 Question about collection agencies? |
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Mr. Blah Blah | Will a collection agency sue me over $7,000 debt? |
I have debt with a walmart credit card for $7,000. They have sent it to Encore, a collection agency. Will the collection agency sue me for this amount of debt. I don't own anything of significant value and in NC they can't garnish my wages. What will they do to try and make me pay?
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I don't own any property at all for them to force me to sell to settle the debt.
I also don't work, I am a student in college. |
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∞infiniti∞
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How old is this debt? A collection agency cannot legally collect from you if the debt is past the statute of limitation (in some state it is as little as 3years, in others as long as 15 years).
A collection agency can only sue you if they are licensed and bonded to operate in your state.
If you have not made any payments within the last six months, most likely the debt has been sold to the collection agency for pennies on the dollar. You may try to settle with them. Sometimes they will accept a fraction of the original debt.
Good Luck. |
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Oh Nooooo!
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I've been sued for $3000 which is now a $5000 @ an 18% interest rate. I've also had other agencies threaten to sue me for larger amounts that I owed and never follow through. If I had it to do over again, I'd still take my chances. $5000 is NOTHING compared to what I owe and the other charges will be coming off my credit report soon despite the fact that they're unpaid.
Creditors cannot garnish wages in Texas, but if I ever want to buy a house, which I do, I'll have to clear the judgment first. My judgment is not on any of the three major credit report companies although it's about three years old. |
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crazydave
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They will sue you and get a judgement against you if they win. The judgement will stay on your record until it is paid off. Your credit rating will be in the toilet and you won't be able to get a car loan or any other type of loan for that matter. They will go after your tax refunds and could conceivably freeze your bank accounts. |
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Sunshine
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yes, they can definately sue you |
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BigWashSr
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They might try to go after your tax returns. But if you have no income.. There is not much that they can do other than load you up with collection notices and threats. |
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CALIFORNIA GOLD
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Try sending them 50 dollars a month and stay out of contact until you get a letter from an attorney. You are eligible for about a 60% settlement on this account likely. If you have informed them you are in college, they may see you as an individual with future earning potential and see the judgment as an investment. |
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Quixotic
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If you owed me $7000, I'd sue you. |
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Ashley
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Sometimes they'll pass it around to a few other collection companies first, but eventually one of the WILL come for the money. The best thing to do is to call them and try to set up some sort of payment. You're really hurting your credit by not fixing it. If you can't afford to pay it there are plenty of options you just have to make the first move. |
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Faye H
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Wal-Mart is pretty aggressive about collecting debt. Yes, they can sue you. If they get a judgment against you, it will stay on your credit report for 10 years. They can renew the judgment and keep it on there another 10 years. They could, effectively, trash your credit report forever.
You might be better off to see if you can work out a settlement with them. If you do, make sure you get any agreement you get with them in writing.
By the way, there is a bill in the North Carolina House of Representatives right now that if passed and ratified, will allow garnishment of wages in a judgment. It already passed the first reading in the house on 2/21/07. If they get the judgment after the bill passes, there goes your wages. They'll be garnishing them in a New York second.
You may want to just work out paying this bill. |
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crazylarry88
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yes they can sue you, it is a large enough amount, they can also make you pay all court cost, lawyer fees, and interest its better to call them and work out a payment arrangement, all they need to do is get a judgment against you , and they will sue, and you will have to pay, so call them now, and work out a payment plan, they will work with you they only want there money, and yes in some states they can garnish your wages, i know from experience, i had to file bankruptcy just because several companies, had a judgment against me, and were on there way to seize my property, and sell it at auction work out a deal before they get a judgment |
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spiritwalker
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they sure will will, it is best to call and try to set up payments with them. |
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judles
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They will sue you, although it does take time, your best bet is to contact the collection agency and come to a agreement to pay the debt at a rate you can afford. It may save you a whole load of legal costs, plus save damage to your credit rating. Good luck |
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groverraj
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They will bother you day and night.
Just tell them that you have no money and they can call you over and over, you still will have no money. |
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Lost
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I have several credit cards that I had to let go in order to have necessities, that means food. I had tried to pay them a little (all I could afford to) which didn't amount to much but even though I paid on time, it still said I was late, and those charges keep being added, this month I could no long even afford to send what I had before. I was trying to send anything to show I wasn't just ignoring it. I also certified mail to the companies in order to cease and detest on calling me and my family. While one company was very nice and understood another company called today and said they were collecting the debt and were recording this phone call. That's fine but I have no way to record it. The lady was really rude. I told her I was doing all I could do and had asked for a APR reduction but they said no. She then told me she could reduce the balance and that I could pay 5 payments of $461. Great but I can't make that or I'd been paying my card payment. She asked what I could pay and while embarrassing it is all I can do. She said, "No, You take your $$ and get yourself a lawyer." She hung up before I could even get her name. This is worriesome. It is Walmart. Any advise? Thanks. |
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