Welcome, visitor! [ Login

Post an Ad

Paying Your Creditors- priority

Financial recovery April 10, 2024

Normal
0

false
false
false

EN-US
X-NONE
X-NONE

/* Style Definitions */
table.MsoNormalTable
{mso-style-name:”Table Normal”;
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-parent:””;
mso-padding-alt:0in 5.4pt 0in 5.4pt;
mso-para-margin-top:0in;
mso-para-margin-right:0in;
mso-para-margin-bottom:10.0pt;
mso-para-margin-left:0in;
line-height:115%;
mso-pagination:widow-orphan;
font-size:11.0pt;
font-family:”Calibri”,”sans-serif”;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:”Times New Roman”;
mso-bidi-theme-font:minor-bidi;}

Paying Your Creditors

If you are contacted by a creditor or debt collector, first make sure you really owe the money they claim.  Every collector must send you a written “validation notice” saying how much money you owe within five days after they first contact you. This notice must include the name of the creditor to whom you owe the money, and how to proceed if you do not think you owe the money.  If you send the debt collector a letter within 30 days stating that you do not owe any or all of the money, or asking for verification of the debt, that collector must stop contacting you. But a collector can begin contacting you again if it sends you written verification of the debt, such as a copy of a bill.  Assuming you owe the debt, let us talk about how to handle it.

You may feel pressured by creditors and lenders to pay their bills first. However, you should pay your basic necessities (e.g., mortgage, rent, utilities) before paying other creditors (e.g., credit card companies).

What should you do if you are behind in your bills and cannot make a full or partial payment to your creditor?

Answer: Call your creditors as soon as you know you cannot make a payment. If you avoid their calls, they will only call more frequently. We will discuss ways to negotiate with your creditors later in the module.  

 

Paying Your Creditors

If you are contacted by a creditor or debt collector, first make sure you really owe the money they claim.  Every collector must send you a written “validation notice” saying how much money you owe within five days after they first contact you. This notice must include the name of the creditor to whom you owe the money, and how to proceed if you do not think you owe the money.  If you send the debt collector a letter within 30 days stating that you do not owe any or all of the money, or asking for verification of the debt, that collector must stop contacting you. But a collector can begin contacting you again if it sends you written verification of the debt, such as a copy of a bill.  Assuming you owe the debt, let us talk about how to handle it.

You may feel pressured by creditors and lenders to pay their bills first. However, you should pay your basic necessities (e.g., mortgage, rent, utilities) before paying other creditors (e.g., credit card companies).

What should you do if you are behind in your bills and cannot make a full or partial payment to your creditor?

Answer: Call your creditors as soon as you know you cannot make a payment. If you avoid their calls, they will only call more frequently. We will discuss ways to negotiate with your creditors later in the module.  

 

Normal
0

false
false
false

EN-US
X-NONE
X-NONE

/* Style Definitions */
table.MsoNormalTable
{mso-style-name:”Table Normal”;
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-parent:””;
mso-padding-alt:0in 5.4pt 0in 5.4pt;
mso-para-margin-top:0in;
mso-para-margin-right:0in;
mso-para-margin-bottom:10.0pt;
mso-para-margin-left:0in;
line-height:115%;
mso-pagination:widow-orphan;
font-size:11.0pt;
font-family:”Calibri”,”sans-serif”;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:”Times New Roman”;
mso-bidi-theme-font:minor-bidi;}

No Tags

1177 total views, 3 today

  

  • Debt Collectors -Recovery Services- MA

    by on April 2, 2024 - 0 Comments

    Entity Address Telephone Bonded Collection Corporation 49 Winter Street, Weymouth, MA, 02188 (312) 279-8300 GC Services Limited Partnership  GC Services 5230 Washington Street, West Roxbury, MA, 02132 (405) 621-6414 Western Mass Credit Corp. 70 Post Office Park, Suite 7011, Wilbraham, MA, 01095 (413) 596-9977 United Collection Bureau, Inc. 15 Union Street, Lawrence, MA, 01843 (419) […]

  • Debt Collectors -Recovery Services - PA & VA

    by on February 3, 2024 - 0 Comments

    Entity Address Telephone Monarch Recovery Management, Inc. 10965 Decatur Road, Philadelphia, PA, 19154 (215) 281-7500 Monarch Recovery Management, Inc. 9350 Ashton Road, Suite 101, Philadelphia, PA, 19114 (215) 281-7500 Central Credit Services, Inc. Five Neshaminy Interplex, Suite 117, Trevose, PA, 19053 (215) 333-2272 Tate & Kirlin Associates, Inc. 2810 Southampton Road, Philadelphia, PA, 19154 (215) […]

  • Debt Collection FAQs: A Guide for Consumers

    by on April 11, 2024 - 0 Comments

    Debt Collection FAQs: A Guide for Consumers If you’re behind in paying your bills, or a creditor’s records mistakenly make it appear that you are, a debt collector may be contacting you. The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the Fair Debt Collection Practices Act (FDCPA), which prohibits debt collectors from […]

  • 5 Tips for Getting the Most From Your Credit Card

    by on February 16, 2024 - 0 Comments

    Pay on time. Paying your credit card account on time helps you avoid late fees as well as penalty interest rates applied to your account, and helps you maintain a good credit record. A good credit record leads to a higher credit score, which helps you qualify for lower interest rates. Know the date your […]

  • Job Scams: Work-at-Home Schemes

    by on March 27, 2024 - 0 Comments

    Work-at-Home Schemes Be part of one of America’s Fastest Growing Industries. Be the Boss! Earn thousands of dollars a month from home! Ads like this are everywhere — from the telephone pole on the corner to your newspaper, email and favorite websites. The jobs might be different, but the message is the same — start […]