What do I do if a collector attempts to sue on an old debt?
We urge you to seek legal advice if you believe a collection agency is trying to collect on a debt for which the statute of limitations has already passed. Old, delinquent debts are also referred to as "zombie" or "time-barred" debt. This industry has become a profitable business for debt collection companies in recent years. MSN Money reports that debt buyers purchased $110 billion of old debts in 2006. However, zombie debt has also been the subject of concern among several Federal Trade Commission (FTC) complaints. Infringements included inflating the amount of outstanding debts, contacting consumers at work, and threatening to take actions that they did not intend to take such as reporting the debt to the credit bureau and legal proceedings. For more information about complaints against debt collectors, visit the FTC's web site and click on the "News" link.
Are there any debts that do not have a statute of limitations?
According to FairDebtCollection.com, a statute of limitations does not usually apply to federal student loans, certain types of fines, delinquent child support, and taxes.
DISCLAIMER: THIS IS FOR GENERAL INFORMATION PURPOSES ONLY AND IS NOT INTENDED TO BE LEGAL ADVICE. ANY INQUIRIES ABOUT SPECIFIC SITUATIONS SHOULD BE DIRECTED TO A LAWYER.
Credit Answers specializes in debt settlement, credit card debt negotation, debt management and avoiding bankruptcy. Credit Answers team of experts work to enable a new and fresh financial start for individuals with debt problems. We realize the importance of money in people’s lives and also the accompanied strain that debt can cause. Our team has helped thousands of clients across the nation.
Monday, March 30, 2009
Monday, March 23, 2009
Some More Debt Tips
Fix your financial house
Many popular television shows focus on renovating, cleaning, and organizing homes. Keep your bills organized with financial software or a filing system. Track expenses and review your budget to see if you can eliminate financial "clutter". For example, do you use your debit card a lot for dining out or for small purchases? Are you able to reduce your cable or cell phone bill? Everything adds up on the path to debt settlement negotation.
Earn money by using your talents
One way to earn extra income to fund your reserve account is to work overtime or a second job if it fits into your schedule. Certain skills such as programming, writing, or data entry may help you earn money doing freelance work or short-term assignments.
Show your results
Although debt problems are usually not solved in quickly. One way to continue your progress is to focus on educating yourself about personal finance. Visit educational money sites such as www.bankrate.com, www.dolans.com. You can also find many helpful tips if you borrow books about personal finance at your local library.
Many popular television shows focus on renovating, cleaning, and organizing homes. Keep your bills organized with financial software or a filing system. Track expenses and review your budget to see if you can eliminate financial "clutter". For example, do you use your debit card a lot for dining out or for small purchases? Are you able to reduce your cable or cell phone bill? Everything adds up on the path to debt settlement negotation.
Earn money by using your talents
One way to earn extra income to fund your reserve account is to work overtime or a second job if it fits into your schedule. Certain skills such as programming, writing, or data entry may help you earn money doing freelance work or short-term assignments.
Show your results
Although debt problems are usually not solved in quickly. One way to continue your progress is to focus on educating yourself about personal finance. Visit educational money sites such as www.bankrate.com, www.dolans.com. You can also find many helpful tips if you borrow books about personal finance at your local library.
Monday, March 16, 2009
Pay Less On Your Property Taxes
With the current economic climate in America, now might be a good time to re-evaluate your property taxes. Lowering your property taxes could lead to some extra savings that you can set aside to complete your debt settlement quicker. Below are a few tips to make sure your property tax value is current.
Verify your home's description
Once you obtain a copy of your property assessment, ensure that all of the information is correct. According to AHA, many property tax assessment errors are clerical. Appraisers are usually on strict deadlines to assess many homes in a short amount of time and they also do not go inside of your home. So, simple mistakes can happen. For example, make sure your assessment lists the correct number of bedrooms, square footage, and age of the home. Misrepresentation of these factors can affect the value of your home.
File an appeal
If your assessment does not contain any errors, you can still dispute the value of your home. Inquire at the assessor's office about how to appeal a property tax assessment. The process may vary among local communities. In most cases, you will have to do more research, which may involve gathering data on comparable properties in your area. According to Consumer Affairs.com, it may help you to seek the advice of a real estate agent or attorney to obtain the evidence that you need.
Verify your home's description
Once you obtain a copy of your property assessment, ensure that all of the information is correct. According to AHA, many property tax assessment errors are clerical. Appraisers are usually on strict deadlines to assess many homes in a short amount of time and they also do not go inside of your home. So, simple mistakes can happen. For example, make sure your assessment lists the correct number of bedrooms, square footage, and age of the home. Misrepresentation of these factors can affect the value of your home.
File an appeal
If your assessment does not contain any errors, you can still dispute the value of your home. Inquire at the assessor's office about how to appeal a property tax assessment. The process may vary among local communities. In most cases, you will have to do more research, which may involve gathering data on comparable properties in your area. According to Consumer Affairs.com, it may help you to seek the advice of a real estate agent or attorney to obtain the evidence that you need.
Monday, March 9, 2009
Scammers Hit Consumers With Small Charges
The Better Business Bureau has received reports from consumers who have found very small charges on their credit card statements, typically charges of 26 cents or less, from a company identified on the credit card statement as "ADELE SERVICES 800-764-8104 NY." When consumers have tried to dial this number, they receive a message that it is disconnected. Some commentators on this scam have speculated that these small charges are placed to verify that the credit card number is good, and once the small charges go through, larger charges will come next. This apparent fraud scheme involves taking pennies from millions of people, which would then equal a large sum of money. The BBB strongly encourages consumers to immediately report unauthorized transactions, regardless of how small, to their credit card company and assure that the charge is removed. BBB also recommends that consumers file a complaint with Better Business Bureau at www.bbb.org and with the Internet Crime Complaint Center at www.ic3.gov.
