I live in the State of Georgia and am being sued over an old credit card that I defaulted on. It has been more than 4 years but less than 6 years since the date of default, so depending on whether credit card debt is considered an open account or a written contract in the State of Georgia, the Statute of Limitations may or may not apply. The Staute of Limitations is 4 years for open accounts and 6 years for written contracts. Does anyone know for certain which type applies for credit card debt in Georgia? The account is with Citibank MasterCard and was opened in the late 80’s or early 90’s. Thanks.
Archive for January, 2010
Is credit card debt considered an open account or a written contract?
Sunday, January 31st, 2010I live in the State of Georgia and am being sued over an old credit card that I defaulted on. It has been more than 4 years but less than 6 years since the date of default, so depending on whether credit card debt is considered an open account or a written contract in the State of Georgia, the Statute of Limitations may or may not apply. The Staute of Limitations is 4 years for open accounts and 6 years for written contracts. Does anyone know for certain which type applies for credit card debt in Georgia? The account is with Citibank MasterCard and was opened in the late 80’s or early 90’s. Thanks.
Debt Consolidation question?
Sunday, January 24th, 2010Alright, so I hired a debt consolidation company about a year ago, under the promise that they were gonna help me eliminate 3 credit cards. All they’ve successfully done, up to this point is debt 75 bucks from my account every month to pay themselves. If there’s ever any communication I have to initiate it, etc. I’m sick and tired of these idiots with seemingly empty promises. I want to fire them and get my money back.
Is that an option? They promise being able to get a payoff on the various cards for a fraction of the actual amount. Can’t I do that by calling the collection agencies and negotiating with them over the phone? I wanna get these cards off my back (who doesn’t) but I’m feeling ripped off an am sick of it. Any suggestions?
Debt Consolidation. IDK?
Friday, January 22nd, 2010Creditor = Capital One
Debt Consolidation Worksheet
Balance Transfer Fee = $0; Interest 7.9%
•First National Credit Card
Account number = NOT 4 U TO KNO
Amount = $150.00; Payment = Remaining Amount (4/18/08); New Balance =$0
First National Credit Card
PO Box 5097
Sioux Falls, SD 57117-5097
•Direct Rewards Platinum
Account number = NOT 4 U TO KNO
Amount = $43.54; Payment =$79.56; New Balance = $0
Payment Center
PO Box 17313
Baltimore, MD 21297-1313
•When account is reported on May’s credit reports, my available credit will be roughly, excluding no pending charges will be roughly 74%. My debt on this card is roughly 25% to the available credit limit.
Capital One Credit Limit = $750.00
Available Credit = $556.46
Balance = $193.54
My credit score now is a 687….
Will there be an increase doing this?
The only negative factors on my credit report is 27 inquiries last year =/………Yea, I needed credit badly….
And short payments history
Im only 20 tho
Can you include credit card debt in a bankruptcy?
Saturday, January 16th, 2010I have a friend in FL that is filing bankruptcy. I thought they passes a law a few years ago that stated you could not include credit card debt in bk. Is that true? They are telling me that you can include credit card debt.
Does the credit card debt restart if a different agencies send letters about your debt even after 6 years?
Wednesday, January 13th, 2010I mean i heard after 6 years or so your credit card debt is written off, but if during those 6 years you get letters from different solictors, agencies etc does this include the 6 years or is it restarted from the beggining when to a another agency?
Add credit card debt amount to new home purchase?
Tuesday, January 12th, 2010I have about 25K in credit card debt. I am planning to buy a 540K house. Currently I have great credit, is it possible to add my credit card debt into the home loan in order to make it a single monthly payment. What is the loan program called? I am shooting for 5 yr. ARM. Me and my wife plan to live there for about 3-4 yrs.
To add I mean to pay off my credit cards with the home loan.
Debt Consolidation vs. Chapter 7 Bankruptcy?
Sunday, January 10th, 2010Hey I have a few questions about Debt Consolidation Vs Chapter 7 Bankruptcy.
Heres the story, My girlfriend has about 20k worth of debt, shes 31 weeks pregnant, and is going to be a stay at home mom.
Everything is fine off of my finances, but we want to get hers straightened out, and she doesn’t want me to be responsible for them because they were from when before we met.
so she was looking at the pros and cons between the two.
I own a house we each have a car under my name… theres not much under her name that she has, besides jewelry clothes and stuff like that.
I don’t want them to come after any of my stuff!
what do you guys think is the best option for her / us?
should she just bite the bullet and file and be done with it, or work on getting the debt reduced and pay it off?
any input is appreciated
Thanks
Debt consolidation vs. debt management?
Thursday, January 7th, 2010What is the difference? What should I go with to help pay off my debt quickly?
Little background – Decent credit (690-710 range). Husband has several credit cards and I don’t know the total debt, I have 1 (with a $1400 balance). To combat the high CC rates, we managed to get a line of credit, with an interest rate of around 16%. We moved some off to that, but have ended up adding a little more debt to the CC (hospital bills and such). We always pay more than minimum on the cards, and the LOC has a base minimum, but we have an auto payment that pays, I think, $50 over minimum.
What’s my best strategy? Trying to stick with it with the LOC, moving things over as the balance gets lower and paying above minimums on the highest interest rate cards, etc…or trying to throw this to a debt management company?
I would really LOVE to find a consolidation loan on my own that’s lower than the LOC rate. I just want to pay this debt back quickly and with the lowest rate possible.
The L.O.C. payment is also adjustable, it changes each month as the balance gets lower, its always a % of the balance remaining, that’s why we tacked on the $50. I can’t really change that to a set amount, though that does allow us some flexibility in moving cards over later on.
Oh and my credit card account is closed, so I cannot negotiate a better rate to pay them off, according to their CS rep. Is this true?