Answers
the spouce had a long illness credit card debt went up to provide medicine shortly before the one died the other got sick and lost everything is now on disabity signed up for a program to make one monthly payment to that place and then they pay the creditors.now his illness is costly with the meds and there is no way he can pay the debt and go to the doctors medicine and just a rented place to stay.what legal action can be taken against this person he would pay if he had it but needs the medicine so on and the vehicle to keep appoinments is no longer able to work and never will be.
if he went on disability then he could afford to pay his bills
My hero, Dave Ramsey, tells of abusive practices and the violation of Federal law incorporated by debt collectors - particularly credit card debt ...
What is it that creditors know that they don't want the general public to find out about paying credit card debt?
there is no legal way to avoid credit card debt, and the debt consolidation companies are the biggest, most terrible scam out there. dont worry about it, it is an unsecured debt, things like mortgages, car payments and student loans are the important ones, along with utilities and food.
the credit card collection calls are what is annoying. dont listen to what the collector say about suing 95% of the time they are full of it, i've worked for a bank's credit card collection dept for years and i've only seen a hand full of loans with litigation. and even then the balances were 100K + which i'm assuming is not the case here...
I've heard of companies like cureadebt.com that will settle your credit card debts for 70% of the amount owed. I've also heard of government grants to pay unsecured debt(credit cards), but I don't know where to get the info on them. I'm considering a second mortgage to pay these off with a lower interest rate. Thoughts?
We no longer use credit cards, so the balance only increases because of high interest rates.
Transfer your current credit card balance to an interest free card. This usually gives 9 months to pay off. Make paying off the debt your main priority above everything else. If you have balance at the end of the 9 months on the said card, transfer to another of the same free interest.By the way the credit card should not be used for any more purchases whatever. The sole purpose is to pay over all monies owing
Price: $19.95
I was reading a magazine for senior citizens and it stated that seniors with only SS or Disability do not have to pay credit card debt. I don't believe this but would like to know if it is true. Does anyone know?
Thank you
It's a half-truth.
Regardless of your source of income or age, you're still liable for debts incurred.
Senior citizens or people receiving SS Disability that stop paying their credit cards can still be sued for the debt, they just can't be garnished for it. Social Security benefits are protected by law to be exempt from garnishment except for alimony, child support, federal loans, back taxes or overpayment from another government agency.
So, essentially, unless they have large assets to place a lien against, there's not much a creditor can do to enforce payment.
I've racked up some credit card debt in school and now am out and want to pay the debt off in a lump sum settlement. It's been about 2 years sense I've been able to make any payments and there have been a few different creditors that have tried to contact me. How do I know which one to contact to get this debt resolved? Any advice for getting these settled fast? I know you should send them a money order to hide your bank info and that you want them to write "paid as agreed" on your credit report... anything else? Thanks
Start by pulling your credit reports. Annualcreditreport.com is the real free site....NOT freecreditreport.com
This will list all the firms/debt collectors you owe money to.
When credit cards are charged-off, the damage to your credit is basically done and there is no undoing it. Don’t make the mistake of simply cutting a check to whatever collection agency has the debt for the charge-off and assume that your credit rating will be magically restored...Doing so will not remove it from your credit reports. It will simply be updated to a "Paid Charge-Off," which, while slightly better, is still a seriously derogatory item. Per the Fair Credit Reporting Act, a charge-off, whether paid or not, can remain on a consumer's credit reports for up to seven years.
Renewing contact with debt collectors who have not been in touch with you for a while can be tricky...so be careful. You might trigger really aggressive collection activity against yourself if they find out you have money to pay. Making recent payments on old charged-off debt resets the statute of limitations on the debt in many states...which would enable the debt collector to immediately sue you for the debt. In my opinion, this potential risk is the not worth a slight increase in your credit score from paying off old charged-off debt.
If you're going to pay off old-charged-off debt anyway, then you might as well negotiate the lowest, rock bottom settlement you can possibly get, being that the negative charge-off notation is going to stay for 7 years on your credit report anyway. You have to be VERY careful in this effort...Mail them a vaguely worded statement like:
I am willing to settle this matter for 25% of the original amount. This is in no way an admission of this debt, but rather an attempt to settle this matter. Your firm must send me a written agreement on your company's letterhead that you will accept this amount as "payment in full" and that is issue will be settled. Upon receipt of this agreement, I will mail you a money order for this amount.
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* Get all terms of any settlement deal you reach with debt collectors IN WRITING BEFORE you give them your money. Never accept settlement deals over the phone...The debt collectors will deny that any settlement was ever made once they get your “settlement” money and will come back demanding more money.
* NEVER, EVER give out your checking account numbers to debt collectors for making electronic debit payments.
* DO NOT sign your signature on any document that you mail to a debt collector. It could end up on a forged document that can be used against you. Simply type your full name.
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