 Going to court over debt? |
| A friend is being sued in Texas for a debt. 2 years ago he was sued over a debt his ex defaulted on. There was a default judgement and I doubt he paid the debt. I think the new suit is an attempt to ... |
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 Should I call the Credit card company to reduce my credit limit? |
| After several years of CC debt I finally made it a point in 07' to pay them off. So I wrote a $12,584.63 check (that hurt) to Visa to clear the remaining balance. The limit on this Visa was $16... |
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 I have credit card debt from 2001 When will it fall off the credit report? |
| My husband and I live in California and back in 2001 we were in a financial crises and didnt pay 5 credit card bills. But I have several collection agencies calling and sending bills. When will it ... |
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| I'm 18 years old and I would like to open a major credit card but I'm having a hard time finding one that has a low interest rate. Any suggestions on who to go with or where to look on the ... |
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 If we didnt have CREDIT we would never survive on our salaries so why is everything so expensive that we have? |
to have credit to afford them.
Additional Details
I DONT HAVE A CREDIT CARD OR ANY CREDIT I BUY WHAT I CAN AFFORD WITH CASH AND GO WITHOUT TILL THE END OF THE MONTH IF NEED BE... |
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 Credit card APR? |
| Is 17.9% to 19% APR bad for a Hess Gas card. We are trying to better our credit as much as possiable.. If we buy gas every month and pay it off in full will the APR even matter??... |
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| I keep seeing offers for free credit reports. But you always have to signup for a month of service that will continue in perpetuity unless you go to them and tell them to cancel. Is there a way you ... |
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 How can I get a debtor to stop calling? |
| My son recently had emergency surgery and the medical bills are absolutely enormous (in excess of $86000 AFTER insurance pay outs). The hospital has hounded me for several months now, and I have ... |
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 Why does Capital One offer this? |
Capital One sent me an offer for a pre-approved Preferred Plus Platinum MC with a credit line of up to $5000.
But I already have a MC with Capital One and had one for the past two years. <... |
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 I'm looking to get a credit card to help build up my credit. Which card should I get? |
I want one with no annual fee. A rewards program of some sort would be nice, but not a necessity. I already have a Capital One card that I use. What else is a good one?
Additional Details<... |
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 Is your credit score lowered when you cancel a credit card? |
| My daughter is in college and opened a low interest Citibank VISA for college students not realizing that the interest rate went up very high after 6 months. We are making more than minimum payments ... |
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 Debit Card question? |
| 1.when a Current Account card is given through the post by Bank you signed on to, is this card the same thing as a 'Debit Card'?... |
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| Does checking your credit score on FREECREDITREPORT.com lower your credit score? |
| I heard from friends that it does and I just wondered. And also what happens if you miss ONE credit card payment??? Please only intelligent answers, this is important.... |
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Edith Piaf | I have been getting offers from a company that offers to take over my debt? |
And they tell me I only have to pay 50% of the original debt The debt is over 7 years old. Should I go for it or just ignore it?
Additional Details
I need to add something---- They are offering a visa card like this: The debt is like $600 something dollars. The credit card will have a limit of $300, but I can't use it until I've paid $300 into it. It says I will be building up my credit by making monthly payments on time while at the same time decreasing the debt.
By the way, thanks to all of you for the informative answers so far! |
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Kourtnie D
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I have to say something about this. I am an advisor for a debt assistant program and if I had just a penny for every person who does not understand how the Federal Trade Commission regulated settlement programs work... I could pay off my car. Regardless It is not a scam, the programs are designed for a certain kind of client. I would do my research look up www.ripoffreport.com see what negative feed the company has. The BBB is not reliable enough. So many debt settlement companies do not practice with integrity or ethics, but the right company is a life saver. also make sure they explained the program thoroughly and that in their contract they take 15% or less for their services. Don't go with a company that puts your money in an umbrella account. It takes a certain kind of licence to have client funding accounts set up and their are only 2 banks in the U.S. the FTC regulates and set aside for this purpose. Also make sure that they figure each debt individually at 44% and that the difference between what you paid into your account and what actually is paid on your debt goes towards your next principle. When it comes to your debt program it is very important to shop, the best price is most likely not the best company. A good settlement company will only take your first two payments to set up account. If they take more then the first two then they are deemed predatory and are more concerned about getting their money then they are about helping you. Know the laws in your state every state is different. Ask them worst case scenario. Also never do a program longer then 36 months. Dave Ramsey is an excellent guide but he and what we do are two different things. Debt Assistance programs were set in place to deal with aged collections, alternative to bankruptcy and for people that are totally overwhelmed. It is a hardship program. If the company you choose is legit one thing they will ask for is your story. They take your story to the creditors on your behalf, does make a difference. One last thing if your debt is 7 years old then the collectors who have it didn't pay anywhere near 100% for it chances are they paid 12-22 cents on the dollar so don't pay them full price back. Hope this helps.
