.
Reply:Do not consolidate- that will only give you one large payment instead of a few smaller ones and will also increase the time needed to pay them off. Your best bet would be to take the lowest balance credit card and start %26quot;overpaying%26quot; it monthly- now if you are only making minimum payments on the cards you cannot afford to pay them off, nor consolidate nor save for a down payment, so if you are in a good financial place that you can pay off a credit card one at a time and still save a little toward the down payment that is what you should do. If you have any cards that have a really high interest rate but the balance is the highest-- ALWAYS pick the card with the highest interest rate to pay off first-- because most of your monthly payment is going to interest and not the principal of the loan so that card would take you the longest to pay off--and needless to say, do not buy anything on credit- pay cash only and if you don%26#039;t have the cash, don%26#039;t buy it. You can%26#039;t get the line of credit because of the 90 day late on the student loan-- that is why it is important to start overpaying on the highest interest credit card- continue with on time payments on the other and if possible even if it%26#039;s just 20 bucks more a payment, start paying a little more on the other two--you may be surprised in 5-6 months, you may get offers for consolidation---but don%26#039;t do it! That will mean your credit is getting better and you do not need to consolidate-





good luck to you------ps if you can work overtime- use that extra cash to pay down those cards--- and once paid, you personally close 2 out of 3- leave the lowest interest card to use and charge on it every month and pay all but $5 a month on the bill--- that will crazy enough, increase your credit rating because it will show that you are using credit but are able to pay on time, in full if you wanted to and are a better credit risk--crazy rules but that%26#039;s the government for you---don%26#039;t pay it off every month because that would mean you are NOT using credit........crazier yet..............good luck to you
Reply:can you get all your debt on ONE card ??? and ask for a lower interest rate ??? You should clear your credit report of that late loan....since it%26#039;s been paid off. (only you can do that.)
Reply:go to your bank and speak with a loan officer.





the a.p.r. would probably be lower and their criteria for lending might possibly be less stringent.





best of luck.
Reply:What I did was pay minimum on all my cards but one the smallest one I payed extra and once it was payed off I put what I was paying on it to another card and so on. also I used my income tax to pay off some cards. i am now debt free and just got a house that%26#039;s what worked for me.
Reply:i have a suggestion, dont spell suggest with two d%26#039;s. it makes you look about as dumb as someone who relies on yahoo answers to consolidate their debt.

floral

What is the best way to eliminate debt and make only one payment?

Ok I was in a car accident and I got behind on my credit cards (which I should have never had in the first place). I probably have close to $5,000 in debt and I am wanting to find the best way to get out of it. I also would rather pay one montly payment. Would a bank give me a loan to pay off the credit card companies? This would be easier for me to just pay one huge amount each month instead of so many individual payments? Also since I have late payment charges will this effect my status?





Any who please help me with any advice you might have...

What is the best way to eliminate debt and make only one payment?
Try and get a consolidation loan, if you have good credit then it should pass. I am in the same place but i let it go to far now my credit is ruined and yes your late payments does effect your credit. Also check and see if you have that insurance that says they will make the payments for you while you are sick or injured.
Reply:If you can get a bank loan with interest rates lower than you CC%26#039;s by all means do it.





You will be forced to pay off the loan within a certain time frame. Try your local credit unions they normally have the best rates available.





With CC%26#039;s you have the ability to pay only the minimum and doing that will take forever to pay off 5k of debt.
Reply:The bank could give you a loan if your credit is good enough. You may also consider getting a free debt consultation at http://www.nationwidebillrelief.com/debt...
Reply:If you are current with payment of interests, any bank may offer you a consolidation of debt. Everithing depends on your credit history.
Reply:You should get a credit report to see what you have with your credit because you know there is very little chance to get a loan with bad credit. But don%26#039;t get frustrated. get all your bills together and add them up to see what you owe versus your income if you see there is no possible way to repay with what you have write an explanation letter to each one of your creditors and ask them to make some arrangements with you for repayment don%26#039;t hesitate to ask if they could lower your payments and interest. If they have a local office were you could talk personally and give them the letter go personally otherwise check for a toll free number they have one for costumer service and speak to them. You would be surprised on how many of them rather receive less money than loosing it all. If that doesn%26#039;t work try to get a financial agency that could make those arrangements but they will charge you for the service. For last if you could get arrangements make sure that the credit reporting burows get that information of your settlements. Do check for the lenght of time for those debts maybe there is one or two that in short term will be payed out and if you get a loan for lets say five years but 2 of them will be of in 6 months is not worth to bottle up in a loan.
Reply:Get one of the cards that offers 0% for 12 months and transfer all of your balances on to that card, then just pay that one card.
Reply:Sounds like a good plan. You will probably get the loan at a more favourable rate.





