Does a secured car loan become an unsecured debt?
Can a surviving wife stop paying her husband's credit debt and home equity loan while protecting the house car and social security from creditors?
All SS payments, whether to the beneficiary or survivors are exempt from any attachement by creditors. A secured loan, however is entirely different. The lender can foreclose on property if it is defaulted on. The death of the borrower (or one of the borrowers) is irrelevant. There could be insurance, that covers the loan amount in case of death or disability. If the deceased is the sole card holder then it is unlikely that the CCC can collect from any survivors. Unless the state of residence is a community property state, then the debt is considered joint, even if only one spouse signed the contract. Property that is exempt is varied in type and amount from state to state. So are probate laws governing the estate and payments of the deceased. There are other issues that would be to lengthy to address in a forum. Obtaining legal counsel would be beneficial.
What are the similarities and differences between a secured loan and an unsecured loan?
The similarities are that both types of debts can be collected according to the respective laws governing the transactions. Secured debts are those in which some form of collateral has been used. When someone buys a house, the house is used as collateral for the loan. Lenders have much more leeway when collecting on defaulted mortgages, such as foreclosure/forced sale. In the instance of credit card debt, which is unsecured lawsuits have to be filed, won, judgments executed, and so forth. Secured debts always have to be paid or the property has to be forfeited. Unsecured debts, even when a judgment is issued are not always collectible. Answer : Unsecured debt refers to any type of debt or general obligation that is not collateral by a lien on specific assets of the borrower in the case of a bankruptcy or liquidation or failure to meet the terms for repayment. Secured loan is a loan where you will be required to use your property as security against the loan, so the lender is able to balance the risk of lending to you.
Can a vehicle be repossessed if the loan is not in default but other unsecured debts are.?
Seperate loans, have no right to car The two loans are separate as you said it was "unsecured," so it doesn't seem they are able to. The Credit Card company will list as defaulted if over 6mo past due and they will then sell it, giving 7years for the next company to collect on it before it is either paid by you or sold again. Don't let it go into default ^25% and affects your credit! They could forward this to their legal team and set you up for a possible wage garnishment, or sue for non-payment of debt. Why pay ahead on one loan when behind on another? I'd pay the car first but at least make a minimum pymt on the CC. Maybe. Even though the vehicle is a secured debt and the loan is not, if more than one of the financial transactions is by the same institution it is possible a set off clause was included in the contract terms allowing the lender to take the vehicle if the personal loan is defaulted. Unsecured only means there is no specific property being held as collateral for the debt, it does not mean assets or property of the debtor's cannot be seized and sold for repayment by means of a lawsuit judgment. A garnishment is only possible if the lender wins a lawsuit and executes the judgment as a wage garnishment.
Can your social security be garnished for a car loan or house loan?
Answer . \nAll SS benefits are exempt from creditor actions. However a vehicle and a house are considered secured debt and can be subjected to seizure and possible sale by the lender.
What is unsecured debt?
Answer \nAny debt that does not have collateral property attached to it, (credit cards, personal loans, pay day loans, etc.).\n\nSecured debts are real property (homes, business, vehicles, goods purchased on merchant accounts, perfected liens, etc.).
Is a car loan considered a secured loan?
Answer . \nYes, the vehicle itself is considered collateral and the lender remains on the title until the loan agreement is fulfilled.
Can a student loan be considered a unsecured debt?
Answer . \nA student loan is an unsecured debt.\n. \nTo be secured, there needs to be something, generally phyisical (but not always), that can be taken (repossessed), and sold to satisfy the debt if it isn't paid. Kinda' hard to take back an education!
Does a judgment become a secured debt?
Answer . If it is against property..if it is a judgement against you generally, then no.
Debt consolidation on secured and unsecured loans with bad credit?
Debt consolidation is when you consolidate multiple lines into one new loan or debt consolidation program - it typically involves a debt consolidation loan. It is important that you know what your options are and what your goals are before choosing a debt consolidation program or company. I took help of Freedom Debt Relief to consolidate my loans. .
What are the differences between a secured loan and an unsecured loan?
