 How is everyone coping with the credit crunch? |
| I am finding that as a college student that prices of food is really expensive and travelling costs are rising so i do tend to walk more these days as i need the money. I find that shopping for ... |
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 Will it be difficult to buy a home if i have excellent credit and not have a job.? |
| i hate my job and i like to quit. but i also want o buy a home in the next six months . need ideas on how to make this work for me.... |
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 Can someone buy a house without owning a credit card? |
I heard that in order to get a mortgage, you need to have a credit card (not for buying, but for the credit). Is it true?
Additional Details
but that's what i mean, is it possible ... |
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 Old Debt collection? |
| I received a letter from a debt collector about an old debt... from about 1999-2000. I believe it should be dropped from my credit report by now but the letter says they have just purchased the debt ... |
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| Please help has anybody else had trouble from world books the book club i got loads of problems from them? |
| they have not honoured the agreement to me and now are telling me that i have not done and put my account to a debt collection agency saying i owe them money which i do not what can i do this will ... |
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 Should i forge my mom's signature for a credit payment? |
i need to fill out a contract and it requires a signature.
Its a housing contract and i need to pay over 200 dollars, i need to send this out today before a certain time but my mom is in a ... |
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| What should my cousin tell the collection agency? |
| My cousins mom passed away about two years ago, her estate didn't even cover all of the funeral and burial expenses. Now some company DCM Services, specializing in deceased collections wants the ... |
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 My first credit card...need help claculating payments? |
| ok ive asked a majority of people this issue. i owe 600 dollars on my credit card i want to pay 100 dollars a month on it til its paid off. my credit card rate is 19%. some people say if u pay 100 ... |
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 Does having a credit card help your credit rating? |
| Even if it's the Barclaycard 40%apr job or one of these Vanquis cards. If i just put one tank of fuel on it every month and paid it off without accumulating any interest would it repair my ... |
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 Is this true that if you don't make any payments for 2 years ...? |
I once heard something to the effect that if you owe a credit card and have not made any payments for two solid years, they cannot come after you for the debt, is that true?
Thanks for ... |
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 Should I except offer? |
tax credit office has hounded me for three years for a overpayment £3000.00 which I always stated i did not receive
I have had court notices sent 3 times
yesterday they sent me a letter ... |
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 I need a car, but have bad credit? |
| My credit is not great because I just left school, so I have a lot of open loans. I really need to get a car. I have a perfect driving record and a steady job, and I can afford monthly payments. Is ... |
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 What is the best credit card? |
| I have $2400 on a 0APR credit card that is about to change to 9.99% Should I pay it off (My money market is now paying 1.64%) or find a balance transfer card? What I have found is 0APR for 12 months, ... |
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 Which is worse,a bad credit history, or a bancruptcy with perfect credit since? |
| Which produces a better credit score more quickly, a history of bad credit, with everything being paid on time in the last year, or filing bancruptcy to eliminate past bad entries, and then re-... |
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| I am owed money by a company they are saying they are not paying me as they have not been paid what can i do ? |
| i tiled some flats for them i did supply materials they have had my inv for 2/3 month now i know they have not paid 5 or 6 other ... |
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 Can you get cashback on a credit card? |
OK so money is REALLY low right now, and I had a thought of going into a shop and buying some random thing so I can get cashback from it.
But.... there is basically sod all in my current ... |
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 Debit card statement says I spent £53.43 at the Co-Op. No idea what on. How 2 find out what I spent money on? |
| I want to find out what it is I spent that money on because I have no recolection. It was the 6th Nov. I Know that on that day or near that day I bought hair bands paying by card in Claires A... |
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Tramadol | Why file for bankruptcy when your credit rating is already bad by not paying up in the first place? |
Example: am in debt of £6,000 for about 6 years now, i keep getting letters saying i must pay for 6 years now, but i know my credit rating is bad so what difference wud filing for bankruptcy make, im not too concerned abt getting a loan, card or anything so what shud i do, keep ignoring them or file for bankruptcy? |
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wizjp
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Late means you have had some problems but are trying. Bankruptcy says you took on the responsibility and in the middle, said the hell with it and walked away. |
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DeeDee
 |
some people are judgment proof - even if a creditor gets a judgment against you, and you have no assets, then they are unable to collect. These are creditors who don't have a secured loan, such as a credit card company.
