Creditor

Question: How do I tell which creditor does not have my latest address? My credit report says that one of my creditors is reporting an address where I have not lived in approximately 5 years. I need to call this creditor to give them my new address. The credit reporting agency (TransUnion) says that they do not know which creditor it is. How do I make sure that this creditor gets my correct address? Response to what cottonlily84 wrote: They have all the creditors listed, but they do not know which one of the 4-5 creditors provided the address information. All of the creditors listed on the report have more recent addresses. This address seems to have come from a creditor that has already been removed from my report.

Answer: Call all your creditors and find which one, there can't be too many

Question: Can a creditor force you to sell your home by putting a property judgment or lien against your home? If you owe approximately $10,000 to a creditor and cannot pay it and are on disability as your only income, can that creditor force you to sell your home by placing a property judgment lien on it? Is a property judgment the same thing as a lien against your home?

Answer: I don't know if they can force you to sell your house, but your equity in the home will be reduced. If your mortgage is $30,000 and your house is valued at $80,000 with no lien then your equity is $50,000. If you do have a $10,000 lien then your equity becomes $40,000 instead.

Question: How does a creditor find your bank accounts? I have a judgement against me and a couple of checking accounts. The creditors do not know about these accounts. Can a creditor find these accounts, if so, how? Both are out of state banks, does that matter?

Answer: They can subpeona the information from you. Or they can hire a P.I. that specializes in this. Both are legal methods. Why don't you pay your debt?

Question: How many times can a creditor call your cell phone before it is considered harassment? I have a creditor that calls me about every 30-45 minutes in the day. I feel this is obsessive and I have already talked to the actual party I owe money to and have worked something out with them because these creditors seem very unreliable and untrustworthy. Is there anything I can do since they are calling my cell phone?

Answer: biwagirl2 is mostly correct, but I would love so see some of her sources that deal with the specifics. If it's case law can you pass on the info? The FDCA does not specify how often a creditor can call. However, most of the major agencies belong to trade groups that give guidelines about how they should behave, and in most cases they do specify the number of calls. The FDCA states that "Causing a telephone to ring or engaging any person in telephone conversation repeatedly or continuously with intent to annoy, abuse, or harass any person at the called number."......but doesn't specify details. If it's left up to the judge to decide, they will certainly be nailed for calling every 45 minutes. As for calling a cell phone, it's also a gray area. For this we refer to this portion of the law: Creditors may not call.... "at any unusual time or place or a time or place known or which should be known to be inconvenient to the consumer." However, you would have to demonstrate to the court that the creditor knew the phone number was a cell phone. The only 100% sure way is to send a certified letter to the creditor informing him not to call your cell phone.

Question: If a creditor accepts a small partial payment is that considered a binding agreement? In other words. If I accumulate a fairly large medical bill and I send them a letter with a promise to pay every month a small payment and they cash the check. Are they obligated to continue to accept the same amount each month. Can the creditor take the debtor to court or collection agency if you can't pay in full.

Answer: Ted got it right. You are still on the hook for the debt, but the fact that you are making small monthly payments MIGHT keep you out of court. Most businesses would rather have someone pay a little bit at a time, rather than to go through the trouble and EXPENSE to hire an attorney to handle their claims. They would rather have 1 percent of something each month, rather than 100% of nothing.

Question: How long a creditor has to wait before sending a debt to a collection agency? I live in Virginia,and the the creditor is Embarq (home telephone service, previously Sprint)

Answer: There is no limit. It can be turn to collection the very same day you miss your payment. Medical bills, for example, go to collection right away (it does not mean it will be reflected in your credit reports). Some companies (Verizon, Sprint) wait for 90 days. The industry standard (not a rule or a law) is 180 days. The reason for that is how FCRA defines a length of time during which negative information can be reported on your reports (7 years + 180 days after an event that resulted in collection activity [last payment, for example] - FCRA § 605(c)(1)).

Question: How does a creditor find your bank account? There was a levy placed on my current bank account by a bill collecting agency(credit-card debt) and I am stil owing. My dilienma is that I was laid off from my job and I cannot afford to pay right now. I want to file my taxes and have the funds go directly to my bank account. If I do open a new bank account and e-file, will the creditor be able to find my new account and place a levy on it? I would also like to know how they find it (bank account), and how long it usually takes. Thanks in advance!

Answer: have your refund sent in the form of a check. They can find your account if they have the imformation. Sorry been there too. hang strong it will get better. check out dave ramsey site helped me a lot God bless

Question: What happens after a creditor sends you to collections? It's been seven months since I've paid anything on my Credit Card. They have sent me to collections and now I don't know what to do. What will happen if I continue not to pay. My debt is about $11,000. Can I still call the original creditor and try to straighten things out?

