2006-06-21 19:01:27 · 5 answers · asked by the_answer 1 in Business & Finance ➔ Other - Business & Finance
for less than a thousand bucks like $ 900
2006-06-21 19:13:58 · update #1
is it too late to arrange mthly payments?
2006-06-21 19:22:02 · update #2
The collection agency handles the debt for the creditor or lender. This takes the burden off of the creditor or lender, and puts it in the collection agencies hands. Normally, if a collection agency is not paid, you will eventually be summoned with a lawsuit from the collection agency, which means either pay up, go to court, or let them do a sheriff sale on some of your property to equal the amount owed on the debt. In some circumstances, they may even garnish your wages, but does not happen much from collection agencies for the fact they want the money fast. Having something charged off to a collection agency is very "deadly" to your credit, and can lower your chances of getting any additional credit in the future. You should never let it get to this point. If you can't pay all your bills on time, or at all, it's time to overhaul how you handle your finances, and/or find a second job if needed. Keep your credit good, because you may very well need it at some point. Of course, if your debt goes to a collection agency, and it is paid in full, that will be reflected on your report, which does help you gain some of that credibility of repayment back, it's just if a bank wants to have to go through the same lengths as the others did.
2006-06-21 19:07:56 · answer #1 · answered by insanesycho911 2 · 0⤊ 0⤋
They will keep mailing and calling. Study The Fair collecting Act. you will find, not paying willl be rough on your credit , which will be rough on you in the future when you go for college student , car loans. But IF YOU CAN"T pay, then you can't. when they call Ask specificially these questions... Your name and I.D. # and phone #, What company and acct # are you calling on? Then tell them that you will call them right back at that # they gave you. Hang up and call right back to verify that info. Then.... You can demand them on phone and in writing the you will only correspond with by mail and hang up. Don't be angrily rude to them, but firm and short to only contact you by mail. No longer by phone will I accept your calls. State this, "Employer will not allow me to accept any calls of this nature during normal business hours." and dont take any. If you boss backs you then he can talk to then on you behalf, too. It is a violation for them to harass you at work and to call you before 8am or after 9pm at home.
2006-06-21 19:19:01 · answer #2 · answered by Dale S 1 · 0⤊ 0⤋
Depends on how much you owed. If you owe a large sum, they can apply thro court to put a lien on you asset and get that money. How do I know? Seen it in some TV show.
2006-06-21 19:10:48 · answer #3 · answered by Timothy Summer 3 · 0⤊ 0⤋
it will show up on ur credit report in 30-45 days
2006-06-21 19:04:18 · answer #4 · answered by back2skewl 5 · 0⤊ 0⤋
Your wages may be garnished.
2006-06-21 19:05:00 · answer #5 · answered by Anonymous · 0⤊ 0⤋