Don%26#039;t worry about your %26#039;status%26#039;. Go talk to the bank and explain the situation.





Their main concern is that you have the ability to pay as agreed.





You are doing all the right things.





Good luck!
Reply:There are some useful tips here.


What is the best way to get rid of credit card debt?

Hi All. I%26#039;m a recent college grad who is fairly new to the workforce and is ready to get rid of her credit card debt!! I was fortunate enought not to borrow much in student loans (a total of about $9,000), however by grad time I owed about 9 thousand in credit card debt. Now I am ready to get rid of this burden. I know that this sounds horrible, but my situation was very different than that of the average student. I am a mother and was raising my daughter the whole time during college. Instead of working full time I focused on my studies and only worked part time. Needless to say this made everything harder but in the end it was worth it. Also, I%26#039;m not looking for an overnight solution. It took me six years to accumulate this debt so I know it wont disappera overnight. I%26#039;m just looking for the best way to go about it. Please help!

What is the best way to get rid of credit card debt?
The amount of people throughout the United States who find themselves in debt continues to rise. For you, raising a child while being a college student made your financial a difficult one. For most, however, debt is the result of extraneous spending, poor money management, or both.





Below is a list of ten tips to getting out of debt. Some are easier to follow than others, but all are designed to help alleviate the problem - so take comfort in the fact that you can solve your debt, though it will be a tough process...





Ten peices of advice from allbusiness.com:


1. Create a realistic monthly budget for your expenses. List all monthly bills and necessities and make sure they are covered by your monthly income. Allow only the money remaining after the bills are paid to be spent elsewhere. Stay within your budget guidelines.


2. Pay off the balance on the credit card with the highest interest rate first (unless the balance on any card exceed 50 percent of your credit limit). First, pay all balances to below 50 percent of the card limit because balances above this level cause your credit score to diminish. Then pay off the balance on the credit card with the highest interest rate. If the account was opened within the past year and you have additional older accounts, close it after it is paid off. Next month do the same with the card that has the next highest interest rates. Continue until you reach the credit card with the most favorable terms (i.e., low interest rates). Use this as your preferred account. You need only four open accounts to establish a positive credit history.


3. Learn to use cash instead of credit cards. Have one primary credit card and use it only for emergencies or major necessities, such as a new refrigerator if the current one stops working. Put your credit card in a safe place, not available for everyday use. Also, do not accept increases on your credit card limit above an amount you can easily pay off in three months.


4. Use direct deposit for your paychecks. Also have a limit on how much you will allow yourself to withdraw each week and month.


5. Cut down on your discretionary expenses. This includes dining out, overusing your cell phone, and other such unnecessary expenses.


6. Evaluate your living situation. Your housing costs should be no more than 33 percent of your household income, including mortgage payments, property tax, and both property and homeowner%26#039;s insurance. You can shop around for lower insurance rates, refinance your home mortgage, and look for more economical utility plans.


7. Avoid borrowing money to get out of debt, especially consolidation loans. Many people think this is a way of helping them get out of debt. However, consolidation loans are simply a means of combining debt. You could end up losing everything because you’ve tied it all up in one loan. If you must borrow, see if a friend or family member can lend you money, since the interest rates should be low or nonexistent.


8. Contact your creditors and try to work out repayment plans. Many creditors are willing to work with you in a manner that will help them get their money without having to resort to debt collectors.


9. Become a savvy shopper. Look for deals, bargains, and savings. You’d be surprised at how much you can save if you take the time to shop around. Check out the price comparison Web sites such as Shopping.com and BizRate.com.


10. Look for extra ways to make some money. From part-time work to a garage sale to taking in a boarder, there are many ways to bring in some additional income.





If all else fails, seek out help from a debt reduction specialist or counselors [see link below] who can help you formulate a plan for getting out of debt and staying out. Just make sure that you check out the service in advance. Many companies are simply taking advantage of people in debt and charging them high service charges.





