 What is the best way to handle a credit card I don't intend to use? |
| When I made a large purchase at a department store, I applied for their card in order to get the discount they offered. But I have no intent to ever use the card. Should I officially close the ... |
|
 Can a department store, K Mart, refuse to accept payment in cash and demand that Sears credit card be used? |
| My purchase was @29.99, tendered a $20.00 Reward Certificate good at any Sears or K Mart. They accepted the certificate and refused to take cash for the difference, insisted it must be charged to the ... |
|
 Credit card payment, which card do I pay? |
| I owe 4K on one card and 20K on another. I can payoff the 4K card now and pay a small amount on the 20K. Does it make sense to do that or evenly split the payment? What will help me with my credit ... |
|
 Very bad credit rating? |
| my friend wants to get a mortage but has bad credit, shes pays her money to a debt management company which then pay of her creditors a certain amount each month would she be able to get a mortage ... |
|
 Does how many credit cards I have affect my overall credit score? I.e. more cards = lower score? |
| Does how many credit cards I have affect my overall credit score? I.e. the more credit cards I get, the lower my score goes? I have 4 now, and thinking about getting a 5th, but I'm not really ... |
|
 Can a 14 year old get a loan? |
| I am 14 and I want to get a loan for $3000 for a 4 wheeler.... I can pay it off in 2 years.. I don't work..... |
|
 HElp!!!with something i bough on ebay!!? |
| ok so i bought a thing on e-bay nut at one point i decided to read all the description and i found out that it wasen't exactly what i wanted but i had already click on buy now and i want to know ... |
|
 Can my 20 yr old son buy a car without me as a co-signer? |
| He has worked at Walmart for a year and has a down payment. He drives a junk truck to work every day and needs to buy a car soon. I can co sign, but would rather he do the purchasing on his own. He ... |
|
 Why are you crazy people so terrified of credit cards? |
Every answer in credit seems to say credit cards are bad.
They can be used to get interest free money, to earn points, to defer payment so money remains invested, to improve security (sect 75 ... |
|
 I need some financial help big time? |
| My checking account is overdrawn and I am behind on everything. I know that if I could just get caught up I could get back on my budget and start getting things paid off. Any suggestions.... |
|
 I need a loan? |
| whats up. i want this truck right. it's 10,000 plus ttl. will 1500 be a sufficient down payment??... |
|
 Is it legal for a credit card to deny you higher limit but charge you when you go over? |
| I pay off my credit card bill every month and usually spend right up to the limit- I called to ask for an increase and they denied me, but they didn't decline my card when I went over and then ... |
|
 Please help me I am in so much trouble and there is no way out!? |
| Please help me I am in so much trouble and there is no way out. I need money to get out of this trouble but I have no job, and I cant get a job because the renewal on my drivers liscense is denied, ... |
|
 Why do people get mad when I ask for an ID for their debit cards? |
| I work at a fast food restaurant, and we accept debit and credit cards. Whenever I ask for ID and someone is paying with a debit card, they get mad and say "Well,it's a debit card,why do I ... |
|
 I am discharged from bankruptcy where can i obtain a credit card / loan from? |
| I was declared bankrupt in May2006 and discharged in Oct 2006. I would like to know where i can obtain a credit car or loan as no one will help me. I have sent for my credit reports and they are ... |
|
 Anyone else been a victim of credit card fraud? |
Just found out my card details and alot of money has been taken to pay for some flight tickets. i dont know if ill get the money back yet, this happened to anyone else?, i feel so angry.
A... |
|
|  |
moonlightknight5 | What would happen if i just told the creditors calling me "I'm just not going to pay you"? |
I have a credit card that went array a few years ago, and I should not have let it. My problem is that I keep getting harassing calls. Im in Texas, and I know that they cannot garnish my wages. I also know that the creditor is under no legal obligation to tell the credit card company that it is paid off. And once my CC company sells my debt it’s already hit my credit. So paying it off with the agency won’t help my score. Is there any real benefit in paying the collection agencies? And if not what can they really do to me? |
 |
 
Stuart
|
Your credit is one of the few things that will serve you well for your entire life.
If you choose not to pay off the money you owe, all they can do is sue you and get a judgement.
However, it sounds like you don't intend to honor the debt anyway, so there's very little they can do to you except report to every other lender on the planet so you can never borrow another dime.
By the way, besides your credit, the only other thing you can take with you is your word and your reputation. Sounds like you don't much value any of those. |
|
LazlaHollyfeld
|
"Is there any real benefit in paying the collection agencies?"
Sure. It'll keep the rest of us from having to pay higher prices to support your theft of goods. (Taking goods without paying is theft, right?)
It'll also remind you that the world doesn't owe you a new sofa or computer or whatever you aren't willing to pay for. That will make you a better person, which will make you a better employee, which will make you better able to purchase the things you think you deserve and actually pay for them, which will raise your self-esteem.
Everyone will win. Especially you.
