Someone can get a county court judgment (CCJ) against them if they don’t pay back the money they owe. You can get them in England, Wales and Northern Ireland. In Scotland, the equivalent process is called enforcing a debt by diligence. A CCJ stays on your credit file for six years from the date of … Read more
Hey there, folks! If you’ve been wondering, “Will loan limits increase in 2022?”—well, I’ve got some killer news for ya They didn’t just increase; they shot up big-time! We’re talking a record-breaking jump that’s got homebuyers and real estate investors like us sitting up and taking notice For 2022, the baseline conforming loan limit climbed … Read more
You can pay off the loan when you sell or trade in your car for one that is worth more than what you still owe on it. But if you owe more than the car’s value, then you’re stuck in what’s called an “upside-down car loan” until you can cover the difference. An upside-down car … Read more
Let your interest rates guide you when deciding in which order to pay down debt. That usually means sending any extra money toward credit card debt first, then personal loans, student loans, car loans and, lastly, your mortgage. In general, its best to pay off credit card debt first, then loan debt, since credit cards … Read more
Hey there fam! If you’re staring at your credit report and seeing some ugly marks draggin’ down your score I feel ya. Those negative items—like late payments or collections—can haunt you for what feels like forever. But wait, do you really gotta wait the full 7 years for them to vanish? That’s the big question, … Read more
A “pay for delete” letter is a way to negotiate to have something bad taken off your credit report. It entails asking a creditor to remove the negative information in exchange for paying the balance. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. … Read more
It’s good and bad to use your 401(k) money to buy a house. Part of the series How Do 401(k) Loans Work? If you take money out of a 401(k) before age 59 1/2, you will probably have to pay a tax or penalty. This rule also applies if you take money out of your … Read more
Earning a college degree may qualify you for more diverse and higher-paying jobs, but it could also land you in student debt. According to the National Center for Education Statistics, 39% of first-time college students in 2021-2022 took on student loan debt to help pay for school. Note Reference [6] That’s quite the dip from … Read more
When negotiating with a debt collector, you should confirm whether you owe the debt, calculate a realistic payment plan, and make a repayment proposal to the debt collector. Is It Good to Take a Settlement Offer From a Creditor? When you’re having trouble with debt, a settlement offer from a creditor may seem like the … Read more
If you got a mortgage to pay for your house, you probably agreed to pay back hundreds of thousands of dollars. For this reason, lenders wont lend to just any borrower. Before giving you the green light, a lender will likely take a close look at your finances, including your credit score. Heres what credit … Read more