Debt Collection Questions - Final Part 3

This is the last in a brief series of some of the most often asked, and hardest questions we get in regards to debt collection.

These answers should be considered general common sense, and not specific legal advise.  Every one's situation is different, and we are specifically not offering legal advise in the following article.

What about PayDay Loans?  They aren't like a "real" debt like a credit card.. right?

WRONG.  Payday loans make a lot of money with very high interest rates because they extend credit to you when no-one else will, at least generally speaking.   Typically, PayDay Loans are no where near as regulated as the credit card industry, and have a reputation for being aggressive in recovering their past due debt.   BREAK THE PAYDAY LOAN CYCLE.    If you can borrow from a traditional source, and pay off your payday loans, do it.     If your PayDay Loan provider is a member to the Community Financial Services Association of America, you can request an extended payment plan, but the truth is.. If you can avoid PayDay  Loans, do it.  If you can pay them off, even if it means borrowing from a more traditional source, do it.

If I settle on my credit card debt, will that fix my credit report?

Sorry, that's not how it generally works.  By the time you are so far past due on your debt, that you have an offer to settle, odds are, that debt is already past due, and already reported to the Credit Reporting Agencies.  The damage is already done.   Once your past due debt is cleared off, it can remain on your credit report for up to 7 years from the date of delinquency.  Settling will at least show the debt as no longer past due.   There are lenders who will not even consider your credit request if there are past due balances, regardless of your credit score.

Marcadis Singer, PA

Florida Collection Attorney

5104 South Westshore Blvd.

Tampa, Florida 33611

info @ marcadislaw.com

(888) 547-1881

(813) 288-1881

New Clients 

Ext. 247 Gil Singer

Ext. 240 Ralph Marcadis

Existing Client Client Liaison

Ext. 242

To Pay a Claim

Ext.  245

Debt Collection Questions - Part 2

We are often presented with questions by the people we collect from.

These answers should be considered general common sense, and not specific legal advise.  Every one's situation is different, and we are specifically not offering legal advise in the following article.

I co-signed for my nephew, and now he can't make payments!

If you cosigned, then you are liable, that's what co-signing means.   You are just as liable as your nephew.  If  you want to protect your credit, then paying makes a great deal of sense.  Any creditor has all the the rights and remedies against a co-signer as the primary.  PLEASE be sure you know that when you sign on the dotted line.  Sometimes, it is a better idea to loan the money directly to your nephew, and have him pay you back, than to be blindsided to discover no payments have been made for months, and you are responsible.

Debts that are past the statute of limitations are still on my credit report!

Different debt has a different "statute of limitation".  A statute of limitation, is the period of time that a court will enforce your obligation to pay a debt.  After a certain period of time, while you may still owe the debt, the court will not enforce it.  This has nothing, absolutely nothing, to do with reporting the debt.   A courts ability to enforce a debt is entirely and totally separate from a credit agency's reporting ability.

The general guideline for reporting is that the credit reporting agency may report your credit delinquency for up to 7 years from the first date of delinquency  (defined as more than 180 days past due).  This is totally separate from a statute of limitations on collecting a debt.

Marcadis Singer, PA

Florida Collection Attorney

5104 South Westshore Blvd.

Tampa, Florida 33611

info @ marcadislaw.com

(888) 547-1881

(813) 288-1881

New Clients 

Ext. 247 Gil Singer

Ext. 240 Ralph Marcadis

Existing Client Client Liaison

Ext. 242

To Pay a Claim

Ext.  245

Debt Collection Questions - Part 1

We are often presented with questions by the people we collect from.

These answers should be considered general common sense, and not specific legal advise.  Every one's situation is different, and we are specifically not offering legal advise in the following article.

Should I borrow from my retirement to pay off debt?

Frankly, most people are over their heads in debt due to bad spending habits.. and not addressing that issue first, makes attacking future savings not a great idea.  If  you find yourself in debt due to unforeseen issues, like a loss of employment, or other catastrophic event, not miss-management, then it is likely you will be able to rebuild your retirement reserves.   Evaluate the REASON you are behind in debt, before you jump to how you will resolve that debt, especially if it involves raiding the stores that you plan to use to support yourself in your retirement.

My X-Husband was supposed to pay that off in the divorce.

We are sorry to tell you, if your name is on the bill,  you owe it.  If the courts assigned that debt to your X, then you still owe it, and the best you can do is pay it, and go after your former spouse for the money.

WHAT ABOUT MY SSI BENEFITS!  Are They Safe?

Here's your general guideline.  Your social security benefits are generally protected from garnishment or levy  IF they are direct deposited into the bank, and UP TO the total of the last 2 months of benefits.

I'm getting married, what about her debts from before the wedding?

Debts incurred prior to marriage are generally not marital debts, and are not owed by the other spouse after the wedding.  BUT - if you have a joint account - that account is subject to garnishment.  Again - this is "generally speaking" and not legal counsel.

