Credit Card Debt
Winning the Collection Game: Solutions to Credit Card Debt
John Gliha (Paperback) Xlibris, Corp. 2011-07-19
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Answers
I am being taken to court for $2000.00 in debt that was made over 3 years ago. The credit card was closed 2 1/2 years ago. It has now been sold to another company and they are suing me. Can I request a "bill of particulars" to make them prove the debt?
You can certainly ask them to prove the debt, in fact they will have to in court. But 3 years is not even close to the time limit for collecting such a debt. In most states, that is 6 or 7 years from last contact, you are at less than three.
My hero, Dave Ramsey, tells of abusive practices and the violation of Federal law incorporated by debt collectors - particularly credit card debt ...
I had a good response that referred me to "links listed below" but there were no links listed on my email. Would like those also.
Statute of limitations is only for sueing.
they can collect til you die.
I have a Credit Card debt with a collection agency, can I request a signed copy of the contract before paying? Do they have to provide me with a copy? I am of understanding such documents should be kept for 7 years legally. I have requested this information and they have provided me with everything but the information I have requested - a signed contract?
Many Thanks in advance.....
they hate you
Price: $9.99
What steps are taken by creditors and collection agencies, to collect on a bad $35,000 credit card account? Debtor is unemployed and has a total of $85,000 in credit card debt. Debtor has no real estate and only $5,000 in bank account?
If a collection agency is working for the card company, or has bought the debt from them, they will hassle you like mad for the money, but ultimately they have no powers beyond asking you to pay up.
The most likely outcome for that amount of debt is that the company will sue and a court judgement will be made against you, ordering you to pay the money back to an agreed schedule. They can't order anyone to pay back what they clearly do not have, so the repayments are meant to be realistic and based on the debtors current situation.
If you default on the court judgement, that is when the situation can begin to get a bit heavier, with further court action being possible for things like securing the debt to your home.
By far the best solution is to try to negotiate with the card company for new repayment terms. Be honest with them, tell them you want to repay it, but explain why you can't right now. You will need to give them evidence of your circumsstances by producing a Personal Financial Statement to show why you can't pay them. If they can see that you really do not have the money, they may also see that suing you will not help them get their money either.
Have to file bankruptcy. Been out of work for 6 months. Two credit cards have been written off but amount, I guess, has been turned over to a collection agency. When I file for bankruptcy do I just list the bank or just the collection agency? Can the collection agency garnish my wages if I obtain employment? Thanks.
List them both.
Filing for bankruptcy will stop any judgements to garnish your wages.
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The Tax Implications of Forgiven Credit Card Debt | Tax Bankruptcy
Let’s be honest, the economy is a nightmare. No one’s job is safe, people are losing their homes, and relying on their credit cards to make ends meet. Credit card companies are feeling the pinch too, and are responding by settling delinquent accounts for a fraction of what is owed.Why would they do this? Simple: collection activities cost credit card company’s money. They have to pay the person calling you to nag about payments, they have to pay for all the letters and notices. And they may never recover all the money you owe. So, when a customer offers a lump sum payment to settle the entire debt, many companies are jumping at the chance. Moreover, whatever balance is not covered by the lump sum, the credit card company just forgives. Which is great for consumers… in the short-term.Aside from the damage to your credit (though the delinquent payments certainly are not any better), there is a problem laying in wait for you next tax season. If your credit card company forgave your debt, the IRS calls that taxable income, reported to the IRS on a 1099-C. Oh yes, if you settle your $25,000 Visa bill for only $5,000, the “forgiven†twenty grand is now considered income. So, if you are taxed at 15%, your tax bill will increase by $3,000. The increased “income†can even bump you up into a higher tax bracket!(It is important to note that if your debt is mortgage-related and is forgiven, this may NOT qualify as taxable income, thanks to the Mortgage Debt Forgiveness Act of 2007.)You get your credit card debt handled, only to find a brand new tax debt waiting for you. What a trade off, eh? Of course there are some ways to get around this. A title 11 bankruptcy can relieve you of the tax debt. Or you can claim insolvency (i.e. your total debts are higher than the fair market value of your assets). Neither option sounds very appealing.One would hope that the government would see this problem as a major issue, given the large numbers of people currently dealing with overwhelming credit card debts. However, to date, no legislation on par with the Mortgage Debt Forgiveness Act of 2007 has been introduced. And with the inherent inefficiency of Congress, any new legislation would likely be too late to help the millions of struggling Americans with debt today.
...News
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Debt settlement has been proving itself at being one of the most effective credit card debt programs available today to both consumers and businesses. American Credit Card Debt Consolidation Loans Service - Where To Find The Best Credit Card Debt Relief Programs More Effective Than EverSafety Issues Concerning Online Credit Card Debt Consolidation Loans - -all 103 news articles »
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The GuardianThe Obama credit card debt relief plan was designed to help many Americans fix their financial problems. The FTC offers many websites to help you increase Little Known Steps On How To Pay Off Credit Card DebtCapital One's credit card losses ease in Feb.Increased protection from credit card debt to be offered - -all 341 news articles »
BigNews.biz (press release) - Mar 16, 2010
There are numerous laws in place aimed at protecting consumers when dealing with debt collectors. The Fair Debt Collection Practices Act (FDCPA) is enforced
USA Today - Mar 10, 2010
KVALCharge-offs occur when consumers declare bankruptcy or when their credit card debt is 180 days past due. The study found that 90% of the $93.2 billion Hawaii credit card debt downCredit card debt largely written offStudy: Kansas City consumers added the most credit card debt in February - -all 369 news articles »
Times Online - Mar 15, 2010
The GuardianQ&A: getting help with credit card debtCredit Action, a sister charity, offers guides and resources at CreditAction.org.uk. An alternative telephone service is the National Debt Helpline on 0808 Women better than men at debt managementLenders to announce new help for people in debtLenders to help those experiencing income shockall 27 news articles »
Telegraph.co.uk - Mar 16, 2010
Pensioners' credit card debts average £9000One in five pensioners releasing equity from their home has credit card debt, owing around £9000 each. One in five pensioners releasing equity from theirPoughkeepsie Journal - Mar 15, 2010
Charge-offs occur when consumers declare bankruptcy or when their credit card debt is 180 days past due. The study found that 90 percent of the $93.2 and more »