Ways to Pay Down Debt Blog Feed

• Being Sued for Debt - Part II

  Being Sued For Debt By John Hurley Being sued for debt is not a fun thing. If you do not make adequate arrangements with your creditors or the collection agency representing them, they can go to court and seek a Judgment against you. After that happens, they can garnish your wages for up to 50 percent of what you make each pay period. They can also seize your assets including any bank accounts, cars, or even real property you own. Obviously, you don't want to let it get this far. If you are being sued for debt, you need to take action right away. The first thing you need to do is to respond to the lawsuit. If you do not respond, the creditor will get a Default Judgment against you. This means that you won't have the chance to tell your side of the story or let the Judge know the extenuating circumstances. After you have responded to the initial paperwork, you will probably get a court date. Now, it is likely that everything will happen quite quickly. Unlike the Judge shows on daytime television, the Judge in the courtroom doesn't have much time to spend on each case so you can expect the whole hearing to be over in a matter of mere minutes. It is best if you can hire an attorney to represent you. While many people who have a mound of bills feel that they cannot afford a lawyer too, the fact is that unless you are versed in the law, you can really destroy your options. If you are being sued for debt, take action. Don't let the creditors walk all over you. If you have fallen into the trap of easy credit, and found yourself over your head in debt, there is help! Go to http://www.helpfordebt.org to reach out to organizations that can assist you in reducing your debt - sometimes up to 50%. You will learn to make - and stick to - a budget and they will help to negotiate your credit card and other bills down. You are not alone. Many other people who were in exactly the same circumstances as you are have found relief through the programs offered through http://www.helpfordebt.org Article Source: http://EzineArticles.com/?expert=John_Hurley http://EzineArticles.com/?Being-Sued-For-Debt&id=2364019http://www.HelpForDebt.org

• Can I negotiate a Credit Card Reduction?

  If you are burdened with thousands of dollars of debt and have no good way of paying it all off, you may be wondering "Can I negotiate a credit card reduction?" The answer is yes, but there are some things to keep in mind. First of all, the credit card companies want to get as much of the money they loaned back. They are not in the business of giving their money away. But sometimes they realize that they have made loans that you cannot pay back. In this case, you have either stopped paying or are threatening to go into bankruptcy protection. If you do either of these things, the credit card company will not see any of their money. So, they are willing to negotiate a credit card reduction in order to recoup some of the money they have lent. In general, you are most likely to qualify for paying a lesser amount if you don't have assets to seize or you have a low income. In general, if a reduction is granted, it will be at 75 to 80 cents on the dollar. A $5000 loan could become $4000 under a typical scheme. There are cases, however, when people have been able to cut their debts in half. It depends on the creditor's perception of your ability and willingness to pay. You should know that any reduction will further blacken your credit. It is always better, from a credit score standpoint, to pay off your bills in full. So, the answer to "Can I negotiate a credit card reduction?" is yes. You just have to know how to do it. If you have fallen into the trap of easy credit, and found yourself over your head in debt, there is help! Go to http://www.helpfordebt.org to reach out to organizations that can assist you in reducing your debt - sometimes up to 50%. You will learn to make - and stick to - a budget and they will help to negotiate your credit card and other bills down. You are not alone. Many other people who were in exactly the same circumstances as you are have found relief through the programs offered through http://www.helpfordebt.org Article Source: http://EzineArticles.com/?expert=John_Hurley http://EzineArticles.com/?Can-I-Negotiate-a-Credit-Card-Reduction?&id=2373527http://www.HelpForDebt.org

• Being Sued for Debt - Part I

  Being Sued For Debt When the Bill is Old and Long Forgotten By John Hurley Being sued for debt when the amount owed is old and long forgotten is no fun. Unfortunately, there is no statute of limitations on a bill. If you ignore your financial problems, they don't just go away. Years later, when you are in a more comfortable financial position, the creditors can come back and collect on you. Some people think that if they don't pay the debt, it goes away after 7 years. While it is true that it goes off your credit report, the legal obligation to pay does not go away. Other people think that if the credit card company reports the bill as a "charge off" and deletes it from their books that it relieves them of their responsibility to pay. Neither of these situations is true and faulty assumptions can lead to you being sued for debt that you thought was gone and buried. If a collector contacts you regarding an old debt, you need to get all of the information right away. You may have lost the records or forgotten how much you owed in the first place. But don't be surprised if the amount has ballooned as a result of years of compound interest. Hire a debt negotiator right away to help you deal with this situation. If the collection agency pursues the situation in court and gets a Judgment against you, it could result in your wages being garnished or the loss of property including bank accounts, automobiles, and even your home. If you are being sued for debt - even if it is old bills - don't let the situation lie dormant. It will come back to bite you. If you have fallen into the trap of easy credit, and found yourself over your head in debt, there is help! Go to http://www.helpfordebt.org to reach out to organizations that can assist you in reducing your debt - sometimes up to 50%. You will learn to make - and stick to - a budget and they will help to negotiate your credit card and other bills down. You are not alone. Many other people who were in exactly the same circumstances as you are have found relief through the programs offered through http://www.helpfordebt.org Article Source: http://EzineArticles.com/?expert=John_Hurley http://EzineArticles.com/?Being-Sued-For-Debt-When-the-Bill-is-Old-and-Long-Forgotten&id=2364027http://www.HelpForDebt.org