cce - don't forget me when you're shopping!

:cheesing:here are the answers
merry christmas.........


1.Answer- B
No. They do not and many of them will claim that they won't accept a partial payment. Collectors want you to send them a lump sum payment and they don’t care if you have to borrow it from a relative, skip a car payment or take a cash advance from a credit card. So they use very aggressive tactics to scare you in to paying the debt in full as quickly as possible. But the smarter thing to do is to pay them only what you can afford to pay them. Keep paying your house and car payments, don’t borrow money from relatives or do cash advances. Send the payment sin every month and keep proof of what you been trying to send them. This will significantly reduce your odds of being sued, as most collection attorneys know that a judge, when presented with evidence that you tried to pay the debt, will yell at the plaintiff for wasting his time with an unnecessary suit when the defendant was trying to pay the debt. Eventually, most collectors will give in and accept the partial payments.


2.Answer- B
No! It applies only to the collection attorneys and professional debt collection companies they might hire. Original creditors are regulated by state law; however, the major credit card companies follow policies that closely mirror those of the FDCPA and will comply with your request to stop phoning you at home, at work, etc... just as if you were dealing with a collection service. If you believe you have been harassed by an original creditor, or that the original creditor has done something illegal or threaten towards you, then research your state laws on the subject and contact the proper authorities to file a formal complaint. Typically, the Attorney General in your state is the proper authority to contact.


3. Answer- C
Auto and mortgage inquiries have a 30 day buffer period and within a 45 day period are treated as only 1 inquiry.


4.Answer- D
Declare bankruptcy. It can take 200-300 points(or more) off a score. Those who file bankruptcy will find it difficult to obtain new credit, and when they do it will be at much higher rates that before they filled. A bankruptcy will typically stay on a credit report for a very long time, up to 10 years. And during that time, it will be seen by everyone from lenders to landlords to employers - anyone who has access to your credit report.


5. Answer- A
Yes! According to Social security Ruling 79-4, the Social Security Administration can withhold a percentage of a claimant's benefits in an amount equal to what SSA could withhold to pay delinquent income tax debt. No interest or penalties may be withheld, and before the first withholding may commence, SSA must give a 60 days notice. But on the flip side, on SSI....the website esocialsecurityappeal.com states that a “custodial parent has no right to any of the proceeds from SSI.”
Disabilitysecrets.com also states that SSI recipients will not have their monthly disability benefits and past due benefits seize. “Since SSI is essentially a public welfare benefit and does not derive not from a claimant's earnings record, SSI benefits cannot be taken for other purposes, just as food stamps and AFDC funds, likewise, cannot be seized.


6. Answer- B
An auto lease is reported on a credit report as an installment trade,meaning that there is a set monthly payment that is due on a regular basis. A lease is reported to the credit bureaus in the same fashion as a car loan. On a credit report, look under the installment trades section. In most cases, the lease will be listed by lender, length of term and monthly payment, followed by payment history. As a lease is reported no differently than a loan, a lease paid on time boosts your credit score as much as a regular loan. Although a lease is shown on your credit report in a manner similar to a loan, a lease requires better credit to get an approval. Do not let a dealership tell you that a lease WILL NOT SHOW UP ON YOUR CREDIT REPORT. As LeaseGuide.com notes, a lease is not like renting; it requires credit approval, and all installment payments will be reported to the Big 3.


7. Answer- E
There are 4 ways to do this..............
-hire a debt consolidation company to lower the balances owed on a debt, and set up a payment schedule. This method is ideal for individuals who have multiple accounts with debt more than 5,000.


-call the company you have debt with, negotiate and lower the debt, and set up a payment schedule.


-call the company you have debt with and pay the whole amount in full. Schedule a payment
arrangement or pay the amount in one payment. Doing this will look best on a credit report when the debt is settled.


-file for bankruptcy. Bankruptcy should be a last resort to handle debt. For some individuals this is the best course of action. Consult a certified financial planner on whether it would be in your best interest to file.








8.Answer- A
The fastest way to raise credit is to start new positive credit. Often people in this situation need to start over and apply for credit cards in the bad credit category. A person should acquire at least 2 credit cards and use no more than 30%- 40% of the assigned credit limit of each card. Once the credit cards have been acquired it is important not to have any more credit inquires on your credit report, unless absolutely necessary. In 6 months an individuals credit score should show improvement.


