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Credit Questions and Answers from Bills.com

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Credit Questions and Answers from Bills.com

Credit questions can be tough, but not for Bill and Bills.com.

Credit questions come in all shapes and sizes. From questions about credit scores to credit repair and consolidation, people everywhere are concerned and curious about the world of credit and how it affects their life. Credit is a complex topic but lucky for you, Bill is on the case. Browse through the many different credit topics Bill has been asked and find the answers you need most.

Click on the links below to find the answer to each topic

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  • TT
    Tanesha,
    Feb, 2012
    Great site
  • JJ
    Jane,
    Cutler, OH,
    Sep, 2011
    I just, by coincidence, received a summons from a creditor (credit card). The summons went to my old address (from 3½ yrs. ago) and the person living there happened to get it to me. Strangely enough, my current address was on the fifth page, so I know they have it. The summons was attached by a paperclip, fully spread open for all to read. My questions are these:
    1. Is this type of serving allowed? Is there anything I can do about it?
    2. As far as the debt, is it too late to contact the creditor to settle? (I have contacted the court and found out I have to go fill out a paper).

    I tried unsuccessfully to get the creditor to take lower payments and/or lower interest rates, to no avail.

    • BA
      Bill,
      Sep, 2011
      The plaintiff (the creditor) will argue that even though its process server delivered the summons to an old address, the service of process was effective and successful because the summons landed in your hands in a timely manner. However, civil procedure rules in each state are exact, and I recommend you consult with a lawyer in your state who has civil litigation experience to learn if my quick-and-dirty analysis has merit.

      It is never too late to negotiate an out-of-court settlement. Again, consult with a lawyer in your state to learn what document or form you need to complete.
  • AR
    Al,
    Rock Springs, WY,
    Aug, 2011
    Please help. About a year ago I had an injury at work. Unfortunately I had to have surgery which has put me in a physical condition that I can no longer work in the capacity that I have for 25 years. We were able to keep up with the bills and mortgage payments until 5 months ago. The first mortgage started foreclosure and it is in the paper being advertised as I write this. It is schedueled for auction at the end of the month. Finally after a year long battle with workers comp I have received a lump sum payment. I have enough to catch up the first and second mortgage. Workers comp has also offered me a job that will work with my physical restrictions. The job will pay enough that I can pay my bills but is about half of my old wage. My question is will the mortgage company allow me to make up the past due amount and continue making my payments at the agreed amount in the original note? My house is worth about what I owe on the first mortgage and I owe an additional 50,000 to the second mortgage. If I give this money to them and they forclose anyway or demand payment for the full amount of the loan. Which I could not pay I will have nothing left to secure another place for me and my wife to live. I dont want to lose my home and am not trying to screw the bank. I have always been on time and had excellent credit until this happened. I just dont know what to do. If I pay and lose the home I will have to move to an area that has a lower cost of living and will still be unemployed. Please tell me what you think. I will know for sure about the job by wednesday of next week. That will be 7 days into the advertising in the paper.Scheduled sale date is the end of the month. Thank you for your assistance. By the way I live in Wyoming.
    • BA
      Bill,
      Aug, 2011
      Let us assume the workman's comp settlement you received is enough to make your mortgage account current, and the mortgage servicer halts the foreclosure process and allows you to make a lump-sum payment to make your account current. Let us say you start your new job, which pays 50% of your pre-injury income. Can you afford your mortgage and other expenses? If the answer is no, then there is no benefit to you negotiating with the mortgage servicer to stop the foreclosure. You are just postponing the inevitable.

      I do not understand the connection between your losing your house to foreclosure and your not starting or losing your new job.

