Unearth How A Divorce Can Influence Your Credit
The information on how many marriages end in divorce are staggering. And as psychologically heartbreaking as a divorce can be all too often it also has an extremely destructive consequence on your finances also.
Oftentimes there are people who have been conscientious and trustworthy with their credit for years who end up with major problems following a divorce. Divorce is one of the major causes of difficult credit for many people.
Wedded people are often treated as equally accountable for repaying loans like mortgages, car payments and credit cards. Through a divorce one person is usually assigned liability for the obligation. Nonetheless even though this is a verdict from the court is it often ignored and ignored by creditors, especially when the loan goes delinquent.
This might be a surprise to you but a divorce decree does not show up on a credit report? If the ex-spouse who is responsible for the debt misses a payment the creditors can and will attempt to collect from the other party. Both parties will also have the negligence reported on their credit reports. If your ex-spouse is supposed to pay but doesn't, you will be held accountable.
Another quandary is that since the household has split and you are now living in a different place, you will not get any notices so it is possible that you will not even be alert that there is a quandary with these until they are really delinquent and they are already showing on your credit report.
If the accountable party decides to stop paying on the loan altogether and file bankruptcy the other spouse can be held accountable for the entire balance together with late charges. As for the creditor, the court order is irrelevant. The other spouse is their only remaining option to collect on the loan and they will go after that person.
It is disappointing but at this time the credit system is exceedingly inequitable to the parties of a divorce. Often the only way to finally conclude a divorce is to declare bankruptcy. This is very unfortunate if there is one party who strives to be dependable and very much wants to keep a clean credit record.
Falling in to credit problems because of a divorse is just one of the many reasons why it is so important that we are able to repair our credit. Any item that shows up on a credit report including a bankruptcy can be disputed if it is alleged to be inaccurate, misleading, incomplete, untimely, ambiguous, biased, unverifiable or unclear.
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Dealing with Debt Collectors
The Fair Debt Collection Practices Act (FDCPA) gives debtors the right to stop collection agencies from contacting them. You need only write a letter to the collection agency telling them to stop contacting you.
Once the collection agency receives your letter, they can only contact you to tell you they are taking some specific action. Nonetheless, even if a collection agency stops contacting you, the debt continues to exist and you can still be sued for non-payment.
The Fair Debt Collection Practices Act only applies to collection agencies, which are in the business of collecting debt. The Act does not apply to the original creditor who may have an in-house collection department. The original creditor can continue to contact you.
How to Negotiate Credit Card Debt
Secured creditors finance things like homes and automobiles. If you default on your loan, a secured creditor will put your home in foreclosure or repossess your automobile. Secured creditors expect to be paid in full, and there is little room for negotiation.
Unsecured creditors issue things like credit cards. If you default on your credit card, a credit card company will turn your account over to collections. A bill collector will then call you until the account is paid up.
Credit card companies rarely sue their customers for non-payment because it is too expensive and time consuming. Nonetheless, not paying your credit card bill will have a negative impact on your credit. A “charge off” will stay on your credit report for seven (7) years.
Most credit card companies will accept a settlement. The more delinquent your account, the better your chances are of getting a good settlement. A settlement of 50 cents on the dollar is not unusual. Credit card companies would rather receive something than nothing at all. Nonetheless, a severely delinquent account exposes you to the risk of being sued for non-payment.
Credit card companies do not want you to file for bankruptcy because it reduces their chances of ever getting paid. If a credit card company believes that you are about to file for bankruptcy, they will want to settle with you. Again, credit card companies would rather receive something than nothing at all.
A credit card company may agree to settle for 50 cents on the dollar if the debtor agrees to pay the reduced balance off in full. Unfortunately, many debtors are not able to pay their debt off in full, even at 50 cents on the dollar. A debtor could offer to make a large lump sum payment followed by smaller regular payments until the reduced balance is paid off in full.
Credit card companies want you to make regular payments. Most will agree to an affordable payment plan in order to avoid the expense of collections. They may agree to drop late fees and penalties, and/or reduce the annual percentage rate (APR).
Credit card companies act in their own interest. However, sympathy can be a factor in their decision making. If you are unable to make your credit card payments due to a loss of income or illness, it is generally a good idea to share this with the credit card companies.
50 Tips for Re-establishing Credit
Get a job (even a part-time job) and establish a steady employment record.
If needed, got a second job to help you pay off any debt you owe.
Reside in one place for six months or longer.
Listed in your utilities, such as your telephone, in your name.
Prioritize your bills.
Pay off or settle outstanding debt.
Create a budget and stick to it.
Minimize your expenses. For instance, bring your lunch to work instead of buying it.
Do not repeat bad spending habits.
If necessary, seek credit counseling.
Order a copy of your credit report from each of the three credit bureaus: Experian, Trans Union, and Equifax. The Fair Credit Reporting Act (FCRA) requires credit bureaus to remove inaccurate and unverifiable credit items from your credit report.
Dispute derogatory items on your credit report if they are inaccurate or unverifiable. Demand that the credit bureaus remove these items.
Dispute unauthorized and unverifiable inquiries on your credit report. Demand that the credit bureaus remove these inquiries.
Ask your creditors to remove derogatory items. Creditors have the authority to remove derogatory items from your credit report at any time.
Ask your creditors to remove inquiries.
Add a short statement to your credit report to explain derogatory items that could not be removed.
Check your credit report regularly for errors.
