Debt settlement is a legal solution for consumers who are deep in debt and seeking an alternative to bankruptcy. In exchange for a one-time payment agreed to by both parties, the consumer will pay between 20% to 75% of the amount currently owed. The creditor forgives the rest...
Absolutely under no circumstances can a collection agency come to your home or work for the purpose of debt collection. The Fair Debt and Credit Protection Act has an outline of when and where they can contact you, and coming to your home is not one of them. An egregious violation of the act can allow
Dodeka, otherwise known as Dodeka, LLC, is a debt collection company operating nationwide attempting to collect on bad debt accounts owed by a number of consumers from various lenders, mostly multinational banks, such as Chase and Citigroup. In a limited number of instances, Dodeka has collaborated with
Every Chapter 13 debtor must propose a plan for repaying his debts known as the Chapter 13 plan. The Chapter 13 plan must allocate 100% of the debtor’s monthly net disposable income for payment to creditors unless all general unsecured creditors will be paid 100% of what they are owed. In most Chapter
There are a number of people who struggle with debt and would like to know if it is possible to trust debt mediators to help resolve it. When you go to a skilled debt mediator for help with your debt, this can make quite a difference to your financial situation.
Under the Federal Fair Debt Collection Practices Act, FIA Card Services and other creditors cannot use abusive, deceptive or unfair debt collection practices against you or any other debtor to collect a debt. They may not participate in the following activities:
Chapter 7 is the “nuclear option” of bankruptcy—essentially, you sell pretty much everything you’ve got and turn out your pockets, then pay the proceeds to your creditors in exchange for being released from your debts. Since the assets you could be forced to sell or turn over include your house or other real estate, much of your personal property, and pretty much everything...
Debt consolidation involves you taking out a loan or a line of credit to pay off several other debts. You can get debt consolidation loans through credit cards, a home equity line, or a personal loan. For example, you might apply for a personal loan to bundle both your car loan and two outstanding credit card balan
Due to the economic downturn, more and more consumers are falling behind on their bills and looking for ways to get out of debt. One of the most common ways to get out of debt is debt consolidation. Unfortunately, thousands of desperate consumers fall prey to debt consolidation scams each year. Spotting
Other than a mortgage, the largest debt many people will ever take on is student debt—paying for college or graduate school. Student debt is typically made of up of several different loans, taken at different times (and therefore often at different rates), such as for different semesters. This debt can become overwhelming in both its complexity (how many loans to track and pay) and in terms of its amount—principal, interest, and monthly payments. Consolidating student debt—replacing several loans with a single loan—will not reduce the principal, but it will simply debt as well as afford the debtor a way to reduce monthly payments and often the interest rate.
If you want to negotiate debt settlement with creditors, it is important you understand the steps involved in a debt settlement negotiation. While the best thing to do is to contact an experienced debt settlement attorney, by knowing the steps of the debt settlement process, you can get a better understanding
When debt negotiations fail, both creditors and debtors are left with a difficult choice. Creditors must determine whether to file potentially costly and ineffective legal action, and debtors must consider bankruptcy or be faced with continued attempts to collect debt and possible litigation.
Credit card companies can garnish wages. This means that the companies can deduct the amount of money owed to them from individuals’ paychecks until the amount of the judgment, or debt, is satisfied. Typically, wage garnishments occur when credit card companies sue and obtain legal judgments against
Although there are some exceptions, a creditor, or a person or company to whom you owe money, generally cannot garnish your disability income for the purposes of repaying credit debt, whether your income is in the form of government or private disability insurance payments. However, there may be some
A wage garnishment requires a court order that gives a creditor the right to automatically collect a designated portion of a debtor’s wages or salary, or other income. There is a federal law that sets limits on the amount that can be garnished weekly, and each state has also passed garnishment laws.
The process of settling car payment debts is fairly straightforward in theory, but can actually be quite complex in practice. The idea is that when borrowers fall behind on their car loan, the lender may be concerned that the borrower will stop paying the loan altogether. In such...
Mortgage debt settlement has become an increasingly popular concept, with rising foreclosures and government bailout programs designed to help struggling homeowners. Mortgage debt settlement can take one of two forms: you can restructure or modify your mortgage with your lender, adjusting the principle
When an individual or entity is delinquent on a debt, their creditor may determine that filing for a property lien is the safest way to ensure that they will be able to recover the money that the debtor owes. Filing for a property lien gives the creditor a legal claim...
With healthcare costs skyrocketing and unemployment rates at a twenty-year high, it is no surprise that unpaid medical bills are becoming a burden for many Americans. While healthcare is costly, it is also...
If you have used a debt settlement organization in order to find debt relief, you are obviously turning to that company for help. What if, however, the debt relief company you’ve obtained services from has been ineffective in helping you handle any amount of the debt you’ve incurred. Unfortunately,
Getting out of an ineffective debt settlement agreement is possible, according to the terms of the agreement. In general, many debt settlement companies do make it difficult for individuals to get out of the agreement especially when the company automatically withdraws the funds from the individual's
With bad debt on the rise and consumers gradually growing more and more in debt to creditors the debt relief industry is flourishing. Many debt settlement companies brag and boast success rates of 83%, 95% even up to 100%. One company even claims they will pay you $100 if they can’t erase your debt