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I was told that you can pull out of your 401k for a down payment without being taxed on it. You get to do this one time.... |
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 Can i withdraw as a co-signer on an car loan? |
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| i'm gonna go to canada to visit an old friend. Her dad is gonna give me his credit card to pay for my flight. what will happen when they find out that i'm using someone else's card to ... |
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I just turned 18 (Mar. 8th) and have NO credit. I live in GA
I've been working very hard as well as saving very hard so that I can buy myself a NEW motorcycle
It is a 2007 ... |
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| I believe that if you charge your card and make more than the required monthly payments that it would hurt your credit score somewhat the same as if you were to not make a payment at all.... |
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 Credit rating - how is it linked to the individual? |
A friend and myself were discussing this the other day, basically because my credit rating sucks as I rinsed overdrafts and credit cards whilst at Uni.
I'm moving house soon, and we don... |
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 Bill Collectors!!!? |
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 My partners bank are taking him to court to recover a debt even though he has been on a payment plan? |
| they have told him that they are going to issue a county court judgement against him. he has never missed a payment,yet they are still taking him to court. i am petrified at what is going to happen ... |
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 Are there any companies that will give a personal loan? |
to people with not so good credit ( they only not good thing is that my credit cards are high) but I need money to move out of state
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something like a 5000-10000 dollar ... |
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 I cant be brotherd to pay my credit card bill. ? |
I have recently received my first ever vanquish credit card. I spend the whole £700 within a day. I can't be botherd to pay it back and have canceled the direct debit, What the worst that ... |
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 Debt collecting practices? |
| When I was 25 and under my father's insurance, I had surgery. Now, two years later, I must have missed a small bill that insurance paid some on. I moved from home and guess didn't receive ... |
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georgiadiva | Is this a myth...what happens if you just stop paying for your credit card? |
I have a friend who just got a notice from a creditor via the Sheriff's office. Is it true that if you just stop paying your credit card bill after 7 years it just falls off? He hasn't paid in 6 years- due to medical circumstances (he's not just avoiding it- so don't go there please). He's gotten advice like "if you don't pay it, after 7 years it will fall off-as long as you made NO payments at all" so now that it is getting close to 7 years, all of a sudden he gets this notice. Then he's heard, just pay a small amount like $1 a month and that will at least prevent legal intervention.
As stated before, he's not just avoiding it, but due to some medical expenses that he assits with for a family memeber, he just cannot afford to stretch the budget by even $20 a month.
What does everyone think?
Please no negative comments as I will flag them &/or report them. We really need some serious advice only.
thank you in advance. |
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Skyhawk
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Depending on which state it is, the statute of limitations prevents a creditor from pursuing legal action against a debtor after a certain time period from the last payment. (4-8 years)
The creditor can try to collect the debt forever, but can't sue after the statute expires.
After 7 years, negative items fall off credit reports.
IMPORTANT: If you pay even $1 to a creditor, that statue starts all over again.
Look up the credit laws of your state for more info.
www.(your state).gov |
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guardianofdoves
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Chances r the debt is outside the Sol or time- barred.
Call the Attorney General for your state and ask for SOL--statue of limitations on an open end account. Do not pay anything. If recieved a summons deny all that u can. Also file an answer to be in court, and possibly a discovery. if debt is a lot get a lawyer.
Debt collectors can try to collect for 10 years, but only thru the court to sue the SOL time-depends on your state. |
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clgirl
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after 7 years it will go off of his credit report but the debt is still owed......tell him Do Not pay $1 a month once he even pay $1 the debt will start all over again...so that wouldn't be a good idea... |
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bryan l
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odds are that you will not get sued. DO NOT pay a dollar a month on that account, this is six years old and out side of the SOL. Now making any payment on a time barred debt will reset that SOL and it will bring it current on your credit. It is a game collectors do to folks to reset that SOL then they will get aggressive. |
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queengeminii
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ok I guess I will put MYSELF out here for the sake of Helping somebody so they won't go thru what I went thru for 18 years.
OK,I at one time had over 13 cc. I was in college & no JOB,( yes I was soooooooo stupid )Well I never paid any of them & my last cc was issued in '92 for a major department store well after the first 7 years it never showed but was still there( I suppose on another credit agency) well I thought it had rolled off but for the last 2 years I have been repairing my credit ( thanks to me getting some Smarts) well It is back it is called a revolving account and when I checked my credit report just in Jan.07 it has come back for the second 7yrs, tell your friend to be careful if u pay 1Cent they will be back like sharks if you leave it it might just be one of those revolving accounts and never leave consult a credit conselor for the best adviceor do what Iam go to the library=read pls. |
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Together
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If he got a notice from the Sheriff it means that collection agency intends to sue him. If they sue him, they will get a judgement, which is a legal document requiring him to pay it. If it is not paid to the creditors satisfaction, they can garnish his wages (not sure where you live but in my state they can take up to 10 PERCENT of his wages) and if he owes a lot they can have what is called an "asset hearing." The judge can allow them to take anything he has to be used against the debt.
