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Article by Paul Shipp of Kansas Legal Services
The number of Payday lenders has grown at an oddly rapid rate over the past few decades, mainly in low income areas. Typically these lenders market directly to low income borrowers, notably those on a steady, fixed, and certain income. Borrowers are often at or below the poverty level; many live off only fixed incomes and are elderly or disabled.
Consumer Debt Advice from National Consumer Law Center https://library.nclc.org/stopping-debt-collection-harassment-consumer-debt-advice-nclc
April Kuehnhoff June 25, 2018
Email link to this article
Check out two videos to help you know your rights in debt collection and also how to deal with debt collectors.
The links are here:
Kansas Legal Services Kids2Kin (K2K) Program is legal help for kinship families: Eliminating legal barriers around permanency for kinship families
Serving: Kinship families experiencing hardships with children 0 - 17. Services available statewide.
Your credit score is a tool businesses use to measure your creditworthiness - how likely it is that you will repay a loan. Equifax, Experian and Transunion each compile a report of your credit history to determine your credit score. Occassionally, there will be errors in your credit history that will adversely effect your credit score and your ability to borrow money.
The Fair Debt Collections Practices Act is a federal law that requires collection agencies to stop contacting you if you send them a letter stating that you wish to stop contact. Complete the interview in the link below to create this letter.
Stop Contact Letter Interview
Creditors still have the option of pursuing legal action against you. This will not make your debt go away.
Rule #1: Prioritize Debts Whose Non-Payment Immediately Harms Your Family
Non-payment of certain debts have sudden and dire consequences for your family. Deal with these debts immediately—either pay these debts first or otherwise follow advice here on how to manage these debts.
Never pay smaller, low priority debts just because you cannot keep up with high priority debts—“If I can’t pay my mortgage, at least I will keep up with my credit cards.” This is a bad idea.
Around $20 million has been awarded to organizations in Kansas for programs that are meant to keep families together and children out of foster care.
Included in this funding are programs of Kansas Legal Services, the Kids2Kin kinship navigation program and the Parent Advocacy primary prevention program. Read more about our Kids2Kin program.
Special report from the Center for Responsible Lending, June 2023
The national Center for Responsible Lending (CRL) reports that single-payment and payday installment loans in 31 states drain more than $2.2 billion in fees per year from borrowers whose average incomes are approximately $25,000 a year.
Car-title loans drain more than $700 million annually from borrowers in 17 states.
Together these predatory loans drain almost $3 billion annually from those families who can least afford it.
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