Rapid Reader Questions – Bankruptcy, Collection Agent, IRS, Student Loans

Things will be okay.

Q: What happens if you don’t file bankruptcy but still have credit card debt or loans at the bank? A: You owe them. Q: A collection agency sent my debt to a lawyer with a court date do I have to acknowledge it? A: No, but you will then lose by default. Q: Do I …

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Sandra Is a Single Mother And Worried About Paying For College

Question: Dear Steve, I am a 40-year old single mother of one. Currently, I have $22K in credit card debt among 3 creditors: American Express $16K (9.99%), Home Depot $3K (12%), and Furniture Express $3K (zero interest and payment until March 2010). I have $35K in student loans (6.2%) with Wachovia, who is also the …

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My Credit Card Was Closed and My Credit Score Dropped

Question: Dear Steve, I have a question about credit history. I held a credit card account with Dressbarn for 13 years. The company was bought by Capital One Bank. Then the company shut down last year. On my credit report, I noticed a 40 point drop because the card account was closed by the company. …

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What is Going On With Vantage Acceptance?

Question: Dear Steve, Does anyone know why Vantage Acceptance is not accepting new clients? Maybe there is some law enforcement action that isn’t public yet? https://vantageacceptance.com/ Ella Answer: Dear Ella, As you stated, the Vantage Acceptance website does say, “We are not accepting new applications.” They continue to list their business address as 5950 Canoga …

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Why Would My Credit Card Company Rather Have Me File Bankruptcy Than Work With Me?

Question: Dear Steve, I owe a lot of cc debt but have never missed or been late. I’m probably their most profitable client! I’ve asked for reduced rates, but been declined, leaving me few alternatives. Why would an issuer rather force me into bankruptcy rather than offering this relief? Karen Answer: Dear Karen, Yes. Logic …

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