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Archive for June, 2010
Odysseas Papadimitriou is founder and chief executive officer of Evolution Finance, which is the parent company for Wallet Blog and Card Hub—an online marketplace for credit card offers.
‘Credit or Debit?’ You’re used to hearing this question when checking out at the grocery store, but have you ever stopped to think about what your choice means in terms of your financial security?
Using a credit or debit card makes you vulnerable to fraud, but 62 percent of purchases in 2009 made using electronic payment methods* suggests that this fact is not stopping consumers from using their cards. Cash may be safer in terms of fraud, but it is simply not a practical option for our day-to-day needs. So this begs the question, ‘credit or debit?’ when it comes to fraud protection.
Fortunately, the major credit and debit card networks (i.e. VISA and MasterCard) adhere to a strict 0 percent liability policy for victims of fraud. That means that whatever money is stolen from you via your debit or credit card will be returned to you in full. That does n
Reader Question About New Banakruptcy Laws of Indiana: Is There A Statute of Limitations?
A great many questions I get asked by readers and by bankruptcy clients have to do with wage garnishment. As a debt consolidation lawyer offering bankruptcy services in Indiana, I know how very upsetting it can be to have your pay garnished. You’re trying to hold onto a job during these hard times, and now you know that your employer knows – you’re having trouble keeping the bills paid!
Wage garnishment, just to review, is a legal procedure that starts when a creditor obtains a court order forcing an employer to withhold money from an employee’s paycheck for the repayment of debt.
A question similar to today’s reader question was posed in person to one of the Columbus bankruptcy lawyers in the Zuckerberg bankruptcy law offices there: Can a garnishment court order be obtained for debts that are years old, or is there a time limit?
The general answer to the question is this:
For credit card accounts or written contracts for paying money, the statute of limitations is six years. That means if the debt is more than six years old, the creditor no longer has the option to garnish your wages to collect that debt.
On domestic judgments, by contrast, the limit is twenty years! That means that on child support and alimony debts, the law is much, much stricter. Th
If you are struggling with unmanageable debts that you don’t think you’ll ever be able to repay, but you can commit to making monthly payments at a reduced rate… an IVA (Individual Voluntary Arrangement) may be suitable for you.
An IVA, to put it simply, is a formal agreement between you and your unsecured creditors in which you’ll be required to pay as much as you can afford (per month) towards your debts.
Because an IVA is a formal agreement, once one has begun, you can’t change the terms of the agreement (without your lenders agreeing to it) – and nor can your lenders.
In most cases, an IVA will last for five years (60 months), but this may vary depending on the terms of your particular agreement and your ability to make payments towards your IVA throughout its duration. Once your IVA comes to a successful close (i.e. once you have made your final scheduled payment), your creditors will write off the debt you couldn’t afford to repay and you’ll be legally debt free.
Of course, as with any debt solution, there are several things you need to consider before entering an IVA. F Read more…
A new range of cash machines dispensing only £5 notes have been introduced across the UK to help people with their budget planning.
The move is being backed by the Bank of England and plans to get more £5 in circulation and let people withdraw smaller amounts, helping them plan their budgets and assist in debt management.
The scheme started as a pilot, dispensing £5 notes from two cash machines in London, one on Roman Road in the East End and one near Waterloo station but has now been rolled out nationwide and features 21 new machines in the network which will be in Martin McColl’s shops.
The managing director of Bank Machine, Ron Delnevo, said: “This is about real people on real budgets facing their own spending cuts. Whether you withdraw £50 or £5 at our machines it will all be in £5 notes. There is cast-iron proof that cash – and small denominations in particular – help people to budget, especially during these financially stretching times. With our ne