UCONN Home Settling Debt

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If your spouse wanted to continue living in the house, she would have to reaffirm the mortgage in her name to maintain the house. Other people want to keep the house they grew up in and look for a way to save the home. When a repossessed car is sold at an auction the proceeds may not be sufficient to pay the balance you owe. Repossession of a vehicle has a negative effect settling debt on credit, lowering an individual's score.

If your car was repossessed and you had a balance remaining, some creditors will require you to pay it and some will not. Credit card companies are not in the habit of settling debt with consumers, so the best thing to do is to contact a financial adviser. However, settling a collection account offers you few benefits.

Debt settlement involves renegotiating the terms of an existing agreement with your creditors. The death of an account holder results in certain consequences, depending upon the type of account.

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