How old does a debt have to be, before you are no longer legally bound to pay it?
Q. I remember hearing once that a debt after a certain amount of years, is moot. Does it depend on the state where the debt occurred or you current state of residence? I heard that collection agencies that specialize in buying old debts, to try and collect on, HATE for people to know about these laws. Where does one look up information about this? And what exactly does one do to bring it to the attention of the collection people, that you are no longer obligated by law to pay on such an old debt?
Asked by S L - Tue Jun 5 11:10:03 2007 - - 11 Answers - 1 Comments
A. You are always repsonibile, there have even been cases where peoples social security checks were partially taken until their old student loans were repaid. of course this is extreme but possible.
Answered by misty m - Tue Jun 5 11:18:08 2007
Q. I remember hearing once that a debt after a certain amount of years, is moot. Does it depend on the state where the debt occurred or you current state of residence? I heard that collection agencies that specialize in buying old debts, to try and collect on, HATE for people to know about these laws. Where does one look up information about this? And what exactly does one do to bring it to the attention of the collection people, that you are no longer obligated by law to pay on such an old debt?
Asked by S L - Tue Jun 5 11:10:03 2007 - - 11 Answers - 1 Comments
A. You are always repsonibile, there have even been cases where peoples social security checks were partially taken until their old student loans were repaid. of course this is extreme but possible.
Answered by misty m - Tue Jun 5 11:18:08 2007
What information is sent to debt collectors when a company submits a debt for collection?
Q. What information do debt collectors receive when a company forwards a debt for collection? Do they simply get the information for the debt (name, address, phone, soc. security number, etc.) or do they get the entire account history etc? Also do debt collectors have the ability to file criminal charges for nonpayment or only civil to get the money back?
Asked by Jeff W - Wed Jun 24 03:17:45 2009 - - 4 Answers - 0 Comments
Q. What information do debt collectors receive when a company forwards a debt for collection? Do they simply get the information for the debt (name, address, phone, soc. security number, etc.) or do they get the entire account history etc? Also do debt collectors have the ability to file criminal charges for nonpayment or only civil to get the money back?
Asked by Jeff W - Wed Jun 24 03:17:45 2009 - - 4 Answers - 0 Comments
What is the best debt counseling company?
Q. What is the best debt counseling company? I'm trying to help my friend get out of massive credit card debt. I need a good, reliable debt counseling company.
Asked by Johnny - Fri Mar 27 16:13:55 2009 - - 4 Answers - 0 Comments
A. The best one? YOU. You are best one to take care of this problem. Why? Because you have total control over your life, destiny, and successes. You can draw up a real budget with real numbers and real dates and real goals. You can list all of your debts, contact the creditors, make arrangements to pay them, and fulfill the promises you make. Get out of the mode of thinking that someone else will fix it. It's simply not someone Else's responsibility.
Answered by Watch IT! - Fri Mar 27 16:21:16 2009
Q. What is the best debt counseling company? I'm trying to help my friend get out of massive credit card debt. I need a good, reliable debt counseling company.
Asked by Johnny - Fri Mar 27 16:13:55 2009 - - 4 Answers - 0 Comments
A. The best one? YOU. You are best one to take care of this problem. Why? Because you have total control over your life, destiny, and successes. You can draw up a real budget with real numbers and real dates and real goals. You can list all of your debts, contact the creditors, make arrangements to pay them, and fulfill the promises you make. Get out of the mode of thinking that someone else will fix it. It's simply not someone Else's responsibility.
Answered by Watch IT! - Fri Mar 27 16:21:16 2009
Can a debt continue to accrue interest after it has been sent to a collection agency?
Q. I have a debt with a bank that went into default and is now with a collection agency. I've been told that the debt is continuing to accrue interest. Is this possible?