Lower Credit Lines Do Not Upset Most Consumers
Bankrate, Inc. recently released the findings of a national poll which found that 40 percent of consumers say they would not be upset if their credit lines disappeared. In fact, of the respondents who have credit cards, nearly one-third (32 percent) say they will probably charge less in 2009. A much smaller group (only 5 percent) responded that they would be devastated with the loss of access to their credit cards.
Overcoming debt requires perseverance. The road to debt settlement may see like an endless journey. Staying informed and on top of your finances will help you reach your goals of becoming financial solvent.
Lower Credit Lines Do Not Upset Most Consumers
Bankrate, Inc. recently released the findings of a national poll which found that 40 percent of consumers say they would not be upset if their credit lines disappeared. In fact, of the respondents who have credit cards, nearly one-third (32 percent) say they will probably charge less in 2009. A much smaller group (only 5 percent) responded that they would be devastated with the loss of access to their credit cards.
Overcoming debt requires perseverance. The road to debt settlement may see like an endless journey. Staying informed and on top of your finances will help you reach your goals of becoming financial solvent.
Monday, March 2, 2009
Love and Money
Paypal conducted a recent survey entitled "Can't Buy Me Love." Results indicated that young couples argue over money at least once per month. Below are some tips that may help newlyweds, fiancées, and couples manage their finances has they save for debt settlement.
Have The "Money Talk."
If you have recently gotten engaged or married, you may be uncomfortable talking about money issues. It is not the most important aspect in a relationship, but it is definitely a major factor. Most activities and choices that you make as a couple will involve money. For example, if you want to go on vacation or buy holiday gifts, you have to have the funds available.
During this conversation, it is best to be brutally honest about all of the financial "skeletons" in your closet. Be truthful about your amount of debt, spending weaknesses, and poor financial decisions. In order to introduce the topic, you may want to take an online quiz entitled, "Test Your Marriage Money Skills." It is offered by the Women's Institute for Financial Freedom (WIFE).
Obtain A Copy Of Your Credit Report And Credit Score.
As you and your significant other discuss money issues, you may consider obtaining a copy of your credit report. Getting financed for a mortgage or car loan will usually depend on a couple's credit score. This may also provide a road map to see which debts are still outstanding and any credit report errors that need to be corrected.
AnnualCreditReport.com provides consumers with the secure means to request and obtain a free credit report once every 12 months from each of the three major credit reporting bureaus in accordance with the Fair and Accurate Credit Transactions Act (FACT Act). Visit www.annualcreditreport.com for more details. Your free credit report obtained via this site only contains your credit disclosure, not your FICO score.
Organize Checking Accounts.
Many couples grapple with the idea of whether to have a joint checking account or keep individual accounts. We can not give you a definite answer to this question because it depends on your situation and personal preferences. The Paypal survey indicates that about half of American couples have joint checking accounts. You may consider having a joint account in which both of you can deposit money to pay for household expenses such as rent and utilities and each keep a separate account for miscellaneous costs like gas and lunch money. Balancing all of these accounts may require a lot of organizational skills. If you both agree on having just one joint account, keep the lines of communication open so both of you know when someone else is writing a check or using a debit card.
Money Does Not Equal Love.
Some couples enjoy showering each other with expensive gifts. This can become a problem if gifts are bought with credit or if basic household expenses are not met. For birthdays and other special occasions, consider making homemade gifts such as poems or framing special photographs.
Have The "Money Talk."
If you have recently gotten engaged or married, you may be uncomfortable talking about money issues. It is not the most important aspect in a relationship, but it is definitely a major factor. Most activities and choices that you make as a couple will involve money. For example, if you want to go on vacation or buy holiday gifts, you have to have the funds available.
During this conversation, it is best to be brutally honest about all of the financial "skeletons" in your closet. Be truthful about your amount of debt, spending weaknesses, and poor financial decisions. In order to introduce the topic, you may want to take an online quiz entitled, "Test Your Marriage Money Skills." It is offered by the Women's Institute for Financial Freedom (WIFE).
Obtain A Copy Of Your Credit Report And Credit Score.
As you and your significant other discuss money issues, you may consider obtaining a copy of your credit report. Getting financed for a mortgage or car loan will usually depend on a couple's credit score. This may also provide a road map to see which debts are still outstanding and any credit report errors that need to be corrected.
AnnualCreditReport.com provides consumers with the secure means to request and obtain a free credit report once every 12 months from each of the three major credit reporting bureaus in accordance with the Fair and Accurate Credit Transactions Act (FACT Act). Visit www.annualcreditreport.com for more details. Your free credit report obtained via this site only contains your credit disclosure, not your FICO score.
Organize Checking Accounts.
Many couples grapple with the idea of whether to have a joint checking account or keep individual accounts. We can not give you a definite answer to this question because it depends on your situation and personal preferences. The Paypal survey indicates that about half of American couples have joint checking accounts. You may consider having a joint account in which both of you can deposit money to pay for household expenses such as rent and utilities and each keep a separate account for miscellaneous costs like gas and lunch money. Balancing all of these accounts may require a lot of organizational skills. If you both agree on having just one joint account, keep the lines of communication open so both of you know when someone else is writing a check or using a debit card.
Money Does Not Equal Love.
Some couples enjoy showering each other with expensive gifts. This can become a problem if gifts are bought with credit or if basic household expenses are not met. For birthdays and other special occasions, consider making homemade gifts such as poems or framing special photographs.
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