2006-08-09 18:40:31 · 14 answers · asked by Anonymous in Local Businesses ➔ Other - Local Businesses
They CAN NOT sue you over credit card debt. If a couple of years have passed on a certain debt call up the company and ask for all paper work showing how they reached the figure they have. If a company or private firm can not produce this information you are not liable for this debt. If they can produce this information you can still continue to wait it out. Trust me, by now they have already kilt your credit. Furthermore, the longer that time passess the less weight this past debt holds on your credit. If you are tired of collectors calling you, just write a letter to the collectors asking that they discontinue contact with you over the phone. By law, they can then only write you. If they violate this law after you have written a letter just shoot me an email.
2006-08-09 18:49:59 · answer #1 · answered by Ðøwñ tø Ëã®th 5 · 0⤊ 0⤋
At the very least it will kill your credit and in today's age when they check your credit just to get car insurance, bad credit can turn and kick you in the *** pretty easily.
If you own anything, they'll come after it.
Eventually they're serve you court papers suing you for their money. They'll add an incredible amount of money over and above your debt to cover any and all their costs plus interest.
Be prepared, the amount you'll owe will be much more than you could possibly imagine.
Unless when that time comes and you do show up in court, which they really hope you don' t, either way, they'll win and place a judgment against you and go after anything you own.
And they're patient, they figure sooner or later you'll need to get back on track or come into money or end up with a good job they can garnishshire.
Credit card company's and all loan servicers and banks can be and almost always are the very meaning of SOB's.
It's always about the money.
Sorry,..I really hate being the barer of bad news.
2006-08-09 19:07:53 · answer #2 · answered by thomnjo2 3 · 0⤊ 0⤋
Your cards will be cancelled and you will be sent to collections. First the credit card company will call you, and then they will sell your debt to a collection agency, who will be more aggressive. They will call you at home and at work. Basically, they can't do anything except harass you though. Each collection agency will try for a while and then sell the debt to another collection agency, and the process will continue again. Periodically you will get offers to settle your debt for about $0.50 on the dollar. Eventually you will need to pay up or your credit will be screwed forever. After you pay up, it will take you a few years to repair your credit again.
2006-08-09 18:48:35 · answer #3 · answered by William A 2 · 0⤊ 0⤋
Eventually you will get sued for not paying them. My advice, avoid going into dept if at all possible. I tore up my credit cards, and I'm in 6500 debt. It's 20 to 25 percent interest, plus late fees, and all the risks of fraud.
Do you really want 25 percent of your income to go to some bank? It will happen if you go into debt. Would you pay 1250 for something that costs 1000? If you save up your money in a few months you could pay for that in cash.
2006-08-09 18:46:29 · answer #4 · answered by The Bible (gives Hope) 6 · 0⤊ 0⤋
If you don't make the required payment on your credit card it will accumulate added interest and end up costing you a lot more than you think. If you continue to ignore it and don't make payment you will go on to a registered debtors list and you will find it very difficult to get anything on time-payment until the debt is paid.
2006-08-09 18:50:25 · answer #5 · answered by isa_countrygirl 2 · 0⤊ 0⤋
the banks will report you to the credit agencies, which will bring your score down. then, your accounts will get sent to collection companies who will harass the $hit out of you. then, they will also report you to experian or whoever and your score will be low for years, forget about any car loans or maybe even renting an apartmentt or getting a job.
2006-08-09 18:45:49 · answer #6 · answered by advicemom 4 · 0⤊ 0⤋
They will be cancelled, your credit rating will be affected. and you will get a lot of annoying phone calls from collection services.
Possibly legal action, wage garnishment, repossession, etc.
2006-08-09 18:47:38 · answer #7 · answered by Tom D 3 · 0⤊ 0⤋
You will ruin your credit score for a very long time
2006-08-09 18:46:32 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Time for the bailiffs to come round and repossess everything you own to the value of what you owe!!! Best you pay up
2006-08-09 18:45:50 · answer #9 · answered by Phil H 2 · 0⤊ 0⤋
Your credit rating will go in the toilet and collection agencies will hound you mercilessly for payment.
2006-08-09 18:45:45 · answer #10 · answered by cool_breeze_2444 6 · 0⤊ 0⤋