If you want a collection agency to give written proof of a bill what do you state in your letter to them.?
Answers: Send a certified, return receipt letter requesting validation of the debt, to include copies of any contract or other documentation that proves this is your debt. Doesn't have to be fancy or sound legal.
You ask them to send a letter explaining the proof of the debt and the information of the company they purchased it from.
Need a cash loan to get my credit started I've got one card what do i do?
Answers: Put money into savings. Work with your bank to take out a loan using this money as collateral.
This helps establish credit, gives you a loan on your record, and you are not borrowing money you do not have.
You want to borrow money just so your FICO score will go up?
That's crazy. Debt = Bad!
I know you are trying to be a good guy and help a family member out, but plenty if not all financial advisers would tell you never to co-sign or loan someone money you don't actually have. It's just an easy way to sour a relationship and perhaps your credit. I saw a well respected financial adviser tell a lady not to lend her daughter money for a down payment on her first home, if that relationship isn't enough I don't know what is.
In my opinion, if you are just for helping your credit score open a few more credit cards (since you only have one) so that you can begin relationships with new creditors and help your credit to debt ratio.
Don't get a loan until you need one- there are all kinds of possible fees- origination fee, application fees, interest.
The best way to raise cash is to take a loan on your mortgage if you have one - the interest rate will be lower than you'll get at a banking institution and way lower than borrowing from a cash lender.
Furthermore there are also personal tax benefits in borrowing of your home loan.
Second best would be to borrow from a normal bank as interest will be lower, however the borrowing criteria is far more stringent than a cash loan company - the trade off though is that interest will be high.
Check out www.cashloans-unlimited.com for more info on cash advances & debt relief etc..
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What are the odds of a credit card company taking you to court over a $2500 balance?
Answers: Depends. Most likely they wont but it really does depend on who the creditor is. I am working with a lady right now that went to court over a 1500.00 debt. If its a large creditor then your probably pretty safe if it sis a small town creditor odds are you will go to court.
Kourtnie D
Prosperity Financial, Inc
If it's a large bank, it's not likely. Cost more than it's worth. What they do is put you into collection or they charge it off or both. This means it remains on your credit. If it's a charge off, you would have to pay that off if you want to buy a home at least for the first few years after the charge off occurs. So too, a collection for at least a year or two.
Other than that, it jacks your credit for a long time and you're not likely to get a good credit card for a couple of years, but I would not think the average bank would go for a judgment on so small an amount.
Keep in mind, taking you to court, which is the limit of their power, only results in a judgment. A judgment does not go away and almost surely must be addressed before a major purchase such as a home, but it still is ultimately, just another mark on your credit. They can't levy wages or assets like the IRS can.
Why don't you go for a reduced payment in lieu of the full amount. Offer $500 on a payment plan.
They won't take you to court. They will just sell your account
to a collection agency, and they will then raise your interest
rate sky high. They have had plenty of practice, long before U.
It probably wont go to court. They will send you to a 3rd party who will try to get the money.
The problem with letting this go is that that amount will double or even triple due to fees and charges that are completely legal.
Ever want to buy a house? A car? Get a cell phone with no deposite??
Then call the company and set up payments!
you are probably still getting all kinds of late payments and over the limit fees. So who is to say that it is still 2500.
By the time interest is added (it is now at least 23%) to your late payment and over the limit fees, you can double your debt to them in less than a year!
So yes, they WILL take you to court.
A friend of mine had to go to court over 4k.
It was a kangaroo court. Ended up that court just garnished her wages
100%.