Archives

Credit Card Terms

January 12th, 2016 (No Comments)

When getting a credit card, there are some key pieces of information to know.  What is the annual percentage rate for the credit card?  Is the rate a fixed rate or is it variable?  If you are late on a payment, what is the penalty and late fee?  Is there a rewards program for the [...]

Credit Reports

January 6th, 2016 (No Comments)

You can obtain a free credit report once a year through annualcreditreport.com.  Try to get a credit report from each of the three major credit reporting bureaus – Experian, Transunion and Equifax.  Take some time to go through each credit report and verify the reports are accurate.

Automatic Debits

December 20th, 2015 (No Comments)

An automatic debit allows a company to withdraw a certain amount from your bank account each month to pay towards a bill.  If you are going to stop the automatic debit, check your contract with the company to see if you are still liable for payments under the contract.  If you feel you must stop [...]

Upside Down Value

December 16th, 2015 (No Comments)

You may hear about your mortgage or your car loan being “upside down.”  What does this mean?  It means that your loan amount is greater than the value of the item.  For example, if your car is only worth $10,000 but your loan amount is $20,000 then you are “upside down” on the loan.  You [...]

Judgment Liens

December 10th, 2015 (No Comments)

If someone sues you in court and gets a judgment entered against you, they can record the judgment against your house, your land or any other real property you own.  This is called a judgment lien.  The judgment lien can cause problems for you if you are trying to sell the house or re-finance a [...]

APR – Annual Percentage Rate

December 8th, 2015 (No Comments)

APR is a term heard frequently when referring to consumer purchases.  APR is a term that has to be disclosed in nearly all consumer credit transactions.  A common example is the purchase of a vehicle.  APR is actually the cost of credit and it is not an interest rate.  APR has nothing to do with [...]

Proceedings Supplemental

December 4th, 2015 (No Comments)

The full name of this is Proceedings Supplemental to execution.  This is the name for a certain type of hearing that creditors use to collect money from debtors.  The hearing will occur after a judgment has been entered against a defendant.  Take this hearing seriously.  The next steps can include garnishment of wages and taking [...]

Private Student Loans and Federal Student Loans

November 17th, 2015 (No Comments)

It can be confusing trying to determine if your student loan is a private student loan or a federal student loan.  You can always ask the student loan company to clarify which type of student loan you have. The difference between the two types of student loans is immense.  Federal student loans come with many [...]

Mortgage Servicers

November 9th, 2015 (No Comments)

If you have a mortgage on your home, you may be dealing with a mortgage servicer, and not the original mortgage company. A mortgage servicer is the last person or entity that the borrower or homeowner has been instructed to send payments to on the mortgage. See the following Indiana law: IC 32-30-10.5-7. Just because [...]

Car Repossessions

October 21st, 2015 (No Comments)

See the following Indiana law which addresses vehicle repossessions: IC 26-2-10. Although IC 26-2-10 is the main Indiana law or statute addressing car repossessions, much of repossession law is governed by the terms of the contract. If you default, the car loan company can legally come and repossess your vehicle. Common examples of a default [...]

Website Design Copyright © 2013 Web Design by Elliottsweb.com Website designed by: Elliottsweb.com