For MSN Money%26#039;s take on credit card debt, follow this link-


http://moneycentral.msn.com/content/Bank...





For more advice, these are also helpful allbusiness.com links-


Should I Borrow Money to Get out of Debt: http://www.allbusiness.com/3915481-1.htm...


To Get Matched with a Relief Specialist:


http://www.allbusiness.com/3776688-1.htm...





Good luck in climbing out of debt. Try to modify your personal finance outlook in doing so, and you should be well on your way.
Reply:I would consolidate it with a company at a low interest rate. If you can find something where you have a set monthly payment for 5 years that would be nice. Then you can treat it like a car payment or any other bill you have.
Reply:You are lucky in the fact that it is only $9000. Dont%26#039; consolidate, you%26#039;ll end up paying more in interest in the end. Take it one card at a time. Pay the smallest balances off first. Pay more than the minimums. A good rule of thumb is take your finance charge for that card for that month and double it. That way you are paying the principal plus the interest. Before you know it, you will have it paid off.





Good luck.
Reply:there is a song that goes like this:





if you see something you want and you know you can%26#039;t afford it, the very next thing for you to do is start saving towards it.





1) transfer to it to an interest rate of 0.00% (see link #1)


2) put as much as you can possible afford each month, NEVER the minimum!


3) transfer it to another card when the first rate of 0% runs out! i did this to start a business in which i needed about $40k, i have yet to pay ANY interest 7 years later!
Reply:Uh, pay it? Or is that too simple of an answer.





So what you%26#039;re saying is, you charged stuff and now don%26#039;t want to pay for it. What%26#039;s the difference between that and just going into the stores and stealing it directly?
Reply:First cut all of your credit cards in half.





Second pay as much as you can every month. At least twice the minimum payment.
Reply:pay it
Reply:i would see a debt counselor or consolidator. either way see a professional for the best advice. first advice is to rip up the credit cards.
Reply:First, cut up your existing card.





Second, start making payments and not just the minimum. Pay as much as you can each month. Cut out any unnecessary other expenses.





No easy solution.
Reply:Credit card debt consolidation adds up all your unpaid balances and converts them into a single payment. This payment is far lesser than each of the individual payments. When you finalize a plan with a debt consolidation company, the company repays your dues to your creditors. Then you make a single payment to the consolidation company every month. Your average new interest rate is much below the old interest rate.
Reply:pay it off. or roll it into a mortgage and pay it off.


How can I get into the debt and judgment collection business?

I%26#039;ve read a bit about opportunities in the debt and judgment collection business. How can I become a collector? Do I need a degree? Do I need a license? Is it realistic for an individual to break into this business?

How can I get into the debt and judgment collection business?
Try working for a debt collection agency first.


They are always advertising for new people.


Then, once you have tried it, you can proceed with getting the licenses, etc.
Reply:Debt Collections and Judgment Collections are two different businesses. First familiarize yourself with:


The Rosenthal Fair Debt Collection Practices Act, Fair Credit Reporting Act, Fair Credit Billing Act, etc.


We specialize in Court Judgment Collection - Ben@UncollectedJudgmentCash.co... Report Abuse


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What is the best way to get out of debt on a limited budget?

Please only experienced people%26#039;s answers only!


I am currently about $30,000 in debt including credit cards, my vehicle and my student loans. I make good money in the summertime and decent money the rest of the year, but month after month it seems like i can only afford to make minimum payments. Are there any tips on getting stuff paid off? And is it smart to consolodate my debt into one payment?

What is the best way to get out of debt on a limited budget?
You need to reduce expenses.





Check your phone bill %26amp; other utilities to see if there are any cheaper plans.


Please tell me you DON%26#039;T have cable TV...


Do you have a land based phone AND a cell phone? If so, why?


Do you need internet access at home, or can you get it elsewhere (free)? If you must, Yahoo/SBC offers DSL cheap.


Also, it%26#039;s easy to be cheap (face it, that%26#039;s where you%26#039;re going for a while) if you pay for stuff in cash. It hurts more than using credit.





It%26#039;s no fun to spend less, but you have spent more than you have earned over the last year or so; you can%26#039;t keep that up. Sharpen your pencil, list your expenses and make some cuts. Most of us have %26quot;been there%26quot;. Good Luck!!


