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i have a 601 credit score is it bad or good
Additional Details
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long story short, i got a credit card through a store several years ago and it went to collections
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Man in Debt | I owe $100,000.00 on 22 credit cards. However, I can't afford to pay them. What legally can they do to me? |
I know they can sue me in civil court and get a judgement against me for the owed amount plus other fees. I wouldn't even be able to pay the judgements! Will the judgement cause me to have my wages garnished?
I owe 22 credit card companies over $100,000 and am only paying them $1.00 month. Sounds crazy but thats all I can afford. Please let me know. Thanks in advance! |
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Ymmo the Heathen
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While you still have your computer and internet, go to e-bay and sell off all the things that you have, so you can repay your debts.
After they sue you, they will take away everything you own - car, house, computer and everything that you own and haven't paid for yet. |
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Studly
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For starters, ignore advice like Butterfly's about paying, and they can't do anything to you. That is a fairy tail! And you are totally messing up by paying $1 a month for two reasons.
1) It is not a reasonable payment, and will do nothing to stop late fees or prevent them from taking legal action.
2) Every time you make a payment, it extends the statute of limitations. The SOL begins from the day of the last transaction. If you can't make a serious payment, DON'T PAY ANYTHING AT ALL!
And you can expect to get lots of people preaching at you about your debt...ignore them. I don't know (or care) how you got into this position, but many people fall on hard times due to reasons beyond their control. People will still call you a deadbeat. Their time will come some day.
As for what to do, I can't help you there. You don't give your financial info or situation. Bankruptcy is definately going to be one road to take, but if you have a lot of income and property it could be a problem.
Don't worry about the effect of a bankruptcy on your credit reports....it's already trashed! What do you think a lender will do when he sees 22 delinquent credit cards, judgments, charge-offs and garnishments? You really think a bankruptcy report will hurt you more? |
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bige1083
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Like you said: They can sue you in civil court and get a judgment against you. After that, they can possibly garnish your wages and attach your property (including bank accounts), insofar as there are no exemptions protecting your property. Exemptions depend on the state that you live in.
Are your creditors accepting your payments? If so, you may be able to raise an estoppel defense ("they modified the contract by accepting lower monthly payments") to any lawsuit they may file - but you must consult with a lawyer on that. Sometimes, the contract has a provision protecting creditors against this, and sometimes it doesn't.
Other things they can do:
They can also hound you on the phone and through the mail - and the original creditor can do this all they want.
They can sell your debts to other parties or hire a collector to pursue the debt.
If the debt has been sold to another party, or the debt is being collected by someone else for the original creditor, there are some limitations as to what they can do. The federal Fair Debt Collection Practices Act (FDCPA) governs this. See the link below for more information on it. |
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à®â™¥Julian'sMommy♥à®
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As long as you pay something they can't do anything to you but if worse comes to worse file for bankruptcy |
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Caesar
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It's people like you that cause all of the honest people to pay higher credit card interest. Apparently you have a car and put expensive gasoline in it in order to go shopping and making these purchases but now you say you can only pay $1.00 a month.
My suggestion is go out and get another job or two and take care of your responsibilities. I have NO sympathy for you.....You're a real looser. |
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scotttorrez
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Sleep in the bed that you make. I hate the card companies too, but come on....maybe save money by not being on the net and hock that computer. Quit living beyond your means! |
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oompa
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Thats insane. How did you get approved for over 100,000 in credit limit if only able to pay 22$ a month on them?
What can they do? Try being unable to get a auto loan, mortgage or credit card, cell phone, apartment for the next 7 years. Your credit is probably already toast.
Tap the equity in your house and get a 1% loan so you wont default on that either.
Or just file bankruptcy. It costs fifty bucks. |
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DaMan
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Good lawd. That must have been a helluva good time you had with those cards.
I could buy a house in the South with that kind of debt. |
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chilover
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It looks like at this point, you need to file bankruptcy...you owe so much that you won't be able to buy anything for a LONG time and with bank. you will in 7 years. yes, they will garnish wages, keep income taxes, etc. with the overlimit fees, late fees (only paying 1.00 month..you are probably getting those) , etc..you are getting further and further in debt..bankrutpcy is your best option.. |
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bryan l
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studly said it correct, your best bet is to talk to a bankrupcy attorney... you are in too much hot water now. It best to do that. |
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DogLover
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There are a number of wonderful credit counseling programs that work with your creditors to reduce payments and help you out. Call one NOW. I used Genus Credit Management, and I have also heard of care credit. |
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INACTIVE
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Yes, those credit card companies will usually hound you for 90 days and then turn you to collections. The collection agencies will hound you for payments for what feels like forever and then turn you over for judgements and yes, your wages will be garnished, or you will be forced to bankruptcy and that could cause you to lose home, car, and reputation. There are bankruptcy laws that will show whether or not you qualify. If you have previously filed bankruptcy, you would end up in jail because you can only file once within ten years. When a creditor gets a judgement against you for garnishing wages, they can get 25% of your income until the debt is paid. Your question is a legal one and should be in the hands of a competant and experienced lawyer, not in the hands of the yahoos on Yahoo. |
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sailortinkitty
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They can take you to court,.. reposses anything you bought with the Credit Cards, take anything else they think will help pay off the credit cards (includeing family herlooms), and then Garnish you,.. even if your on disablity.
They will likely say if you want to settle things out of court you have to pay a certain ammount to each of the credit cards that is the minium they will accept (which could be something like 200 dollars a month per card >.< ).
They can screw with child support some how because they are heartless jerks (the places that collect when Credit Card companies don't get paid fast enough) and the government sucks right now,... giving them all this new garbage to screw you over more.
You may want to look into declearing Bankruptcy or something else (cost about $1k). |
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Lara <:(((><
 |
FIRST GET REED OF THE CREDIT CARDS CUT THEM UP AND THROW THEM OUT.
GO TO YOUR BANK AND SIT DOWN WITH THEM SEE IF THEY CAN GIVE YOU A LOAN TO PAY OUT ALL THE CREDIT CARDS SO YOU WILL HAVE ONLY ONE PAYMENT TO MAKE IN STEAD OF 22, AND AT A LOWER INTEREST RATE, AND IF ALL ELSE FAILS, THEN IF YOU LIVE IN US OR CANADA, GO SEE A TRUSTEE AND CLAM BANKRUPTCY. |
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ravi C
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any type of credit cards..
u can get easy now ..... |
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eldorado
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Firstly, let me say there are people who do this type of thing for kicks or to better themselves financially
(small percentage) however there are also people who are genuine it is not my position to judge or name call anyone this only throws more heartache into the situation. I understand your situation and I also understand that since the 1st of January 2011 the Australian Federal Government have introduced NEW rules to lending that was supposed to make banks more responsible of which in many cases is causing heart ache as people just get loans approved anymore like they used too in 2010 and before.Ask any bank and they will tell you the new lending Policy is causing a nightmare in the Real Estate Industry thank you "Gillard" just another cross for all of us to bear. The Australian people really dont have a clue until they try and obtain a loan and are met with the new policies. My advice to you as I am going through a simalar situation is negotiate out of court talk to your lender and try to tie everything up together into one payment depending on how strong you are in assets sometimes this can work for you.
Its so easy to sling rubbish at people who happen to fall into hard times, with out knowing you personally I will say chin up, communicate with your lenders ask them for their advice and dont listen to idiots who want to label you when they really dont understand your circumstances. Your not alone in this there are thousands of people in the same boat and I am one of them. |
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