What Is An Unsecured Debt?
Any debt that is not secured by property is an unsecured debt. A personal loan, medical bills and credit card balances are typical unsecured debts. Creditors cannot take property if the debtor does not pay an unsecured debt, unless they sue and the court gives them permission.
Other New Hampshire Collections-Creditors Rights FAQs
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Q:
What Is A Creditor?
A: A creditor is any person or organization to which the debtor owes money that has a finance charge added to the unpaid balance, or is scheduled to be repaid in …
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Q:
What Is A Bill Collector?
A: A bill collector is a third party hired by the creditor to collect the debt. Collection agencies and attorneys who contact the debtor about a debt are bill collectors.
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Q:
What Is A Secured Debt?
A: A debt is secured if the debtor offers the creditor an interest in property to guarantee payment of the debt. A typical secured debt is an automobile loan, or a …
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Q:
Why Use A Collection Agency?
A: Many debtors will pay a collection agency even though they never cooperated with the original creditor. The debtors sometimes realize you are serious or don't want a …
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Collections-Creditors Rights Sub-categories
