Monday, May 12, 2008
Collections and Credit Bureaus Discussion Questions & Case Studies Due 05/12/2008
Type the Discussion Questions on page 137 of your Financial Peace Workbook and answer them in a complete sentence. Also, type the Case Studies on page 137 of your Financial Peace Workbook and answer them in a complete sentence.
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Discussion
1. What is the best way for a creditor or collector to get paid?
Get the caller angry and make them feel compelled to pay.
2. Do you know anyone who has had a bad experience with a collector?
My dad has before. He tends to get angry with things such as that.
3. How will you make sure your credit report is accurate?
I can check my statements and what I have bought.
4. How would you handle a collector if you were late making payments?
Receive their calls to let them know I am cooperating and make the payments when I am able and in a timely manner.
5. Explain how the “Pro-Rata” plans work.
If you cannot make minimum payments, you pay the needed utilities. After, the money left over is considered “disposable”. You then take the total amount you owe in debt and divide that into what you owe each creditor. Pay these at regular intervals until debt is removed.
Discussion
1. What is the best way for a creditor or collector to get paid?
-The best way is if a person buys something from them.
2. Do you know anyone who has had a bad experience with a collector? Explain.
-No, I do not know anyone who has.
3. How will you make sure your credit report is accurate?
-I will make sure I haven’t over paid anything and that it is all balanced.
4. How would you handle a collector if you were late making your payments?
-I would tell them I’m trying the best that I can.
5. Explain how the “Pro-rata” Plan works.
-It gives you more time to pay your payments.
Case Studies
1. Barry and Connie are late making their payments, and collectors are beginning to call on a daily basis. They are threatening to sue over the credit card debt that amounts to $13,000. The couple’s car is about to be repossessed because they haven’t paid the payments in 3 months. They are both working and are considering part-time jobs to catch up. They have a 16-years old son that plays sports at his high school, so they would have to miss his games. The collectors are getting more and more abusive with every call. What would you suggest Barry and Connie do?
-I would tell them they need to do what the right thing is and that is to pay off the debt.
2. Steve has not paid his credit card bill for the last 4 months and has been avoiding the collectors when they call. He owes $4,000 and has the money to pay it. He is going to try to cut a deal with the collectors to find out if they will take $2,000 and leave him alone. What advice would you give to Steve?
-I would tell him not to worry about lowering it and to just pay it all.
Case Studies:
1. Barry and Connie are late making their payments, and collectors are beginning to call on a daily basis. They are threatening to sue over the credit card debt that amounts to $13,000. The couple’s car is about to be repossessed because they haven’t paid the payment in 3 months. They are both working and are considering part-time jobs to catch up. They have a 16-year old son that plays sports at his high school, so they would have to miss his games. The collectors are getting more and more abusive with every call. What would you suggest Barry and Connie do?
-I would suggest that they pay the car note so it doesn’t get repossessed. Then, they should try and make a deal with the collectors to leave them alone. They should just tell their son that they are going through a tough time and need to get a part-time job so; they will be missing some of his games.
2. Steve has not paid his credit card bill for the last 4 months and has been avoiding the collectors when they call. He owes $4,000 and has the money to pay it. He is going to try to cut a deal with the collectors to find out if they will take $2,000 and leave him alone. What advice would you give to Steve?
-I would tell him to stop avoiding the collectors and just pay the bill. He has the money so why not? He needs to just pay it and get rid of the credit card. That would be the best thing to do.
Discussion Questions.
1. What is the best way for a creditor or collector to get paid?
-They call a lot of people, and they'll get your money.
2. Do you know anyone who has had a bad expirence with credit? Explain.
- No, I don't know anyone personally who has had a bad experience with credit.
3. How will you make sure your credit report is accurate?
-By checking it every 1 to 2 years.
4. How would you handle a collector if you were late making your payments?
- I would try to pay it off as soon as possible. And I would ask the caller to quit calling me.
5. Explain how the "Pro-Rata" PLan works.
- Everyone gets a fair share.
Case Studies.
1. Barry and conne are late making their payments, and collectors are beginning to call on a daily basis. They are threatening to sue over the credit card debt that amts to $13.000. The couples car is about to be reposessed bc they haven't paid the payment in three months. THey are both working and are considering part-time jobs to catch up. They have a 16 year old son that plays sports at his high school, so they would have to miss his games. The collectors are getting more and more abusive with every call. What would you suggest Barry and Connie do?