      Consult with a lawyer who has bankruptcy experience to learn if chapter 7 or chapter 13 are viable options for you. Do so immediately.
    • AR
      Al,
      Rock Springs, WY,
      Aug, 2011
      The new Job Is Not secured completely. Rent here is extremely high so If I lose the home then I cannot afford to stay in this area Period. Asumming that the job went through, at this point it is a telephone offer contingent on WC HR. It was offered by the director but he has no control over the states human recourses department. Yes I would be able to make the payments however it would be extremely tight. I was just basically wondering wether you thought the bank would reinstate the loan this far along in the forclosure process. Let me be clear I would like to get the job and I would like to save my home. If the bank does not work with me I will not be able to survive in this area. It is a oil boom area and the cost of living is rediculous
  • MP
    matt,
    Lubbock, TX,
    Jun, 2011
    Crazy situation! My common law 'husbands' in jail and I now have a repo company trying to get my car. I am the co signer and cant afford to give it up. (1)What options do I have besides giving it up?
    • BA
      Bill,
      Jun, 2011
      Read the Bills.com resource Voluntary Repossession to read more about the issues you face.

      You did not mention why the vehicle is being repossessed, so it is not possible for me to offer a possible solution.
  • PC
    Peter,
    Apr, 2011
    Okay so this situation is going to sound very bad.. And it is going to sound like I am a scandal, but really I'm not. I wonder if anyone can give me some advice. About four years ago I purchased a brand new motorcycle (a crotch rocket) and financed it. I bought it new from the dealer but I guess motorcycle loans are different than car loans. The loan that I took on the bike was I guess a line of credit with a credit card company (I was young and didn't know any better or any different). Okay so for about maybe a year I made the payments on the bike to this company and then I stopped paying them. For months, a collections company (repo man) came looking for the bike and I was always able to dodge him. After months of him searching for the bike I filed for bankruptcy (not because of the bike, but multiple other reasons). I realize now that this choice was coward and stupid of me. Anyway, so when I filed for bankruptcy they stopped looking for the motorcycle because the line of credit associated with the motorcycle was included in the bankruptcy and discharged as a result of the bankruptcy. So now I still have this motorcycle but have not driven it in years because I have been terrified to register it or drive it because I am not sure what has happened with the financial part of it. So, over two years have passed now (2.5 years) since I discharged from the bankruptcy. And, since I have not dealt with the motorcycle I thought I would try to find out where I stand. I called the credit card company that the motorcycle was financed through origionally and they told me to "call this number for any information about the loan." I did NOT call the number, but I googled it first to find out that it is the number for Sherman Acquisitions. So what do I do now? I realize that Sherman Acquisitions is a debt collection agency and that the credit company that originally financed my bike likely sold my information to them. Noone has been looking for the bike in over 2.5 years, though. What do I do? Do I call Sherman Acquisitions and ask for the title? Do I call them and tell them where the bike is? What are my legal rights now? I really only want to do what is right at this point. Thank you for your help
    • BA
      Bill,
      Apr, 2011
      Your question is common. I receive several messages with facts similar to yours every month, which leads me to believe there are many unregisterable motorcycles lurking in garages waiting to bite unwary Craigslist buyers, but I digress.

      The debt is discharged, but the original creditor (OC) or its collection agent (CA) has the right to repossess the security (the motorcycle). By law, you should allow the OC or CA to repossess the bike. By now, the OC has given up, and it appears it sold your collection account to a CA. It probably sold the collection account for pennies on the dollar. You have two options:
      1. Call the CA and arrange a time and place to allow the repossession. You did not mention this, but my guess is you are not insuring the bike, and you mentioned it is not registered, so whatever you do, do not be tempted to ride the beast.
      2. Call the CA and negotiate a settlement whereby you buy the title to the bike from the CA. This is very tricky, and you do not want to re-affirm the debt, which you may do accidentally if you are careless in your negotiations.

      If you want to keep the bike, which as a motorcyclist I encourage, then hire a lawyer who has experience in consumer law to do the negotiating for you. If you do not want the bike, then choose option No. 1. Again, be very wary of signing any document that reaffirms the debt. If in doubt, ask a lawyer to read the document before signing it.

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