 Once you have paid a collection bill, does it come off your credit report? |
I just ran my credit report and I have numerous accounts showing that I still owe them when I know they have been paid.
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Also, once they verify with the credit bereau ... |
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 An agency is trying to collect a debt I have from 12 years ago, isn't there a statute of limitations? |
I owe sears like $300 from twelve years ago. I was young and stupid and actually have paid off thousands in credit card debt since then.
Here's the facts :
The debt is from 1995, ... |
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 Credit card information? |
im 18 and thinkin about gettin a credit card
anythign i should knwo before goin into it ???... |
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 Why do Americans think a credit card is one of life's essentials? |
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if you dont want to drag cash around you can always use your debit card instead of always getting ... |
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 If a Credit Card Company closes your account can they still raise your interest rate? |
| I have been dealing with Chase for years. First it was Onbank. The creditor closed my account years ago. Unfortuanetly I ran into hard times, I was left a single Mom with small children to raise. I ... |
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| Just got a letter in the mail with a check for 4.700.00. The letter said we won a lottery. Informs us to deposit the check in the bank..then send 2.700.00 via Western Union directly to the tax ... |
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 Paying off car? |
| I have saved all the money in a savings account to pay off my vehicle. The only thing is I am trying to find a home to purchase and I was told that if I pay off my car now it will make my credit ... |
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 There is interest payable if you take cash from ATM on a credit card, but is it same for cash back from Tesco? |
| Lets say I buy items for £25 using credit card and take £50 as cashback on same card from any store which provide cash back facility, do they consider as a single transaction of £75 or two ... |
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 Pay off loan not in my name, pay off card in my name, or save for down payment? |
I owe on a loan with my family that is not actually in my name, but I've agreed to share in it, my part has about $6k left at 9%.
Then I also have my own credit card, in my name, with ... |
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 Can you opt out of credit card offers? |
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 Can someone in the know advise me please!? |
| i brought a car on finance 3 weeks ago and havent been able to use it since as it decded to break. The company Car Craft who i brought it from are not being at all helpful and i just want to return ... |
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 Are there any online sites to check my credit rating,,,thanks? |
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i`ve tried these sites,they ask for card details & payment.... |
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 Didnt even get a secured credit card!!!!? |
| I moved to the states from Germany a year ago...I dont have a credit history and I knew I cant get a credit card without one. So today I went to my bank "Bank of Amerika" where I have a ... |
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yolanda b | Will a credit card company likely go to the trouble of suing for a 1000.00 debt? |
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Sgt Big Red
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If this debt if from a major bank, then YES, they will sue (they have the $$ and the resources) and also the Fair Debt Collection Practices Act DOES NOT apply to major credit card banks? It applies only to the collection attorneys and professional debt collection companies they might hire. Original creditors are regulated by state law; however, the major credit card companies follow policies that closely mirror those of the FDCPA.
If you believe you have been harassed by an original creditor, or that the original creditor has done something illegal or threatening towards you, then research your state laws on the subject and contact the proper authorities to file a formal complaint. Typically, the Attorney General in your state is the proper authority to contact.
Now tack on the monthly late fees, interest and that $1000 debt balloons into a lot more making it worthwhile for them to seek civil suit and win a judgment and garnish your wages.
Best case scenario, work out payment plan, it will look better for you and save you headaches for years down the road.
Hope this answers your question
LEGAL DISCLAIMER: The advice contained herein is for informational purposes only. It is not to be construed as Legal Counsel nor Legal Advice. |
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my16paws
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Not sue rather turn over to a collection agency. |
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C S
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They will likely sell the debt to a collection agency, who will call you incessantly until you pay up.
The delinquency will also be noted on your credit report. |
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Bill C
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Probably. The account will most likely be turned over to a collection agency before it gets turned over to an attorney for litigation. |
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Greg P
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Call them, they have people who can work with you to set up a payment plan. They don't want to sell your debt, they'd rather you pay it back. |
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TedEx
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Yes. |
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s.michael1234@sbcglobal.net
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Hmm. Well it will be on your credit report. One thing you may do is contact them say you just can't pay it and they settle, but it will still go on your report. $1000 is nothing, just pay it ASAP. See if you can close it out, and adjust the interest as well. Saying you are having trouble paying and could use some assistance, payment plan, etc. Otherwise it will cost you three fold in the longrun, when applying for credit, purchasing a car, home, cell phones, etc. |
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The Man
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and as they wait for the collection agency to get you to pay, you will gain rediculous amounts of intrest, making the payment astronmical |
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robert43041
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They'll turn over to a collection agency, and good luck with the pestering you'll get - plus your bad credit record over all. Not a very good way to go. |
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D. F.
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They will sell your debt to a collection agency. You do NOT want that to happen. Collections agents are used to treating people like crud so that they pay up, and they are very good at it!
Here's the good news: Your credit card company doesn't want to sell your debt to a collection agency either. Your debt might be $1000, but they would only get maybe $50 by selling it. If you call the credit card company and explain, they may be willing to either reduce your debt or your interest rate so that you can make the payments. That way, the money will go to them instead of to a collection agency.
Here is an article about it by L. Pulliam Weston. |
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reddpuss
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No the credit card company will no doubt write your debt off, but beware those collection agencies that will buy your debt form the credit card company will come after you |
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Leslie K
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No. They'll charge it off or turn it over to a collection agency that will hound you to pay it. PLUS your credit score will be severely impacted. Which means that you will have trouble getting a car loan, future credit cards, maybe even utilities in a new apartment without a down payment.
What you can do is call the company and work out payments. Then start chipping away. $1,000 isn't that much if you work at it. It'll make a BIG difference for future credit. |
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