9.Answer- B
Under the new credit card law, consumers under age 21 who can't prove an independent means of income or provide the signature of a co-signer aged 21 or older won't get approved for a credit card. The provision protects young people who lack the means or the knowledge to handle credit cards from miring themselves into debt, but could backfire by pushing students to payday lenders and pawnshops.


10. Answer – A


The U.S. Department of Labor's Employee Benefit Security administration has been cracking down on a series of 401(k) theft cases this summer. Don't let your already depleted retirement fund become a cookie jar for your boss. Roughly 150 million Americans are covered by at least 700,000 company-sponsored retirement programs. Of those, an average of 1,500 401(k) embezzlements occur each year according to investorprotection.org. Most of these crimes occur at smaller companies where there are fewer security restrictions and fewer people in charge. Sometimes even the bosses themselves act as the plan fiduciary.

*become familiar with the investment plans and deposits your employer makes. Check your own stubs and keep a running tab of what should be in your account(the law now dictates that employees have the right to see hard copy statements every quarter, and that the account balance is also available online)


*Monitor your statements carefully. Theft can happen in plain sight because some companies assume their employees are not cross-checking the contributions, the matching and overall value. Most plans have a toll- free number that can be used to verufy funds.. Use it.


*Fact check. There is a form that your employer provides to the Department of Labor called the 5500. get a copy of it and check it with the Department of Labor for accuracy.
















===bonus====
It isn't that uncommon to find yourself dealing with a new collector or new collection agency when you owe a debt. For example, if the original creditor fires the old collection agency and hires a new one, you might suddenly find yourself receiving collection calls and letters despite the fact that you have a payment agreement with the old debt service. The agreement is not enforceable against the the new company unless they choose to accept it: however, sending them a copy of it would help you tremendously in establishing a payment schedule with the new collection agency.

I agree, I try to shop from summer up to the holidays to avoid these types of balances at year end. It just seems criminal to have all of these holidays during the last quarter of the year. On top of that, I have 7 close relatives and all of their birthdays fall between October and January!

cce - don't forget me when you're shopping!

I agree, I try to shop from summer up to the holidays to avoid these types of balances at year end. It just seems criminal to have all of these holidays during the last quarter of the year. On top of that, I have 7 close relatives and all of their birthdays fall between October and January!

My goodness, I feel like I need to learn alot more than I already know! I'm not brave enough to take the quiz, but it sure gave me a wakeup call for the lack of knowing some basic rights. Thanks for the kick!

:shocked:be afraid.. BE VERY AFRAID!!(lol)..naw come on and play
this is the sole purpose i did this to have reactions just like yours and to let you know that you are the expert you are in control of your own destiny dont let these creditors make you feel little and stupid, beat them at they own game
i look at this credit game like POKER
do you play poker? i know you seen it on FSN, ESPN(a lot of showboating,though) or you might have seen REAL poker movies(the cincinatti kid, rounders, etc..) welp this game is alot like poker
ok uzi, what are you talking about, how do i win if this a game?
welp lets goto the felt and play some no limit texas hold em
the cards are,,, well..the cards you have, so how are you gonna play these fools?
the pot is the money you put on the cards to pay these creditors
the house ofcourse are..the creditors
the chips are the limits / credit increases that you have on each card
as the dealer turn the cards down this will represent quarters of the year -1st through 4th
ok here comes the flop-the flop will represent the 1st quarter
ok, the first 3 months you are paying the bills on time, ahead of schedule and making more than the minium payment and you are not worried about the APR or late payments, so you are straight now, good for you

