Can a $50 thousand student loan wipe out because of his mental illness without thoroughly checking?
if, in theory, his doctor agrees & fills out TPD paperwork the TPD only applies to federal student loans here is the process TPD application is evaluated including a review of medical evidence if approved, the loan is held for 3 years if that person works during those 3 years, then he owes the loan if the person is not able to work & does not work for those 3 years, then it is discharged when it is discharged the person receives a tax notice (1099-C) and has to pay taxes on the amount of money discharged similarly to it being income so, if is he successful in getting TPD waiver & if the balance is $50,000 at the time of discharge, then he will have to pay taxes on that $50,000 my bf mom has ESRD, COPD, Congestive Heart Failure, A-Fib & a whole bunch of other health problems. She had taken out student loans in the late 80s to be a nurse. She worked & made minimum payments. 5 years ago she became too sick to work & won her SSDI case. 3 years ago she filed for TPD & was approved. They have held her loan & have sent notice that it will be discharged in Dec of this year & at that time she will be sent the form that she must file with the IRS & pay taxes on the waived amount of student loans she will have to make payment arrangement for the IRS payments & the amount she will owe in taxes will be @ $6.500 on @ $28,000 in discharge Your friend will be paying at least $10,000 in taxes when/if this is TPD if they can prove he was disabled at the time he took out the loans... especially if the medical evidence indicates a disability start date earlier than the loans or if he was on any form of disability support.... then he will be denied & must pay the loans without any form of relief it is VERY HARD to get approved for TPD... the medical evidence must overwhelmingly prove that he is Totally & Permanently Disabled if he is on unemployment, then he has certified himself as able-to-work.... either he will be charged with welfare fraud & have to refund all unemployment benefits and/or he will denied TPD more info here: http://www.disabilitydischarge.com/TPD-1...
Does the Social Security Administration monitor your bank account if you have Social Security Disability Insurance Income?
SSDI - Not unless you owe the Federal Govt. money, such as taxes or student loans, also child support obligations.SSI - Yes. There is an agreement with the state, although you won’t find it even if you look, that if you receive Medicaid or Food Stamps, they can look into your bank accounts. This is besides the SSI, but can’t be garnished.You also have limits on SSI on your asset values, it varies by state, but most states the limit is $2,000 held in a bank account, especially if you use Medicaid or Food Stamps. SSDI = no limits.But don’t be fooled with SSI. States have something called “Medicaid Estate Recovery Program (MERP)”, please Google. This is essentially a state-run, full-time collection agency looking for you to abuse a state program. They can and do look at your bank accounts.I had Medicaid and Food Stamps. My DHS worker messed up my Food Stamp amount. 3 years later, I got called in to a DHS office, but it wasn’t them, it was the MERP jerks, threatening to have me arrested for over-payment of Food Stamps. It was DHS’s fault, but they do not care, at all. They are a bully collection agency approved by the govt. and they do whatever they want, inc. the ability to see your bank accounts.
Can a bank freeze the account of a representative payee who receives disability payments for someone disabled?
No. If the account is properly set-up, it is not your account, it is the disabled person's account and you simply are its representative payee. You probably should check with your bank to ensure that it was properly set-up. Dee - why do you blame Obama for everything- the Federal Government has ALWAYS had the right to seize money owed to them after 10 years. Nothing has changed. Any why shouldn't they - if you have owed a debt for 10 years without paying it is time you paid up. Why is it so many people with disabilities think they are above the law? A representative payee account when properly set up is not at risk if the representative payee gets into financial trouble. That is why the SSA is so specific about how these accounts should be set-up. They are NOT joint accounts.
What happens to a loan if the payee dies?
All answers are wrong so far. The "payee" is the person who gets paid the money, not the person who owes the debt (that would be the "payor"). The estate of the decedent wouldn't pay anything, since the person who owes the money is still alive; he just owes it to an estate now rather than to a person. Nothing else changes.
What does "NSP" stand for in a bank statement?