Asked by scared77 - Fri Apr 18 19:54:07 2008 - - 6 Answers - 0 Comments
A. Yes, a collection agency legally can add interest and fees on top of your balance owed. Although, most of this is just the collection agency trying to make extra money. When your debt gets over six months old, the original creditor gives up on collecting the debt and sells it to a collection agency for pennies on the dollar. Whatever the collection agencies collect over 10 percent of the original balance is pure profit for them. It is usually possible to offer a collection agency a lump sum payment that is much less than the original balance owed. Or better yet, if you don't pay them at all and can avoid being sued until the statute of limitations in your state has past, you're home free!
Answered by unknown - Tue Apr 22 03:31:04 2008
Q. I have a debt with a bank that went into default and is now with a collection agency. I've been told that the debt is continuing to accrue interest. Is this possible?
Asked by scared77 - Fri Apr 18 19:54:07 2008 - - 6 Answers - 0 Comments
A. Yes, a collection agency legally can add interest and fees on top of your balance owed. Although, most of this is just the collection agency trying to make extra money. When your debt gets over six months old, the original creditor gives up on collecting the debt and sells it to a collection agency for pennies on the dollar. Whatever the collection agencies collect over 10 percent of the original balance is pure profit for them. It is usually possible to offer a collection agency a lump sum payment that is much less than the original balance owed. Or better yet, if you don't pay them at all and can avoid being sued until the statute of limitations in your state has past, you're home free!
Answered by unknown - Tue Apr 22 03:31:04 2008
How is debt sold by our government to other countries?
Q. How does the debt system work, what happens when the other countries buy our debt, can they sell our debt to other countries, can they force us to pay our debts at any given time, please explain how the national debt system works? Thanks, I need lots of details and really want to understand so thanks again for your help!
Asked by interdependent globalized world - Fri Oct 10 20:04:47 2008 - - 3 Answers - 0 Comments
A. It is done when the government issues bonds. For example the US government issues Treasury Bills and Notes that anyone can purchase. When countries hold Foreign Exchange reserves they don't actually hold cash. They hold bonds so that they can make interest. When a foreign country buys the bonds they bought our debt. Yes they can sell our debt (bonds) to anyone at anytime. No, they cannot force us to pay the debt at anytime, only when the bond matures (ie. a 30-year bond expires in 30 years)
Answered by Navin - Fri Oct 10 20:14:24 2008
Q. How does the debt system work, what happens when the other countries buy our debt, can they sell our debt to other countries, can they force us to pay our debts at any given time, please explain how the national debt system works? Thanks, I need lots of details and really want to understand so thanks again for your help!
Asked by interdependent globalized world - Fri Oct 10 20:04:47 2008 - - 3 Answers - 0 Comments
A. It is done when the government issues bonds. For example the US government issues Treasury Bills and Notes that anyone can purchase. When countries hold Foreign Exchange reserves they don't actually hold cash. They hold bonds so that they can make interest. When a foreign country buys the bonds they bought our debt. Yes they can sell our debt (bonds) to anyone at anytime. No, they cannot force us to pay the debt at anytime, only when the bond matures (ie. a 30-year bond expires in 30 years)
Answered by Navin - Fri Oct 10 20:14:24 2008
How do you know which debt settlement or debt consolidation program to choose, when theirs 1000's out there?
Q. How do you know which program is good and which one is right for you. I heard their is a way to check there beruo report or something, not sure what its called. How can you see the results and reputation of the debt settlement program or debt consolidation program.
Asked by Russ M - Fri Sep 7 00:39:41 2007 - - 4 Answers - 1 Comments
A. Most of the debt repair/consolation/settle ment companies want their fees up front and leave you credit trashed. Check nfcc.org for listings legit non-profit credit counseling services. They can help you set up a budget and work out clearing up your debt. You can tackle your debt yourself by putting every extra penny on the highest interest rate debt, while making minimum payments on the rest. When the highest is paid, move to the next, till they are all paid off. It will take 2 or 3 years but if you work at it, you'll be out of debt with a good payment history.
Answered by bdancer222 - Fri Sep 7 01:54:09 2007
Q. How do you know which program is good and which one is right for you. I heard their is a way to check there beruo report or something, not sure what its called. How can you see the results and reputation of the debt settlement program or debt consolidation program.
