Posted on 09 September 2011
Tags: action, alternative, amount, attorney, attorneys, bad credit history, Bankruptcy, boundary, burden, care, client, collection agency, collector:, Consumer, credit, credit attorney, credit history, Credit Repair, creditor, creditors, Debt, debt collection practices, debtor, debtor can file bankruptcy, debtors, debts, Duty, Fair, fair debt collection, fair debt collection practices, fraud, identity, insults, interest, job, lawsuit, Money, payment, payment arrangement, practice, principle, problem, process, proof, racial slurs, Reduction, relief, report, serious illness, support, time, time collectors, Treacherous, unexpected events, victim
Credit repair attorneys are those people that basically provide support to debtors. Those debtors that are in serious problems about their non-payments and cannot find any solution. These attorneys offer their services for such debtors. They are well-aware of the consumer laws and within that boundary they try to repair the credit of the debtor/client. FDCPA (Fair Debt Collection Practices Act) provide some rights to the debtor. For instance, collector cannot call a debtor before 8:00 am or after 9:00 pm for payments. Language used from the collector side should be polite. There should not be insults or threats or any racial slurs.
Why debtor doesn’t pay:
Generally, any person with bad credit history is obviously the victim of some annoying or unexpected events that could be serious illness, a job loss, an accident etc. that put them behind the payments. Debtors never argue about the money they owe, but due to the reason that they do not have enough funds they could not make it to pay their debts on time. Collectors should allow the debtors to negotiate about the reduction in the amount owed or a new payment arrangement or any other way out.
Duty of Credit repair Attorneys:
The Duty of credit Attorneys starts when the debt is not an acceptable one. Suppose, if in a scenario where debt is not a legitimate one and a complaint is placed from the debtor side. It’s the duty of the creditor to tell collector to stop calling. If it doesn’t work out this way and any action is taken (such as lawsuit) then debtor will ask credit repairers to take care of the matter.
Actual duty of Credit repair attorneys is to negotiate with the creditors for reduction in the amount of debt. They can address about the reduction of interest or the principle in the interest. Furthermore, written proof is provided to the client so that it could be reviewed and any possible errors could be erased. These actions might be looking minor but in many cases they’ve resulted in the reduction of 60% less then the original amount.
How Credit Attorneys Help:
Credit attorneys manage their client debt by combining all the debts so that there is only one payment to be made. Debtors pay these attorneys, who then pay the creditors. Simply, debtor does not pay the creditor himself.
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Posted on 30 August 2010
Tags: applying for a loan, credit, Finance, lawsuit, lawsuit loan, lawyer, loan
For you to pay your legal fees, you need a lender who could give you cash in advance but would seek security against the suits settlement. This is not always easy to seek and many lenders may not offer you this option. Therefore you might find some lenders who are willing to extend a loan on a lawsuit which promises a future payment. These loans carry high risk hence, you should be informed about the dangers prior to proceeding.
Consider Alternatives First
If you suing for a relatively small amout in the small claims court then you should consider a lawyer who will ask to charge you only if they recover your claim. Find such a lawyer who would only charge for services on the back end. Read the full story
Posted on 25 September 2009
Tags: credit card, Credit Report, debt collection, debt collector:, lawsuit, statute of limitations
By closing eyes from paying your pending bills cant be the solution, ignorance to that cant help you out soon your best friend a debt collector will be knocking at your door. As matter of fact as described by the credit experts that mostly consumers dodge opportunities to resolve their money issues with debt collectors when they should work them out.
A credit reporting agency, Equifax’s spokeswoman Robin Holland says that if you lost your job and don’t have money to pay your creditors then don’t be reactive be proactive.
But most of people don’t know how to make a deal with a debt collector. Here are some answers to some possible questions that can help.
Is that true or false that an account sent to collection still can be deleted from your credit report?
That is true its deletion is possible but that haven’t mean that all creditors will agree to it even if a collection agency agrees to a deletion that will only be a limited value.
A spokeswoman for credit reporting agency Experian, Maxine Sweet describe that if there is a deletion letter from collection agency that means only collection account will be removed. The original credit of account from the creditor will remain on the report Read the full story
Posted on 02 September 2009
Tags: Bankruptcy, charge-off, collection account, collection agencies, credit card, credit inquiry, credit records, Credit Report, Credit Score, employment, Foreclosure, housing history, information, installment accounts, judgement, lawsuit, Mortgage, negetive, paid, Tax liens
A credit report contains all the information related to your financial dealings, including information regarding employment and housing history, to credit card and mortgage account activity. Unluckily, it also contains negative information such as collection accounts, charge-offs, bankruptcies, judgments, and tax liens.
