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LoveMuffins | What happens if a check I bounce a check and it gets sent to collections? |
how does it effect my credit? |
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fstopf4
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If it goes to collections your credit will suffer. You will need a co-signer to pay cash. Make the check good quick. |
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akristel2003
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It affects your credit negatively. It will stay on your credit report until you pay it off and then it has to wait a number of years. |
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wizjp
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major negative. Bounced and a collection account. |
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♥shadow♥box♥
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absolutely. you have to pay the amount of the check, plus the return check fee (usually $15-$30 dollars) and now that it has gone to collection i'm sure there's some sort of interest charge. get rid of your checks until you can manage things better (this is experience speaking). |
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buttlerfly fly
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it does not go to your credit, it gets sent to court and you could go to jail. Also, you checks gets into a database to where if you write a check again it will be blocked and no store will accept it. I recommend you pay your fees and move on. |
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Cameron C
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Anything sent to collections effects your credit. |
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Double A
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You end up paying $65 for a pizza. |
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Crazy cat lady >^ ^<
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Lol thats right you pay $ 65.00 for a pizza..Please pay the bounced check fee it will haunt you in many ways |
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VirtualElvis
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It usually doesn't if you explain the bounced check before it goes to collections. Next time, be proactive and try to get it before it goes into a collection agency. Now that the agency has it, you will get a ding on your credit report. So, the best action now is to be prepared to pay it and define terms for your payment with the agency that the ding should be removed. Get the terms in writing. |
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ed
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If the check is tendered at the very time a service is performed or merchandise is delivered, that is a HOT CHECK.
It can be turned over to the DA for collection. A few days are given to cover the check.
The receiver will charge their bank fees related to the check.
If the amount is over $50 and not paid, a warrant for arrest is issued. That amount is a felony.
Extra charges are imposed plus fines.
If a check is issued as payment on account, that cannot be considered a hot check by the DA.
It is considered a "Promissory Note".
You credit may be affected, future checks may be refused. |
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purple_butterflyuk
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i'm not sure what your asking. if it's a bill and you've defaulted payment for two months and it gets sent to a debt collection, it will affect your credit in that it will go on your credit file. If you pay it though, the record will show that you have had problems and have paid. it will not affect you as severely as say a court judgement. |
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QueenKoopa
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oh yes...and u will be charged nsf charges..probably of 36.50$ x 2 |
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hesmycorky4life
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If you bounce a check-and pay off the fee and the check soon, like within a day-it shouldn't affect your credit. However, the longer you put it off-the worse. The bank will charge a daily over-draft fee PLUS what you owe. And many institutions may be angered because their payment will be canceled because of insufficient funds.
So, for example, say you owe $50.00 for a phone bill. You write a check, and it bounces. It takes you three days to notice/pay it back. (You should get an overdraft notice in the mail from your bank, though). Say your bank charges $3.50 a day for overdraft fee's. You would pay $10.50 in fees in addition to the $50.00. So $60.50 all in all. This does not include any return check fees from companies/businesses.
Like, for example, Wal-Mart- if you bounce a check they charge you $25.00. So if you bought some $5.00 thing, you would be paying, $5.00 for your purchase, $3.50 overdraft from your bank, and $25.00 from Wal-mart for writing a bad check-- all in all that magazine and candy bar costed you $33.50.
Nevertheless, the more "bad" checks you write the worse your credit gets. If you can't afford to fix your boo-boo right away, talk to your bank, Its better than making an excuse at the last minute, "I can't pay it!." They will often take off the daily over-draft fee ($3.50) and allow you a certain time to pay your overdraft before they send it to collections.
If something gets sent to collections, it ruins your credit, and if you don't pay it- they keep calling and billing you. Depending on your state, they can summons you to court for payment.
For Wisconsin, if you write a bad check over $250.00 its considered a misdemeanor. Still bad because it goes on your record. Ontop of your over-draft you can get a court fee and a fine.
Writing bad checks even if it isn't on purpose can be taken just as bad as writing a check from someone elses account (bit diff tho) or writing a check out of a closed account.
Just talk to your bank, express your concern. If this is a first thing for you-they will be more lenient. But don't blow it off-because bad credit can prevent you from getting a loan, car or house someday.
Good Luck.
Hope I helped.
I'm here 24/7 if you need me. Hesmycorky4life@sbcglobal.net
-Jen |
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Hoping for a miricle! =)
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you must pay the amount of the check and now the return check fee which is normally $25-$30 and now that you say its in collections you much pay a collection fee unless you make an angreement that you will pay it off in full within 7-10days. If not they can take you to court and demand the money and get it that way, and than you will have to pay court fee as well. And once something goes into collections its on your credit score and its there for 7-10years noramlly just 7years... I know it sucks and is unfair at times. |
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nicholas_mommy420
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Things like that stay on your credit for up to seven years even if you pay them off right away, or at least that is what happens in new york state, good luck |
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JB
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Pay it, or work out payments, and you won't have to worry about it. You will not go to jail. If the collections agency sues you, then they will win a judgement against you, so they will garnish your wages. |
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Jen
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If you bounce a check, it's not a good thing. It depends on how many times your checks have bounced. My experience with it, is that the bank charges you a fee, you are then responsible for paying for whatever the check was for. It won't go to collections, you are usually given 30 to 60 days grace period to get whatever needs to be paid off, paid. Watch out for whatever it is that you were paying for when your check bounced, because that company may have late fees. I would talk to your bank, the representatives are pretty good at walking you through what you need to do. =) Good luck! Just be sure you get it paid off soon, and the sooner the better, it won't affect your credit as bad as it would be to never pay it. |
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neolight30
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they will give you a ten day periode to pay it back then i don't know what happens |
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claudiacake
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I ran a business for a number of years. When I got a customer's returned check, I contacted them, in writing, to give them a chance to rectify it. If they would not, I would turn them over to a collection agency I used. If the check was over $300.00 I would bypass the collection agency, and turn it over to the DA for prosecution of theft by check. I never bothered reporting to a credit bureau. Most companies who report are those who offer revolving credit or credit cards. |
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mlk682
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It effects your credit report by showing up as a collection. If you pay it quick enough it may never get reported.If you leave it you have other issues. If the check was large enough you could be charged with a crime. You also may get in trouble with your bank and chek systems. As long as you have that bad chek out there reported in chek systems you may not be able to write any more cheks. Good luck...Been there |
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krvawt88
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Um... negatively.
Pay it. |
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janelle t
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it takes 2 pts off of your credit. a collections company has a certain amt of time to try and collect the debt. usually it is 90 days but depends upon the state. after collections, if the amt is large enough and it is worth it they can file a judgment against you and take you to court to get the money. My advice to you would be to pay what you can. if you pay at least 3% of your balance, they cannot do anything. they have to accept it. so that way if they lets say were to happen to take you to court you can show that you have been attempting to pay off the debt with what you have been able to afford. Collections is not bad 90% of americans have dozens of things in collections. what you don't want is lotts of them or a judgment. So set up an arrangement to pay payments to pay off the bill and get it off your credit report |
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gEORGE K
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pay it off or go to jail |
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☆Faith☆
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