Asked by Russ M - Fri Sep 7 00:39:41 2007 - - 4 Answers - 1 Comments
A. Most of the debt repair/consolation/settle ment companies want their fees up front and leave you credit trashed. Check nfcc.org for listings legit non-profit credit counseling services. They can help you set up a budget and work out clearing up your debt. You can tackle your debt yourself by putting every extra penny on the highest interest rate debt, while making minimum payments on the rest. When the highest is paid, move to the next, till they are all paid off. It will take 2 or 3 years but if you work at it, you'll be out of debt with a good payment history.
Answered by bdancer222 - Fri Sep 7 01:54:09 2007
External Debt: What is the composition of America's external debt and to whom is it owed?
Q. I know the US external debt is around 12 trillion, but what is the composition of the said debt? Treasury securities? What? And second, does anyone have figures for who owns this outstanding debt? I have heard for example that China owns anything from 400 Billion to over 1 trillion. Does anyone have definite figures of these?
Asked by greatelderone - Wed Nov 21 17:21:33 2007 - - 2 Answers - 0 Comments
A. The public debt (just treasury securities) is about $9 trillion. of this, only $4 trillion is held by non-US governmental entities. of the $4 trillion, about $2 trillion is held by foreign governments and foreign individuals. This figure does not include a number of unfunded commitments such as social security.
Answered by Homer J. Simpson - Wed Nov 21 17:31:56 2007
Q. I know the US external debt is around 12 trillion, but what is the composition of the said debt? Treasury securities? What? And second, does anyone have figures for who owns this outstanding debt? I have heard for example that China owns anything from 400 Billion to over 1 trillion. Does anyone have definite figures of these?
Asked by greatelderone - Wed Nov 21 17:21:33 2007 - - 2 Answers - 0 Comments
A. The public debt (just treasury securities) is about $9 trillion. of this, only $4 trillion is held by non-US governmental entities. of the $4 trillion, about $2 trillion is held by foreign governments and foreign individuals. This figure does not include a number of unfunded commitments such as social security.
Answered by Homer J. Simpson - Wed Nov 21 17:31:56 2007
How can a debt collector use different cell phone numbers to call you?
Q. I have a debt collector that keeps calling me and using different local cell phone numbers. Even though I keep telling them that the debt is paid off and I have my cancelled check that I keep faxing to them over and over and over again, they won't stop calling me. How is it that they can use other people's cell phone numbers? And is there a chance they use mine to call people?
Asked by jediaxo - Thu Apr 30 08:30:28 2009 - - 5 Answers - 0 Comments
A. Pre paid cell phones. There is also a program that was recently created where users can have their number appear as alternative phone number of their choice.
Answered by The Gooroo - Sat May 2 02:40:15 2009
Q. I have a debt collector that keeps calling me and using different local cell phone numbers. Even though I keep telling them that the debt is paid off and I have my cancelled check that I keep faxing to them over and over and over again, they won't stop calling me. How is it that they can use other people's cell phone numbers? And is there a chance they use mine to call people?
Asked by jediaxo - Thu Apr 30 08:30:28 2009 - - 5 Answers - 0 Comments
A. Pre paid cell phones. There is also a program that was recently created where users can have their number appear as alternative phone number of their choice.
Answered by The Gooroo - Sat May 2 02:40:15 2009
How do I find out which debt collection agency is holding my old debt?
Q. I had a rough time a few years ago, and stopped paying my credit cards and cell phone to be able to keep paying the rent and then i lost my job, it was all sent to debt collectors. I'm ready to get this taken care of so I can rebuild my credit somehow, but I don't know which companies hold the debts. How do I find out? I haven't heard from any of them in almost a year.
Asked by Christina - Tue Oct 21 13:18:33 2008 - - 2 Answers - 0 Comments
A. well don't worry there are many online sites which provide sound debt advice and more hassle free way to find help with your debt problems. In fact, making the process of finding sound debt advice as simple as possible.thanks.
