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 [...]

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]

This is an automatic deduction arranged without a person’s consent from their income or bank account due to non payment of a debt. A trustee in bankruptcy can garnishee income or monies held by third parties on behalf of a bankrupt, where the bankrupt has been assessed as liable to pay a sum of money [...]

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]

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]