Credit card debt collection
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Credit card debt collection
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Re: Credit card debt collection
#2https://www.consumerfinance.gov/ask-cfpb/what-should-i-do-wh... (CFPB: What should I do when a debt collector contacts me?)
https://www.consumerfinance.gov/ask-cfpb/what-can-i-do-if-a-... (CFPB: What can I do if a debt collector contacts me about a debt I already paid or don't think I owe?)
https://www.consumerfinance.gov/ask-cfpb/can-a-debt-collecto... (CFPB: Can a debt collector still collect a debt after I’ve disputed it?)
https://www.consumerfinance.gov/ask-cfpb/what-information-do... (CFPB: What information does a debt collector have to give me about a debt they’re trying to collect from me?))
https://www.consumerfinance.gov/consumer-tools/debt-collecti... (CFPB: Debt Collection collection)
Hat tip to metadat for the previous.
Re: Credit card debt collection
#3> I have had substantially more at-bats with debt collectors than most people, as a result of an old hobby of writing letters on behalf of debtors to their lenders and non-affiliated debt collectors.
What kind of "old hobby" is this? My hobbies are.. well, ok, I do help my family with their various enterprises in my free time.
To be fair, it took writing this comment to make the mental leap :D
Re: Credit card debt collection
#4https://www.consumerfinance.gov/ask-cfpb/what-should-i-do-wh... (CFPB: What should I do when a debt collector contacts me?) https://www.consumerfinance.gov/ask-cfpb/what-can-i-do-if-a-... (CFPB: What can I do if a debt collector contacts me about a debt I already paid or don't think I owe?) https://www.consumerfinance.gov/ask-cfpb/can-a-debt-collecto... (CFPB: Can a debt collector still collect a debt after I’ve disp…
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Re: Credit card debt collection
#5https://www.consumerfinance.gov/ask-cfpb/what-should-i-do-wh... (CFPB: What should I do when a debt collector contacts me?) https://www.consumerfinance.gov/ask-cfpb/what-can-i-do-if-a-... (CFPB: What can I do if a debt collector contacts me about a debt I already paid or don't think I owe?) https://www.consumerfinance.gov/ask-cfpb/can-a-debt-collecto... (CFPB: Can a debt collector still collect a debt after I’ve disp…
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Re: Credit card debt collection
#6Previously:
https://news.ycombinator.com/item?id=37106001 (30 days ago, 21 comments)
https://news.ycombinator.com/item?id=37093095 (32 days ago, 1 comment)
Re: Credit card debt collection
#7> I have had substantially more at-bats with debt collectors than most people, as a result of an old hobby of writing letters on behalf of debtors to their lenders and non-affiliated debt collectors. What kind of "old hobby" is this? My hobbies are.. well, ok, I do help my family with their various enterprises in my free time. To be fair, it took writing this comment to make the mental leap :D
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Re: Credit card debt collection
#8> I have had substantially more at-bats with debt collectors than most people, as a result of an old hobby of writing letters on behalf of debtors to their lenders and non-affiliated debt collectors. What kind of "old hobby" is this? My hobbies are.. well, ok, I do help my family with their various enterprises in my free time. To be fair, it took writing this comment to make the mental leap :D
> What kind of hobby is this?
A natural one for someone who:
1. Is kind and helpful, especially towards anyone who might be described as “the little guy” or “David” (in the “vs Goliath” dichotomy).
2. Is a financial nerd/geek who positively loves getting into the weeds on any topic that interests him.
3. Communicates with people on financial topics (e.g., on forums or subreddits).
The above describes Patrick, imho.
Re: Credit card debt collection
#9https://www.consumerfinance.gov/ask-cfpb/what-should-i-do-wh... (CFPB: What should I do when a debt collector contacts me?) https://www.consumerfinance.gov/ask-cfpb/what-can-i-do-if-a-... (CFPB: What can I do if a debt collector contacts me about a debt I already paid or don't think I owe?) https://www.consumerfinance.gov/ask-cfpb/can-a-debt-collecto... (CFPB: Can a debt collector still collect a debt after I’ve disp…
> What should I do when a debt collector contacts me?
Weep, because it will now be a good 5-6 years minimum before you can buy a house. Or, rejoice, because you didn't have a down payment anyway.
Re: Credit card debt collection
#10https://www.consumerfinance.gov/ask-cfpb/what-should-i-do-wh... (CFPB: What should I do when a debt collector contacts me?) https://www.consumerfinance.gov/ask-cfpb/what-can-i-do-if-a-... (CFPB: What can I do if a debt collector contacts me about a debt I already paid or don't think I owe?) https://www.consumerfinance.gov/ask-cfpb/can-a-debt-collecto... (CFPB: Can a debt collector still collect a debt after I’ve disp…
> What should I do when a debt collector contacts me? Weep, because it will now be a good 5-6 years minimum before you can buy a house. Or, rejoice, because you didn't have a down payment anyway.
Depends on the debt. If they can be paid off prior to closing, this is not true. If they are a foreclosure or bankruptcy, the waiting period is 3 years assuming extenuating circumstances (Life Happened, not just "I didn't want to pay my mortgage"). Refer to Fannie Mae, Freddie Mac, or FHA underwriting guidelines for specifics (lots of complexity here around non-QM originations, overlays, portfolio loans, etc so the answer will always be "it depends"). FHA is 3.5-10% downpayment required, depending on credit score.
(sources: have been foreclosed on after buying at the peak prior to the Global Financial Crisis, had judgements erroneously on my LexisNexis risk report for over a decade, have family in the mortgage banking industry [specifically mortgage underwriting], did a brief stint as a contract mortgage underwriter in my early 20s, and am very familiar with navigating creditor law but am not an attorney nor your attorney)