What exactly happens to your credit if you do debt consolidation?

I have $7,000 in debt and I have heard about debt consolidation. Does this negatively affect your credit rating? Do you get to choose how much you pay monthly or is there a set amount they make you pay? I live in Canada, if that matters.

What exactly happens to your credit if you do debt consolidation?
I went online to look up your question, and here%26#039;s what I found....I hope that it helps you out....Best of luck to you!!
Reply:Be careful! I do not recommend debt settlement/debt consolidators as I%26#039;ve heard too many horror stories. They can%26#039;t do anything that you can%26#039;t do yourself....If you are really behind on your payments, you may be able to settle your accounts for less than the full amount. If you aren%26#039;t behind and you use on of these firms....they will deliberately NOT pay on your account so they will default. This puts you in a position where settlement can be made. Bottom line: If you%26#039;re already defaulting/late on your cards....you can attempt to negotiate a settlement yourself....If you are NOT behind on your payments and you use one of these debt settlement firms...they will WRECK your credit by not paying in order to attempt to negotiate....You will pay dearly for this debt settlement with ruined credit. It%26#039;s not worth it.
Reply:Debt consolidation simply put means you are borrowing money to pay back a bunch of small loans. While it clears outstanding debts you are still in the same place, owing money.


What’s more, the costs of consolidation loans can add up. In addition to interest on the loans, you may have to pay “points,” with one point equal to one percent of the amount you borrow. Still, these loans may provide certain tax advantages that are not available with other kinds of credit.





If you want to stop the hounding and try and improve your financial standing, then the FTC recommends you do a debt counseling program.





I think this also works in Canada (hey)
Reply:The companies will negotiate with your credit card%26#039;s to work out the monthly payments, usually you can tell the debt consolidation firm how much you can pay per month and they try to get it to that amount.





My husband did it and it is on his credit record. It has effected his score negatively so places that just go by the numbers it will effect.





It can potentially effect your score more to not pay the credit card debt off so if you aren%26#039;t going to be able to do so, it might be worth the smaller hit.
Reply:When I did a debt consolidation, it went on my credit report and some creditors viewed it negatively and others thought nothing of it. The company negotiates a price for you to pay each month with your creditors and that is how much you pay each month. It usually is significantly lower than what you%26#039;re paying now, though. I think it%26#039;s worth it.
Reply:a debt consolidation will help your credit it will go up after you pay them off, then you will only have that one loan on your credit. you can pay monthly payments with what ever company you use to do the consolidation. if you are a member to of credit union they are the best


How do those companies that promise to eliminate most of your debt work? What's the catch?

I have about 15k dollars in credit card debt and I%26#039;m looking to knock it out. I heard some radio ad stating that they can eliminate a good portion of my debt. How can they claim this and what do they do that gets your debt down? Does this harm your credit score?

How do those companies that promise to eliminate most of your debt work? What%26#039;s the catch?
They can%26#039;t and don%26#039;t buy it. They can eliminate some or all of your debt, but all they do is file bankrupcty for you which is turn can screw you up for 10 years.Example


Chapter 7:


You file bankruptcy on January 10, 2003 and receive a discharge on May 30, 2003. The bankruptcy remains on your credit report until May 2013. (10 years)


Chapter 11:


You file bankruptcy on January 10, 2003. You receive confirmation of your chapter 11 plan on March 15, 2003. The bankruptcy remains on your credit report until March 2013. (10 years)


Chapter 12 and 13:


The court normally grants the discharge as soon as practicable after you complete all payments under your repayment plan (typically 3-5 years).











Avoid credit repair agencies that charge a fee to improve your FICO score by removing negative, but accurate, information from your credit reports. No one can force credit reporting agencies or lenders to remove accurate information from a credit report. Credit repair companies often take your money without delivering what they promise, or provide only temporary improvements of your score, sometimes by removing accurate information that will reappear later.
Reply:If you are actually current on your cards then don%26#039;t even think about it. Keep your credit good -- those tricks are for people who%26#039;ve already harmed their credit history by being delinquent.





