Bad Card Company Credit Debt

how long will this afect the credit score when using a credit card company to pay credit card debt

Сredit repair workеd fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service - freecreditreport.sinfree.net

2009-05-23 16:38:32 by Dat

Most debt consolidation companies do nothing better than simply ruin your fico score in order to settle your debt. If you really want to work with ...

Say somebody has X amount of credit card debt, then they die but still have that debt to the credit card company outstanding, what happens? Does the company have to write it off as bad debt or ? Perhaps the company can hit up that person's estate. But let me pose another question then - what if that person's estate does not have enough money to cover that credit card debt.

The person's estate or surviving spouse, otherwise, they have to eat it.
Most credit agencies have a life insurance policy on their lenders now and don't persue the matter if you send a copy of the death certificate in to them.

2008-05-04 16:49:13 by Brad

Price: $1.67

I have a small business LLC which folded recently, and I can't pay off the company credit card debts. What will happen to the company, and to me?

Since you folded the company nothing can or will happen to it.

On the other hand, from what I know of credit card companies I am fairly certain that when you applied for the credit card they had you sign a personal guarantee. If so, you are on the hook for the debt.

You are also on the hook if you neglected to specify LLC as part of your company name. That is because if you don't specify the fact that your business is an LLC the other party is entitled to assume they are dealing with either a sole proprietorship or a partnership in which case the individual making the application is liable for the debt.

In any event since they can't collect from the company they will come after you for the money due them.

If it turns out that you are on the hook for the debt your best alternative is to make at least the minimum monthly payments called for on your statements. The next best alternative is to negotiate payment terms. (Many credit card companies will stop charging interest and settle for a long term payout of debts that they feel they otherwise can't collect.)

Hope this helps
Jerry-the-bookkeeper

2008-08-21 12:46:51 by David G

Price: $4.88

Are you obligated to pay full amount to debt collector? If you do pay debt collecter will debt still be on credit report? Any laws on this?

1)you will pay the debt collector or collection company who bought the debt. 2)yes, but you may be able to negotiate 3)yes, initially it will appear on your credit report in 2 places actually. First, from the credit company as a default and secondly from the collection company 4)state laws may vary slightly but this is pretty much the way it goes

2008-11-11 20:50:10 by friendgirl

Since there are a lot of people with bad credit nowadays, do you think they will put pressure on credit card companies to help people with debt or bad credit?

They can if they pass the Credit Cardholders' Bill of Rights Act of 2008 which was passed by the House and awaiting a vote in congress.
This proposed act amends the Truth in Lending Act to prohibit a creditor from using certain adverse information, including information in a consumer report or any change in a consumer's credit score, as the basis for increasing any annual percentage rate (APR) of interest on the consumer's outstanding balance.
Restricts the frequency of over-the-limit fees.

This bill also prevents many other unfair practices as seen in the past months.

You can see who and how they voted at the following web site
http://www.govtrack.us/congress/vote.xpd ?vote=h2008-623

Hope this helps answer your question

NOTE: paying off the balance in full every month will not always improve ones score, just read what FICO has to say regarding this. If you pay it off in full and do not use the card then it is OK, but if you use the card every month, then you will still show a ballance owed. The creditor only reports the ballance owed at the date of the statement and that you paid on time, NOT that you paid in full. Check this out from the FICO link
http://myfico.custhelp.com/cgi-bin/myfic o.cfg/php/enduser/std_adp.php?p_faqid=16 6

2009-04-15 08:16:54 by Qwerty