 What is the best way to pay off these two credit cards? |
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not being able to pay back credit cards i am on a fixed income and got overwalmed and now whats going to happend to me
Additional Details
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swtwine99 | What steps would have to be taken if the collection company wants to garnish my wages for my credit card bal? |
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icsowesmemoney
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I will start at the beginning.
1. The collection agency send out a validation notice to the last know address, usually the one that the creditor gave them.
2. After 30 days if no written dispute if received they then proceed with collection action.
3. They will locate some type of asset, in this case your wages.
4. They file a suit, usually in district or superior court.
5. They serve you or someone of "reasonable age" living at your residence.
6. If no answer or appearance if filed they then will file a motion for a default judgment to be entered against you.
7. Once a Judgment is entered, they will then file an order for continuing lien of wages. Depending on your state this can last anywhere from 60 day or until the balance is paid. When your employer gets this lien they must fill out a bunch of papers called- 1st answer and 2nd answer.
8. The collection agency will then submit this to the courts along with and Order to Pay.
9. The order to pay will they be sent to your employer and they will pay the courts and the courts will remit to the collections agency.
Repeat as necessary until debt is paid.
Keep in mind tat every time papers are filed with the courts that charges are incurred and the charges are added to you bill.
Ginza- answer incorrect. Bank Accounts have no exempt dollar amount.
kaj63- very incorrect- I do it all the time
DavidK- WAY OFF BASE, LEARN THE LAWS BEFORE ANSWERING QUESTIONS (it's ok not to know, just don't answer if you don't know)
If you have any other questions email me.
Good luck!
I would recommend calling the collection agency and making some type of payment plan or settlement offer before it gets to this point. |
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paolo
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Really long steps..like leave the country!!!! |
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Studly
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For the most part, the above answers are correct. I will add, however, that some states (Texas for example) ban wage garnishment. So if you are concerned about it, double check your state laws to see if they apply. |
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jannie
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they will have wages garnished by contacting your employer |
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Tact is highly overrated
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Keep your bank account under $400 at all times. |
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kja63
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Credit cards are unsecured debt. I would find it very hard to believe that any collection agency could ever garnish wages for repayment of unsecured debt. |
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Jonas with a Z
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A collection agency wouldn't be able to do it. Most agencies work with outside lawyer firms who handle that. Anyway,
1. You would receive a few letters from the agency giving you the right to dispute or for validation.
2. You would receive phone calls from a collector trying to collect the debt.
3. The collection agency would review your account to see if it was worth suing (if you own property, have been working somewhere for a while, or if you have generally good credit)
4. Lawyer would send you a letter letting you know of what their intention is.
5. Sheriff would bring the summons to your home giving you the court date.
6. Judge grants a judgment.
7. Lawyer files a motion for wage execution. You are not notified so that you don't run a get a different job.
8. Your employer is notified that a wage execution has been granted and you get a percentage of you money held out of each check.
Hope this helps |
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Kutekymmee
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they would have to get a court order. |
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daniel_97202
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sue you in court |
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Gemini
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Well they would have to send you a certified letter saying they were intending on you doing that. Then you'd get a court date, again certified letter. With that you should get a form to fill out stating your current financial situation. They can on garnish you if it will not put you at a point where you cannot survive. So if you can prove hardship you may be able to get out of it. It is a long process. |
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theskullknows
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you owe...... you pay......... that simple |
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hugh.G.rection
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A collection company doesn't have the power to garnish your wages without you giving consent. If it's getting that bad, contact the bankruptcy courts. It takes about 50 bucks to file your own BK. You will have to be approved but as long as you've put out more than you've made in the last 6 months you should be fine.
Again, unless there was a civil action filed against you, the collection company can't garnish your wages. There's no such thing as a debtors prison in the US. Gotta love it! |
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jh
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They would send you a final letter...letting you know that they are taking that next step. It will be a certified letter, so that they can prove you rec'd it. Then they will start the court proceedings. If you want to avoid it... you can keep it from happening... depending on how far past due you are..and how much you owe.
Usually if you talk to them instead of hide from them..they will work with you...cause credit card companies dont normally take people to court. |
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