CREDIT RESOLUTION HELP
Debtor Rights
Your rights are clearly spelled out by law makers. They are listed in two publications. One of them is the Fair Debt Collection Practices Act, and the other is the Fair Credit Reporting Act. On these pages is a short explanation of each, and a link to the PD F book form of the statutes. If you do not have Adobe, you will need to down load acrobat reader, so you can open pd f files that is the standard format that the government prefers to use. Do not worry, just simply go the the free downloads page, and get adobe reader for free.
The following pages cover particular subjects:
Credit card debt is considered "Open-ended Accounts" . An open ended account is revolving balance. You pay and use and pay and use. your balance is affected by continued use.
Car loans, and home loans are considered"Promissory Notes" and or "Written Contracts"
" It has a beginning and ending date with very structured payments amounts and due dates. It is the ultimate form of written contracts. Signed by both parties. Usually notarized, and or witnessed.
"Written" has a beginning date and an ending date, signed by both parties.
Most state statutes of limitations start to run on the day of default. You will have to check with your state's laws, and the Fair Debt Collection Practices Act for further clarification.
If you are being sued by a debt collector, you must show up to court, even if the statute of limitations expired. Failure to show up will result in "judgment by default"
Basically they win, because you did not show up.
My recommendations to you is; get a lawyer. If that is not possible, then do your research, and write up a defense for your self. Always remember, it is not about being right, or wrong, it is about what is legal, and what is not. The judge does not want to hear a sob story. They want to hear the case. So if the creditor cannot bring action against you, then show the court why. The judge will rule in the favor of who follows the law. Most times it is not the creditors, when the consumer chooses to dispute. If you are certain that a creditor is trying to abuse the legal system in efforts to collect, then it is your duty to prove it, and seek damages from the creditor. Now more than ever the local court rooms are flooded with "zombie debts". The collection lawyers prey on your ignorance, and usually bet that you will be too intimidated by the court room, that you will surrender to their terms. Do research on your states laws or get a lawyer. You will have time. Court is a slow process.
There is statute of limitations listed by state on all types of collection accounts. That simply means that if the time limit ran out, then the courts cannot make pay back that debt.
Government seeks to impose stronger regulations on the credit card companies that favor more consumer friendly terms in regards to interest rates and requiring that the bank gives more notice before making changes. Check back for more updates, or go the news, and updates page.
The following pages cover particular subjects:
Getting sued by a creditor is not fun.
However each state has laws protecting you the consumer from certain
predatory tactics performed by sometimes desperate creditors, and or
junk debt buyers. Lately it is a common occurrence that the court room
dockets are flooded with a lot of old debt. Common nick names are given
to these "Zombie Debts" Credit card debt is considered "Open-ended Accounts" . An open ended account is revolving balance. You pay and use and pay and use. your balance is affected by continued use.
Car loans, and home loans are considered"Promissory Notes" and or "Written Contracts"
" It has a beginning and ending date with very structured payments amounts and due dates. It is the ultimate form of written contracts. Signed by both parties. Usually notarized, and or witnessed.
"Written" has a beginning date and an ending date, signed by both parties.
Most state statutes of limitations start to run on the day of default. You will have to check with your state's laws, and the Fair Debt Collection Practices Act for further clarification.
If you are being sued by a debt collector, you must show up to court, even if the statute of limitations expired. Failure to show up will result in "judgment by default"
Basically they win, because you did not show up.
My recommendations to you is; get a lawyer. If that is not possible, then do your research, and write up a defense for your self. Always remember, it is not about being right, or wrong, it is about what is legal, and what is not. The judge does not want to hear a sob story. They want to hear the case. So if the creditor cannot bring action against you, then show the court why. The judge will rule in the favor of who follows the law. Most times it is not the creditors, when the consumer chooses to dispute. If you are certain that a creditor is trying to abuse the legal system in efforts to collect, then it is your duty to prove it, and seek damages from the creditor. Now more than ever the local court rooms are flooded with "zombie debts". The collection lawyers prey on your ignorance, and usually bet that you will be too intimidated by the court room, that you will surrender to their terms. Do research on your states laws or get a lawyer. You will have time. Court is a slow process.
There is statute of limitations listed by state on all types of collection accounts. That simply means that if the time limit ran out, then the courts cannot make pay back that debt.
Government seeks to impose stronger regulations on the credit card companies that favor more consumer friendly terms in regards to interest rates and requiring that the bank gives more notice before making changes. Check back for more updates, or go the news, and updates page.