Marcadis Singer, PA

Florida Collection Attorney

5104 South Westshore Blvd.

Tampa, Florida 33611

info @ marcadislaw.com

(888) 547-1881

(813) 288-1881

New Clients 

Ext. 247 Gil Singer

Ext. 240 Ralph Marcadis

Existing Client Client Liaison

Ext. 242

To Pay a Claim

Ext.  245

Debt Free Matters!

Marcadis Singer PA are Florida Debt Collection Attorneys.

Every day we work with hundreds of hard working people that have found themselves in too much debt, struggling.   While our business is to recover funds that are owed to our clients, we wish that our debtors never found themselves in the position that they are in.

We offer here the main reasons you should work as hard as you can to live a debt free life.

1.  Debt is the great Dream Crusher!

If you are carrying a large overhead of debt, you increase the risk involved in chasing your dreams!   A business opportunity, a new job, most Americans cannot support even a 30 day interruption of their paychecks, and reaching for the stars is out of their reach, because they are feeding the debt engine.  Try to stash a few months of income so that you can reach for that next opportunity, and fund the gap in paydays.

2.  THE STRESS OF IT ALL

You don't like hearing from us.  But its more than that, its avoiding the phone, teaching avoidance to your family, the never ending back of your mind gnawing that you have more obligations than you can manage.  Stress has become the Number 1 contributor to illness in the US, and too much debt is one of the major contributors to stress.   Keep your spending inline - if you are over your head, make workable arrangements with your debt collection representatives, get the stress under control.

3.  Choices Disappear.

When you are ahead of yourself in debt, your choices are significantly diminished.   Want to treat yourself to that new car??  Bad Credit.   Want to jump ship for that great entrepreneurial venture... no funds to bridge the gap, because you are paying on debt.  New Baby, and need a bigger house?  Will your credit support it.  Life throws us so many things we don't expect, when you are struggling with debt, you lack the ability to make choices in how to deal with these life events.

4.  Wasted Time.

None of us have time... but when you live in a debt riddled world, you spend time checking balances on accounts, bank accounts, credit cards, always double checking before you do anything.  You probably make more trips to the grocery store, spending a little bit each time, because you don't have time to do a major shopping for the week.   You spend time talking to debt collectors, time gets consumed contacting financial institutions about late payments, and dealing with past due notices.    What a huge anxiety filled waste of time, living on the edge of the credit envelope.  Deal with your debt now, get back your time, get back a piece of your life.

Marcadis Singer, PA

Florida Collection Attorney

5104 South Westshore Blvd.

Tampa, Florida 33611

info @ marcadislaw.com

(888) 547-1881

(813) 288-1881

New Clients 

Ext. 247 Gil Singer

Ext. 240 Ralph Marcadis

Existing Client Client Liaison

Ext. 242

To Pay a Claim

Ext.  245

In Recognition of Memorial Day

Memorial Day 2014

The Memorial Day Tradition, of honoring our fallen soldiers, started as Decoration Day after the horrific loss of American lives from the American Civil War.

Many cities claim to be the home of the original Memorial Day, but Lyndon Jonson claimed Waterloo NY birthplace of Memorial Day in May 1966.  Who are we to argue?

The very first honoring or our fallen soldiers, as Decoration Day we May5, 1868, by General John Logan, in his General Order No. 11.

“The 30th of May, 1868, is designated for the purpose of strewing with flowers, or otherwise decorating the graves of comrades who died in defense of their country during the late rebellion, and whose bodies now lie in almost every city, village and hamlet churchyard in the land,”

On the first Decoration Day, General James Garfield lead a speech at the Arlington National Cemetery, and 5000 onlookers decorated the tombstones  o 20,000 Union and Confederate Soldiers.

Decoration Day was recognized by all the northern states by 1890.  The southern states continued to honor their own Decoration Day.    In the aftermath of World War 1, the Day was changed from honoring those that died in the Civil War, to every American that gave their lives in any war.

At 3 PM today, we will stop to honor our fallen soldiers with a moment of silence. 

Today is not the day that celebrates a long weekend, and not the day that celebrates the Bar B Q.  It is the day we recognize, and are eternally grateful for those heroic men and women that have fallen in battle to preserve our freedoms and the American Way of Life.

To you, we owe a debt, and honor your service.

Marcadis Singer, PA

Florida Collection Attorney

5104 South Westshore Blvd.

Tampa, Florida 33611

info @ marcadislaw.com

(888) 547-1881

(813) 288-1881

New Clients 

Ext. 247 Gil Singer

Ext. 240 Ralph Marcadis

Existing Client Client Liaison

Ext. 242

To Pay a Claim

Ext.  245

Hard Choices to Debt Free

If you are truly serious about getting out of debt            

Many consumers are over their heads in far too much debt, but few have the temerity to actually make the hard choices to take care of it.

Below we present 8 sure fire ways to get you out of debt.  Stop the debt collection attorneys from calling, and begin a new life, without the burden of seeing all of your income, go to debt collections.

If you want the glorious retirement without the debt, the time for the hard choices is now

1.         Clearly understand your situation

List all of your debt, every single one, along with their interest rates, and the minimum payments.  Get your current situation catalogued.