Answered by anderson - Fri Oct 24 11:26:22 2008
Q. I had a rough time a few years ago, and stopped paying my credit cards and cell phone to be able to keep paying the rent and then i lost my job, it was all sent to debt collectors. I'm ready to get this taken care of so I can rebuild my credit somehow, but I don't know which companies hold the debts. How do I find out? I haven't heard from any of them in almost a year.
Asked by Christina - Tue Oct 21 13:18:33 2008 - - 2 Answers - 0 Comments
A. well don't worry there are many online sites which provide sound debt advice and more hassle free way to find help with your debt problems. In fact, making the process of finding sound debt advice as simple as possible.thanks.
Answered by anderson - Fri Oct 24 11:26:22 2008
How many times can the same debt be placed on your credit report?
Q. I have had the same "debt" put on my credit report by the original lender, a collection agency over 2 years ago and now a brand new collection agency. I questioned the original debt on my report and they removed it, and now, it has obviously been sold to another collection agency who has put it back on my file. The original debt wasn't even mine, it was my husbands so I don't even know how it is getting on my file. If it helps, I live in Ontario, Canada.
Asked by ccdpat - Sat Sep 15 11:36:32 2007 - - 6 Answers - 0 Comments
A. I guess it has your name on it, so as far as anyone else is concerned, it is yours. You will have to go through the same process as the first time to get this item removed.
Answered by origamimark - Sat Sep 15 11:45:27 2007
Q. I have had the same "debt" put on my credit report by the original lender, a collection agency over 2 years ago and now a brand new collection agency. I questioned the original debt on my report and they removed it, and now, it has obviously been sold to another collection agency who has put it back on my file. The original debt wasn't even mine, it was my husbands so I don't even know how it is getting on my file. If it helps, I live in Ontario, Canada.
Asked by ccdpat - Sat Sep 15 11:36:32 2007 - - 6 Answers - 0 Comments
A. I guess it has your name on it, so as far as anyone else is concerned, it is yours. You will have to go through the same process as the first time to get this item removed.
Answered by origamimark - Sat Sep 15 11:45:27 2007
What does debt relief companies do for you?
Q. How do they proper? Is what they do legal and does it really stop collection calls? What if a person is already in a payment program where they have access to your checking account and you turn your debts over to a debt relief company? What is the procedures. Is using a debt relief really worth it to get out of debt?
Asked by justapiece44 - Sat Oct 25 06:19:21 2008 - - 6 Answers - 0 Comments
A. It depends. Many debt relief companies out there are scam. Even the non profit one. The one I recommend is , they are the best in the industry. This year alone they settled $200million in debt and last May they received Ernst & Young awards for their accomplishment.
Answered by Jason - Mon Oct 27 06:32:40 2008
Q. How do they proper? Is what they do legal and does it really stop collection calls? What if a person is already in a payment program where they have access to your checking account and you turn your debts over to a debt relief company? What is the procedures. Is using a debt relief really worth it to get out of debt?
Asked by justapiece44 - Sat Oct 25 06:19:21 2008 - - 6 Answers - 0 Comments
A. It depends. Many debt relief companies out there are scam. Even the non profit one. The one I recommend is , they are the best in the industry. This year alone they settled $200million in debt and last May they received Ernst & Young awards for their accomplishment.
Answered by Jason - Mon Oct 27 06:32:40 2008
Does anyone know if Debt Elimination programs really work without bankruptcy?
Q. I filled out an online application for information about getting rid of debt, and I've heard that you can legally eliminate your debt?? I've know that Settlement is a good option, but not sure about Elimination. Anyone know?
Asked by Lisa J - Tue Feb 12 16:04:22 2008 - - 7 Answers - 0 Comments
A. Many companies around are scams, so be careful. Here is a good site. www.SettleDebtForever.com . I eliminated $8,000 in debt 2 years ago. They also help with credit repair. My credit score was bad for about a year, but then it shot up pretty far in just about 30 days after I started the repair. Right now, it's 803. Just make sure you know what you're signing up for. I was happy with this company, but I was ready for what could possibly be at stake having low credit for awhile, but as long as you don't want to buy a house or car for 12 months, then it's usually ok. And with www.settledebtforever.com , you can choose either complete elimination or settlement, if you're not comfortable with one or the other. Just remember to… [cont.]
