The Wisdom Of Paying Old Debts To Improve Your Credit

pay off old debt

If you've got a debt from years ago, don't make the mistake of prolonging the negative impact is has on your credit history. Old debts can plague your credit for years, dragging down your score long after the date you went into default. In fact, according to credit reporting agency Equifax,  a collection account will usually remain on your credit report for seven years from the date the account first became past due. That means a debt six years past due will stay on your credit report ...

Read more

Student Loan Defaults Plague The Wealthy, Too

young medical doctor in hospital

When you think about the student loan crisis, your mind conjures up images of twenty-somethings working at Starbucks. What you don't see, however, are the hundreds of thousands of hard-working professionals who pull in comfortable salaries yet live in fear of their student loans. Confused about how such a thing could possibly happen, and why those with deep pockets aren't always on top of their student loan payments? Consider this: most people do not graduate from school with high-paying ...

Read more

Court To Wells Fargo – OK To Freeze Accounts Of Chapter 7 Debtors

wells fargo

If you're filing for bankruptcy, move your money out of Wells Fargo before you file - even if you don't owe them any money. It's long been the practice of Wells Fargo to place what they call a "temporary administrative pledge" on bank accounts when the account holder files for bankruptcy. At that point, Wells Fargo will contact the Chapter 7 trustee to determine whether the funds are exempt or should be turned over to the trustee. If the trustee tells Wells Fargo that the funds are exempt ...

Read more

How A California Private Student Loan Judgment Is Enforced

private-student-loan-judgment-enforcement-california.

Editor's Note: Each state has different laws when it comes to enforcement of money judgments, including those relating to private student loans. This article works with the laws of the State of California; if you live anywhere else, talk with a lawyer in your state about your individual situation. After the private student loan lawsuit comes the judgment. For California residents, this could be better or worse - depending on your situation. We've talked about why a student loan lawsuit may ...

Read more

The Tao Of Being Sued For A Private Student Loan

Tao of private student loan lawsuits

Until a private student loan lender decides to file a lawsuit against you, there's nothing but chaos and uncertainty. That's all replaced, for better or worse, the instant the case is filed. There's a natural order to things. Up is above, and down is below. For every day there is night. That's the concept of Tao, and it enables us to walk through the world with a sense of certainty. That certainty, unfortunately, is thrown out the window when it comes to dealing with a past due private ...

Read more

Win A Debt Collection Lawsuit Using These 2 Magic Words

magic words pinterest

Did you know that two magic words can help you defend - and possibly win - a collection lawsuit? Whether you're being sued for a private student loan, a credit card debt gone bad, or a bank loan it's unbelievable that the lender or debt buyer can be scared off so easily. At least, that's the sense Ira Glass gives in the prologue to the episode of This American Life that aired on August 15, 2014. Relaying a story by Jake Halpern, Glass tells of a Georgia couple who had fallen on hard times. ...

Read more