If necessary, hire a credit repair company.
Open a savings account and make systematic deposits.
Open a checking account. Do not bounce any checks.
Pay all bills on time.
Never pay bills later than 30 days after they are due. Paying 30 days or later will result in a late payment on your credit report.
Do not apply for more credit than you need. Each time you apply for credit, a new credit inquiry will appear on your credit report.
Avoid excessive credit inquiries. Excessive inquiries reduce your credit score. Excessive inquiries indicate that you are shopping for credit and probably in financial trouble.
Open a secured credit card account, if you are unable to obtain a regular credit card.
Apply for a credit card at a department store.
Apply for a gasoline credit card.
Apply for a credit card at a bank.
Continue to use your credit cards, this builds a good credit history if you pay on time.
Do not close credit card accounts. Closing credit card accounts can lower your credit score because it reduces your available credit and may shortens your credit history.
Use one or two credit cards at a time.
Pay off outstanding balances each month.
Only use credit cards for items you need. Learn to distinguish between items you need and items you want.
Stay below 30% of the credit limit.
As your credit improves, ask your creditors for better term and conditions. You will benefit from a lower interest rate.
Establish an emergency fund so that you do not have to rely on your credit cards in an emergency.
Do not use a credit card for daily expenses. Using credit cards to pay for food and gasoline can get you in trouble.
If you expect to be applying for a mortgage or car loan, pay off your credit card balances.
Learn and apply credit building techniques.
Obtain a small loan from your bank or credit union and pay it back ahead of time.
Pledge your savings account as collateral, if necessary.
Obtain larger loans and pay them back ahead of time.
Take out loans at other banks and pay them back ahead of time.
Ask a relative or friend to co-sign a loan.
Become an authorized user on someone’s account.
Secure different types of credit: credit cards, auto loans, mortgages, etc. Having different types of credit improves your credit score.
Confirm that your new credit is being reported to the credit bureaus.
Contact your creditor if you are going to be late.
Bad credit will improve with time. Derogatory items carry less weight with time. Accounts in good standing carry more weight with time.
If you pay your bills on time, it should take 12 to 18 months to reestablish your credit.
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Depende, bebe. Pag siya yung humingi ng divorce decree sa US courts,tapos US Citizen siya, pagbalik mo rito, divorced kayo.
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>And I think that while the right of queer people to equality is unquestionable, I am not entirely convinced that it needs to be made on biological grounds alone. The counterpart to such an argument would be that ‘heterosexuality is biologically determined’, something of which I am not certain about at all. I think sexuality is determined (and is being continuously determined) through the complex intersection of personal destiny, the reality of the physical body, cultural factors and social choices. All of this keeps changing. The field of our ‘acts’ is fluid.
That would depend on how one view’s biology. A biologist would read the above paragraph as Genetics X Environment interactions. I prefer the term biology to genetics. And see it is a process of interactions of the ‘biology’ (genes, hormones, brain) with the ‘environment’ (historical, cultural, physical), both being multifactorial, with plenty of ‘we don’t know yet’ about each factor/s, their possible combinations and permutations –leading to a range of responses that could change over one’s lifetime (including microbe/plant/animal sexuality). That is as you say, biology is not fixity it is fluid. Moreover, biology is not a standalone entity it is a continuum.
Today I am straight, could change to being attracted to both sexes/same-sex, and may revert back to being straight/remain heterosexual throughout/be asexual for part or most of it. And of course there are patterns that still don’t have ‘names’ all of which are my possible realities and I need to claim the entire spectrum of possibilities, to be so, with dignity, without any of those possible stages being questioned by someone outside of my reality (ideally!).
That said, this is applicable to any individual/combinations of human traits that are not just social constructs. Hashmi, demonstrates so well the successful negotiation of a set of biology-environment interactions, with the example of his daughters; the trait has a range, shown changing over time (ambi to just right and just left). The positive effect of the envt; with parents as a significant factor letting those traits work itself naturally, by not discouraging at the same time providing protection from external manipulation of the trait. On the other hand, if my little one started to show violent antisocial behavior with his schoolmates, the interaction with me as a significant envt-al factor is going to be based on a strategy quite different than the one Hashmi adapted. As this ‘trait’ will bring in other factors; the other children, their parents and the school system. Now I am given a very narrow window space of time to process; what I know about this trait, if it is a trait at all, to separate fact from fiction, or even study if the incidental proof of the trait was true or not. For the school as an equally significant envt-al factor will rapidly move to ‘management’ of the trait, outside of my control, with undesirable results (in the US, that means rapid steps towards medication, state prescribed).
And my ability to negotiate favorably for my child will largely rest on the language used in the negotiations (if at all)– rattling off names of chemical triggers, signaling pathways and molecules will not help, while trying to convince the teacher to try an alternate scenario. But it will help while dealing with other players like doctors, nurses, counselors.
I think it is the same with perceptions of traits of sexuality where the individual with a ‘different’ trait is pitted against factors that reduces or constantly attempts to eliminate the available negotiation space. Especially, when factors come in the form of laws.
The term biology is a convenient delimiter but the phrase “based on biology alone” is invalid for a complex trait such as sexuality or for any trait.
Our understanding of the biological factors of sexuality will continue to grow, along with insights into their interactions with the non-biological factors, and we have to keep negotiating with this accumulating knowledge as the saying goes by ‘hitting the ground running’.]]>
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