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Niece&Me! | I was approved for a capital one credit card. i maxed it out and it was charged off. well, now im getting? |
calls from a group telling me that they are going to take this to court. can they sue me? the total balance is like $700. im young and stupid but now i dont know what to do. i already asked them if they are legit but they claim they are. the man also said they would take this to my employment. what do i do. i dont even know what my question is here but i guess a t this point, advise is all i can take. Please me honest. |
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bmtxkeller
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Submit a letter to the so-called company that bought your debt asking for any proof they may have that the debt is actually yours (by the way it sounds you know its yours). Either way this will get you the necessary information that way you can make a good decision on if this company is real. They can take you to court but dont really count on it for 700 because they proly bought the debt for a lot less than that. In other words its not worth the time or money. Make sure when you make payment arrangements that they will remove it from your credit report so that it wont carry with you for 7 years. Dont let them fool you by saying they cant take it off, they can take it off and they will if they know they will get paid. |
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SlimMick
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Yes...they can sue....and CapOne has a track record of suing for small dollar amounts....However, you can never tell how any creditor will respond to defaulted debt....$700 isn't much...sometimes they just charge-off the debt and sell the account to a bottom-feeder collection agency that tries to scare you into paying with phony threats to take your firstborn child or to send a SWAT team to your residence to have you arrested.
If anyone alleges that he/she is an attorney or is working for one....request to know the [alleged] attorney's full name and their license # in the state bar association. It is a violation of the Fair Debt Collection Practices Act for debt collectors to pretend to be attorneys.
Make them an offer in writing: start with $300...they might take it. As always: Get all terms in writing PRIOR to paying. NEVER give them your checking account # for payments...they'll raid your checking account if you do. |
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src50
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They can. What did you think would happen? Try to settle with them. |
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pink_elephants_on_parade
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1. Get in contact with Capital One and try to settle with them.
2. They charged it off, which means that they sold it to a debt collection agency.
3. Threatening to take it to your employer is threatening behavior. Keep a log of what they tell you and when. They can, however, take you to court and have your wages garnished, but they have no right to contact your employer directly. |
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rtfm
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Unfortunately, being "young and stupid" doesn't excuse you from your legal obligations. You owe them money. Pay it. If you don't, they'll sue you, they'll take you to court, they'll get a judgment against you, and they may be allowed to garnish your wages. In addition, your credit will be ruined for years (if it's not already).
And once you've paid the bill, please don't apply for any more credit anywhere until you're older and smarter! |
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Doctor Deth
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they can't do anything about garnishing your wages unless they go to court and win - unless you pay it off eventually, it will ruin your credit for years |
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golden rider
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In answer to your question, yes they can sue you, unless the balance is charged off on bankruptcy. I will tell you how to deal with this. Start paying them $5.00 above the minimum payment and call them and ask them when they charge the interest to the account each month. This will ensure that the interest is covered. A lot of people don't know that these credit card companies charge interest on accounts before the statement is sent out and not at the time the payment is due. If you make sure to make the payment early enough you can beat their interest game. This is how they make money. Your payment may be due on like the 4th or 5th of each month, but the interest is added on much earlier, like the 24th or 25th of the previous month, so if you find out from them what date each month that they add the interest to the account and pay before that date, they are cut out on some of the interest. This will save you money on paying off the account and it works on any type of credit account, not just credit cards. Good luck. |
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Credit Guy
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They barely even have to sue you, silly.
They will get a default judgement, and can take the money from your bank account or paycheck.
Why don't you pay them? |
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Bob G
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They can garnishee your wages to recover the debt. They can also settle for a lesser amount. They can also accept some kind of payment plan.
When a credit card company 'charges off' a debt, that doesn't mean the debt goes away. Typically, they sell the debt to a collection agency for whatever they can get. Since the collection agency bought the debt cheaply, they often do settle for a lesser amount, but they usually try to recover as much of the debt as they can.
It's going on your credit report regardless of what you do, although reaching some kind of settlement is going to look better than having your wages garnished or having the debt wind up as permanently unpaid.
If they do garnishee your wages, your employer can't do anything to you because of it (unless you need a security clearance for your job, but your credit report is going to hurt that in any event). They just withdraw a set amount from your paycheck and pay the collection agency. They can deduct a few dollars extra to pay for the administrative cost of the garnishee. There's also laws that set a maximum amount that can be garnisheed from your paycheck so you don't lose your house, starve, etc.