You might try debt consolidation (which does not lower debt but might lower total payments), or get a parent to make you an authorized user on a lower interest rate card, and transfer balances, etc.
Reply:I agree with the previous answer about checking things out. However, the main way that they work for you at %26quot;getting rid of debt%26quot; is that usually, people who are very far behind on their credit cards owe a lot of interest and fees. Just think about compounding interest on your apr rate, especially if it%26#039;s a default rate. It doesn%26#039;t take very long to increase the balance due if you don%26#039;t pay the interest (at least) monthly. So when you are in default, most of what you owe consists of interest. The debt %26quot;assistance%26quot; (and I use that term VERY loosely) negotiate a different amount to be paid by getting the credit card companies to waive portions of the interest, late fees and penalties.


What happens to the credit card debt when your parents pass away?

What happens to credit card debt when one%26#039;s parents pass away in the event that they do not have an estate, BUT the children do have an estate (real estate, etc)?





Morbid, but just wondering.

What happens to the credit card debt when your parents pass away?
The other posters are correct. As long as your parents had nothing to probate, then the debt will cease with their death.





However, as an aside, I found something the other day that was rather disturbing. It seems that there are these %26quot;niche%26quot; collection agencies that actually specialize in probate collections. I guess this is where people get the idea that collectors are ghouls. :)





http://www.probate-services.com
Reply:When someone dies leaving debt and no assets, the debt dies with the person.





You send a letter to all the creditors, informing them of the death and lack of forthcoming payment. Include a photocopy of the death certificate -- certified copies are expensive and they don%26#039;t need a certified copy.





In some cases you have to send it a couple times before the credit card company stops trying to collect.
Reply:My neighbor%26#039;s brother-in-law died. She had to settle the Estate and then keep what left. I guess that how it work. If, they not have an estate then guess the credit cards can send them a bill. But, you not liable for another person%26#039;s debts, unless you signed something.
Reply:I don%26#039;t understand your question. You mean what happens to your moms credit card balance if your mom passes away? Or what happens to your credit card balance?

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Why does the government have to increase the national debt every year?

China practically owns us. Both presidential candidates tax plans increase our national debt by over $200 billion, with Obama%26#039;s costing a little bit more. Why do they have to keep borrowing more money instead of shrinking the debt?? It%26#039;s gonna come back and bite the country big time before too long.

Why does the government have to increase the national debt every year?
Im afraid it may have already come that time in which it comes %26quot;back and bites the country big time before too long%26quot;. With recent monetary printing up, this has hurt the value of the dollar; the bailout money for example, was entirely printed fresh. Along with what you have mentioned, it is not only China *we* are indebted too, but there are many other nations including: Japan, Russia, Saudi Arabia, countries of Europe...to name a few. Pessimism leads to withdrawal, realist understands whats coming.





If your time is not limited, consider my question


http://answers.yahoo.com/question/index;...



Reply:Government likes to spend more money than it takes in. Even at the end of Clinton%26#039;s presidency, when Clinton and the Republican Congress managed to get a budget surplus, the surplus wasn%26#039;t enough to cover the interest earned on the National Debt. A Republican Congress and Republican president didn%26#039;t fix the problem; they didn%26#039;t even look like they were trying to fix that problem. It seemed to get even worse when Democrats took over Congress. Next, it looks as if we will try a Democrat Congress and president. If that doesn%26#039;t work, I bet we try the Republican Congress and Democrat president again, like during most of Clinton%26#039;s presidency. I just hope those Republicans work on actually fixing America%26#039;s problems instead of looking for excuses to impeach Obama.
Reply:China does not own us , great Liberal talking point though to the ill informed. China owns about 800 Billion of our 10 trillion dollar debt.





No one can accurate say what a tax cut is going to do, it might increase revenue as it does most of the time , its not a zero sum transaction like its treated.





Personally I don%26#039;t care about the debt that much because after all , all the money in the world is just printed up out of thin air..
Reply:well, the way i see it...it won%26#039;t be long for that bit get any closer!!! and we all will feel the pain...ouch!! that%26#039;s hurt....let go of my backend...


How do I get out of debt and come out with good credit?

Married, and have almost 100,000.00 in debt. Thats not including a house payment, total of 113,000.00. Total all together 213,000.00


Its to much for me to handle but we dont wont to loose our good credit score.

How do I get out of debt and come out with good credit?
The first step is to cut up all of your credit cards immediately and find out if you have any reoccurring charges that you might have forgot.





