About 5 years ago, I was young and naive about credit cards and defaulted on a couple of credit cards. After years of creditors making empty threats, I have wanted to try to save money in some sort of retirement account. My question is.. what types of savings accounts (Roth IRA, stocks, mutual funds, etc.) cannot be invaded if a default judgement has been attained by a lawyer suing on behalf of a creditor? By the way.. I live in Texas. I know that payroll is exempt and certain types of property.. any help.
I like your name longtermwinner
. Remember if you stick this out you can win in the long run! I think the focus should be on solutions to your issue of CC debt. I also think candicem
made some good points.
You do owe the money. This was your choice and it is therefore your responsibility to pay it back. Yet you do have rights! The best way to tackle debt is to tackle debt. Pay it off as quickly as you can.I. A few suggestions:
1) Be Proactive
– Shape your circumstances instead of reacting to your circumstances.2) Understand what the reward is for beating your debt.
Rewards for beating debts are peace of mind (no more calls), control (of your finances), confidence (in saving and investing for your future), and financial freedom (saving for the future, spending money elsewhere). 3) Make positive confessions before calling your debtors.
“This debtor will honor that I’m being proactive and will try to work with me.” “Even if this debtor is rude I will not lose control of the conversation.” Get the butterflies out of your stomach! Be prepared to face the debt collectors!4) Document everything!
A) Date & Time
B) Full name and extension of everyone spoken with
C) What did you talk about specifically that day.
D) If an agreement is reached request they send it in writing to you
E) Keep all documents in one file and store for future use (especially paid in full statements)
F) If you can afford it buy a recording device to record your conversations every two weeks with debt collectors (see below)5) Remember you can do it!
People have done it before you! (We paid off all our credit card debt and car loan last summer of 2011!)A few helpful Q’s and A’s I’ve found…Do I have to talk to collectors?
Only talk to them once every two weeks so that you can remind them that you will pay them as soon as you can. Then, let your answering machine take the rest of the calls. Remember that non-abusive communication will go a long way to coming to repayment terms.The collector wants the balance of my debt but I don't have any money.
Figure out how much you can pay on each of your debts after you have paid for the necessities: food, shelter, utilities, and clothing. Tell them you are going to send them payments and they will cash the checks. Send them what you can each pay period, and you'll be current in no time. They can sue you, but 99% of the time they won't as long as you are sending them money.Collectors are calling me at work. How do I make them stop?
Send a certified letter telling them to stop calling you at work, according to the Federal Fair Debt Collections Act. Be sure to send it certified because that way you have a receipt proving they got the letter. Otherwise, they will claim they were never notified. If they call again, remind them they are violating federal law and that if one more call is placed you will send a copy of your letter and a copy of the receipt to the Federal Trade Commission.The collector said they will garnish my wages?
Only the IRS and student loan companies can garnish your wages or seize your bank account without first suing you and winning. Unless you have been sued, this is a bluff. Collectors tell you they are going to garnish your wages as a scare tactic to get you to send them money. Remember to have a plan and stay calm.Collectors are calling my parents and neighbors about my debt.
This is illegal but not uncommon. Again, send a certified letter that you are aware they have violated the Federal Fair Debt Collection Practices Act by releasing private information. Should it continue, you will document the misbehavior for purposes of a lawsuit.
See this article
for more information.Time to get to it! Start today!
Notice: These are just suggestions and Eagle is no way offering legal advice. Consult a lawyer in your state to make sure you are following all proper laws and procedures.