- I would tell them to give up all extra stuff. To save up as much as possible.
2. Steve gas not paid his credit card bill for the last 4 months and has been avoiding the collectors when they call. He owes $4000 and has the money to pay it. He is going to try to cut a deal with the collectors to find out if they will take $2000 and leave him alone. What advice would you give to Steve?
- I would say it is not a good idea to not pay the money. He needs to pay it when he has the money.
1. what is the best way for a creditor or collector to get paid? is to work alot of hours so tham will get money.
2.do you know anyone who has had a bad experience with a collector? explanin i have never anyone who had a bad experience
3. how will you make sure your credit report is accurate? you cheak it sometime and that went you will no
4. how would you handle a collector if you were late making your payments? a for given bedt is a unfinished evert.
5. explain how th pro-rata plan works. the act was passed in 1977 to pro tect you from unfair collectors
1. barry and connie are late making their payments and collectrs are beginning to call on a daily basis. they are threatening to sue over the credit card debt that amounts to $13,000. the couple's car is about to be repossessed because they haven't paid the payment is 3 months. they are both working and are considering part-time jobs to catch up. they have a 16 year old son that plays sports at his high school. so thy would have to miss his hames. the collectors are getting more and mor abusive with every call. what would you suggest barry and connie do? a collector's job is to get your money
2. steve has not paid his credit card bill for the last four months and has been avoiding the colectors when they call. he owens $4,000 and has the money to pay it . he is going to try to cut a deal with the collectors to find out if they will take $20,00and leave him alone what advice woud you give to steve? reasonable time is defined by the courts as 30 days
1.What is the best way for a creditor or collector to get payed.
To make harassing phone calls.
2. do you know someone that has been harrased by a collector?
Gabbys mom, she is always getting harrased by collectors.
3. how do you make sure your credit report is accurate. Look at your report and see what you bought and look at the payments you made.
4 how would you handle a collector if you were late making your payments. Tell him that I was going to pay and hang up.
5 explain pro rata plan. You write a letter saying what your payments were then give them their checks.
Case Studies
1 Barry and connie are late making
2 .their payments and collectors are beginning to call on a daily basis. They are threatening to sue over the credit card debt that amounts to 13000, the couples car is about to be repossessed ecause they haven’t pajid the payment in 3 months they are both working and are considering part time jobs to catch up they gace a 16 year old son that plays sports at his school they would have to miss his games the collectors are getting more abusive what would you do.
I would do the jobs and tell him surviving is more important than games.
2 steve has not paid his credit card bill for four months. He owes 4000 and has the money to pay it he is going to try to make a deal and only pay 2000 what would you tell him. I would say if he has the money pay it.
1. What is the best way for a creditor or collector to get paid?
The best way for them to get paid is cash.
2. Do you know anyone who has had a bad experience with a collector? Explain.
I don’t know of anyone like that.
3. How will you make sure your credit report is accurate?
Check it every month or when they send it in the mail check it and make sure it is correct.
4. How would you handle a collector if you were late making your payments?
I think I would ask them for a couple more days.
5. Explain how the “Pro-rata” Plan works.
After you have paid your necessities, the money left over will be considered your “disposable income”. Take the total amount you owe in dept and divide that into what you owe each creditor to determine the percentage each debtor will receive.
1. Barry and Connie are late making their payments, and collectors are beginning to call on a daily basis. They are threatening to sue over the credit card debt that amounts to $13,000. The couple’s car is about to be repossessed because they haven’t paid the payment in 3 months. They are both working and are considering part-time jobs to catch up. They have a 16-year old son that plays sports at his high school, so they would have to miss his games. The collectors are getting more and more abusive with every call. What would you suggest Barry and Connie do?
They should get the part time jobs. It is ok to miss their 16 year old sons games, but it is not ok to miss their payments.
2. Steve has not paid his credit card bill for the last 4 months and has been avoiding the collectors when they call. He owes $4,000 and has the money to pay it. He is going to try to cut a deal with the collectors of find out if they will take $2,000 and leave him alone. What advice would you give to Steve?