Answered by Jason M - Tue Feb 12 19:23:33 2008
Q. I filled out an online application for information about getting rid of debt, and I've heard that you can legally eliminate your debt?? I've know that Settlement is a good option, but not sure about Elimination. Anyone know?
Asked by Lisa J - Tue Feb 12 16:04:22 2008 - - 7 Answers - 0 Comments
A. Many companies around are scams, so be careful. Here is a good site. www.SettleDebtForever.com . I eliminated $8,000 in debt 2 years ago. They also help with credit repair. My credit score was bad for about a year, but then it shot up pretty far in just about 30 days after I started the repair. Right now, it's 803. Just make sure you know what you're signing up for. I was happy with this company, but I was ready for what could possibly be at stake having low credit for awhile, but as long as you don't want to buy a house or car for 12 months, then it's usually ok. And with www.settledebtforever.com , you can choose either complete elimination or settlement, if you're not comfortable with one or the other. Just remember to… [cont.]
Answered by Jason M - Tue Feb 12 19:23:33 2008
What is sole benefit of property and debt in a divorce?
Q. I live in Minnesota going through a dissolution of marraige. My understanding is marital property and debt is divided 50/50. Each party keeps all property and debt prior to the marraige. I believe like a car is considered sole property when that person is the only one who uses it. I believe the debt still will need to be paid to me even though it is consolidated in other loans.
Asked by Daniel S - Thu Apr 16 22:00:04 2009 - - 2 Answers - 0 Comments
A. Is Minnesota a community property state? if so, what matters is when the assets and liabilities were acquired. If acquired during the marriage then it is 50/50... if you and your wife are somewhat reasonable the separation of property can be pretty simple.
Answered by unknown - Thu Apr 16 22:09:05 2009
Q. I live in Minnesota going through a dissolution of marraige. My understanding is marital property and debt is divided 50/50. Each party keeps all property and debt prior to the marraige. I believe like a car is considered sole property when that person is the only one who uses it. I believe the debt still will need to be paid to me even though it is consolidated in other loans.
Asked by Daniel S - Thu Apr 16 22:00:04 2009 - - 2 Answers - 0 Comments
A. Is Minnesota a community property state? if so, what matters is when the assets and liabilities were acquired. If acquired during the marriage then it is 50/50... if you and your wife are somewhat reasonable the separation of property can be pretty simple.
Answered by unknown - Thu Apr 16 22:09:05 2009
How much debt can be on a single credit report in order to buy a home?
Q. The bank told me under $5,000, is this correct, or did I hear him wrong? And if you are buying a home does your spouse have to be on the loan? I know the deed needs both names. Any advise on home loans and debt would be great.
Asked by littlepink_sweetie - Sat Jul 1 16:38:45 2006 - - 4 Answers - 0 Comments
A. The banks answer is based on your particular situation. Your credit score, income, other debt, etc. all factor into the decision. The amount of debt that the bank is willing to accept in your case won't be the same as it would be for someone else. For example, when I got my last mortgage, I had over $30,000 in credit card debt, but have a long history of good financial management and enough income to pay all my debts. I had no trouble getting a mortgage at the best available rates at the time. The bank will consider your spouse's income if they are on the loan. The bank will NOT allow your spouse's name to be on the deed if they are not on the loan as well, though this may vary in community property states. Each loan application is… [cont.]
Answered by bostonianinmo - Sat Jul 1 16:49:20 2006
Q. The bank told me under $5,000, is this correct, or did I hear him wrong? And if you are buying a home does your spouse have to be on the loan? I know the deed needs both names. Any advise on home loans and debt would be great.