A secured loan is a loan in which you offer some or other asset to which you have right of ownership for security to the supplier of the loan in case of nonpayment. An example is where you finance a new car and the installment sale agreement is secured by your car; if you fail to make the payments, the bank has the right to repossess the vehicle. Other examples for businesses are for instance the encumbrance of your fixed properties, trade debtors or inventory. In case of litigation or sequestration (bankruptcy) the encumbered assets are protected from any other creditor until the credit supplier has been able to recover the loan from the sale or use of the secured asset. Two different credit providers are therefore not able to be secured by one asset, except if the asset is worth more than the two loans - normally both creditors will have to be aware of this and a rank will be established among them. In accordance with GAAP, companies have to disclose any material encumbrances in its financial statements. An unsecured loan is not protected and in the case of bankruptcy the creditor will have to share in a portion of the remaining estate pro rata to the other creditors instigating a claim against your estate. For instance, if your estate is worth $1,000 and you have 3 unsecured loans of $1,000 each, then each creditor will only be able to receive $333. Subsequently they will not be able to attempt to recover the remaining $667. Bankruptcy naturally affects the status of the person or legal person involved negatively.
What is Secured and unsecured debt?
Secured means that there is some specific item pledged as collateral for that debt...frequently this is represented by some type of recoding of the pledge on official records. A car loan, with the car as collateral and the lender named as a lienholder on the title a good example. A mortgage on a property is another. Unsecured just means there isn't a specific thing it has claim to first and before others...that it is general to all of your assets. Note that if a secured creditor must sell the asset to recover, and the asset doesn't generate enough $ to pay the debt (which includes all interest, penalties and costs of having to take that action), the deficiency is an unsecured debt, which will be able to be paid by process..having your other assets sold.
What is the difference between secured and unsecured loan?
A secured loan would be a car loan for example. The car is used as collateral for the loan. A signature loan would be an unsecured loan. The only thing the lender would do is look at your credit worthiness and make you a loan based on you simply saying you'll pay them back.
How can I obtain an unsecured loan for debt consolidation of value R70 000?
\n. \nUnsecured debt consolidation loans are indeed a great help for debtors. It implies that you shoot a number of unsecured loans by another unsecured loan. But more often than not, it involves no security against your money provision and serves your purpose without collateral. It tries to cut your cost with existing debt to a considerable level. The rate of interest you are offered always remains much lower to that of all your existing debt. With the financial process you reduce your debt burden by 50% to 60%.
What can probate executor do to obtain debt repayment to deceased estate when her grandchildren refuse or cannot repay secured or unsecured debt?
The Estate assets (the deceased's home, car, savings, etc.) must be used to pay for all debts in the deceased's name alone. The debts must be paid before any inheritance is paid out. The grandchildren do not need to use their own money to pay a debt that is not in their name.
Are secured loans not credit cards looked at any differently than unsecured loans when applying for a mortgage?
Because secured loans are loans that are secured on your property, they are looked at totally differently when applying for a mortgage, in most cases the mortgage lender will probably want you to repay the secured loan before approving your mortgage
When filing chapter 7 is a car loan a secured or unsecured claim?
Lien on title...they get the property before anyone else...you can't sell without their release: Secured.. If you had to ask this maybe the most basic of loan questions and especially if you don' understand all the differences it means to your bankruptcy filing...GET AN ATTORNEY TODAY....failing to file correctly all the things you swear to the Court aew correct and true could lead to criminal charges, and certainly bad results - even the case being dropped. BK is NOT just filing some papers and having your debts excused...the result, like any legal proceeding, is very uncertain...the actions you need to take very specific.....and you creditors (like the bank with the car loan)...will all have lawyers working to make sure they get as much as possible.
How can you get unsecured loan?
You can get an unsecured loan from many companies that offer loans from the very small amounts, to very large sums. Unsecured means no collateral, so you need not put up an "asset" for the lender to hold to before you are given the loan. Having this type of loan would have to require that you have good credit because the better your credit history, the better your interest rate.
Is bank OD a secured or unsecured loan?
A bank overdraft is an unsecured line of credit. The size of the line is negotiated with the bank and the rate is generally tied to the Prime rate (or LIBOR).
Is a car loan a secured loan?
