 What would you do if a credit card company sues you? |
| I have recieved a letter from the court that a credit card company sues me and had made a judgement about me. This is the first time that ever happened to me. I dont want to go thru all that messed ... |
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 Im feeling so helpless lately, borderline suicidal...? |
| Im not posting one of those whoa is me type questions but it seems like when it rains it pours - Ive never had just a couple of issues in life it either goes from good to very very bad or vice versa, ... |
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 Does anyone know of any website that you can get a free credit report? |
| no not creditreport.com they say its free but you have to put in your debit card information..and um no..im trying to look for a website that you can actually do it free the first time or something ... |
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 I want to buy a home. I need help!? |
| I need any loop holes to get a loan even with bad credit. My credit score is between 449-508 only a year ago it was 657! What do I do? i need a mortgage loan for $185,000. Help!... |
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 Has anyone heard of the Canadian Loan Group? |
| I was starting a loan file with them and I was curious to see if anyone has worked with this company before.... |
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 Why do people go in debt? where do they spend all there money? |
| is just that im asking because im very young and want to know that how and what takes peoples money i know for sure that i dont go spending money around so why do alot of people end up in debt it s ... |
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 Paying my credit card in full is good or bad? |
I am trying to rebuild my credit. I just got a hsbc secured card and I would like to ask a question.
I found out that my billing cycle is on every 14th of the month.
Lets say I ... |
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 I owe $3000 and I have a detective calling me with threats? |
Is this a real police officer? He sure sounds mean enough.
Can he arrest me? I'm trying to pay but money is tight. I don't want to lose my job.
What should I ask ... |
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 Just paid off my credit card... and I'm looking for new ideas of what to spend my new credit on... any ideas? |
Additional Details
Okay, I wasn't looking for a lecture, common people be creative... I've got $15,000 of money that I didn't even earn!! what should I do?!!!... |
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 Stole my moms credit card.? |
| and bought $47 worth of World of Warcraft gold and im also using it to pay for my World of Warcraft account which is $15 a month....is it really wrong to do that?... |
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 Can you ask to have your APR reduced on your credit card ? |
If your payments are always on time and never late, will a credit card company reduce your APR ?
Additional Details
Thank you to all who answered, for those who did it just for the two ... |
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 About applying for credit cards...? |
| Ok, I just turned 18 and applied for a credit card...and it says that it won't accept because I don't have any credit history??!! Duh I don't since I've never had a credit card ... |
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 Is credit card protection insurance really necessary? |
| I'm talking about the insurance you pay extra for on your credit cards so they would supposedly be paid off for you in the event of your death. I have a friend whose 75 yr. old mother is dying ... |
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Sunshine | I have a credit card (balance was 10,800) that was just turned over to collections....? |
The collection agency is telling me that they/credit card company will liquadate my assets if I can't pay balance in full. I dont have that much money and can't pay it in full.
Does anyone know if they can really liquadate my assets. I was told that they can't but I don't know if I trust that answer.
Help! |
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Cookie Monster!!
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No they can not do that not legally anyways all they can do is threaten you and even thats not totally legal
ok so your choices are either ignore them and have them either take you to court but even that can take months in civil courts so my advice is to put them off as long as possible untill you get summoned or they write it off to another creditor which this is how it works ok so listen up
Creditors Like the major lenders are what we call the face lenders
but then there hundreds to thousands of small collection agency's and what they do is buy off your account for maybe 50% of what it's worth from you creditor and since the bank is a money making establishment they figure half is better than none
so in this case 5,000 dollars so then your main creditors is out of the picture now your deal with a collector or just a smaller creditor
and they will try to get you to pay the whole amount and add interest on top of that so they can make a profit out of you
but the trick is to either negotiate with them or let them sell it off as well
but know as they sell it off the amount you owe actually decreases because of how much the newer collector purchases it for
for example
10,000 was your starting
5,000 is what a new creditor buys it from
2,500 is what a third part collector will purchase it for
and they will also try to collect the full amount so as they can make a 400% cap gain on it
but by then you have the ability to bargen it down to that much because they only payed a small percentage amount of it
but they wont tell you that of course because they are all crooks
so yeah you cant technically avoid them for a long time it just depends on how bad they want to take you to court i mean eventually someone will but by the it will be for only 1/4 of what you owed to begin with
and they can not touch financially
or legally without a court sanctioned ruling and they know that and if they threaten you tape the conversation to use against them in court which knowing how they work they will
so just know be informed of course they are going to threaten you it's there job it's what signing on the dotted line gets you but company's like that are traps into screwing people over
son don't be afraid of them thats what they want just be smart
all it will do is your credit score will take a hit but i mean you can bring that up again so it's not the end of the world
but try to negotiate with them so they will stop the interest and and small payments at first but if they want to play hard you got fight back with them
ok good luck.. |
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Stephanie J
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Assuming you are in the US, THEY can not liquidate your assets. They CAN file suit against you (and for $10K they will), and get a judgement. The judgement gives them the right to garnish your wages (kinda like child support), place a lien on any property you own, get the court to subpeona your financial records and attach your bank accounts, and at worst, have the sheriff sell off your personal property.