Asked by littlepink_sweetie - Sat Jul 1 16:38:45 2006 - - 4 Answers - 0 Comments
A. The banks answer is based on your particular situation. Your credit score, income, other debt, etc. all factor into the decision. The amount of debt that the bank is willing to accept in your case won't be the same as it would be for someone else. For example, when I got my last mortgage, I had over $30,000 in credit card debt, but have a long history of good financial management and enough income to pay all my debts. I had no trouble getting a mortgage at the best available rates at the time. The bank will consider your spouse's income if they are on the loan. The bank will NOT allow your spouse's name to be on the deed if they are not on the loan as well, though this may vary in community property states. Each loan application is… [cont.]
Answered by bostonianinmo - Sat Jul 1 16:49:20 2006
How much debt would it take for you personally make the decision to file bankruptcy?
Q. I know bankruptcy should be a last resort but some people have different personal limits. I would like to know your personal answer. What's the least amount of debt it would take for you to make the decision to file bankruptcy? And what is your annual income if you don't mind?
Asked by dee b - Tue Oct 2 19:18:14 2007 - - 9 Answers - 0 Comments
A. Our lawyer said $20,000. But it varies with different lawyers!! Think about it very carefully its a life changing decision! BTW my annual income is $45,000.
Answered by V - Tue Oct 2 19:21:30 2007
Q. I know bankruptcy should be a last resort but some people have different personal limits. I would like to know your personal answer. What's the least amount of debt it would take for you to make the decision to file bankruptcy? And what is your annual income if you don't mind?
Asked by dee b - Tue Oct 2 19:18:14 2007 - - 9 Answers - 0 Comments
A. Our lawyer said $20,000. But it varies with different lawyers!! Think about it very carefully its a life changing decision! BTW my annual income is $45,000.
Answered by V - Tue Oct 2 19:21:30 2007
Do these cases of government debt and budget deficit indicate potential problems for the economy?
Q. Does the size of the government's debt and the size of the budget deficit indicate potential problems for the economy in any of these cases? 1. The government's debt is relatively low, but the government is running a large budget deficit as it builds a high-speed rail system to connect the major cities of the nation. 2. The government's debt is relatively high due to a recently ended deficit-financed war, but the government is now running only a small budget deficit. 3. The government's debt is relatively low, but the government is running a budget deficit to finance the interest payments on the debt.
Asked by Amy B - Sat Feb 16 20:34:05 2008 - - 2 Answers - 0 Comments
A. Well, the first two indicate government spending which circulates money in the economy leading to a higher GDP. The third one indicates a deficit not due to government spending. The third one would have more of an impact on the economy so I would say the third one would indicate what you had asked.
Answered by mnid007 - Sat Feb 16 20:45:20 2008
Q. Does the size of the government's debt and the size of the budget deficit indicate potential problems for the economy in any of these cases? 1. The government's debt is relatively low, but the government is running a large budget deficit as it builds a high-speed rail system to connect the major cities of the nation. 2. The government's debt is relatively high due to a recently ended deficit-financed war, but the government is now running only a small budget deficit. 3. The government's debt is relatively low, but the government is running a budget deficit to finance the interest payments on the debt.
Asked by Amy B - Sat Feb 16 20:34:05 2008 - - 2 Answers - 0 Comments
A. Well, the first two indicate government spending which circulates money in the economy leading to a higher GDP. The third one indicates a deficit not due to government spending. The third one would have more of an impact on the economy so I would say the third one would indicate what you had asked.
Answered by mnid007 - Sat Feb 16 20:45:20 2008
Tyrannosaurus Debt. How many people realize the money for the economic stimulus does not exist?
Q. There is no real money to fund this. It will have to be borrowed. More debt. How can more debt fix debt?
Asked by Thundercat - Mon Feb 2 16:40:19 2009 - - 9 Answers - 0 Comments
A. It's called a Ponzi scheme. It worked for Bernie Madoff for years. Now the "pros" can try it. Tax, borrow or print money - you and I both end up paying in the end.
Answered by Agent Smith - Mon Feb 2 16:45:55 2009
Q. There is no real money to fund this. It will have to be borrowed. More debt. How can more debt fix debt?
Asked by Thundercat - Mon Feb 2 16:40:19 2009 - - 9 Answers - 0 Comments
A. It's called a Ponzi scheme. It worked for Bernie Madoff for years. Now the "pros" can try it. Tax, borrow or print money - you and I both end up paying in the end.