Answer: well, the collection agency owns your debt now so the original creditor isn't going to do you a lot of good. the best thing to do is start sending them money. even if it's just a little bit. say you want to get on a payment plan. send them like $5 a month if that's all you can do. good luck. if you don't pay anything they can come and repossess your stuff.

Question: In California, Can a creditor garnish your wages after a foreclosure has gone through? After your house has gone through foreclosure and your house has been sold, Can the creditor garnish your wages for the balance due?

Answer: It depends on your loan, if you ever refinanced then yes, they are entitled to the entire amount of money they gave you. If you never refinanced your original loan then they simply send you a 1099 for the excess amount, you simply have to claim it as income for both the IRS and CA taxes.

Question: The original creditor deleted my debt but not one of the collection agencies. What do I do? I recently disputed an item on my Transunion report. The original creditor deleted it and 1 of the 2 collection agencies collecting for that same debt, deleted it as well. The second collection agency didn't delete it. Can they still do that even though the original creditor deleted it? Is there a letter I can send?

Answer: Demand that they validate the debt. Write them a demand letter. Tell them that the original creditor removed the challenged item from your credit report, because it did not belong there. Demand that they do the same. Cite the Fair Debt Collection Practices Act (“FDCPA”). Under the FDCPA, collection agencies must remove debts from the credit reports, if they are unable to “validate” them. This means that they have to prove the validity of: 1. The original obligation (which may be hard to do, if the original creditor chose to delete the debt from the report itself) 2. The transfer of the right to collect the debt to them. It is highly unlikely that they will be able to do that, if the original creditor chose not to prove the debt itself. Under the FDCPA, there are significant penalties and fines of up to $500,000, so they should remove the posting. If not, report them to the Federal Trade Commission (“FTC”) at their website. The FTC says that consumers can (and should be able to) successfully challenge items on their credit reports. However, it is not always so easy, as you can see for yourself. There are reputable credit restoration services that could help you, if citing the Fair Debt Collection Practices Act does not do the trick. Good luck!

Question: What are my rights when a creditor calls to collect a ghost debt from an account I had over 13 years ago? They said they purchased the account and I had to resolve it because they purchased it from the original creditor. It's been longer than seven years and it should not be on my credit report. Am I still obligated to pay this account?

Answer: Legally, no you have no obligation to pay after the Statute of Limitation (SOL) has run out. For your State's SOL check the link below, http://www.cardreport.com/laws/statute-o… Send them a "cease and desist" and include a paragraph informing them that you are aware that the SOL has run out. Debt collectors can attempt to collect on a debt forever banking on your ignorance of the law.

Question: How do you work out the creditor payment period? Below are some selected figures from the financial statements of Gest Ltd for the year ending 30 June 2006. Year Ending 30 June 2006 £'000 Revenue 24,350 Cost of sales 16,770 Debtors 2,002 Creditors 1,540 Stock 1,120 Current Assets 4,530 Current Liabilities 3,975 What is the creditor payment period (creditor days)? Could you please explain how to get the values for the formulae. Thanks

Answer: Creditors are people you owe money to. Generally, this is because you purchased materials from them (i.e. they are your suppliers) in order to make your products. Ideally you need to know last years Creditors and Stock levels = however these are not given, so you will have to assume the situation has not changed dramatically. We are also assuming that Cost of Sales is MAINLY the cost of materials (it's often surprising what a business books to CoS :-) ) This gives you 1540/16770 * 365 = 33.5 days. Interestingly your Debtor days are 2002/24350 * 365 = 30 days. This suggests the business is collecting money from it's customers faster than it is paying it's suppliers (a good situation to be in).

Question: What are the steps in disputing a creditor lawsuit? I owe a creditor but I am being sued for an inaccurate amount. Since I've been served, should I still file a validation notice or proceed to sworn denial? Thanks in advance for your prompt response!

Answer: I suspect that you are being sued for the debt owed, interest, late fees, attorney fees etc. You may want contact the creditor and see if you can work out a payment plan with them. Once they file suit and incur those costs, they will be less likely to work with you. You may also want to consult an attorney on how to proceed.

Question: What does it really mean when a creditor writes off a debt? When a creditor listed on your credit report list a bad debt as being written off by the bank does it mean the obvious? Is that debt being written off as a loss to the bank? Please answer only if you work, or have knowledge in this field, or if this has happened to you. No guesses please.

Answer: A charge off or write off (pretty much same thing) is done for the creditors internal accounting procedures and does not release your obligation to pay a debt nor does it prohibit the creditor from further attempts to collect the debt, send the account to a collections agency, or sell it to a debt purchaser. Debt forgiveness occurs when the creditor issues a 1099-c releasing the debtor from the debt and the creditor can no longer legally collect the debt. When a 1099-c is issued, the debtor must include the amount as income when filing their taxes except for primary residence home mortgages due to the Debt Forgiveness Act of 2007.

