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The process can be overwhelming. ... while the automatic stay offers a breather from foreclosure or repossession,”if you want to keep the property, you have to continue making your payments on ...
Repossession does not necessarily satisfy the loan. If the repossessor sells the asset for an appropriate amount, and if that amount is less than the amount of the loan, and if the repossessor sues the debtor for the balance (plus reasonable fees if applicable) in a timely manner, the debtor may be liable to pay the balance (sometimes called ...
Authorization hold (also card authorization, preauthorization, or preauth) is a service offered by credit and debit card providers whereby the provider puts a hold of the amount approved by the cardholder, reducing the balance of available funds until the merchant clears the transaction (also called settlement), after the transaction is completed or aborted, or because the hold expires.
Don’t just take the credit card company’s word for it. Make sure your creditor has reported your decision to the three major credit bureaus by checking your credit reports at www.AnnualCredit ...
In Chapter 7, the process usually takes a few months before eligible debts are discharged, and you may lose some assets. In Chapter 13, you make monthly payments according to a structured plan.
Credit bureaus will retain both the debt and collection history on the debtor's credit file for 6–7 years, depending on province. Although the collection agency can continue to collect or attempt to collect the debt, they cannot garnish or place a lien on the debtor past the limitation period unless the court upholds a new date of last ...