 |
 |
|
|
7000 Peters Creek Rd., Roanoke, Virginia
1-866-260-5994 |
CCCS of Southwest Virginia |
|
|
|
|
|
|
 |
|
Credit Card Law |
|
 |
|
| |
|
Truth In Lending Act - Requires creditors to provide the consumer with accurate and complete credit costs and terms.
Equal Credit Opportunity Act - Prohibits a creditor from discriminating against a consumer on the basis of age, sex, or marital status, reliance on income from a public assistance program, and race, color, religion, or national origin.
Fair Credit Reporting Act - The purpose of this act is to ensure that information contained in a credit report is accurate and that it will be used in a confidential manner. Consumers have a right to dispute information that may be derogatory or erroneous. Inaccurate information must be corrected or deleted, and a consumer explanation statement of 100 words or less can also be included in the report. A credit bureau must also delete adverse information which is more than seven years old and information on bankruptcy which is more than ten years old.
Fair Debt Collection Practices Act - A third party collector is prohibited from:
- Using abusive language to coerce a consumer into making payments.
- Calling at unreasonable hours (before 8:00 am and after 9:00 pm) or making excessive calls.
- Threatening to notify the employer or friends that the consumer has not paid his bills.
- Using false pretenses to gain entry to the home with the intent to identify or take something of value.
- Attempting to collect more than what is owed.
- Sending the consumer misleading letters that may appear to be from a government agency or a court of law.
Fair Credit Billing Act - Allows consumers to correct errors on their credit cards or charge accounts in a speedy and effective manner.
Bankruptcy - A legal proceeding declaring that a consumer is over extended and is unable to pay obligations. Some loans may be excused and assets may be distributed among the creditors. Bankruptcy remains on a credit report for up to ten years and makes securing credit and other loans difficult, if not impossible during that time. Remember that even after the ten year period you may never again answer "no" to the question "Have you ever filed bankruptcy?"
Chapter 7 - This is designed for debtors in financial difficulty who do not have the ability to pay their existing debts. A trustee takes possession of all your property but you may claim certain property as exempt from seizure under governing law. The trustee then liquidates your non-exempt property to pay your creditors according to priorities of the Bankruptcy Code. The purpose of filing Chapter 7 is to obtain discharge of your existing debts, however some debts are not dischargeable under the law.
Chapter 13 - This is designed for individuals with regular income who are temporarily unable to pay their debts but would like to pay them in installments over a period of time. You file a plan with the court to repay your creditors all or part of the money you owe them, using your future earnings. The court must approve your repayment plan before it can take effect. Under Chapter 13, unlike Chapter 7, you may keep all your property, both exempt and non-exempt, as long as you continue to make payments under the plan. After completion of payments under your plan, your debts are discharged except alimony and support payments and long term secured obligations.
|
|
|
|
|
|
|
| | Home |
Privacy Statement |
About CCCS |
Contact CCCS |
Site Map | |
|
CCCS, A Division of Money Management International
Regional Headquarters - 7000 Peters Creek Rd., Roanoke, Virginia
Corporate Address - 9009 West Loop South, Seventh Floor, Houston, TX 77096 |
|
|
|
