reducecreditcardsdebts.com

Can you include credit card debt in a bankruptcy?

nerbhi — Wed, 19 Aug 2009 11:00:17 +0000

I have a friend in FL that is filing bankruptcy. I thought they passes a law a few years ago that stated you could not include credit card debt in bk. Is that true? They are telling me that you can include credit card debt.

How do I go about consolidating my credit card debt?

nerbhi — Mon, 17 Aug 2009 11:04:54 +0000

I have a good credit score, last time I checked about 6 months ago it was about 720-730. Recently I have acquired a big credit card debt, about ,000 on one credit card (with a limit of ,000) and about ,000 on another one (with a limit of ,000) for many different personal reasons. After the whole spending money ordeal was over, I was left with all this debt on my credit cards. Since then, I have cut back on all unnecessary spending, besides the obvious things like food, gas, etc. I have never been late on payments and have never been over the credit limit. I Also try to pay an extra hundred bucks on top of the minimum payment due when I can. Are there any good ideas on how to consolidate these two credit card debts and help me out with all this? Thanks!

Is the SOL on credit card debt determined by the state you currently live in or where the debt originated?

nerbhi — Sat, 15 Aug 2009 10:46:40 +0000

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 debt is a "myth".

Add credit card debt amount to new home purchase?

nerbhi — Thu, 13 Aug 2009 10:40:55 +0000

I have about 25K in credit card debt. I am planning to buy a 540K house. Currently I have great credit, is it possible to add my credit card debt into the home loan in order to make it a single monthly payment. What is the loan program called? I am shooting for 5 yr. ARM. Me and my wife plan to live there for about 3-4 yrs.
To add I mean to pay off my credit cards with the home loan.

How do credit card debt councilors work with credit card issuers?

nerbhi — Tue, 11 Aug 2009 11:10:37 +0000

I’ve seen on t.v. how credit card debt councilors work with banks when people owe a lot of money on their credit cards. They say they can not only reduce the amount owed but also get your monthly payments down to where they are manageable. How do they do this, are there any consequences such as a reduction of credit score, and is it effective (do they really do this or is it a scam)? Also, how much do they charge? Thanks.

Who is responsible for credit card debt if somebody dies? Or does the company eat it?

nerbhi — Sun, 09 Aug 2009 10:49:31 +0000

Say somebody has X amount of credit card debt, then they die but still have that debt to the credit card company outstanding, what happens? Does the company have to write it off as bad debt or ? Perhaps the company can hit up that person’s estate. But let me pose another question then – what if that person’s estate does not have enough money to cover that credit card debt.

Can Credit Card Debt Settlement Letter Really Work?

nerbhi — Fri, 07 Aug 2009 19:04:00 +0000

A credit card debt settlement letter is what you need if you are worrying over the huge balance on your card statement or are wondering how to pay it off when the balance keeps getting larger . A credit card letter is useful in your battle against debt.

Understanding what a credit card debt settlement letter is and how does it work?

It is simply a letter to your credit card company asking them to accept a lower amount as full settlement of the actual outstanding debt. It happens most of the time that the card company will counter demand for a higher amount. You will then counter the counter-offer and the negotiation begins. Both parties will eventually reach an agreement. You therefore ran end up with a reduced amount to be paid within the time frame agreed upon.

Credit card companies do respond to debt settlement letters simply because they want to recoup what may be a total loss.

The credit card company will evaluate the situation upon receipt of your credit card debt settlement letter. Firstly, as you may have been late in payments and gone delinquent. So they already know that you are in financial trouble.

There is a possibility that they ignore the letter and insist on full payment, which may force you into declaring bankruptcy. In such a situation this could mean the end of collecting any debt you owe. On the other hand, they can negotiate with you and recover at least a portion of the money if you are the one taking the initiative. Given the choices, don’t you think that they prefer to respond?

We should not fool ourselves in believing that writing a credit card debt settlement letter is easy though. You must take into consideration the legal implications arising from the phrasing of the letter. The right reduction to ask for and accept is another decision to make. What about the correct handling of the tax matters relating to the settlement? These and many more details you haven’t thought of. You to consult a credit card attorney or a debt settlement agency for proper management.

When running into credit card debt sending a personal settlement letter is just one option you can consider . There are a few other options to help get rid of credit card debt. You can try to consolidate credit card debt on your own. Or you can try to get a credit card debt relief grant which is very appealing to most. So long as you’re willing to educate yourself you can find more options .

Is credit card debt considered an open account or a written contract?

nerbhi — Fri, 07 Aug 2009 11:52:24 +0000

I live in the State of Georgia and am being sued over an old credit card that I defaulted on. It has been more than 4 years but less than 6 years since the date of default, so depending on whether credit card debt is considered an open account or a written contract in the State of Georgia, the Statute of Limitations may or may not apply. The Staute of Limitations is 4 years for open accounts and 6 years for written contracts. Does anyone know for certain which type applies for credit card debt in Georgia? The account is with Citibank MasterCard and was opened in the late 80’s or early 90’s. Thanks.

What is the best way to pay off credit card debt?

nerbhi — Wed, 05 Aug 2009 10:47:06 +0000

I’ve heard of companies like cureadebt.com that will settle your credit card debts for 70% of the amount owed. I’ve also heard of government grants to pay unsecured debt(credit cards), but I don’t know where to get the info on them. I’m considering a second mortgage to pay these off with a lower interest rate. Thoughts?

We no longer use credit cards, so the balance only increases because of high interest rates.

I’m being sued, I have the money to pay off a credit card debt, who should I make the payment to?

nerbhi — Mon, 03 Aug 2009 10:47:08 +0000

A relative is going to loan me the money I need to pay off my credit debt. I’m suppose to file my appearance in court on Tues.

Should I call and make arrangements to send the payment in to the credit card company or the collection agency?

Do you think they will dismiss the lawsuit?