Kourtnie D
The E.D.A. Group |
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eric h
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1st do a creditability check over the web, must companies like that only get you further in debt. maybe you should just ignore them. |
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Flixy
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I strongly suggest you read the fine print! This offer sounds too good to be true so probably is. Remember that finance companies, just like any other business have one goal and that is to make money so they are not going to enter you into anything that is more beneficial to you than it is to them. With offers like this you usually end up paying more in the long run. I would talk to someone more reputable like a bank to see if they can help you get out of debt faster. |
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flfox
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Don't do it. If it's over 7 years you can call the credit reporting agencies and request it be removed. What those companies do is buy your debt for pennies on the dollar then charge you huge settlement fee's processing fee's and interest do not even speak to them because in some states that is contact and they can report to the credit agencies for another seven years. Tell them to never call you again. Get a credit report and see if you can have some of the debts removed. If you can pay anything less then 2 years old. |
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justdavesplace
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I would be cautious of that. They might be on the up and up but i would check things out in great detail first.
If your credit is still half way decent try going to a regular bank and getting a debt consolidation loan. Its not some slick deal that gets you out of paying half of the money back like what you are talking about...but it is a more reputable and trustworthy solution.
I did this years ago, when i was younger i ran up a bunch of credit cards to the tune of 10,000 (give or take) I went and got a 3 year loan to pay it off, worked out for me and taught me a lesson about credit cards.
Dont be ashamed, we all get into those kinda messes at one point or another. |
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chad_gierlich
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Yeah, I'd check with the better business bureau and see if they have any complaints against them, or check the internet.
They have to make money somehow. Be wary of these deals! |
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jeffreychickering
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they have bought the debt from the original creditor. Even though they claim you'll only pay 50% of the original debt, i'd bet you'll pay interest on the payments, and im sure its not a small interest rate either. Somehow, these people are making money on your debt if you pay it. It may still be in your best interest to pay it, however, you may want to consult an attorney to cover all the details like making sure these people show that your debt is current in your credit report, etc. |
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fcas80
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Get a lawyer to read it over. It sounds too good to be true. |
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G-man
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Run as fast as you can. This is either a SCAM where they'll take thousands of dollars from you to set-up some protection and then never do anything getting you in worse financial shape. OR it's one of these credit counseling or consolidation services that what to discharge your debt ... which is just one level above declaring bankruptcy! Doing this will mess up your credit for 10 years or more. The best way to deal with debt is to pay it off ... work with your creditors to make payments on the old debt, get a part time job to bring in a little more money, stop buying coffee at Starbucks, etc. and throw everything you can at the debt. You can get it paid down. It is possible. |
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Jaysifer
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go for it im doing it now. i toke 20,000 to debt setelment and im only going to have to pay 11,000 |
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Greg M
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Personally I would ignore it, if the debt is over 7 years old then the following is true:
#1 it can not be reported onto your credit report such is a violation of the Fair Credit Reporting Act.
#2 the debt is most likely past it's statue of limitations meaning that they have no legal right to sue you.
So whats the point, they have no legal standing.
the Statue of limitations for open-ended accounts(meaning credit cards) vary from 3-6 years unless you are in Wyoming, where it is 8 years or Rhode Island where it is 10 years.
Personally what I would do, is send them what is called a cease and desist letter registered mail stating to cease and desist all communications with you. They then are allowed to send you one more letter basically stating that they recieved your letter and will comply with your letter. Otherwise it is a violation under what is called the Fair Debt Collection Practices Act (FDPCA).
Each violation of either the FCRA or FDCPA is worth $1000.00 plus damages.
By the way, if you pay anything onto that debt, they legally will be able to report that you settled that debt with them on your credit report, it is just better to have it off of your credit report |
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