 Ebay credit card...? |
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 Excluding a mortgage, who has the most debt? I dont have any, my mother wont allow me to have credit cards.? |
I am a 40 year old virgin you know.
answers preferably in english pounds sterling.
Additional Details
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Moris R | Will collector's actually sue me? |
I owe over $130,000 and I no longer can afford to make payments. Some of it is credit cards and some of it is loans from Chase, Bofa, Capitalone and American Express.
I know the creditors will try to collect for 6 months then they will sell the debt to a collection agency for pennies on the dollar.
My big question is, WILL THE COLLECTION AGENCY ACTUALLY SUE ME? since I have nothing under my name is it worth it for them to go through all the expense of serving, filing etc? Or will they just keep calling me and sending me nasty letters?
The word out there is that they will not sue. They will threaten. My debt will just get sold from one collection agency to another until the Statue of Limitations ends (CA 4 years.)
Thank you guys for your feedback.
Additional Details
Thank you guys for all your feedbacks. The reason I ask if they will sue me or not is mostly because that is what my wife's coworker exeperienced.
He was also in alot of debt and he stopped paying 2 or 3 years ago. All he got was lots of phone calls from collection agencies and lots of letters threatening to sue him, but he never got sued.
I am well aware of their ability to put levy on my account, garnishing my salary etc. I also know that the only way for them to do that is to serve me, sue me and take me to court.
That is were I am getting a lot of different answers. Alot of people are saying they will and a lot of people are saying they won't. The argument is that if they you don't have anything in your name what is the point of them spending all this money to get you to court.
I heard budgurl who got sued for $1000.00. Is there anyone else who got sued by their credit card company? or is there anyone who didn't get sued? |
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SPIFIMAN1
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Believe me for that kind of money they will sue you, get a judgment, garnish your wages, attach bank accounts and file liens on any property you may own.
Just so you will know they can not put you in jail in the United States for debt unless it's taxes. |
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jedidoughboy
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yes they can, and they can put a lean against any property you have, freeze any bank account, or even take a percentage of your pay check. |
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Budlightgurl
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Is this a serious question?!
Of course they will sue you for that kind of money! I've been sued for a $1,000 credit card bill. You're looking at one ugly mess if you don't find a way to fulfill your obligations. BTW when its sold to a collection agency it only gets worse. I've been there.
The first thing they go after is your paycheck..(If your state allows garnishment)So if you have a paycheck you are a good target to them. My state has a SOL of 5 yrs and I wasn't served until 4 yrs,3 months. Some people get sued for $1,000 while others never see a day in court for 4K. |
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annie w
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Yes they will sue you for this much money, even less. Some creditors will sell it to a collection agency, some have their own in house collections. In the state of California, if they get a judgement, you are looking at court costs and legal fees added to the amount. They can attach a lien on your home, garnish your pay--up to 25% of your check or garnish your bank account. Call your creditors and see if they will work with you by getting you on a payment program, possibly lowering your interest or giving you 0% interest and lowering your monthly payment. Another option is to call a non profit organization, like Consumer Credit Counseling Services. Make an appointment with them--they will be up front with you and advise you if they can help you or if you should file bankruptcy. Good Luck *** |
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Beau.Gus
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The statute of limitations might be fours years, but whoever "owns" your debt will never, ever, EVER stop asking you for their money back until you give it to them, silly goose!
Think about it, if I owed you $130,000 and managed to avoid seeing you for four years, would you suddenly forgive me the debt? Or would you expect it back PLUS INTEREST?
Of COURSE you will get sued, just as soon as the plaintiff (whoever it is at that time) sees that you have any assets that can be attached... |
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N K
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for that amount of money, you should look into filing bankrutpcy and have it taken caqre off once and for all. off course the collections can sue and $130000 seems big enough to take you to court. What did you buy for $130000? you can have it all in your bankruptcy. the flip side is it will be on your record for 10 years.
Just for the record, since this is not fraud, they cant take you to jail. We abolished debtor's prison about 160 years ago and unless they charge you with fraud you arent going to jail. Spending the money they "allowed" you to spend doesn't constitute fraud so no jail for you! |
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Ted
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You don't understand the Statute of Limitations. It is not a limit on the time they have to collect the debt. It is a limit on the time they have to file a suit in civil court. SOL means that they have four years to decide whether or not to sue. For 130,000, they are not going to forget to go to court. Once they file, SOL no longer applies.
When they get a judgment, if you don't pay right away, interest gets added. The creditor also gets the right to search for assets. That means that they can seize your bank accounts and put liens on your house and car. If you don't have any assets, they can come back and look next year and take your stuff then. There is a limit on judgments of 7 years in most states, but judgments can usually be renewed 7 years at a time forever. |
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bak889988
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It is on a case by case basis. If they do sue, you might want to consider bankruptcy. Also if they threaten to sue you this is against the law. So if they send you a letter threatening to sue you, you can in turn sue them. I would probably just wait. Capital one is the one I would worry about. They like to go to court. Oh if you decide you want to try to clean up your credit go to http://www.creditforums.org/f13/got-my-results-today-disputes-346/ there is an excellent method there to get neg removed from your credit report. I just got my results the other day and had a bunch of things deleted. It works great. The free forum also has a bunch of other info about credit too. |
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Taylor! =]
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yes, they can take your home, car and anything else you own, and can put you in jail. |
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