Your best bet is to sit down and figure out your finances. How much can you afford to pay them per month? Make them an offer to pay off so much per month, contingent on the amount not accruing interest in the interim. Most creditors would rather do this than go to the trouble and expense of filing suit.
Good luck hun. |
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Stuck in the middle of nowhere
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They are just trying to scare you, offer to make them payments, it is better than nothing. Also ask them to stop the interest if you start making payments. Don't let them scare you, that is their job, it is just some creep sitting there trying to get his quota for the month. |
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Blicka
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No, they can't liquidate your assets.
They can take you to court...and the court can order you to liquidate your assets to pay back the money. |
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biwagirl20
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Stephanie is right.
The Sheriff CAN liquidate your assets throught the courts. Anything you ahve a value can be slod at auction to pay for the judgment. All at your expense. Everything the agency does anything legal with your account, they will ad the costs to you bill.
Studly's list is questionable.
This guy for some reason hates bill collectors, I have no idea why, but after reading a lot of his answers he is putting people as risk by telling them some pretty wrong things.
I agree in getting everything in writing.
Most bill collectors are normal people that will treat you with respect if you do the same to them.
The demand for removal of you account from your credit is NOT always do able. If it has been reported correctly, then the best then can do is report it paid, LEGALLY.
His advice to not pay them is horribly wrong. ALWAYS PAY YOUR DEBT. You have a moral and in most cases a LEGAL obligation to pay your bills and this can and usually will be enforced.
Collection Agencies will not always take settlements. Some work on a commision so if they settle you are taking money out of the collectors pocet, he doesn't not want to part with his money any more than you want to part with yours. It never hurts to ask though. |
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ClayG74
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It depends what country you are in but I think they probably can. Even though a credit card is usually an unsecured loan if you default the creditor still has the right to recover the debt from your assets. However, most credit companies would prefer to arrange a payment scheme or a one off settlement as it is easier for them. If you are in a position to offer them an amount as a full and final settlement they may accept an amount lower than the original debt to settle the account. If you are not they are still likely to accept a reasonable payment plan rather than forcing you to become bankrupt. Do not agree to a plan that you can not stick to though as if you default on the plan the creditor may still force you into bankruptcy. |
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angela
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I've had accounts turned over to collections due to lack of employment. That was a few years ago. Here's what happened to me. Most of them just kept sending stuff in the mail and calling. We quit answering the phone if we didn't recognize the number. One bank filed in court and put a lien on our house. The others never took it to court. The just kept sending stuff in the mail and calling. Every now and then an account would change hands and go from one collection agency to another. After a while they offer to settle for less than you owe. I am in a better financial situation now and have settled a few of the accounts. One guy did get a hold of my husband because he called after 9:00 (They aren't supposed to call after 9:00 p.m. or before 8:00 a.m.) Anyway, my husband set up payments on that one. So, my advice is, if you can send anything, then send it. Even if it's not as much as they want. They aren't likely to refuse it. If you can get in a better situation in a few months or years then settle the account and get out from under the debt. Right now, don't let them scare you. They aren't likely to do anything for quite a while. |
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manufacturingsystems1.com
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There is nothing they can do accept put it on your credit report and harrass you to a point. You can stop the harrasment to a point.
Just tell them when they call that you know they can not take anything from you, all they can do is wait and take whatever you can afford to to give them. |
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Studly
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Stephanie J is absolutely right.
Whether a creditor takes you to court depends on how much you owe, and where the creditor/collection agent is located. They generally will go after you for a $2000 debt, and this is especially true of the collection agent has an office near you.
If you do try to negotiate a settlement, keep these important facts in mind.
1) NEVER believe what the collection agent tells you.
2) Get everything in writing
3) Demand that in exchange for payment, they must delete this from your credit report. They will tell you they can't do it...they are lying. It's done all the time, and you need this because you don't want your credit ruined. Why pay off a debt and still have bad credit?
4) DO NOT pay them a time unless you get all of this in writing. If you pay them anything, you reset the statute of limitations on the debt, giving them much longer to come after you.
5) Collection Agencies will give you a reduced balance. You can get from 30%-50% knocked off if you negotiate. |
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