I would tell him just to pay the $4,000 and leave them alone about trying to pay $2,000 because it is not worth it.
*Discussion
1. What is the best way for a creditor or collector to get paid?
*To call you at a frustrating hour during the day.
2. Do you know anyone who has had a bad experience with a collector? Explain.
*My dad. Apparently, there’s more than a few William Wright’s.
3. How will you make sure your credit report is accurate?
*Keep check on it. To make sure it doesn’t get out of control.
4. How would you handle a collector if you were late making your payments?
*I would tell them that I would make my payments soon. I’m always going to try to make all payments on time though.
5. Explain how the “Pro-rata” plan works.
*It’s known as disposable income.
• Case Studies
• Barry and Connie are late making their payments, and collectors are beginning to call on a daily basis. They are threatening to sue over the credit card debt that amounts to $13,000. The couple’s car is about to be repossessed because they haven’t paid the payment in 3 months. They are both working and are considering part-time jobs to catch up. They have a 16-year old son that plays sports at his high school, so they would have to miss his games. Te collectors are getting more and more abusive with every call. What would you suggest Barry and Connie do?
• They need part-time jobs. When they catch up, they need to quit using their credit cards so much. That will help their $13,000 problem.
• Steve has not paid his credit card bill for the last 4 months and has been avoiding the collectors when they call. He owes $4,000 and has the money to pay it. He is going to try to cut a deal with the collectors to find out if they will take $2,000 and leave him alone. What advice would you give to Steve?
• If he has put this debt on his credit cards, then he needs to pay it.
Discussion
1. What is the best way for a creditor or collector to get paid?
When they make you mad.
2. Do you know anyone who has had a bad experience with a collector? Explain.
Yes. My grandmother. They kept calling her until she paid.
3. How will you make sure your credit report is accurate?
Check it every 1-2 years.
4. How would you handle a collector if you were late making your payments?
Not answer the phone.
5. Explain how the “Pro-rata” Plan works.
Not real sure.
Case Studies
1. Barry and Connie are late making their payments, and collectors are beginning to call on a daily basis. They are threatening to sue over the credit card debt that amounts to $13,000. The couple’s car is about to be repossessed because they haven’t paid the payments in 3 months. They are both working and are considering part-time jobs to catch up. They have a 16-years old son that plays sports at his high school, so they would have to miss his games. The collectors are getting more and more abusive with every call. What would you suggest Barry and Connie do?
Get a part time job.
2. Steve has not paid his credit card bill for the last 4 months and has been avoiding the collectors when they call. He owes $4,000 and has the money to pay it. He is going to try to cut a deal with the collectors to find out if they will take $2,000 and leave him alone. What advice would you give to Steve?
I would tell him to try it. It won't hurt to try.
Discussion
1. What is the best way for a creditor or collector to get paid?
-if they make you feel emotional and then you feel like you have to pay them.
2. Do you know anyone who has had a bad esperience with a collector?
-no i dont think i do.
3. How will you make sure your credit report is accurate?
-you check it and see if its correct or inaccurate.
4. How would you handle a collector if you were late making your payments?
-I would tell him to chill he got his money so he should calm-down.
5. Explain how the pro-rata plan works.
- it uses percentages and you add your total debt and divide your disposable income into all your bills. Everyone gets their fair share.
Case Studies
1. Barry and Connie are late making their payments, and collectors are beginning to call on a daily basis. They are threatening to sue over the credit card debt that amounts to $13,000. The couple’s car is about to be repossessed because they haven’t paid the payments in 3 months. They are both working and are considering part-time jobs to catch up. They have a 16-years old son that plays sports at his high school, so they would have to miss his games. The collectors are getting more and more abusive with every call. What would you suggest Barry and Connie do?
-They should take extra jobs and send a letter to the collector in certified mail telling them to stop calling you so much using the FFDCPA. Use the pro rata plan and pay them smaller amounts but still pay them.
2. Steve has not paid his credit card bill for the last 4 months and has been avoiding the collectors when they call. He owes $4,000 and has the money to pay it. He is going to try to cut a deal with the collectors to find out if they will take $2,000 and leave him alone. What advice would you give to Steve?
-If he has the money than he should get it in writing that they will agree to take the 2,000 dollars and he should give it to them.
