 What does it mean when it says " charge off account" on your credit report? |
| I was looking up my credit report and under a credit card it says the account was charged off.... what does that mean??... |
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 Credit Question? |
| I recently turned 20 and have been living on my own for the past year. I currently carry around $5,000 in credit card debt on 3 cards. I'm having a bout of bad luck as I lost my job about 2 ... |
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 Can i sue someone for my down payment if they got my car repossessed, and they were a co-signer? |
Additional Details
I was out of work and the cosigner told the dealer they were going to make the payment for that month and they didnt...I didnt hurt anyone's credit because it ... |
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 A question about depositing money in the bank? |
okay i have a bank account at chase bank
if i want to deposit 100$ cash can i do it at an atm machine, ordo i have to do it inside the bank??
and how long will it take before i can ... |
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 How to get my money back? |
| i joined the bally total fitness with a friend like a couple months ago. he doesn't have a bank account so i co-sign for him. the total amount of his and my member ship is $4068. couple months ... |
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| Defaulting on a car loan? |
| I have a car loan that i am struggling to pay and am considering Cancelling the Direct debit. i have checked all other options and this seems to be the only way to free up some spare cash. the loan ... |
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 How can I improve my credit score quickly? |
I have a 479 credit score. It sucks. I can't do anything I want with my life to really improve a lot of things. How can I improve this quickly?
Additional Details
Oh, I am 26 yrs. ... |
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 I'm upside down with my car for $7000 what to do....???? |
| I bought a brand new car a year ago. My car payment is almost $500. I will like to trade in for another car that worth this payment but my payoff is $20,000 and the trade in value is $13,000. So I�... |
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 Rental car holds!!? |
| Do all rental companies put a hold on credit cards when renting? I tried Thrifty when I was out in LA and they where going to put a $400 hold on my card, I cancelled it 'cuz I needed the money ... |
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 Will a foreclosure effect your credit rating worse than bankruptcy? |
| We are filing for bankruptcy and will lose the house one way or another. If the foreclosure goes through, we can live in the home rent-free for perhaps up to 10 months. Or we can try to do one of ... |
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 Cosgined for my sisters engagement ring? |
| My sisters BF bought her an engagaement ring in October. He doesnt own a credit card so he has no credit history, good or bad. He opened an account with the jeweler and I ended up cosigning with him. ... |
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| What is the deal with these online advance payday loans? |
The bills aren't added up right and i need some extra cash for my shots for LPN school.
My question is: Do these things work and how? Do they go off credit? How do they determine how much ... |
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 How do I get on welfare.? |
| My mom thinks that I've been working enough now and I do too. I'm looking to take some time off for a while from work and get some relaxing time in. I need something to cover our mortgage,... |
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 Why are people getting in over their heads regarding credit cards? |
if you cannot pay it with cash now, do not buy it now. you are only hurting yourself by charging something you cannot afford.
Additional Details
interesting how many responders look to ... |
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El Dorado | Are you sure creditors can not do anything to you ?, ref. to answer by Wilfred? |
Surely they can take court action, use collection agencies or threaten to send bailiffs to seize your assets, etc. |
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pollywallydoodle
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As I have said before you only get creditor protection if you are in an iva or if you are bankrupt and if the poster who said you have to be in 15000 worth of debt to go bankrupt is reading I suggest you get your facts right first and dont be so abusive also it is not £450 to go bankrupt total at the court is £485 again get your facts right.
No disrespect to the asker not related to you but just so annoyed that people accept answers they want to be right rather than the ones that are. |
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domme me
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yes they can
If it is worth their time, and they are reasonably sure of getting the cash back, a creditor can go.....
county court -> collection agency -> bailiff |
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S Csparky
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they surely can..!! |
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Sal*UK
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Of course they can. |
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Micheal M
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Creditors can try to very hard to harass and annoy you so much that you think it would be easier to just pay them, but you can always be hard to find, and make your money hard to find as well. |
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Sugar and Spice ♥♀
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They can indeed do all that. If you're having debt problems go to a debt management company and they'll help you get sorted.
Once the bailiffs start turning up you'll have their fees to pay too and you'll be in even more debt. |
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jed slade
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depends on the creditor,some loan people cannot afford for everyone to say i,m not paying and get away with it.everyone would then do it for the easy money.so yes ,they can do something to you,but nothing legal,apart from the bailiffs.but what would you do.ok if you survive the pain. |
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alatoruk
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or they can send big tony round to have a word |
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Nathan
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Creditors will try very hard to get their money back.
You haven't said who you owe, or how much.
Firstly, it is not illegal to owe money, but it may be illegal how you came to borrow it in the first place, i.e. fraud.
A few white lies on your application won't mean anything, but blatant fraud could be prosecutable.
Not sure what country you are in , so hard to be precise here, but here are some ideas for you.
Ignore all requests for payment, do not answer any letters and after a couple of years it will go away. However, you may have to avoid baillifs, and will certainly endure nerve wracking letters. If it is a substantial amount or secured on property, you will most likely be taken to court.
The court will not want to take your property, but will only listen to reasonable offers of repayment.
The other thing, apart from moving home, is to play them around.
Although you will be led to believe otherwise, they cannot refuse an offer of repayment, but they can dispute the amount.
You could write to them explaining your current circumstances and then offer them, say, 1 pound per week/ month whatever. They are unlikely to accept, but you have made an offer, you have not refused to pay.
But they will have to take you to court to where the court will look at your circumstances and decide on the minimum amount.
You are actually playing a game with the amount you owe over the amount of cost and trouble they are prepared to go to , to get their money back.
Usually you will get their letters, then debt collection agency letters, then you will be referred by the debt collection agency BACK to your creditors!
Its all a game. If it's an unsecured amount of less than 5000,
and you simply cant pay it back, then i would totally ignore all requests for payment. The worst they can do, unsecured, is make you bankrupt. I think in the uk now, that simply lasts for one year! |
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funksoulfx
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No. I know this question because someone I know is in a similar situation. I've also heard this from a phone call on a debt line - (Rather not name who's involved, Sorry.)
They can try take you to court, and they will probably say it at one point or another, but no, they won't get anywhere by it.
The least you can do is write formal letters explaining your situation and bartering with them on the most you can offer. They will have no choice to accept.
IMPORTANT - bayliffs (becareful here) can, probably won't but can come to your door, open your window and see first. DO NOT OPEN THE DOOR, once their foot is inside, they are legally allowed back in, whether it means through the back door, front door, upstairs windows, etc etc to get whatever they want.
As silly as all this sounds, it is 100% true. Yet again I'm sorry I can't mention who is debt.
- Offer them the most you can, explained in a formal letter.
- Do not open the door to baylifs
- Shouldn't have anymore problems
The next alternative is to move home if things like mortage or other bills increase. Selling and moving further north or west (if you're south) otherwise you could always move abroad.
(Six bedroom homes in spain = £28k)
Hope this helped. Just be careful out there
FX |
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