ok here is the turn card(or the community card) this will be quarter 2nd and 3rd

ok so here it is the 6th and 9th months of the year and you did what i stated above and you want those credit increases(i suggest 7th month and beyond and i will expalin this in more detail on my future post about this subject during BLACK FRIDAY..alot of people think that the 6th month for updates on credit reports are june and december and this is not the case) so you ask for a credit increase or sometimes you get it automatically .wow you are on a roll now! you are winning
also you are getting more credit card offers, loans(line increases) store cards, etc..with no problem you are beating them!
ok here is the river........
here it is now the 4th quarter
this is the play where MOSt PEOPLE LOOSE..
why?
welp its BLACK FRIDAY CHRISTMAS NEW YEARS EVE THANKSGIVING VACATION TIME , etc..all these play a role on how the house will take you to the cleaners and you will have a muck hand because now you are playing like a fish and you might be on tilt(if you dont know poker terms then i apologize just trying to use lamens terms to get you to understand in a fun way of what goes on in the credit world) TILT-meaning that you are using ALL your credit limits on your cards like a maniac, because after all ...tis the season...and the creditors know this
the creditors also know this fact(which i should have put on my quizes)
that this period of time is when the average everyday worker works THE LESS AMOUNT OF DAYS IN NOVEMBER and DECEMBER during the holidays some jobs dont pay you holiday pay some do..but its not the same as ACTUALLY working for real on the same day
alot of jobs dont work at all during this period while other cut back...like i said the creditors know ALL THIs..THIS IS WHY THEY increase your limit in a game where you cant pay them back because they know in they mind you will charge ..charge ...charge and without income how on earth will you ever pay the balance of on time
some jobs dont match 401k eithier or if you happen to go into your little nest egg(401k,cd, money market, ira,roth ira) you will get taxed like its going outta style
for the unemployed folks out there its defitnly bad news because the checks get pushed back on thanks giving, christmas and new years
like if god forbid xmas falls on a wednesday or thursday..then its curtains because you wont get the money until friday which sucks because now you could not go last minute shopping you could not pay the credtors, you could not really enjoy your vacation
and for you once a month employees.welp you know the game during this time of the year
so after all the hard work you put into playing for 3 straight quarters, when the river card turns up you didnt play your cards right and you are left with the old kenny rogers song........."you got to know when to hold em.........know when to FOLD EM..........)

My goodness, I feel like I need to learn alot more than I already know! I'm not brave enough to take the quiz, but it sure gave me a wakeup call for the lack of knowing some basic rights. Thanks for the kick!

Back by popular demand we have part two of this feature presentation at FG. This will test your skills and wreck your brain during your lunch break. As usual if you know the answers, please post or if you want to post/chat among the top FG Alumni to get the answers please do so. or..if you just want to wait till the end of the month for all the answers .. or call your uncles and aunties for a life line hey that's cool too. the object here is to learn and to beat those credit people at their own game..we are in control of our destiny.. we are the expert, not them....... ENJOY!!
uzipolo Ph.d of FG


1.Does the collector have to accept my partial payments?
a. yes
b. no


2. The Fair Debt Collections Practices Act apply to ALL major credit card banks.
a. yes
b. no


3.Auto and mortgage inquiries have a 30 day buffer period and within a ___ day period are treated as only 1 inquiry.
a. 30
b. 35
c .45


4.Whats the worst thing you can do to your credit score?
a. apply for a First Premier bank card
b. add more credit cards
c. add over 20 inquiries in 1 month
d. file for bankruptcy


5. Your baby daddy have separated and he has no job, but yet he gets SSDI. Will child support get reported to the big 3 credit agencies and will HE STILL have to pay child support?
a. yes
b. no


6.A auto lease is reported to the credit bureaus as an _______
a. bunch of crap
b. installment trade
c. lease purchase


7. How do you get rid of debt fast?
a. Tums..tu tu tum...Tummmms!
b. hire a debt consolidation company
c. file for bankruptcy
d. call the company you have the debt with and
pay the whole amount in full
e. b,c,d
f. b,d


8.How do you raise your credit scores fast?
a. start new positive credit
b. home loan
c. start a new credit card/personal loan with a credit line


9. Under the new credit card law, consumers under age 21 who can't prove an independent means of ____ OR provide the __________ of a co-signer aged 21 or older won't get approved for credit cards.


a. power,respect
b. income, signature
c. capital, permission


10. Could your employer steal from your 401(k)?
a. yes
b. no


****Bonus Question*****


I have had the same agency collecting my debt for 2 years. Now I have a new agency that took over. Is my agreement enforceable against a new collection agency?
Please explain.........