Questions & Case Studies Due 05/12/2008
Type the Discussion Questions on page 137 of your Financial Peace Workbook and answer them in a complete sentence. Also, type the Case Studies on page 137 of your Financial Peace Workbook and answer them in a complete sentence.
1. What is the best way for a creditor or collector to get paid?
~If the bill collector is nice then the person might can work something out and they might really get paid.
2. Do you know anyone who has had a bad experience with a collector?
~No, I do not know anyone who has has a bad eeperience with a bill collector.
3. How will you make sure your credit report is accurate?
~I will write down all the stuff i buy and how much it is.
4. How would you handle a collector if you were late making payments?
~I would talk to them and tell them that this is all i can pay you right now.
5. Explain how the “Pro-Rata” plans work.
~Well if you can not pay your minum then you take divide it out to all the people you owe.
1. Barry and Connie are late making their payments, and collectors are beginning to call on a daily basis. They are threatening to sue over the credit card debt that amounts to $13,000. The couple’s car is about to be repossessed because they haven’t paid the payments in 3 months. They are both working and are considering part-time jobs to catch up. They have a 16-years old son that plays sports at his high school, so they would have to miss his games. The collectors are getting more and more abusive with every call. What advice would you give to Steve?
~I would say son we are having some problems and could you quit one of your sport's to help pay off the bills me and your mom are getting part time jobs.
2. Steve has not paid his credit card bill for the last 4 months and has been avoiding the collectors when they call. He owes $4,000 and has the money to pay it. He is going to try to cut a deal with the collectors to find out if they will take $2,000 and leave him alone. What advice would you give to Steve?
~I would say if you have the money to pay it right now you need to.
Discussion
1. What is the best way for a creditor or collector to get paid?
-To go to the persons house and ask for it.
2. Do you know anyone who has had a bad experience with a collector? Explain.
-Yes. My mom for not apyign credit cards off.
3. How will you make sure your credit report is accurate?
-I will check it one or two times a year.
4. How would you handle a collector if you were late making your payments?
-I just wouldn't answer the phone
5. Explain how the “Pro-rata” Plan works.
-It gives you extra time to pay bills.
Case Studies
1. Barry and Connie are late making their payments, and collectors are beginning to call on a daily basis. They are threatening to sue over the credit card debt that amounts to $13,000. The couple’s car is about to be repossessed because they haven’t paid the payments in 3 months. They are both working and are considering part-time jobs to catch up. They have a 16-years old son that plays sports at his high school, so they would have to miss his games. The collectors are getting more and more abusive with every call. What would you suggest Barry and Connie do?
-I would tell them to get the part tiem job and pay off the debt.
2. Steve has not paid his credit card bill for the last 4 months and has been avoiding the collectors when they call. He owes $4,000 and has the money to pay it. He is going to try to cut a deal with the collectors to find out if they will take $2,000 and leave him alone. What advice would you give to Steve?
-I would tell him to just pay all of it and not have to worry about it again.
What is the best way for a creditor or collector to get paid?
Make the caller mad at you.
Do you know anyone who has had a bad expererience with a collector?
Not at all.
How will you make sure your credit report is accurate?
Go to freecreditreport.com and look at yours.
How would you handle a collector is you were late making payments?
Answer their phone call and tell them that the payment is going to be late.
Explain how the “Pro-Rata” plans work.
You have to pay your utility bills even if you cannot make the minimum payments.
Barry and Connie are late making their payments, and collectors are beginning to call on a daily basis. They are threatening to sue over the credit card debt that amounts to $13,000. The couple’s car is about to be repossessed because they haven’t paid the payments in 3 months. They are both working and are considering part-time jobs to catch up. They have a 16-years old son that plays sports at his high school, so they would have to miss his games. The collectors are getting more and more abusive with every call. What would you suggest Barry and Connie do?
They need to pay off the debt. Of course they will be happier if they do.
Steve has not paid his credit card bill for the last 4 months and has been avoiding the collectors when they call. He owes $4,000 and has the money to pay it. He is going to try to cut a deal with the collectors to find out if they will take $2,000 and leave him alone. What advice would you give to Steve?
I would tell him to pay it and let the collectors stop calling him. He needs to pay it off because he has the money.
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