Get FREE Counseling




*


Helpful Resources
Community
Popular Discussions
Creditmagic Twitter
Credit on Facebook

Can Social Security and retirement income be garnished?

Post reply  Start a topic
Author Message
Options
Print this topic
Invite a friend
Email this topic
  Bookmark online
Add to del.icio.us
Add to YahooMyWeb
 
carol

carol

Joined: 27 Jun 2006
carol's page
Posts: 1299
Location: Los Angeles, California


30038 Magic Points

 
Posted on Tue Aug 11, 2009 12:14 pm  

Hi vincent

If you want a creditor to stop calling you can send a stern 'cease and desist' letter. This should take care of things.
_________________
Keep in touch
Carol
carol

carol

Joined: 27 Jun 2006
carol's page
Posts: 1299
Location: Los Angeles, California


30038 Magic Points

 
Posted on Tue Aug 11, 2009 12:30 pm  

Eva if you have not been paying your dues for a long time a creditor might get a judgment against you and may garnish your account. Is there no way you can pay off the loan bit by bit? If not then I can see bankruptcy as your only recourse.
_________________
Keep in touch
Carol
In Distress
Guest






Subject: property foreclosure - money in bank accounts?
 
Posted on Fri Aug 14, 2009 7:13 pm  

Hi,
All the properties (3 of them) I own are severely under water. No rental income coming in too. Lenders are not willing to help me! Would it help, if I go buy a house now, and let these 3 houses go? Can these lenders (from 3 properties) put a lien on the new property? My credit is still very good.

Can the lenders go after any bank balances, and retirement accounts, to collect their unpaid mortgage balances?
lynwood jones
Guest






Subject: garnish of retirement pension
 
Posted on Fri Aug 21, 2009 9:13 pm  

can a credit card company garnish my retirement pension?
beverly
Guest






Subject: judgements
 
Posted on Wed Aug 26, 2009 4:42 pm  

a credit card company put a judgement against me. if i sell my home will they get the money? i live in texas
RoseMarie
Guest






Subject: Attachment of retirement income
 
Posted on Thu Aug 27, 2009 2:56 pm  

My husband and I own a home that we can no longer aford. We wish to walk away from the home but are concerned that Bank of America (FHA mortgage) and HFC (conventional 2nd mortgage) will be able to attach our Social Security income and/or my husband's retirement income from the city. Please advise.
Guest







 
Posted on Fri Aug 28, 2009 8:03 pm  

My situation seems very small in relation to the figures quoted by so many of the posters. I owe a very small amount, less than 2,000 dollars, to a credit card company, but have not been able to pay anything, since I'm on a fixed income (workers' comp, and soon SSI)

I want to pay off this debt, but.. The main issue is that I can't pay the amount set by the collector as a sizable first payment. I've asked that they help me find a smaller amount each month that I can pay, but so far they have refused that amount.

When you have an income as limited as mine, hundreds of dollars can equal thousands...if I don't have it...I can't fork it over. Any suggestions? The company seems determined to force the issue over this 250 dollar amount..but to me it might as well be 2,500 dollars...I simply don't have it. We're actually in the red at the end of each month unless we get a windfall from something (like a garage sale) and I'm all saled out. We're practically sitting on boxes as it is.

I will NEVER use credit cards again, and my credit has already been damaged, anyway. What recourse do I have? Can I offer to pay smaller amounts in a monthly payment? Will the company have to accept them?

Thanks for listening
carol

carol

Joined: 27 Jun 2006
carol's page
Posts: 1299
Location: Los Angeles, California


30038 Magic Points

 
Posted on Sat Aug 29, 2009 11:56 am  

Hi Lyn

Quote:
can a credit card company garnish my retirement pension?


Usually credit card companies cannot garnish your retirement pension unless it is for child support or spouse support. However, also make sure that you do not put your retirement benefits in a savings account because savings accounts can be garnished irrespective of what money goes in there.
_________________
Keep in touch
Carol
carol

carol

Joined: 27 Jun 2006
carol's page
Posts: 1299
Location: Los Angeles, California


30038 Magic Points

 
Posted on Sat Aug 29, 2009 12:02 pm  

Hi beverly

Quote:
a credit card company put a judgement against me. if i sell my home will they get the money? i live in texas


Were you planning to sell your home already even before the judgment? Is this a mortgage loan you are talking about? If so, what I can understand is that you are thinking of a short sell are you?

Well, if that is the case then you will have to speak with your mortgage lender first. Even if you do sell your home you may not be able to get the full value of the loan. The deficit amount will still be owed by you and it will be your responsibility to pay it off.

However, I'd like to know your thoughts. What kind of loan is it and why you are thinking of selling your house.
_________________
Keep in touch
Carol
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3931



374 Magic Points

 
Posted on Sat Aug 29, 2009 12:09 pm  

It all depends on what state you live in and what the laws are in that state as far as debt collection. Here in pennsylvania wages can only be garnished for back taxes and child support.
carol

carol

Joined: 27 Jun 2006
carol's page
Posts: 1299
Location: Los Angeles, California


30038 Magic Points

 
Posted on Sat Aug 29, 2009 12:09 pm  

Well RoseMarie

SS benefits and retirement benefits cannot be garnished unless you owe any money towards child support.
_________________
Keep in touch
Carol
carol

carol

Joined: 27 Jun 2006
carol's page
Posts: 1299
Location: Los Angeles, California


30038 Magic Points

 
Posted on Sat Aug 29, 2009 12:16 pm  

Hi Guest

Quote:
What recourse do I have? Can I offer to pay smaller amounts in a monthly payment? Will the company have to accept them?


Well, you could ask the creditor (s) for a loan modification. Maybe you could try and give them a better picture of the situation that you are in right now. I'm sure they will understand. Let them know that you are eager to pay off their debt and would request them to be a little co operative. Be patient with them and if the person you are speaking with now doesn't help, seek to speak to a senior (if possible).
_________________
Keep in touch
Carol
beverly
Guest






Subject: judgements
 
Posted on Sat Aug 29, 2009 4:08 pm  

my house is not for sale but i was wondering if i did sale it and i have a judgement against me for non payment of a credit card for 5,000. would they get the money out of my equity? it would not be a short sale.
Guest







 
Posted on Sun Aug 30, 2009 2:23 am  

I'm the person who posted the original question. No, my husband and I have no intention of selling our home. I have since found out that in the state of NY where I live, a home can have a lien attached to it, but we are not forced to sell our home. If and when we do sell the home, the lien would come due..but by then I could have paid off the money owed.

As I stated above..the amount of money is small..and I'm perfectly happy to repay it, but I need payments I can manage. I'm actually thinking that I may just let this all go to court, and allow a judge to determine how much each payment is to be.

I don't understand why this company would be so eager to take this money amount to court, since it is so small. Surely they realize that if they work with me, they'll get their money so much sooner. We're talking a difference of a couple of hundred dollars as a first payment...which is unachievable for me, since we live virtually paycheck to paycheck, having only SSI, partial benefits from workman's compensation, and a job that pays me less than 100 dollars per month.

It's very frustrating. Very.
Shaver
Guest






Subject: 11 yrs ago
 
Posted on Mon Aug 31, 2009 10:08 pm  

I have a credit card company wanting to collect on a 11 yr old account that i believe i paid a settlement to about 5 yrs ago but have not found my proof what can i do

Quick Reply
Your Name
Subject
Message body
 Previous  1, 2, 3, 4, 5, ... 32, 33, 34  Next  
Page 4 of 34

 






Page loaded in 0.071 seconds.