I think NSP means Non Standard Payee.Standard Payee is a Payee created by the Bank. For example, the Utility Company likes Telecom Companies like AIRTEL, Hutch, Reliance, Tata Teleservices,, Electricity Supply Company Gas Services Co., LIC, etc. In case of Standard Payees, the user may simply select the details from the list provided by Bank.Non-Standard payee is a payee who is specific payee to the user viz. payment to landlord, payment to any person etc. which the user wants to make either instantly or over a period of time and has got account with any of the CBS branch of same Bank.Add a Standard Payee:A Retail/Corporate user can add a standard payee to his Personal Payee list by clicking on Search on the screen, from a list of standard payees meeting the search criteria. User can click on the payee nickname to select Standard Payee Name to add the payee in his personal payee list.The user can specify his consumer code (consumer code is the link between the user and the Payee example, phone no. for the telecom company payee) and add the standard payee in his personal payee list.On clicking the hyper link, the user can view the payee registration details. Update and Delete facilities is provided on the same screen which is required to be used for adding or deleting any details.The above procedure for adding payee is different for different banks.(Steps will be different).
My car was stolen and I still owe money .what are the requirements for another vehicle?
If you still owe on the vehicle, and the lien holder is not some friend but a bank or loan company, chances are they have required you to carry full coverage and name them as loss payee. Therefore, get a copy of the police report and notify the insurance of the theft. Once they finish their investigation, which will generally take 30 days at least, if they determine it's unlikely the vehicle will be recovered they will send a check for fair market value at the time of loss, minus any deductible amount you chose, to the lender. If there is a balance remaining after that, you will continue to pay. If there is more than the balance you will get a refund. As to a replacement vehicle, that will be up to you, no one will put any requirements on that. Find and buy whatever pleases you, same as you did with the one stolen. Of course, continue to make any payments when due until it reaches a conclusion one way or the other. Also, if you signed up for GAP coverage at the beginning of the loan, any left over balance would be paid off in that case. Also, during the investigation they will look at you. They will see if you were in financial distress, perhaps missing payments and will look to see if you by chance 'arranged' for the car to vanish. Don't let it upset you, it's part of what they do.
If someone owes you money, can you sue them?
It s been a year since I ve lent someone money. He/she promised to pay it back, but now, he s/she s saying that he/she has no memories of borrowing money from me and pretending now to know anything. What can I do? I ve tried talking many times, but it won t work. Can I sucessfully sue and get my money back?
Can disabled people have a bank account?
It is a "load of crock" she's giving you - or she is just ignorant. The majority of people getting social security or ssi disability have bank accounts simply because social security stopped issuing checks to new beneficiaries a year or so ago and as of March, 2013 no one will receive a check. If a person doesn't have a bank account then they will have to get a debit card where the benefit will be loaded onto each month. If you are getting social security benefits it is immaterial how much money you have in the bank - you could have a million dollars and still be entitled to benefits because social security is an "earned" benefit. However, if you are instead entitled to SSI (Supplemental Security Income) which is the federal welfare program you are limited to resources under $2000. If money in the bank is $2000 or more then you would no longer be entitled to SSI benefits. If she is your payee the account should be set up as follows: (Her name) for (your name) OR (Her name) on behalf of (your name). That identifies the account as yours but shows that only she has access to it. If the account is set up in any other way it is incorrect. If she is your payee a joint account is unacceptable by Social Security (Her name) and (your name) because, legally, the money belongs to you both and when there is a payee that is not correct. The money isn't the payee's money. A legal guardian must set up the account (Name of guardian) GDN of (your name).
What happens to the car loan if the applicant passes away?
It depends.Usually banks require an term insurance for the amount of loan taken. In such case if the applicant leaves this world, the bank would claim the insurance and the family would get the car, without the need to repay the pending loan account.Public sector banks like SBI are more stringent in adhering to these than private banks. Find out from the bank if the applicant's loan has been insured. If they say no, you can ask why this process has not been followed. There might be a small chance that it could have been an overlook from the banks side, in which case you have a point to contest with the bank.