L. |
|
demoman3399
|
Here is what has happened to me I made an investment of 100g's from my 401k plan to have that investment return that plus more well it did not turn out that way and now that loan from my 401k is automatically deducted for 5 years until I pay it off. So now my paycheck is short a little over $1100 a month for this payment which put a big burdon on the bills I had have and the domino effect starts on who's the priority this month and going to get paid. I had to go to court and recieved a judgement and agreed to pay that and that has also now become behind and here I am never been in trouble great job and I have an arrest warrant being issued for defaulting on the court ordered judgement all because of an initial poor investment. |
|
benvanzile
|
The benefit is that you honor a debt you incurred. It is wrong, in my opinion, to think you can get something for nothing. Beyond that, you will have an end to the collection calls. If nothing else try to work out a payment schedule so the calls stop and you show you are trying. |
|
∞infiniti∞
 |
First, they cannot do anything before they take you civil court and get a judgment against you.
Second, the Statute of Limitation (SOL) in Texas is 4 years. If it has been more than four years since the debt became delinquent, you no longer have a legal obligation to pay. Send the bill collector a letter stating that the debt is past SOL and you are aware that you no longer have a legal obligation to pay the debt.
If that is not the case, you could negotiate a "Pay for Delete" agreement with the bill collector, otherwise the entry will not be deleted from your credit reports but merely marked as "paid".
Hope this helps. |
|
leosquest1@sbcglobal.net
|
You can NOT be arrested for bad debts unless it was opened under fraud. If you want to stop the phone calls send the agency a cease and desist letter. Best thing to do, is to tell the collector that you will settle the debt for 30% of what you owe, you would be surprised at how many debt I have settled this way. Then you are no longer responsible for the debt. Good Luck |
|
michelle
|
The same happened to me. Here's what to say... Tell them not to call you again that they can only communicate with you by mail only and if they call again you can sue them. It is against the law for them to do that. Sometimes you may have to fax a statement to them telling them to not contact you by phone.
How long has the acct been in collections? If recently, paying the debt will help your score. You may be able to negotiate with them to even delete it if you make the payment. If it has been there for years and years I wouldn't bother paying it, being that it will soon be rolled off the report. |
|
Definitely me
 |
Look up the Fair Credit Reporting Act. That gives great detail.
http://www.ftc.gov/os/statutes/031224fcra.pdf |
|
teresathegreat
 |
They can take you to court, and have you arrested. You've essentially "stolen" this money from them, and they have every legal right to try to recover it.
Man up and take responsibility. Call up whoever you owe the money to, and tell them you'd like to work out a reasonable plan for paying it back. Remind them of your financial limitations, but don't use those as excuses for not paying. The American Consumer Credit Counseling Center is a non-profit and can give you some good advice. Once you start making a good-faith effort to repay your debts, the harassment will cease. Just be glad you owe it to a company and not the mob. |
|
Wounded Duck
|
Well other than your personal integrity, they can file for a lien against your property! |
|
SPIFIMAN1
 |
I can't add a thing to Stuarts answer. |
|
GD-Fan
|
You will keep compounding interest, and royally screw your credit, so bad that you may have a hard time getting a car loan, mortgage, or other type of loan. I think credit card companies also have lawyers and sue people to get repayment |
|
gcgofer
|
7 years on your credit record, plus if they write it off you get sent a 1099; I think it is. You then have to file that with your income tax as income and pay taxes on it. If you owed 10k and you are in a bracket that pays 27% you could end up paying quite a bit in taxes + interest and penalties to the feds. then add up what Texas will want. They can't take your home but they could try to sue you and take what you purchased with the credit card.
Same thing is happening to people who have lost their homes to foreclosure where the home has sold for less than what was owed. |
|
Robin R
|
I can only speak from my past. The creditor can put it to collections, take you to court or simply right it off. If its a small amount they'll probably do the latter. Your credit rating will be blemished with the details for 6 years plus a day. That means it will be hard to secure any kind of credit for that time. My layman's advice is to try and reach an agreement with your lender and work out terms. |
|
Crystal K
 |
Well truly once you pay it off it comes off your credit no matter who it is sold to, also if you are wanting to be rid of them just tell them this is no longer the same persons number. If it is a home phone that might only work for awhile but if it is a cell phone it should work for good. |
|
ez_0429
|
I mean if you almost reaching the timeline and is a huge amount of debt that you don’t feel you would be able to pay off in a timely matter then I wouldn’t bother but if is not then pay it off in full. I don’t even think these collection agencies have the right to take you to court unless they are able to prove that you owe the debt. If you want to dispute the debt write a letter of validation to the collection agency and if they are not able to verify the debt (in most cases they can't) then they don’t have the right to call you and attempt to make any collection if they continue to do then consider yourself to have a case and file a law suit. There are many sample letters of validation on line. Good Luck. |
|
Tim
|
take you to court? |
|
Giddygoon
|
It already hit your credit rating, but paying it off is a good thing that future creditors will like to see. |
|
kta kta
 |
They will eat you. |
|
Pam H
|
It will be on your credit history until it is resolved. That will prevent you from buying a house and probably getting any other kind of loan or credit. I had old debts that I had finally been able to pay off, but when I purchased my house I had to go back and get letters stating that the debt had be satisfied so I could get a home loan. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
18 | 37 minutes(s) ago
| | | |
20 | 3 hour(s) ago
| | | |
20 | 8 hour(s) ago
| | | |
20 | 10 hour(s) ago
| | | |
20 | 2 day(s) ago
| | | |
20 | 6 day(s) ago
| | | |
20 | 1 week(s) ago
| | | |
20 | 1 month(s) ago
| | | |
17 | 4 month(s) ago
| | | |
21 | 9 month(s) ago
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