The second step is to increase your income by getting a second job if possible or working overtime. If one of you is not working and you have children, than have the stay at home get a job that will allow the full time spouse to come home and then the part-time spouse can go to work. You do not want to be paying any type of child care if possible to allow for more of your income to go towards your smaller debts first. That way it looks like you are making serious head way, it can be paid off quicker, and than you can add the amount that you were paying to it to the next higher amount.
Reply:Hi, I can discuss a solution or suggest one if you are interested in what I have to tell you. I may be able to help you. My email is rpelley5@yahoo.com.
Reply:Is there a lottery in your state??





Any rich relatives in bad health??





There is a $10 million reward for Osama Bin Laden. ( I%26#039;d turn him in lightning quick)
Reply:Honey with that type of debt you should consider refinancing, downsizing, and/or consolidating


Where can I find a personal debt consolidation loan for people with bad credit?

I am in dire need of a debt consolidation loan and I have bad credit. I can make things work with $5000, but I do not know where to start. I have seen people with yahoo addresses claiming they can loan money but they sound fishy as it is not a company email, their emails always seem to be yahoo. Any info will help. I fell on hard times and am now able to pay my monthly bills but I cant seem to catch up what I fell behind on. PLEASE help asap. I have a 5yr old and I do not want him to suffer us loosing our home or car.

Where can I find a personal debt consolidation loan for people with bad credit?
Debt consolidation is an option, and you should look into it. Just be careful about WHAT you%26#039;re getting into. Some plans, because of their higher APR rates get you into more trouble than you were.





Also, some lenders look poorly upon it later on. Some institutions believe that it really is a black mark. It will depend upon the types of deals that your particular company or lender work out, and of course, your own individual circumstance. For some with absolutely NO way out, debt consolidation is a welcome option.





Take a good hard look at all the options and plans offered, and don%26#039;t let a single company pressure you into something you just can%26#039;t do. Make sure that you%26#039;re comfortable with the plan offered before you commit to it.





In any case, it doesn%26#039;t hurt to investigate debt consolidation as an option. It doesn%26#039;t cost you anything to find out more information about it.





If you want a place to start your investigating, there%26#039;s information and listings for debt consolidation providers on the page listed below. You%26#039;ll probably find something of use there:





http://axalda.info/debt-consolidation.ht...
Reply:Get valuable tips on debt consolidation from http://moneymentor.cashmatter.... . It%26#039;s a very useful website. Report Abuse

Reply:If you have at least a 520 credit score, you might be able to get a loan at the following website. It is legitimate since I%26#039;ve been using it for quite some time.
Reply:Call the American Consumer Counseling Center - unlike a lot of those %26quot;debt solution%26quot; places, this is a non-profit and won%26#039;t take your money. They can give you some great counseling and advise you on the best options for your particular situation.


American Consumer Counseling Center


http://www.consumercredit.com/ or 1-800-769-3571
Reply:Have you tried your banks in your area?

ginkgo

How is debt sold by our government to other countries?

How does the debt system work, what happens when the other countries buy our debt, can they sell our debt to other countries, can they force us to pay our debts at any given time, please explain how the national debt system works?





Thanks, I need lots of details and really want to understand so thanks again for your help!

How is debt sold by our government to other countries?
Yes, all bonds are debt. The ones we sell are backed by our Treasury or what%26#039;s left of it after this week.
Reply:We sell bonds, like Treasury Bills. One silver lining of this whole debacle is that T-bills are so in demand now (because the market is unstable) that they pay well under 1% now, meaning that the interest we pay on our national debt is is growing a smaller rate.





China buys a lof of these bonds, but the more we buy domestically, the less profitable it becomes for other countries to do so.





Buying bonds is patriotic, again!


Debt???!?!?!?

Today, I received possibly the worst (and most surprising) letter of my life. Let me start from the beginning.


In October, my %26quot;friend%26quot; decided to get a pay-monthly phone on o2. However, she was living in a hostel at the time and was waiting for a permanent place to come up. As a result, she failed an in-store credit rating. She asked me if I could put myself as the contract holder, and she would still pay for the bill. I agreed seeing as it wasn%26#039;t my problem, right?


Then, a couple of months later, a place finally came up for her and she moved in. I phoned o2 and asked them to change the mailing address to her new one and to cancel the money coming out of my accound (she would give me the money back every time). All was well.