Answered by Agent Smith - Mon Feb 2 16:45:55 2009
Is the SOL on credit card debt determined by the state you currently live in or where the debt originated?
Q. Is the Statute of Limitations on credit card debt, determined by the state you currently live in or where the debt originated? I have a debt that I stopped paying on in Jan 2002. I acquired the debt while living in Texas and stopped paying it while living in Texas. My husband is military so we have lived in Missouri for the past 4 years. The SOL for TX is 4 years for open accounts (credit cards) and for MO it is 5 years. Either way, the SOL has run out on this debt, however I am still wondering which would apply to us since we are military? We claim TX as our home/residence. Thanks! This debt was sold to a debt collector years ago. I have known others that have written cease and desist letters so I am not so sure that SOL on card… [cont.]
Asked by GeminiStars - Wed Apr 11 01:42:21 2007 - - 4 Answers - 0 Comments
A. The collecting SOL on a credit card is not a myth. Generally you would go by the state where you have set up residence - employment, utility bills, pay taxes, etc. Though the creditor/collection agency can actually chose which state they want to file a suit in, if they chose to file. Since you are out of the collecting SOL in both states, send a SOL letter that includes the fact you are out of the collecting SOL for "both" states. You might go to the following link and read the SOL letter that is listed. You can also scroll down to the bottom of that page and click on the home page. Once on the home page, scroll down to near the bottom where the states are listed. Click on both states. The statutes you would need for the SOL… [cont.]
Answered by echo - Wed Apr 11 02:38:17 2007
Q. Is the Statute of Limitations on credit card debt, determined by the state you currently live in or where the debt originated? I have a debt that I stopped paying on in Jan 2002. I acquired the debt while living in Texas and stopped paying it while living in Texas. My husband is military so we have lived in Missouri for the past 4 years. The SOL for TX is 4 years for open accounts (credit cards) and for MO it is 5 years. Either way, the SOL has run out on this debt, however I am still wondering which would apply to us since we are military? We claim TX as our home/residence. Thanks! This debt was sold to a debt collector years ago. I have known others that have written cease and desist letters so I am not so sure that SOL on card… [cont.]
Asked by GeminiStars - Wed Apr 11 01:42:21 2007 - - 4 Answers - 0 Comments
A. The collecting SOL on a credit card is not a myth. Generally you would go by the state where you have set up residence - employment, utility bills, pay taxes, etc. Though the creditor/collection agency can actually chose which state they want to file a suit in, if they chose to file. Since you are out of the collecting SOL in both states, send a SOL letter that includes the fact you are out of the collecting SOL for "both" states. You might go to the following link and read the SOL letter that is listed. You can also scroll down to the bottom of that page and click on the home page. Once on the home page, scroll down to near the bottom where the states are listed. Click on both states. The statutes you would need for the SOL… [cont.]
Answered by echo - Wed Apr 11 02:38:17 2007
Is financial analysis and consolidating debt really worth it?
Q. My boyfriend and I just had a financial analysis done but haven't gotten the results on our options yet. Is it really worth it to go through with this? Has anyone had experience on it? I mean we have debt but not so much we can't handle. On the other hand we are both mid-twenties and have no retirement savings started and we are not able to put much, if any, in our savings accounts. We will have the option to consolidate debt, start retirement accounts, have money to put in savings, and get better life insurance. Is this just a ploy for the financial company to prey on young people or is this real? Please help!
Asked by AliyahMichelle - Tue Sep 25 19:22:14 2007 - - 4 Answers - 0 Comments
A. Honestly, debt consolidation does not get rid of your debt - it just moves it around. If you have to pay these people to do this, don't. You can do this on your own. There is a great (and free!) plan to get out of debt, save for retirement, grow savings and retire a millionaire (it's just a matter of taking charge of your money and putting yourself on a budget). (like the guy before me who said it helped him - several times...well apparently he didn't get it right the first time if he needed to do it several times). www.daveramsey.com Dave Ramsey has helped thousands of families get out of debt and give them financial peace using a very logical and simple method. Good luck!
