How does the debt collection process work on an unsecured loan?
Mar 22nd
Catwoman asked:
I am 105K in debt(mortgage, student loan, car and the unsecured loan) and lost my former job due to lack of work. I got a new job but I am out 15K/yr. Through much juggling, I am paying off everyone except the unsecured loan on which I am paying 30/month(they want 260/mth) and they are unhappy I am paying them so little and threatening to sue me. I am trying to sell the house to pay off the mortgage and the personal loan and this is still at the original lender level. I am hoping I will get to work with a collections agency first since I can offer them the 30 I am now paying the creditor and when I sell the house I can pay the bill in full and have the credit bureau remove the blotch from my credit by showing evidence of payment. Do they go to collections or sue first?If they do sue,will they garnish my wages or freeze my checking account(no savings) or both? How does the debt collection process work on an unsecured loan?
Tried debt consolidation but my house is not worth enough to do it and having other debt attached to it would reduce my chances of selling the house and paying off the mortgage and the personal loan. I am really looking for info on how the debt collection process works,not how to get out of debt. I have that part figured out unless I get sued. Thanks
Thanks Taja but I am asking what the collection process is. I owe 105K out of which only 9K are unsecured debt. I am paying everybody except for the unsecured debt (to preserve my assets) and paying this unsecured creditor 30 a month hoping to sell my house to pay of the mortgage and the unsecured loan which will get rid of 64K off my debt and put approx 4 K in my pocket to move to an area with a better pay labor market. I am trying to find out (by learning how the collection process works) if I am going to have time to get this done before I have to worry about their coming after my wages and/or checking bank account. In other words, if I can work with a collection agency to which I can offer payments and pay the 30 I am now paying until I can sell the house. I already tried debt consolidation and I can’t get a loan for 105 K with a house that is worth 79K as the only collateral. The rest I owe is my car and student loans which must be paid or they will be worse than this creditor.
BBOYBALL: My mortgage is in perfectly good standing since I pay that before I even buy food. It is the only assett I have and I want to move to an area where I can work without having to commute an hour to do so. That is why I am selling the house: to move and to pay off the mortgage and the personal loan I took out to buy a new furnace and remove asbestos. I am willing to sell for 76K.
How does the perkins loan differ from the stafford loan?
Mar 19th
TwistedxKiss asked:
I qualified for like a $500 perkins loan as well as some stafford loans, and I spent all my financial aid researching time looking at stafford loans, so I don’t know much about the perkins loan. I looked it up and read that the two are similar, but how are they different?
How can you raise you credit score even when you pay on time?
Mar 19th
Ok, past credit messed me up. I have a judgement thats almost paid off. I am trying to raise my credit score.I have 3 new accounts that I’ve paid on time for over 1 year. I read that one way to raise your score is to ” piggy back” on a relatives good credit ( have them add me to one of their good accounts and not use it) Is this safe, is it legal. I would love to hear constructive ways to increase my credit score. Please don’t judge me. Almost all of my ” bad” credit accounts have been paid off. I put my sons first when the divorce came. They lived in the house that I paid for while I lived in a basement.Submited by:amhjp1820
How do you get a small business loan with bad credit?
Mar 10th
__A_YAHOO_USER__ asked:
I am unable to get a bank loan because my credit isn’t take great. My husband and I co-founded Writing for Him Ministries in late 2008 but we don’t have the funds to put some programs that we’ve designed into motion and needed supplies for a direct marketing program. I have been writing since 1972 and have had 6 books of inspirational poetry and a young adult trilogy published.
What are the ins and outs of getting a construction loan to build a home?
Mar 10th
My husband and I are 1st time homebuyers. We have been preapproved for a house loan, but are not having luck finding what we want. We have toyed with the idea of building our own. What are the differences between getting a preapproved loan and buying a already built house and going through getting a construction loan? Do you have to put money up front for a construction loan? Do you make mortgage payments while the house is being built, or do you wait until the house is completed? Is there a time frame that the house must be built within? If we were preapproved for a certain amount with a homebuyers loan, would we likely be preapproved for the same amount for a construction loan? What other differences should I know about? Since we are first time homebuyers we do not have much collateral (we do have some savings, but not a ton), would that affect our ability to get a construction loan?
What is a good bank for a minor to open a bank account?
Mar 6th
I need to open a bank account but im 17, so how do i go about doing that?
Which bank is good to use?
I live in california now, but im moving to Hawaii in november so it has to be a bank that is both in califrnia and hawaii.
What is a good bank to open a brokerage account with?
Mar 2nd
I’m like 20 years old and I have over 15g’s in the bank and I want to start investing. I was wondering what bank would be good to start a brokerage account with. Thankyou for your help.
Should I apply for new construction loan while waiting for refinance to close?
Mar 2nd
ounlopez asked:
My wife and I are refinancing our home. It looks like it will be done in a few weeks. We hope to use money we get out of the refinance to put down on a construction loan. Do you think we should wait to do something on the construction loan until after the refinance closes? What about getting pre approved for the construction loan?
What if I just get pre-approved so that I can make an offer on a piece of land?
What is a good credit card to get that you almost will never get turned down for?
Mar 1st
By: JerseyJeff84
About the Author:
What business credit cards are not attached to my personal credit?
Feb 28th
Hello, I am trying to find out how to build my business credit without being attached to my personal credit score. I would like to know if anybody has information regarding what credit cards are available to do this. I would love any free information or links to sites that can tell me how to build my business credit. Thanks!!Submited by:Erick R