The law about paying a dollar or something and they cannot sue is a myth. If you arent paying to their satisfaction they can sue you. But they must take your payment no matter how small and apply it to your debt. They are not allowed to send it back to you demanding more.
I wish I had better news for your friend, but I have to say he is in a bad situation now. It is very kind of him to help his relative, but his credit has been suffering for a long time, which can really hold you back, and now it may really cost him. |
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Sean T
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No it's not true they will continue bugging you about the late payments until you move so they can't contact you no more. It wont go away it's going to affect the credit score wherever you go showing you had "deliquent" payments. |
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J.R.
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Your friend is being sued for the amount owed. The credit card company does this so that they can pursue other legal methods of collecting, like garnishment and the attachment of accounts. Your friend needs to make some kind of settlement, in writing, with the company, or he will owe a lot more and be forced to pay.
Paying $1 a month will not stop this process. The only way to stop it is to pay the amount owed, or settle the account in some other way. |
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Mizbhvn
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If he has received a document from the sheriffs office he is most likely being sued for the balance. A judgment will be issued for the balance of the account plus legal fees involved in collection. The creditor (in FL at least) can then choose to either garnish his wages, or force him to sell assets. This applies for current assets as well as items he may own in the future.
Some legislation has been discussed to allow the creditors in some circumstances to seize tax returns and suspend drivers license. He really should make some sort of arrangement. He really needs to make sure that if the document he received is a summons to appear he MUST show up in court, if he does not he will be found in contempt of court and a warrant will be issued for his arrest. That means he will go to jail!! |
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Ms.Hockey!
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I understand what he is going through. NOt the same circumstances but I understand. The debt wont just go away and the lack of payment will always be on his record . They should work with him to help set up payments, but 1$ isnt going to cut it! Good luck to your friend and I dont really know if this is going to help. but I hope it does some what. Tell him to look into those companys that will help with debt. They can help find lower payments and keep it from getting into leagal action. You see comercials for places like that all the time. I would just start writing down names and numbers and call around till he finds one that will work with him!
BEST OF LUCK, tell him to hang in there! |
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ccGuru
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I believe this is the proper answer, but you should consult with a legal expert. Writing off bed debts is part of a bank's cost of doing business. When a debt is not paid, it is listed on the credit report as a "charge off" after a certain period of time (6 months of non-payment or thereabouts), usually because the borrowee wants to take a tax write off at the end of the fiscal year. 6 months after the last payment was made, the bank no longer cares about the money you owe them. The bad debt was almost certainly sold to an external collection agency in return for some percentage of the original debt. You still owe the money, legally. The debt collector will use every method to lie, cheat and manipulate you in order pay the money and make something from the bad debt which they purchased. After 7 years, a bad debt is removed from the credit report, per the Fair Credit Reporting Act. The 7 year clock starts from the date of the last missed payment. You cannot be forced to pay a debt without the creditor or collection agency resorting to a lawsuit. You are less likely to be sued depending on the age of the debt and the amount. It seems unlikely that an amount less than $1000 would be pursued more than about 4 years. You can be civilly liable, but not criminally liable for a debt, unless it's for child support or something of that nature. |
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Liz S
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If you don't pay your credit card bill, the CC company sends the balance to a collection agency. If after some period of time you don't pay the collection agency they send it back to the CC company and they may or may not chose to persue legal action, if it's a good amount of $ they usually have a colleciton law firm take it over and you would be contacted by them. If you don't pay them after they persue you they could take you to court, but usually don't unless it's tons of money, they CC company writes it off. Collection law firms use crazy taticts to get you to pay and threaten all kinds of things. Meanwhile the non-payment of the CC is reported by the credit card company the credit bureaus. And yes, unpaid credit cards drop off after 7 years. The CC company is trying a last ditch effort to get the $ from your friend, because they cannot try to collect on it after the 7 years is up. |
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khill
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He got served by the sheriff. He should definately try to work out some type of payment arrangements. Just paying $1 will not cut it. He will have to make arrangements with the creditor that the creditor accepts. It sounds like they are suing him. If so, they will obtain a judgment, which will stay with him for 10 years, and is still renewable every ten years after that. It could stay with him forever. He should try to satisfy the creditor even with $5 per month if that's all he can afford. |
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