Yes, any loan AGAINST real property is considered a secure loan. In this case, the car is the security. For a home mortgage, the home is the security. Unsecured loans are typically credit card loans and revolving lines of credit such as those you might get with Fingerhut or others who "self-finance" your purchases.
Are car title secured loans safe?
Well I personally think its a big rip off because the fees are crazy money.
What is the difference between secured debt and unsecured debt?
A secured debt - is protected by being tied to something valuable (jewellery, car, house etc). If you default on the repayments, you could lose the item the debt is secured on ! An unsecured debt is not tied to any physical property. If you default on an unsecured debt, they will usually take you to court and have the debt recovered from your wages.
What is the difference between car loan and personal unsecured loan?
A car loan is a secured loan. If you don't pay the car loan, the lender can repossess the car. A personal loan is a loan based on your credit worthiness as judged by credit reporting agencies like Equifax. This "credit rating" is usually based on a FICO score, which views a variety of factors such as credit experience, lines of credit outstanding and payment history with other companies.
Where do you get an unsecured loan?
An easy way to find an unsecured loan service is by searching online. Online lending services provide an easy and fast way for people to get the money they need, right when they need it.
Can a credit card company go after the car of a deceased person to satisfy unsecured debt?
A credit card company can sue someone for defaulting on debt. When they do this, they can be awarded a judgment. If the debtor has assets, such as a car or checking account, then they can be awarded those things. For property, usually the items are auctioned so that the collection agency (credit card company) can get the cash. If the person is deceased, you may be able to transfer ownership of the car before the credit card company tries to take it. Unless you are listed on the debt as a joint account owner, you are not liable for it. the FDCPA spells out your rights in terms of debt collection.
Can your car be garnish for unsecured verify ATF debt in Texas?
Perhaps what is meant by "garnish" is seized for sale for payment of a debt owed. In theory any real or personal property owned solely by a debtor can be attached and sold by a judgment holder to recover money owed. Vehicles are considered real property and unless they are protected by the state's exemption law can be subject to seizure and sale.
What does a secured loan and unsecured loan mean?
A secured loan is a loan in which there is physical collateral, meaning there is a physical item of worth that can be taken by the bank if the loan is not paid. Examples of this include a car loan or mortgage (house loan); the car or house are the collateral and therefore are the 'security' that the bank will not lose money on the loan. An unsecured loan is a loan in which there is no physical collateral, meaning there is no item of worth the bank can take if the loan is not paid. Examples of this include credit card debt or a student loan; in these cases, if the loan isn't paid the bank has to use a collections agency to try to get the money back.
Why is the interest rate on an unsecured loan normally higher than on a secured loan?
A secured loan is one that has physical collateral, such as a car or a house, that the bank can seize and sell to get its money back if you don't repay the loan. This is less risky for the bank because it has a way of getting it's money even if you default, so banks generally charge a lower interest rate. An unsecured loan is one that doesn't have physical collateral, such as a credit card and medical bills. This is more risky for the bank because the only way it will be repaid is if you hand over the money, so the bank generally charges a higher interest rate as a hedge against you not paying the full amount of the loan back.
Will you pay more interest on an unsecured personal loan than a secured one?
The amount of interest you pay depends on the institution that you borrow from. You will usually pay more on an unsecured personal loan than a secured one.
Will you pay more interest on an unsecured personal loan rather than a secured one?
An unsecured loan generally does charge a higher interest rate than a secured loan because there is no collateral being held and no lien placed against anything they would be able to take in payment.
Are secured loans better to get than unsecured ones?
With a secured loan, you are able to borrow more money than with an unsecured loan. It would depend on how much you needed to be loaned. Most institutions offer both, however, I would go with a secured loan.
How do you unsecure your debt once it is secure?
The first step to move secure debt to unsecure is to get a credit report to see how much unsecure credit you can obtain. Apply for different loans and use the unsecure credit to pay off the secure debt.
How is an unsecured loan different from a secured loan?
SecuredLoan: A Secured Loan is a loan, in which a person has toprovide an asset such as gold/property as collateral to the lender.This type of loan is favorable for those borrowers who need financeat low interest rate and for longer duration. UnsecuredLoan: In an Unsecured Loan, a person does not need to giveany security to the lender. In this, what matters the most for thelenders is the credit rating and repayment capability of theborrower. This is good for borrowers such as tenants, nonhome-owners etc.
