151

Advice based on USA style system. Do not pay it. Do not talk to the creditor. What you have is old debt. The debt is not still accumulating, it has stopped some years ago, and now, the debt is slowly aging out. After 7 years, it falls off your credit report. After some shorter amount of time, 2-6 years typically, it will become "time-barred" ...


101

Negotiation 101, never be the first to say a number. You tell them you have a $300,000 limit and magically they want $300,000. Alternatively, they may just assume you carry the minimum.


79

After 8 years, you should have a fundamental understanding that things will not change with this ex-boyfriend. He may not be found, and even if he is, he will not pay any portion. Dragging him through some legal process will cause you to spend money and emotional capital for something that will yield no result. It is a complete waste of time. So really ...


57

It isn't just GEICO that tells you this, every US car insurance company instructs their customers to not mention the amount of coverage. Your job is not to negotiate. Your job is to collect the specified information and to hand the claim process over to the insurance company. That is also why they tell you not to admit fault. When you start discussing the ...


15

Joint and several liability means they will go for the person that has the most assets or is easier to trace. It would appear that you are way past the statute of limitations for most states (e.g. six years for New York) and unless you make any agreement with a debit collector, which starts the timeline again from that date, they shouldn't be able to pursue ...


15

Generally I think you will find that financial institutions and other businesses are well aware that people sometimes set up limited companies with the intention, if things go bad, of walking away and leaving them to eat the losses. You may find that anyone you deal with will require a director to provide a personal guarantee.


14

The limits of your coverage are completely irrelevant to anything you might do in a situation where your liability coverage is in play. More directly, there is nothing at all for you to gain from providing this information. Another way to look at the question is "why would you want to reveal this information?". There probably isn't much downside to it for ...


12

This article has a section titled "Do you need an umbrella policy to cover your personal liability risks?" that says: If you have young children, for example, you might need a policy because they have lots of friends. These little tikes might get into some mischief and hurt themselves at your home. If so, you’re at risk of being sued. Do you ...


11

The two questions inherent in any decision to purchase an insurance plan is, "how likely am I to need it?", and "what's the worst case scenario if I don't have it?". The actuary that works for the insurance company is asking these same questions from the other end (with the second question thus being "what would we be expected to have to pay out for a claim")...


11

This depends on your definitions of assets and liabilities. The word "asset" has a fairly straight forward definition. Generally speaking, an asset in finance is something that you own/control that has economic value. The asset has value because it is generating income for you or because you expect that it will be worth something to someone in the future. ...


8

From Wikipedia: If a company with limited liability is sued, then the claimants are suing the company, not its owners or investors. A shareholder in a limited company is not personally liable for any of the debts of the company, other than for the value of their investment in that company. Summarized, no, if you buy stock from the regular stock ...


8

As an ordinary shareholder, yes you are protected from recourse by the debtors. The maximum amount you can lose is the amount you spent on the shares. The rules might change if you are an officer of the company and fraud is alleged, but ordinary stockholders are quite well protected. Why are you worried about this?


7

It is simply the first line of defense against a claim. In theory, the assets don't have anything to do with it. In a perfect world, the court would decide that you had caused X amount of harm to the other party without knowing the amount of your insurance coverage or your overall assets. However, in the real world, people do have some idea of your overall ...


7

I had a similar problem -just the reverse- and had to go down to the DMV office to straighten everything out. They should be able to tell you what needs to be done. I wouldn't try and handle it over the phone or electronically.


7

3-D Secure (Verified by Visa and MasterCard SecureCode) is a mechanism primarily to protect the merchant, not the consumer. It is voluntary for the merchants, and many online merchants don't use it. So if you are a criminal with stolen credit card information, you can still use the card number without the 3-D Secure password, you just need to select a ...


6

You can be sued if some random stranger that you never had any interaction with gets in an accident. There is really no barrier to people suing you if they get it in their head that they want to. Winning that lawsuit is another matter entirely. Whether you would be held liable and lose the lawsuit depends on whether someone can convince a court that you ...


6

For the purpose of personal finance, treating $500 as Interest Expense is sufficient. For business accounting, it involves making the $500 a contra-liability and amortizing it as interest expense over the course of life of the loan.


5

Your assets are totally protected, up to the point where the damage exceeds the insurance limit. For example, say you have an insurance for $1,000,000 and assets of $500,000. Damage = $990,000 - Insurance pays all. Damage = $1,000,000 - Insurance pays all. Damage = $1,010,000 - Insurance pays a million, they come after you for $10,000. Damage = $1,700,...


5

In my state (in US), once the lawyers get involved, the parties involved are legally required to release insurance coverage info upon formal request. Further, if it goes to trial, the jury is not allowed to know the amount of insurance.


5

If you know how much money is available, you could be more willing to spend it. You might accept an expensive optional test that you would have skipped if you were paying for it. There's no upside to the other party knowing how much insurance you have. It's only going to lead to higher costs.


5

All forms of insurance create perverse incentives to bill for as much as possible instead of competing on price. That's why auto glass repair shops often advertise that they will give you cash back if your insurance covers the repair. They bill so much more than their actual cost that they can afford to give you $100 cash and still turn a profit. This is ...


5

I don't know anything about UK law but even if you can get away with this (and I doubt that), this is a terrible idea. Your game plan at this point consists of how to lose all of the money that you fund your account with but avoid paying the broker for additional losses. Reality check? Margin is tightly regulated by brokers and except in the most unusual ...


5

Yes it's an asset. No it's not a tangible asset. You also likely won't be able to calculate a reasonable price for a specific credit score. It's an asset as much as an idea you have. Mostly negligible in value unless/until you can figure out what to do with it. Edit: as per JoeTaxpayer's comment: It's an asset that provides value passively and could save ...


4

You only need umbrella policy for large amounts of liability protection (I think they usually start with $1M). So if you don't have and don't expect to have assets at such a high value - why would you need the insurance? Your homeowners/renters/car/travel insurance should be enough, and you still need to have those for umbrella since its on top of the ...


4

If you are looking for high limits of liability, the product you're looking for is a personal umbrella policy. A personal umbrella policy is good for anyone with a low risk tolerance or high risk of being targeted in a lawsuit (e.g. high-net-worth individuals). They're pretty cheap because the risk of exceeding the underlying policy's limits (your chief ...


4

While it's not important which citizenship you have, it is very relevant to know your type of permit in Switzerland. Unless you have a C permit (aka residence in the sense of the Swiss laws) or are married to another Swiss resident, you will be taxed at source as long as your income is below CHF 120.000 per year. You can find more information on this tax ...


4

You can follow these instructions at the California DMV page and transfer the title. Depending on whether you and your sister are titled with AND/OR, you may need her signature to transfer ownership to yourself only. There is a $15 fee and the car needs to be able to pass emissions, etc. This is the exact same process as you would go through to sell the car ...


4

More importantly, does that make me liable for the debt on that credit account as far as credit card company is concerned? No. New York is not a community property state. Each spouse's assets and debts are their own. Authorized users are not liable for payments. It may still affect your credit. And it may become your debt on divorce if that's what a judge ...


4

One is not "better" than the other. They measure different things. Debt is a measure of how a company is financed, and how solvent they are (how many assets they have that could be used to pay off debt). Total liabilities include non-"debt" liabilities like receivables and long-term lease obligations, which are more on an operational measure (how much a ...


4

Most people in the United States have liability insurance through their automobile policy and their homeowners policy. If they don't own a home, they should have renters insurance. If these types of policies don't cover all the liability situations then those same insurance companies usually offer some sort of umbrella policy. That is where I would start ...


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