However, this morning I have received a letter from %26quot;Moorcroft Debt Recovery%26quot; claiming that I have £577.47 to pay before the 26th of this month, otherwise they are going to take me to court.


1) Why are they sending this to my address when I changed the address

Debt???!?!?!?
debt collectors are not understanding or sympathetic. they are only interested in retrieving that money.


there is no proof that the phone bill was for ur friend during those times. she has obviously not been paying the bills and has changed the bill back into ur name or something.





my ex got me into a lot of debt bcos of a similar thing with a phone contract. i had to pay up the money or i was going to be arrested. no matter how much i pleaded with them they said i had to pay it. i hope u sort things out :(
Reply:the bottom line is %26quot;you%26quot; took out the phone and just gave it to her. the phones in your names. Giving them your friends address means nothing, you could have moved and they just changed it. talk to them about the situation but it sounds like they have the right person, your friend just stop paying the bill and the money is out standing, be very carefull on this one they are not the niceist of companies to deal with.
Reply:Register with them AND O2 that you dispute this debt. They have to stop all debt recovery action at that point. Write a letter to O2 explaining the situation and copy the debt collection agency in on it.





Don%26#039;t let them intimidate you. once you have registered a dispute they MUST stop recovery action (under new consumer protection law). Go to your local C.A.B. and tell them whats happening.
Reply:A friend of mine had the same experience, but they left the country and somehow Moorcroft found her. She spoke directly with O2 and they told her that the debt was passed on but they waved the fees and told her to pay the original outstanding balance as she hadn%26#039;t been notified of the debt for TWO years. Speak with O2 as I doubt you will ever get through to Moorcroft.
Reply:Can I suggest that you contact the CAB for advice (I am presuming that you are in the UK)? It all sounds very odd. One thing I would say is that it is usual to cancel standing orders or direct debits in writing. Only then do you have the proof that you need.





I do hope that you manage to sort things out.
Reply:Moorcroft actually approached me asking for a ridiculous amount for an unpaid utility bill and had their facts completely wrong.


Phone them and tell them the situation.


They%26#039;ve messed up again by the sounds of it.
Reply:Unfortunately the debt is in your name and wether your friend agreed to be responsible for the bill or not I think LEGALLY YOU are responsible.


Its a hard lesson to learn. They will not write the debt off, you will have to work out a payment plan I think.
Reply:If you are constantly struggling with debt, The best site I used to reduce mine is





http://www.primemoneylenders.com/debthel...





the best thing about them is that it is 100% FREE and you do


not have to give any private info for them to help you.





Try them out and good luck
Reply:Because you signed the contract and it is in your name the debt is your responsilbility.


Not what you want to hear but I am afraid it looks like you will have to pay this debt.
Reply:You allowed a friend to take advantage of you through allowing them to use your credit and they screwed you. Learn from this and never allow this to happen again. Good luck.
Reply:If you signed the contract, %26quot;YOU are liable for the outstanding debt. Sounds like your %26quot;mate%26quot; has done the dirty on you. You need to get in touch with this company pronto %26amp; explain.
Reply:This seems weird. If its a by monthlty plan or %26quot;pay as you go%26quot; then how could she have racked up a bill like that? And you dont need a credit check to get a prepaid phone either. Also, if the bill was coming out of your account everymonth, why would she owe them any money?? You need to make sure this is really from the phone company and not for something else. Also, as long as the contract was in your name, you owe it. It doesnt matter who used the phone. Sorry to tell you the bad news. There is no way you can legally make your friend pay up if the contract was in your name.
Reply:I am sorry but if you signed the contract (check that) then you are bound by the conditions and minimum term. You can obvioulsy recover the money from your %26quot;friend%26quot; if that is possible.





The only other option would be to suggest that the contract was missold in some way but that doesnt seem indicated





Moorcroft have presumably contacted you at the most address they could find you.





Once you have satisfid your self that the bill is the one you signed for and the amount is contractually correct then the best course would be to make an weekly/monthly offer you can afford to pay
Reply:tell them what you have just told us and be firm with them don%26#039;t let them talk over you keep on telling them that you are not paying and are not liable for this debt .Make an appointment with Citizens Advice who will advise you and also they won,t take you to court as it will cost them too much to do so but even if they do the court would find in your favour anyhow do not be bullied by debt collectors there are laws protecting you get advice from the Citizen advice center