Many people who have negative information on their credit report often wonder that when will the red marks be removed, or on what date will the negative items be removed from their credit score.
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Posted on 31 August 2009
Tags: Account statements, address, claim, collection agency, collection process, consumers, credit bureaus, creditor, Debt, debt collectors, FDCPA, Federal Government, judgment, lawsuit, legitimate, letter, name, proof, protect, signed credit card application, statement, written notice
The Federal Debt Collection Practices Act has an important section regarding debt validation. In order to protect consumers who are in dispute with debt collectors, the consumers are given the right by the federal government, to challenge the validity of any debt claimed by a collection agency.
The Fair Debt Collection Practices Act
The topic can be found in The Fair Debt Collection Practices Act, 15 USC 1692g Sec. 809, in which it is stated that:
a. Within five days after the initial communication with a consumer, in connection with the collection of any debt, a debt collector shall send the consumer a written notice containing the following, unless the following information is contained in the initial communication or the consumer has paid the debt.
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Posted on 29 August 2009
Tags: account, clock, collection agency, collection types, Consumer, court, creditor, dae, debt collection, debt collectors, delinquent debt, federal student loans, fixed time, large debts, lawsuit, lawsuit dismissed, letter, payment, resetting, states, successive attempts, Tax liens, The statute of limitations, time period
The statute of limitations is the total time period that a creditor has, with respect to debt collection, to file a lawsuit for a delinquent debt.
![stockxpertcom_id8974902_jpg_c96b7e45f80041c4dfbac868871a0fed[1]-704426](http://www.fairloanrate.com/wp-content/uploads/2009/08/stockxpertcom_id8974902_jpg_c96b7e45f80041c4dfbac868871a0fed1704426.jpg "stockxpertcom_id8974902_jpg_c96b7e45f80041c4dfbac868871a0fed[1]-704426")
But it is also possible that once the statute of limitations expires, a consumer may still be slapped with a lawsuit.
A consumer may have a lawsuit dismissed, once the statute of limitations runs its course, on its basis. But it is most likely that the collection process won’t stop by writing a letter to the collection agency regarding the statute of limitations.
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Posted on 02 August 2009
Tags: bank, blacks, Cook County Circuit Court, costly mortgages, credit, emploees, Fargo, Fargo & Co, fine Wells, high-cost sub-prime home loans, home lender, Illinois state attorney, Latinos, lawsuit, loan, loan type, loan-to-value ratio, lower-cost prime mortgages, prime pricing, San Francisco, sub-prime mortgages, transaction, Wells Fargo Financial, Wells Fargo Home Mortgage
nmThe nation’s largest home lender Wells Fargo & Co. has been accused of discriminating against minority borrowers by routing them into sub-prime mortgages.
The Illinois state attorney general filed a lawsuit with a charge that the bank sold the more costly mortgages more often to blacks and Latinos as compared with whites with similar incomes. Illinois’ attorney general sued the San Francisco bank, asking a state court to negate the loans and to fine Wells.
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Posted on 28 October 2008
Tags: American Express, American Express Company, AMEX, anti-trust, anti-trust law suit, Bloomberg, credit card, Discover, lawsuit, MasterCard, settlement, united states, VISA
This Monday, credit card issuing companies VISA and MASTERCARD announced that they have settled the anti-trust law suit filed by Discover Financial Services. Discover accused both of the companies of entering in to exclusivity contracts with banks. Such contracts prohibited banks and other financial institutions to issue competing cards. Discover filed for $6 billion as compensation but settled for less than half that amount.
Visa has a larger credit card holder base and paid the major chunk of settlement amount. Visa Paid $1.8 Billion. While MasterCard with second largest penetration paid only $862.5 Million.
This amount looks big but it is peanuts when it is viewed in context of Total US Credit Card Market Size. According to Bloomberg
The value of U.S. credit card purchases was $2.17 trillion in 2007, up from $426 billion in 1993.
Previously, AMEX (American Express Company) sued both of credit card Giants and managed to extract about $5 billion in settlement.
So It is obvious that VISA and MASTERCARD have struck a great deal. Paying under $10 billion for un-restricted access to a multi-trillion dollar market is good business in every sense of word.
How these two play with each other is yet to be seen…
More on this story can be read here