Question: How long does it take for a creditor to garnish your wages? I had to go to court for a unpaid credit card bill, the creditor got a judgement, but they told me I could set up payments, I told them I needed some more time. Now I got papers that say "order for financial disclosure and financial disclosure statement" After I fill this out and send it back do they automatically garnish wages or do they have to go to court again to do this?

Answer: They have already won the case and are allowed garnishment of your wages. They need to know your financial obligations and assets to determine what your disposable income is. This would determine the amount they could collect. The amount would be determined by your states laws. Here is a link to find your state garnishment laws http://www.fair-debt-collection.com/stat… Hope this answers your question. LEGAL DISCLAIMER: The advice contained herein is for informational purposes only. It is not to be construed as Legal Counsel nor Legal Advice.

Question: Can a creditor make a payment on a debtor account in order to extend the statute of limitations? Creditor claims that by having made a payment themselves the statute of limitations can be pushed into the future. The lender makes payments on the loan? Is this true?

Answer: NO NO NO This is illegal, especialy when it involves the credit reporting agencies as per the following: (this is the condensed version) 15USC1692e] Sec. 1692e. False or misleading representations A debt collector may not use any false, deceptive, or misleading representation or means in connection with the collection of any debt. Without limiting the general application of the foregoing, the following conduct is a violation of this section: (10) The use of any false representation or deceptive means to collect or attempt to collect any debt or to obtain information concerning a consumer. It is also illegal to falsify records in regards to credit reporting agencies as per the following: Running of Reporting Period - Section 605 [15 U.S.C. § 1681c] As of December 29, 1997 the reporting period runs 7 ½ years (7 years plus 180 days) from the date (month and year) of the last delinquency (known as "last missed payment:). So, regardless of how long a creditor waits to charge off, sell or transfer a debt, they must report the true and correct "delinquent or last missed payment" date (month and year) that preceded the creditor's action. The additional 180 day period accords a measure of flexibility to credit bureaus whose furnishers may provide them with the wrong date. However, the expansion of the time period that Section 605 allows chargeoffs and similar actions to be reported accents the desirability of treating the "commencement" of the delinquency as the first missed payment -- not some later date that would further extend the period. This is a trick often used by bottom feeding debt collectors and you should keep an eye on your credit report. If they are trying to extend your states SOL by this practice, then you would have one heck of a good law suit against them. If they are talking about your state SOL, contact your state attorney generals office immediatly. Hope this answer is of help to you LEGAL DISCLAIMER: The answer provided here is intended for informational purposes only. It is not intended nor presumed to be legal counsel or professional legal advice

Question: Can a creditor remove an item that appears in credit report before the 7 year period for unpaid bills? I have unpaid bill that will be removed from credit reports on 6/10/2010 should I just wait (to borrow money) or pay bill now. Can I negotiate with creditor?

Answer: ♦ as soon as you attempt to pay it, or have any activity with that account the 7 years can start all back over. if your that close to having it drop off your report I would just wait.

Question: Why is a creditor allowed to get money from your bank account? I have read that there is a % limit on how much can be garnished on your wages to pay off debt when there is a judgement against you. Why is a creditor allowed to go and get money from your bank account? How can one stop/prevent/protect this money being taken away and leave you with nothing to live on?

Answer: This is legal if a creditor has a court judgment against you and has the court's authority. You have very bad credit. Look into going bankrupt and this would discharge many of your debts. Speak with a bankruptcy attorney. You shouldn't file for bankruptcy by yourself. Good luck.

Question: How long does it take a creditor to remove a negative entry from your credit report? I am going to pay a creditor my outstanding balance in exchange for them removing the negative entry from my credit report. When a creditor requests a negative entry to be removed, does the credit bureau remove it instantaneously or does it take multiple days for processing? If so, how many days? I am having a credit check, so I need it removed fast. :)

Answer: Golfer is wrong. Anyone who put something on your credit reports has the power to remove it. How long? That would depend on the collection agency. Make sure you get the "Pay for Delete" agreement in writing before you pay a dime. You cannot trust a collection agency to do what they promised to do.

Question: Can creditor take funds from student loans in a judgement? A creditor has gotten a judgement against me for credit card debt. I have no income and my only asset is an old car. My concern is that my student loan funds are deposited in my checking account. I use the money for rent and utilities while I am in school. How can I keep the creditor from getting to these funds? Thanks.

Answer: depends what state you live in. usually they can only garnish wages. however ive heard of people on ssi whos accounts were frozen and taken. maybe you could take the money out and put it in a saftey deposit box. or better yet put the money in a relatives account and then get them to pay your bills out of it. pain in the azz i know. but you do what you gotta do.