Q. What happens if I stop making my car payments? A. If you don’t make the payments, the lender will repossess the vehicle. It will then be sold at auction and you will be responsible for the “deficiency balance” – difference between what you owe and the auction sales price. Losing your car to a [...]
Entries Tagged as 'collections'
What Happens if I Stop Making Payments on My Auto Loan?
May 14th, 2010 · No Comments · Auto Loans
Tags: Auto Loans·Car Loans·car repossession·collections·Credit Score·debt settled·deficiency balances·Short Sale
Both Chargeoff and Resulting Collection Are On My Credit Report
April 27th, 2010 · 3 Comments · Credit Counselor Front Lines, Credit Reports, Debt Collection
Q. I defaulted on a credit card account 2 years ago. The debt went in to collections. Now I am looking to clean up my credit and pay off my debts. I pulled my credit report and noticed that both the charge off AND the collection are on my credit report. My questions are: Is [...]
Tags: accounts·chargeoffs·collection agency·collections·Credit card·credit report·debts·delete listing·legal
Year-End Creditor Write Offs May Hasten Debts into Collection
December 31st, 2009 · No Comments · Credit Counselor Front Lines, Debt Collection
Here’s the latest situation that’s come across my desk, but with a year-end twist. Q. Our basic question concerns phone calls we have received towards the end of this year from several credit card companies stating that they are going to write off our balances as bad debt at the end of this year (for [...]
Tags: bad debt·collections·Credit card debt·creditor·debt·Debt Settlement·Original Creditor·write off balances·write-offs·year-end
New Service Provides Collection Agencies List of Clients in Litigation
June 25th, 2009 · 3 Comments · Debt Collection, I'm suing those guys!, Legal Stuff
As an unintended consequence, consumers who defend themselves against collection agencies who violate of the Fair Debt Collection Practices Act (FDCPA) will now find themselves on a special list. One company is now offering its clients a list of everyone who has sued a creditor or collection agency. This is meant for the clients (we [...]
Tags: collection agency·collections·consumers·court cases·Courts·Fair Debt Collection Practices Act·FDCPA·lawsuits·Litigation·transunion