2.         Set short term, attainable goals.

As you reach an easy short term goal, it becomes motivating to reach for greater and stronger goals.

3.         Start Paying your highest interest rate loans first.

Get the most bang for your buck.  If you have a card at 4% interest, and one at 19% interest, making smaller payments on the first, and larger payments on the more expensive card will get you out of debt faster.

4.         Trade In Big Ticket Items

Here’s where it starts getting difficult.  Giving up what you don’t need.  If you have a car that you can get $20,000 for, and can buy a used car on a lot for $10,000 – congratulations, you have $10,000 to pay off high interest debt, and begin enjoying a financially healthier lifestyle.

5.         SELL

That’s right, sell, and make Craigslist or EBay your friends.  Go through your possessions, and ask when you truly used it last.  Exercise equipment sitting un-used in the corner – it might give you an extra $150 in cash on Craigslist towards paying off debt, and will free up a corner.   Do you really need 2 computers, and an IPAD?  There could be another $1,000 in there to pay off debt.  When was the last time you brought out the party margarita mixer… 3 years ago?  $50 on craigslist to pay off another card.  Most people would be amazed at how much they have, that could be sold without any compromise to their lifestyle.  Imagine though the lifestyle you would enjoy with no debt!

6.         WORK

Good old fashioned “earn your way” through debt.   If you truly want the lifestyle of not paying every penny to debt collectors, to have money to retire on, to be able to get your family what they need, then what about… Earning It.

Overtime, an Internet based job, phone sales, baby-sitting, its’ a a second job, not a career.  Find something to bring in extra dollars, and apply everyone of those dollars to paying down the debt.  A short term of extra work, will win the rewards of a lifetime with manageable finances.

7.         REWARDS

When you hit one of your short-term goals, allow yourself a reward.  That reward does not have to be a trip to Europe, or a $200 shopping spree.  Instead, how about an extravagant coffee at the local specialty coffee shop, with someone important to you to celebrate the success?  Why not a post on social media, congratulating yourself to beating down another debt?  Let your friends be supportive, or better, envious.

8.         WINDFALLS

Did you just get a bonus?  An IRS refund?  Inheritance?   Windfalls often “go up in smoke” with people afterwards saying… What happened?  Don’t let your windfall vanish into the daily grind of spending.  Kill debt, and have that windfall give back to your over a lifetime of financial security.

Hard choices, for a great life!

Marcadis Singer, PA

Florida Collection Attorney

5104 South Westshore Blvd.

Tampa, Florida 33611

info @ marcadislaw.com

(888) 547-1881

(813) 288-1881

New Clients 

Ext. 247 Gil Singer

Ext. 240 Ralph Marcadis

Existing Client Client Liaison

Ext. 242

To Pay a Claim

Ext.  245

Using a Debt Collection Professional in Florida

Florida Debt Collection 

Sometimes even with a court order in hand you still can not collect on a debt. Florida debt collection may be something you need a professional service to enforce. Collecting on a debt can be as hard or as easy as you choose it to be.

It can be very difficult to run your business and worry about collecting money that is owed to your company. It really comes down to a time a factor. Florida is one of the most consumer friendly states in the union which means that if you need to collect a debt there are very strict guidelines and rules that you must follow or you risk losing your ability to collect the debt.

The Proper Procedures 

There are some very effective ways that you can collect a debt that is owed that fits in with the strict guidelines of Florida debt collection. Utilizing the proper procedures will allow you to collect the money that is owed to you and insure that you are within the law.

Staying within the law AND getting your money is possible when you are using an agency that knows how to get your money by:

• Wage garnishment 
• Property seizure 
• File a claim as a debtor in a bankruptcy action. 

The above are only a small list of potential remedies to enforce a court ordered debt collection. The procedures above are very affordable ways to collect your debts.

Finding the Time 

Each of the aforementioned do take time. Time invested to start the process and time invested to make sure that you get your debts collected. The importance of finding a business that can help you with your collection activities is very clear.

Besides the time that you will have to invest it is also difficult to walk the line between being able to collect your debt and making sure that you stay within the law. It can be very hard to understand the legal ramifications of proper Florida debt collection processes.

With the right experience Florida debt collection is very possible instead of almost impossible if you do not have the right experience.  The right experience will allow you to quickly collect your debt without fear of stepping over the bounds.

You do not have to find the time to collect on your legitimate debts you can easily have a professional firm do it for you. The process is fast and simple when you have a firm that you can depend on to get results.

Ralph Marcadis @ NARCA

Managing Partner Ralph Marcadis is off t the beautiful Loews Miami Beach for the National Association of Retail Collection Attorney's spring conference.

Bring us back lots of good stuff, and enjoy the conference!

Marcadis Singer, PA

Florida Collection Attorney

5104 South Westshore Blvd.

Tampa, Florida 33611

info @ marcadislaw.com

(888) 547-1881

(813) 288-1881

New Clients 

Ext. 247 Gil Singer

Ext. 240 Ralph Marcadis

Existing Client Client Liaison

Ext. 242

To Pay a Claim

Ext.  245