Answered by Angelstar_BC - Tue Sep 25 20:15:31 2007
Q. My boyfriend and I just had a financial analysis done but haven't gotten the results on our options yet. Is it really worth it to go through with this? Has anyone had experience on it? I mean we have debt but not so much we can't handle. On the other hand we are both mid-twenties and have no retirement savings started and we are not able to put much, if any, in our savings accounts. We will have the option to consolidate debt, start retirement accounts, have money to put in savings, and get better life insurance. Is this just a ploy for the financial company to prey on young people or is this real? Please help!
Asked by AliyahMichelle - Tue Sep 25 19:22:14 2007 - - 4 Answers - 0 Comments
A. Honestly, debt consolidation does not get rid of your debt - it just moves it around. If you have to pay these people to do this, don't. You can do this on your own. There is a great (and free!) plan to get out of debt, save for retirement, grow savings and retire a millionaire (it's just a matter of taking charge of your money and putting yourself on a budget). (like the guy before me who said it helped him - several times...well apparently he didn't get it right the first time if he needed to do it several times). www.daveramsey.com Dave Ramsey has helped thousands of families get out of debt and give them financial peace using a very logical and simple method. Good luck!
Answered by Angelstar_BC - Tue Sep 25 20:15:31 2007
How can I solve my debt problems and get a mortgage?
Q. I currently live in council accomodation with my husband and 3 children. We both work but cannot get a mortgage as we both have debt problems. I desperately want to change our situation and get on the housing ladder but I need to solve my debt problems. Any tips would be great. I currently have a repayment plan but it is going so slowly at this rate I'll be paying it off in 15 years time!
Asked by Missy C - Wed Nov 5 06:04:47 2008 - - 13 Answers - 0 Comments
A. HEre are the steps you need to take: 1) Start keeping track of where your money goes. Yes, this means starting a budget. 2) When you realize where your money is going, find ways to shave costs. Look for way sof consolidating costs if you can, like instead of having insurance on each individual debt, have one individual term policy. Or instead of dealing with seperate people for cable, internet and phone, see if you can switch somewhere and get some bundle discounts. Also, assess your spending into things that are manditory and things that are not manditory. Manditory things are the basics for living. Power, water, shelter, food (not steak and lobster every night either), clothing (within moderation). Stuff like entertainment,… [cont.]
Answered by Chris C - Wed Nov 5 15:46:35 2008
Q. I currently live in council accomodation with my husband and 3 children. We both work but cannot get a mortgage as we both have debt problems. I desperately want to change our situation and get on the housing ladder but I need to solve my debt problems. Any tips would be great. I currently have a repayment plan but it is going so slowly at this rate I'll be paying it off in 15 years time!
Asked by Missy C - Wed Nov 5 06:04:47 2008 - - 13 Answers - 0 Comments
A. HEre are the steps you need to take: 1) Start keeping track of where your money goes. Yes, this means starting a budget. 2) When you realize where your money is going, find ways to shave costs. Look for way sof consolidating costs if you can, like instead of having insurance on each individual debt, have one individual term policy. Or instead of dealing with seperate people for cable, internet and phone, see if you can switch somewhere and get some bundle discounts. Also, assess your spending into things that are manditory and things that are not manditory. Manditory things are the basics for living. Power, water, shelter, food (not steak and lobster every night either), clothing (within moderation). Stuff like entertainment,… [cont.]
Answered by Chris C - Wed Nov 5 15:46:35 2008
From Yahoo Answer Search: 'debt'
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Analog Devices Inc. said Thursday it plans to raise $375 million through a corporate debt offering as the company continues to generate solid cash flows ...
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Analog Devices shares climb after upgrade The Associated Press
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Living Debt Free is Simple With Effective Debt Relief Living debt free is simple with effective debt relief through
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Saddled with financial burdens ranging from home loans to credit card . debts. , American consumers are now frantically looking for the best and the quick.
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