If you stop making your car payments, your vehicle will eventually get repossessed. This will involve a repossession agent employed by your lender coming to your home, hooking your car up to a tow truck and taking it away.
The causes and reasons for credit card debt troubles are many and varied, but the symptoms are always the same -- not having enough money to pay your credit card in full each month. If you combine this kind of situation with a family emergency that requires a large expenditure of cash, you can see how things can quickly get out of control.
You won't go to jail for not paying your debts on time, but this wasn't true in the not-too-distant past. From the late 17th century to the early 19th century, states and cities in the United States operated debtors' prisons. These were facilities created to house people who failed to pay their debts. In some cases, the debts they owed were very small.
Many individuals in Ohio and elsewhere have experienced the stress of dealing with the burdens of debt. Overwhelming monetary obligations can be challenging enough on their own, and constant collection attempts may do little to ease the situation. Those who face similar circumstances could benefit from knowing what actions a debt collector can take, as well as the actions that may be prohibited.
Getting behind on your car payments usually results in your creditor sending the repossession specialist to your home to collect your vehicle. The first instinct of many vehicle owners facing repossession is to hide their vehicles.
Many individuals in Ohio and elsewhere have experienced the burdens of overwhelming debt. Financial hardships can be intimidating enough on their own, and the constant collection calls and letters may to little to ease the stress of the situation. While some attempts to collect on debts may be within reason, others may cross the line into illegal tactics, potentially leaving an individual the victim of creditor harassment.
Many Ohio residents know what it is like to get behind on their personal bills. The stress created by their financial situations is often bad enough, but when creditors begin calling and demanding payment, it could only get worse. If you find yourself in this situation, you should know your rights under the Fair Debt Collection Practices Act.
Sometimes, small mistakes can turn out to cause significant damage to a consumer's credit. Every time a creditor sells an unpaid debt to another collection agency -- which is quite common -- it may show as a separate debt on the individual's credit report. Consumers in Ohio must know their rights, including what behavior of a debt collector is illegal.
Many Ohio residents have estate plans in place that determine what will happen to their assets after their passing. However, some forget to consider what will happen to their debts. Although the Federal Trade Commission prohibits debt collectors from holding family members personally responsible for the debts of deceased family members, some still try. This can become harassment, and abusive debt collection can be reported.
Some Ohio consumers who are facing difficult times may have to face those never-ending calls from collectors. The federal Fair Debt Collection Practices Act defines a debt collector as an entity who collects debts on behalf of others. This excludes the original creditor that extended the credit. Debt collectors not only collect unpaid debts for others, but they sometimes buy old outstanding debts, and any amounts of money collected will be for their own profit.