Consumerist
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snowflaking
Use The Debt "Snowflake" Method To Pay Off Debts
You've probably heard of the debt snowball method used to pay off debts, well here's the "debt snowflake method." Basically what this guy does is apply every extra bit of money he gets, finds, or earns to paying off this debt. Money from yard sales and eBay, change under the couch, and any leftover funds at the end of the month not earmarked for future expenses, he keeps throwing each of these at paying down his debt. Every little bit helps!
Snowflaking - A Primer [I've Paid For This Twice Already… via Lifehacker] (Photo: Wayne Gunn)
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student loans
Citibank Won't Accept The Extra Money You Sent To Payoff Your Student Loans
We're all about to see more money in our paychecks thanks to lower payroll taxes, but if you want to use the savings to payoff your student loans, you better act on the one day that Citibank will take your money. At least that's what Citibank told reader Valori, who tried sending the bank a check with instructions to apply it towards the principal on her student loans. The bank instead applied it to her usual monthly payment and told her that the only way to pay down her principal was to "setup an automatic payment on the Citibank website to debit on the same day as [the] automatic payment is direct debited." Does that seem easy to anyone? More » -
relationships
Three Tips To Keep The Recession From Depressing Your Relationship
Money can ruin relationships, but by talking honestly about finances with your significant other, you just might emerge from this depressing recession as a couple. Even if your finances are deteriorating, there are a few ways to keep your money problems from rotting your relationship. More » -
irs
IRS Fires Private Debt Collectors, Plans To Pursue Deadbeats On Its Own
The IRS has ended a controversial program that allowed private debt collectors to pursue individual debts owed to the government. The private debt collectors, described as "bounty hunters who collect taxes from vulnerable people for profit," were allowed to keep 25% of any collected debts for themselves. Before we celebrate, let's all take a moment to join Senator Charles Grassley of Iowa in thinking about those poor private debt collectors who no longer have jobs harassing and abusing people... More » -
bankruptcies
Ritz Camera Files For Bankruptcy
Ritz Camera, an occasional and colorful character on our blog (scam confessions! feedback bribery!) has just filed for Chapter 11 bankruptcy protection. More » -
VW Credit' volkswagon cars
Is Volkswagen Violating The Fair Debt Collection Practices Act?
Tim's neighbor received a call from VW Credit asking her to walk across the street and leave a note on her neighbors' front door and VW Bug asking them to call back their creditor. Calls like these are known as block parties, and they are a direct violation of the Fair Debt Collection Practices Act. More » -
bills
AT&T Sends Bills To Collections Ten Days After They're Mailed Out
Reader Tom wrote in to let us know that during a conversation with AT&T customer service, a representative told him that it is typical to send out collection notices ten days after the original bill is mailed. Factoring in two or three days for the bill to arrive, two or three days for the check to get back to AT&T, and a Sunday or two, that leaves three to five days for customers to pay their bills before the angry letters and phone calls begin. More » -
harassment
Dell Has Called Every Day For The Past Eight Months... And I'm Not A Customer!
Every day for the past eight months, Dell has called Kat to demand payment for a bill she doesn't owe. Kat unfortunately inherited the phone number of a Dell debtor when she started a new job, something Dell would rather overlook—along with the Fair Debt Collection Practices Act. Kat has tried calling, escalating, and having the debtor tell Dell to leave her alone. Dell continually assures her that the problem has been fixed. And then they call again.
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credit reports
An Overdue Library Book Could Scuttle Your Dreams Of Home Ownership
That unreturned library book could threaten your credit score if it becomes a permanent fixture on your shelf. According to the New York Times, libraries are treating borrowed materials as debts and siccing debt collectors on borrowers who fail to pay longstanding late fines. The Queens Public Library has used Unique Management Services to collect over $11.4 million from delinquent borrowers, who may not realize that their unreturned books could eventually stand between them and a mortgage. More » -
bad consumer
Michael Vick Sued For Not Paying Car Loans, Bank Repossesses Cars
Oh, Michael. What have you done now? An Indiana bank is suing Mr. Vick for not paying loans related to a car rental business: More » -
fight back
Verizon Sold 1,000,000 Old Accounts To AFNI, Who Then Fraudulently Tried To Collect Debts
A reader whose wife received a debt-collection notice from AFNI regarding a seven-year old Verizon account was actually just one of over a million consumers getting a similar letter, WSYR reports. More » -
debts
New Hampshire Bankruptcy Receivers Forced To Use Credit Cards
The main parking garage for the U.S. Bankruptcy Court in New Hampshire only accepts credit cards, reports Credit Slips. More » -
tools
Sample Letter For Disputing A Debt Collection Notice
Fair-Debt-Collection.com has a sample letter to use when disputing a debt with a debt collector. You would want to do this if the debt belongs to another person, the amount is wrong, the statute of limitations on the debt has expired, or you just feel like making them prove that they actually, legally, own the debt. More » -
fair debt collection
Is It Legal For Debt Collectors To Leave A Message?
An interesting question was brought up over at the Consumer Law & Policy blog yesterday. There is a legal gray area when it comes to debt collectors and voice mail or answering machines. The Fair Debt Collection Practices Act was enacted in 1977, when answering machines were not in common use. According to Jeff Sovern, debt collectors reach a legal dilemma when faced with such a device. More » -
lending
Sallie Mae Is Still Ruining Your Life!
Remember the guy who lost his job due to threatening phone calls from Sallie Mae? He found a new job but he still can't really afford his student loan payment. Unfortunately, the advice Consumerist readers gave him last time didn't work. He was not able to consolidate with ed.gov. He writes with an update: More » -
banks
Are Minors Responsible For Their Credit Card Debts?
We've had a couple of different people ask recently if one is responsible for credit card debts made as a minor. See, people under 18 aren't supposed to get credit cards (unless an adult cosigns). Now, some of these people lied about their age to get the cards. That's fraud. Fraud is bad. Don't do it. More » -
how to
How To Save Your Home from Foreclosure
WikiHow has a primer on saving your home from foreclosure. If you find yourself unable to make payments... More » -
customer service
Acquiesce to the Zombie Debt Collectors
Chris writes in a self-described rant about how a debt collection agency is constantly auto-dialing him on his cellphone. He called T-Mobile to see if there's any, "selective call blocking, smoke signals, or death threats" he could deploy to stop the number from harassing him. Short answer: nope. Catherine Zeta Jones is powerless against zombies.
More »
debts
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Tue Nov 10
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