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1.
Payday loans are so called because you are obligated to pay them back when you receive a paycheck from your job.
True. Payday loans are a means of getting fast cash, which you must pay back on your payday. Hefty fees are taken out.
2.
When negotiating with a lender about overdue mortgage payments, the lender may offer you several options to help you avoid foreclosure, including _______.
Rewriting the loan. Many lenders would rather take steps such as rewriting the terms of the loan than foreclosing on the loan.
3.
Which of the following is true regarding an essential debt?
Payment cannot be put off long without serious consequences. The consequences for delayed payment of non-essential debts are not as severe.
4.
One of the few exceptions to the rule that a creditor must sue to get a court judgment to seize funds from your bank account or place a lien on your property is the _______.
IRS. Federal law allows the IRS to seize the contents of your bank accounts and place a lien on your house for back taxes without getting a court judgment first.
5.
What collection efforts are available to a creditor that obtains a court judgment against you?
The creditor can take steps to garnish your wages and seize assets, such as bank accounts. The creditor can also file a lien against any real estate you own.