Edit: Watch out for people offering loan consolidation. There might be a valid reason to resort to one of these, but they will result in you paying out more money than if you handle the problem yourself. If your only problem is this one $700 debt, you'd be silly to get a loan consolidation. You're giving them money because you don't have the courage or know-how to deal with the company yourself. |
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DanLynn27
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if you have a job, why wouldn't you at least pay the minimum balance on your credit card? i have a couple of cards (for which i call 'starter costs', for my first computer, etc., etc, not a high balance at all on them) but i ALWAYS pay the minimum balance in full and usually a couple of hundred extra so i can get out of debt in a year.
and you can get fired for not paying your bills and having really bad credit; i know, it happened to a co worker of mine.
why wouldn't you at least pay your minimum balance??!?! and don't blame your credit card company on not sending the bills to you. you can call them for the card minimum balance or go online; that's what i do. i have all my bills electronically sent to me and do all my banking right away online, and i have good credit even though i have that 'starter debt'.
and yes, they can sue you. you are taking out a loan. it's not 'your money'.
why wouldn't you pay the minimum balance at least???
but they do however have rules about how collections agencies are supposed to behave; look them up for your state. they might prove helpful because sometimes the agencies have these headhunter people that will come after you and shake you down if you don't pay. but there are rules they have to follow. |
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v b
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Go to the net, google on something like fair credit act.
There are things debt collectors can do legally.
There are things debt collectors CANNOT do.
Calling your boss and telling him you are a deadbeat is not allowed. Suing you is. (Once they get a judgement, they can put a levy on your bank account.)
Keep in mind if you got a 1099-C for the $700, your lender did write it off their books and they reported to the IRS that they weren't going to collect the money. They aren't supposed to sell the debt to anybody else.
The debt collectors buy bad debt for pennies on the dollar, call and berate you because a lot of people do pay up. |
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Ignacio
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First check out if they are really calling from capital one....and yes they can sue you for the debts...So just pay off your debts ASAP.
If you cant handle it yourself..then you can contact a debt consolidation company like http://ezconsolidaiton.com .They can talk with your creditors on your behalf. |
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Swingline08
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If they get the feeling you won't pay, they'll file a claim against you and if they win they can garnish your wages until the debt is settled. (The judgment might give other payment options, but it won't relieve you of the debt.)
You don't have to pay it all at once, but you do have to pay it. Send them every penny you can right now, today, tell them that you did so and when they can expect the next installment. |
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heide0025
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Because of the new bankruptcy laws it's easy for credit card companies to sue you and garnish your wages. It's more expensive to file bankruptcy and more loops to go through so it makes it easier for a credit card company to sue you and they will. And they can add on any fees they have incurred. So my suggestion to you is call them and work out a payment arrangement. |
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J Y
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Ok, several scary answers, so hopefully I can give you your options and a few facts. First the myth that $700 is to little to sue over is just that a myth. In most areas it would cost less than $50 to file for a judgment of that size. The creditor or creditor's attorney shows up at the courthouse with 20 or 30 filings, so it does not take long to file or show up for the court hearing. Should you get a hearing notice, I recommend showing up and at least telling them you have nothing to offer now, but would like more time. If you just do not show up, the credit could get a default judgment that with go on your credit for 7-10 years depending on your local laws. A judgment is what they then use to obtain a garnishment. Most banks stop at the judgment since that is enough to prevent you in most cases from buying a Car, house and sometimes limits your job opportunities since any place that handles credit, money or peoples finances will think twice about firing you. Sorry, I am not trying to scare you, just give you the facts. I have personally had people that were the best candidate and I could not offer them the job unless they cleared there judgment up. Imagine losing the opportunity to get your dream job over a $700 judgment. It happens. So try to take care of it if you have to. Remember you will be negotiating, so do not be afraid to start low or better yet let them make the first offer and then cut that offer in half. I know you can at very least settle this account in the $300-500 range, depending on the age of the account. The older the account the lower you can go usually. |
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***~***
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Of course they can sue you. And ruin your credit for the rest of your life. Pay up!!! |
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kinkon
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Do you know this business is growing up, you better get a lawyer,only a lawyer will help you, you are not just going to paid that also the cost of interest,and expenses, good luck!
I recommend you start paying them lock the amount before add more interest, |
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