Home » Finance » Personal Finance

Creditors, What You Know About Them?

Aug 7, 2008
Creditors must give certain information to you during the application process. The law also limits the creditor's ability to change the conditions of the loan. They lend funds to debtors that lead to creation of one or other of the financial instruments listed above.

The amount of the debtor's liability to the creditor at any point of time may be described as
the principal outstanding. They are focused on one thing: collecting their unsecured debt. The phone calls, collection letters, and lawsuits will continue until you take legal action to have them stopped.

Creditors who don't receive payments will report the missing payments to a credit bureau for the debtor's credit report. A good credit report tells creditors that the person who borrows money can be trusted to pay his or her debts. They are prevented from taking any actions to collect debts until the stay is lifted by the bankruptcy court. See the Bankruptcy page for more information. They rarely seize household goods because they have little market value, it is hard to take them without court process, and using the courts is time consuming and expensive.

They use these agencies when the debtor refuses to pay, avoids the creditor's demands or becomes hard to find. With some creditors this procedure is automatic. Creditors must stop making calls to you, stop sending letters, stop all lawsuits to collect, etc.

Creditors, including judgment creditors, can't do or say certain things. For example, commercial debt collection agencies and persons who regularly collect their own debts are generally prohibited from making false or misleading statements to collect a consumer debt.

They are encouraged to file civil actions for the return of non-Indian property in Tribal Court and follow the procedure for repossession set out in this Chapter. However, State court repossession judgments involving non-Indian defendants may be given full faith and credit if the standards of Chapter 5 are satisfied. Credit is an excellent and convenient source of funds in an emergency or for planned purchases.

It is also a common trap that many people fall into at least once in their life. Creditors are listed on the schedules filed in conjunction with each bankruptcy case, and, in order to be on the schedules, the entity or individual must have a claim.

Creditors are sometimes willing to settle on delinquent debt for a percentage of the balance owed. The creditor typically requires that the settlement be paid in a lump sum. They in such matters should seek the advice of counsel.
About the Author
Jaison Jacob is an expert article writer. You can read a lot of mortgage info articles at Best Private Mortgage Insurance
Rating:
Please Rate:
(Average: Not rated)
Views: 332
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources