Tag Archive | "debt collection"
ARTICLES, RESOURCES
The Debt Collection process can be confusing and intimidating. Most people do not know what actions creditors can take, what will result from those actions and the time frames they will take place in. As it can frequently involve the court system this may lead to you feeling like a criminal, which is not the [...]
RESOURCES
This information is designed to level the playing field when dealing with debt collectors and make it easy to complain. Dealing with debt collectors can be very stressful. You don’t know what they can and can’t do and what they can and can’t say. Debt collectors rely on this to get away with activities that [...]
RESOURCES
One option for a creditor to collect on an overdue account is to “sell” a debt to a professional debt collection company. The debt collector will pay a small percentage for the debt but will be able to collect on the full amount. The benefit to the initial owner of the debt is that they [...]
RESOURCES
Often referred to as ‘Defaults” An “overdue account” is a negative entry on a credit history. It can be lodged by a creditor when a debt is more than 60 days overdue. These are unable to be removed for credit histories and lapse after 5 years.
[Bankruptcy] [Debt Consolidation] [Debt Consolidation Loans]
RESOURCES
Legal action refers only to actions through the court. Unless the creditor has lodged a “statement of claim” with a court legal action has not commenced. Frequently debtors assume a “Letter of Demand” is legal action though it has not been issued by a court.
[Bankruptcy] [Debt Consolidation] [Debt Consolidation Loans]
RESOURCES
Is the legal proceeding which a creditor enforces their security over the collateral used for a secured loan. Generally this is used to refer to the sale of a house by the Mortgagee or lender.
[Bankruptcy] [Debt Consolidation] [Debt Consolidation Loans]
RESOURCES
A printed letter or notice issued as a requirement under the Credit Code advising a Debtor that they have defaulted on a credit contract. It will generally advise how much the debtor needs to pay by a specific time to correct the default.
[Bankruptcy] [Debt Consolidation] [Debt Consolidation Loans]
RESOURCES
Default occurs when a debtor does not meet their legal obligation according to the finance contract. Previously this also referred to notations on an individuals credit history
[Bankruptcy] [Debt Consolidation] [Debt Consolidation Loans]
RESOURCES
A business that pursues overdue debts on behalf of creditor. Generally Debt Collectors will receive a fee or percentage of the debt in payment for their services. Some debt collectors will purchase overdue debts for a fraction of the debt and pursue the debtor for the full amount
[Bankruptcy] [Debt Consolidation] [Debt Consolidation Loans]
RESOURCES
A formal, final demand for payment of a debt by a creditor owed at least $2,000 on one or more final judgments or final orders. This notice is issued by ITSA through the Official Receiver. Failure to pay within 21 days is an act of bankruptcy.
[Bankruptcy] [Debt Consolidation] [Debt Consolidation Loans]