What is the difference between secured and unsecured loan at the bank?
A secured loan is where there is a physical item that can be claimed if the loan is not paid - a house, a car, jewelry, etc. An unsecured loan is where there is nothing for a bank to take to get its money back if you default, such as education loans, credit cards and similar loans.
How does a secured loan differ from an unsecured loan?
A secured loan is a loan that some monetary interest (money or property of value) attached to the loan to insure its repayment. If the loan is not repaid, the monetary interest becomes the property of the loaning party. A unsecured loan does not have a monetary interest attachment.
What is the difference between unsecured loans and secured loans?
basically in which no security is used are unsecured loans and where secuity are used are secured loans
What type of bankruptcy do you file for unsecured debt and a car loan?
There are different types of Bankruptcy. Chapter 7 is for the debtor which has debts like medical bills,carloans etc. But if you want to pay back your debts then you can fileChapter 11 and 13 which has a payment plan. You can pay your debtsthrough payment planning. Try to search more information about bankruptcy and ask a legaladvice.
What are unsecured loans?
An unsecured loan is a loan in which the borrower does not need topledge their valuable asset as collateral to the bank. It can beavailed through any financing firm in India at the cheapestinterest rates. Personal Loan can be used for any purpose such ashome renovation, debt consolidation, wedding purpose, paying oldbills, for higher studies and medical expenses. It does not involverisk of losing the valuable assets as compared to secured loan.
What core differences are there between a secured and unsecured loan?
Secured and unsecured are the two main types of loans. Secured loans require the borrower to give some form of security to the lender, like a home or car. Unsecured loans do not require any kind of collateral.
What does it mean when a debt or a loan is personally secured?
When a debt or loan is personally secured, it means that the person who took out the loan has used something as security in case they default on the loan. A mortgage is an example of a secured loan.
How can a bad debt secured loan be obtained?
One can obtain a bad debt secured loan from a number of websites. One can get such a loan from 'Ocean Finance' or 'A1 Bad Credit Loans' and simply fill out the online form to apply.
Where can one compare various secured debt consolidation loans?
The best way for one to compare various secured debt consolidation loans is to research the options available. It would be worth speaking to ones local investment planner as well as bank officials. Also searching online for advice might be useful.
Where can one find unsecured debt consolidation loans?
A person can find unsecured debt consolidation loans online. Some websites that offer unsecured debt consolidation loans include LendingTree and Prosper.
What is an unsecured bad debt loan?
An unsecured loan would be one where the lender is relying on the borrower's promise that the loan will be paid back. There is no collateral involved and that is risky. Bad debt would be considered consumer debt or one that cannot be recovered.
What are the advantages of unsecured car loans?
There are four main benefits of unsecured car loans. These benefits include no collateral, quick approval process, flexible terms, and available to almost everyone.
Where can one get an unsecured loan for debt consolidation?
There are many places that one could get an unsecured loan for debt consolidation. These places include, but are not limited to, Lending Tree, Prosper, and Bank of America.
Where can one obtain information on debt consolidation secured loans?
There are many websites and a host of resources that offer information on debt consolidation secured loans. Some of these websites are Bank of America, Lending Tree and Yahoo! Voices.
How do unsecure personal loans differ from secure ones?
The difference between an unsecured loan, and a secured loan is pretty substantial. A house, or a car is used as collateral and therefore secures the loan for the lender. For an unsecured loan, there is no collateral available to the lender.
Where can one find an unsecured debt loan?
Loans come in many forms, but unsecured loans are generally only allowed for small amounts and are charged at higher interest rates. Tesco bank offer these but a good credit rating is required.
What percentage of refinance loans for debt consolidation require security?
There is no aggregate number of refinance loans that require security. Many loans do require some form of security and those that don't generally have extremely high interest rates. One can find unsecured debt consolidation loans through payday loans or through some large national banks such as Wells Fargo and Citi.
What type of unsecured consolidation debt loan is available to someone with bad credit?
The type of loan available to those with bad credit will differ depending on if you can find an available cosigner as well as past standing with the bank you're trying to get a loan from. You can find a list of some of the better rates available online at websites like Prosper.