2006-07-02 07:29:20 · 10 answers · asked by johnnybasebal 1 in Business & Finance ➔ Credit
it will go to collections
then you will be harrassed even more
2006-07-03 15:20:14 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You have a responsibility to pay the debt. The card company will not just go away. If you do not work out a payment plan, and sometimes even if you do work something out, the company will report the debt to their collections department. If you still do not pay off the debt, the company will get a judgment against you in court - and such a judgment is good for ten years. If you are able to negotiate a reduced amount, the amount you did not pay is considered income to you by the IRS, and the company will report the unpaid amount and you will have to pay taxes on it. Your best bet is to go to a credit counseling service and commit to taking the next three years to getting yourself out of debt.
2006-07-02 08:44:54 · answer #2 · answered by TLBFH 3 · 0⤊ 0⤋
With 50 billions in defaulted consumer debt on the books, a new industry is growing up to collect it. They buy debt for 10 cents on the dollar and then begin the collection process. A $2000 debt grows to $7000 with interest and fees and they usually settle for $4000. They know that often people's finances get better with time and are aggressive collectors and are often successful. Your first indication is a letter from a local lawyer, under contract, informing you of the large amount you owe and what will happen if you fail to settle. After that you are toast.
2006-07-02 11:32:12 · answer #3 · answered by wealthmaster 3 · 0⤊ 0⤋
No, you were willing to use the credit they gave you, now you have to pay it back. Don't be too sure of having no way to pay the debt. If nothing else, you will have FUTURE earnings ( a job)
that they can garnish to get payment. You can be sure that they
will have you in court long before any of the debt expires.
Don't stall on this, start dealing with your debt problem now.
2006-07-02 09:48:09 · answer #4 · answered by rpf5 7 · 0⤊ 0⤋
No. They will keep trying to collect. If you're having problems paying, try contacting the credit card company to arrange a payment plan.
2006-07-02 07:33:26 · answer #5 · answered by shunniem74 5 · 0⤊ 0⤋
It really depends on how much money you owe them. From what I've seen, debts under $500 are not worth their trouble doing a lot of collection work. But you can bet they will send it to a collection agency. Depending on if this agency has a local office near you, they may not pursue a lawsuit. It costs them time and money to file the paperwork, investigate it and have a lawyer appear.
2006-07-02 16:39:46 · answer #6 · answered by Anonymous · 0⤊ 0⤋
No they wont just give up, they will "ruin" your credit first. Well actually YOU will ruin your credit by not trying to work something out with them. You will have to claim bankruptcy or something to get them to stop calling and asking you for payment though. I suggest getting credit counseling or something, you cant just ignore them. GL!
2006-07-02 07:33:58 · answer #7 · answered by dixi 4 · 0⤊ 0⤋
Maybe, but first they'll send it over to the credit agency to have them harass you for a long time. Also say goodbye to your FICO.
2006-07-02 07:32:36 · answer #8 · answered by truthyness 7 · 0⤊ 0⤋
No way it will be sent to the credit bureau and that's when they mess your credit up.
2006-07-02 07:33:31 · answer #9 · answered by Precious1 3 · 0⤊ 0⤋
No, they will send it to collections. Collections will chase you down for the money.
2006-07-02 07:33:55 · answer #10 · answered by trcp 2 · 0⤊ 0⤋