So in answer to your quest ion, you are correct in that by filing bankruptcy you will be no better or worse off, EXCEPT that they can no longer hassle you about the debt. |
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LillyB
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You could always pay your debts! |
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azjohn2001
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At this point, I would not even bother to file bankruptcy. Bankruptcy basically gives you legal protection against creditors suing you. The statute of limitations is up after 6 years in England anyway, so they can't sue you now. More information on statute of limitations in England is here:
http://www.hmrc.gov.uk/manuals/IHTmanual/IHTM28384.htm
Also, negative information on your report is purged after 6 years in England.
Source: http://business.timesonline.co.uk/tol/business/money/credit_clinic/article406170.ece
This is assuming your are in the United Kingdom. If you reside elsewhere, research your country's statute of limitations on debt, and credit report rules. |
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GAVIN T
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You may not be able to file for bankruptcy unless your debt has reached a certain level.I filed for bankruptcy in 2001 and had to pay an amount for 3 years (£5 per week) which was shared amongst my creditors.You must make sure you have listed all your creditors when you file for bankruptcy otherwise they can still demand the full amount.I should point out that my bankruptcy was under Scottish Law and I'm not 100% sure of the difference between Scottish and English law.
The downside is that your credit rating may be bad at the moment but you will not be able to get credit and the bankruptcy is not removed from your credit score for up to 6 years.
If you stay in England and are made bankrupt you can apply to HMRC (Inland Revenue) to have a zero tax code which means you wont pay tax for 1 year.
I worked for IR a couple of years ago and that was valid then and unless they have changed the rules will still be valid but only if your home address is in England.
Obviously you would be better to consult a lawyer or financial advisor before doing anything.
Hope this helps |
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Esmerelda
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don't know how they do it in Great Britain, but in America, the creditor can get a judgment against you and have your wages garnished
better to pay |
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bob
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if you file for bankruptcy they will stop sending you letters as your slate will be wiped clean. the bankruptcy order stays with you for 5yrs and after that you can start applying for credit again. if you just continue to ignore the letters you'll probably end up being prosecuted. |
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Johnny
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Because the debts will usually get better, interest will accrue and the creditor can take you to court and then take further (expensive) action such as contacting your employer or appointing a bailiff.
You can't move on with your life with that hanging over you - if you are happy to continue as you are thats fine but most people want to move on. |
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Dr. Deth
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you'll probably never be able to finance a car so long as you keep doing what your doing - hope you like riding a bicycle to work in the rain or taking the bus everywhere |
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WisTex
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Bankruptcy is designed to protect your assets from creditors, so that you can keep your home, car, etc. while you get back on your feet. Sometimes that means they would forgive part of your debt or it means you have to agree to a payment plan to pay your creditors back. Filing bankruptcy does not mean they necessarily wipe the slate clean.
In my opinion, if you have no assets to protect from creditors, then filing bankruptcy is not beneficial.
Also, if the debt is 6 years old, the statute of limitations may have expired, which means they have no legal recourse (i.e. they could not sue you and win in court). Also, depending on your country's laws, the debt will fall off your credit report in 7 years anyway, which is only 1 year away.
They will keep bothering you until you pay them, but depending on your country's or state's laws, that is all they can do for a 6 year old debt.
I can't advise you on whether you should declare bankruptcy, but for a 6 year old debt that is most likely past the statute of limitations, and there is no threat of them taking your house or car, I would say bankruptcy would not help you, in fact it would most likely hurt you.
I would recommend consulting a financial adviser who is qualified to advise you on your specific situation.
The best course of action may be making a payment plan with them. But consult a local financial adviser to determine your best course of action.
*The above is provided as information only, and should not be construed as advice. Please consult a competent adviser for your specific situation. |
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Ask M
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well here in america we have
creditinfocenter com |
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