Credit Card Debt Non Payment

the only solution is Bankruptcy. That will clear your credit but you have to maintain excellent credit from the time that you have been absolved of your debts. Within 2 years, your credit rating will be better. This will stay on your record for 10 yrs though

2009-12-06 17:04:05 by Add me

My hero, Dave Ramsey, tells of abusive practices and the violation of Federal law incorporated by debt collectors - particularly credit card debt ...

I have been served with a summons for non payment of credit card debt. I need a lawyer to help me to sttle, or at least change the court date. The date is Sept 11,2006 I am getting married on Sept 17,2006. My fiance's family is coming in from another country on the 10th....I need help to settle this so they don't put a lin on everything that I own!!

Your court date is the company who has already gotten an attorney on retainer to obtain judgment upon you. Your court appearance will be only to dispute the account, fraud charges, etc., otherwise they will be granted judgment. Your best bet and safest is to pay the balance in full now before the court date, and they will dismiss the case.

In my experience as a manager/loan officer, we would not take arrangements for monthly payments, as that route was exhausted and filing suit is the only way to collect the account. You will also be required to pay their court costs for paperwork in filing suit. Sometimes the attorney fees.

2006-06-15 13:15:12 by jen a

The simplest form of asset protection planning involves the ownership of "exempt" property that state law considers unreachable by creditors. Each state has its own laws defining exempt and non-exempt property. Certain property may be entirely exempt while the exemption for other property may be limited to a certain dollar amount. Examples of exempt property include:

Primary residence in some states
Household furniture and furnishings
Clothing and jewelry
Tools of a trade or business
Life insurance benefits may also be exempt property.

Federal law provides that most creditors cannot reach the assets held by qualified retirement plans. This includes pension, profit sharing, and 401(k) plans. Self-employed plans and Individual Retirement Accounts MAY be protected from creditors depending upon your state’s laws.

Search on "asset protection" + your state

2009-11-27 13:59:31 by katiem

Person A had credit balance issued by a foreign bank prior to moving to the US. Prior to the move person A was laid off by his employer hence the reason why he could not pay off the credit card balance. Upon moving the US person A has been contacted by lawyers working for person A's credit card bank. What legal options are available ?

Yes they can. You are bound by the contract you signed. I am not sure if they have to go by the state law you live in or the country the contract was signed in though. It should be the state you live in and they have to follow the us collection practices when collecting in the us. I have collected outside the us and the laws change outside the us and we can do more things to collect.

2006-06-14 17:01:06 by Mbikusita L

My husband has a collection on his credit report for non payment of a credit card, he owes them $1500.00. They are willing to settle for $900.00 and put a settlement on his credit report. Would it be better if he paid it off (would it raise his credit score even higher) or would the settlement due? Can anyone answer this question for me. Thanks in advance.

A settlement will have a negative impact on his credit for the next 7-10 years. It is viewed by other lending institutions as not paying back the debt in full. On the other hand, paying off the card in full would report positively.

Also, you need to take into account the tax impact. Any write off amount for the bank above $599 is considered unearned income by the federal government, meaning that it is taxable. If you settle for $900 on a $1500 card, the bank writes off $600, meaning you now have to pay taxes at the beginning of next year on $600 that you never actually saw.

Overall, it is always better to pay the balance in full if possible, even if it means splitting the payments into a payment arrangement (which is reported as "paid as agreed"). The long term credit impact of a settlement outweighs the temporary financial gain in my opinion.

2008-03-19 06:02:22 by joan19701