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Statute of Limitations - What You Must Know
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Debt Consolidation Loans for Students
College graduation is one of those times of life when we talk and think of the many promising changes of life that will occur after passing out. Full careers, independence and a fresh start in life seem all exciting. But the paying back of the many loans taken during the academic life may cause some tension.
Similar to any debt, student loans could affect the decisions you take in futur... Read debt consolidation article
Debt consolidation mortgage - Tips and resources
Someone great once said that 'if it isn't the sheriff, it is the finance company'. Do you feel the same? Has the piling up of bills forced you to take several loans? Do you live in constant dread that someone would soon come to claim his money. The problem is that you don't ever seem to have the money. All you earn goes in paying the interest rate on various loans while the loan amount remains int... Read debt consolidation article
Statute of Limitations - What You Must Know
Each state in the Union has a different Statute of Limitations. Do not get confused regarding the Statute of Limitations in collecting debt versus the seven year period of reporting adverse information on your credit report. South Carolina for example has a three year statute regarding open end debts. These have been categorized as credit card debts, store card debts and gasoline cards. Home mortgages and loans do not fall into this category. This means that the amount you owe will change monthly depending on the activity of the account. This is different than an agreed contract that spells out a monthly payment for an agreed upon time limit. Be very careful to understand that IF you make a payment regardless whether or not you got caught up, the Statute of Limitations is tolled.
There are also statutes of limitations regarding how long a judgement can remain on your credit report. In Florida a judgement is granted for seven years and can be renewed twice for an additional seven years. This means a judgement in Florida can possibly remain on your credit report or be in public records for over twenty years. Please be aware of this. Sometimes a judgement might not be reported on your credit report but a search of legal records might reveal that you have an outstanding judgement against you. This is a severe penalty for now being able to pay a bill and be unaware of the ramifications of the law.
Knowing this, it becomes extremely important to understand medical bills. We address medical bills in another article. Be forewarned however! Do not let medical bills deteriorate to the point that they become a judgement against you. This is financial suicide if you are serious about getting approved for you home mortgage loan.
More and more creditors and collectors are now aware of the laws. Some are well versed and when it is brought to their attention that some accounts are beyond the statute of limitations, they are willing to accept offers. They legally cannot collect. Do they try? Yes indeed they do. They prey on your ignorance of the law. What is your defense if they try and collect on a debt that has survived the statute of limitations? Your defense is the fact that it has PASSED THE TIME LIMITS AND THEREFORE IT IS TIME BARRED from collection.
Do not, and I repeat do not fail to show up in court if you are served a summons from anyone attempting to collect a debt that is time barred. IF YOU FAIL TO SHOW THE PLAINTIFF IS AUTOMATICALLY AWARDED A DEFAULT JUDGEMENT! Just show up and represent yourself and it will be adjudged in your favor.
Now you see the importance of understanding your rights. It is not necessary for any debt to go to the judgement scenario if you use good negotiating skills.
In my next article I'll cover Restrictive Endorsement and how they can work in your favor.
Chuck Lunsford is the owner and developer of EasyFloridaHomeLoans.com. He offers advice on how to get your credit in order and working for you. Visit his website and learn more about buying a home in florida.
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Debt Negotiation Works
If you owe monies to several lenders are finding it difficult to keep up with payments, then perhaps some form of debt negotiation could work for you. What is debt negotiation and how is it accomplished? Keep reading and we'll take a look at what can be achieved via debt negotiation.
Your mortgage is due and you know that you won't make the next payment. Worse, it looks as if you will start falling behind on other debt as well. What should you do? Start talking, that's what. Specifically, you should consider:
--Contacting each lender directly and explaining to them your plight. By aggressively taking matters into your own hands shows creditors that you mean business and are motivated to seek remedy.
--Come up with a plan. Your financial picture may be bleak, but you still must come up with a plan to tackle the problem. Notifying your lenders is one thing, getting a favorable response from them is another. Chances are you know what it will take to get back on your feet again. Pitch your offer to each creditor.
--Ask for a deferment. You may not be able to make any payments for a few months so asking for a deferment could work to your advantage. Instead of owing on the loan and racking up late fees and penalties, your mortgage provider could agree to your request that they take several months of payments and tack them to the end of your mortgage. In a sense, you gain a temporary reprieve before payments are due again. This could buy you enough time to come up with a plan to bring in more money.
--Ask for forgiveness. Yes, asking your creditors to simply forgive some of your debt is always one option. While your mortgage won't be forgiven in entirety, a credit card provider may be willing to reduce your APR or forgive some of the interest owed to you. Being that this is an unsecured loan, the credit card provider could determine that if they don't give to you some slack then they could lose out altogether.
With any conversations you have with lenders, professionalism and courtesy on your part can go a long way toward helping you garner a favorable response. Give debt negotiation a try; what have you got to lose? Perhaps thousands of dollars in debt, that's what!
Jeff is the owner of Uk Lenders one of the Uk's leading secured loan quote providers. If you are searching for that low rate on a secured loan then visit our site today for a free no obligation quote.
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Statute of Limitations - What You Must Know
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