A plaintiff who wins a civil action for damages becomes a judgment obligee and can initiate post-judicial collection procedures. To be officially recognized as a creditor, the plaintiff must file a request for enforcement. A legal debtor can have their assets seized or wages garnished, and a lien on their property must be paid before […]
Creditor harassment occurs when debt collectors illegally attempt to collect debts. Debtors should educate themselves on their legal rights and consider consulting an attorney for advice. Laws protect debtors from harassment, and victims may be eligible to sue for damages or file a consumer complaint. Creditor harassment can occur when bill collectors attempt to collect […]
Creditors provide credit to debtors, such as individuals, credit card issuers, banks, or companies, with the expectation of receiving some type of reward. Creditors may offer secured credit, requiring a pledge of property or business, or unsecured credit, based on the debtor’s ability to repay. Both parties enter into a contractual agreement with repayment terms, […]
A debt creditor is owed money by a debtor, who is expected to make payments based on an agreement that may include interest. If a debtor cannot meet their obligations, a creditor may seek assistance from collection agencies or take legal action. Debtors have options such as debt settlement companies, credit counseling, and debt consolidation […]
Creditor protection helps settle debt when a creditor is unable to handle it due to unforeseen circumstances. Loan creditor protection settles outstanding balances when specific events occur, and similar types protect business owners and professionals. Some forms even allow building cash value over time. Creditor protection is often interpreted as a type of protection that […]
Creditors insurance can protect lenders if borrowers die or become disabled before paying off a loan. It can be mandatory or voluntary and includes life and disability insurance. Group policies are generally less expensive, and declining term life insurance can cover mortgage loans. The proceeds go to the lender, not the insured’s family. A lender […]
Creditor harassment occurs when debt collectors illegally collect debts. Legal procedures must be followed, and exceeding boundaries is harassment. Debtors can take legal action and should research their rights and consult an attorney. The Fair Debt Collection Practices Act grants legal remedies to victims. Misrepresentation and threatening statements are not allowed. Consulting a lawyer, sending […]
