do you get jail or anything like that ? i know it affects credit report, but how ?
2006-09-08 17:51:28 · 5 answers · asked by ali_ed2001 2 in Business & Finance ➔ Credit
No, you don't go to jail (thank god, or else my family would be running from the law!)
The collection agency will give you a notice stating that they are in charge of the debt, and will bug you repeatedly in attempts to get you to pay the debt. It helps to record what times they call (if they call really late, you can get them for harrasing you - my mom did that sucessfully once, and they stopped collecting on the debt).
Usually, you can work out a reasonable payment plan with them. They are not evil people, they are just working folks that are trying to do a job.
If you don't try to pay the debt, it will show up on your credit report, and will hurt you if you try to get a credit card, student loan (sometimes) or house mortgage.
After 7 to 10 years, the debt is taken of your credit report (whether you paid it or not - that's my ex husbands plan for clearing his credit report- just waiting until it comes off in 7 years)
Hope this helps!
2006-09-08 17:57:03 · answer #1 · answered by rita_alabama 6 · 0⤊ 0⤋
The collection agency will keep after you to pay the debt. If you don't respond after a lot of effort and the debt is big enough, they may refer the debt to an attorney who will file a case in civil court in an attempt to collect from you. The best thing for your credit rating is to resolve the matter as quickly as possible. We do not have debtor's prisons in the United States. Do the right thing and pay your bills. Then try to live more responsibly in the future. When you default on your debts, the rest of us pay for it with higher prices.
2006-09-09 01:02:34 · answer #2 · answered by just♪wondering 7 · 0⤊ 0⤋
The collection agency will ask you to pay your bills. If you don't, they will report your nonpayment to the three major credit agencies, which will damage your credit rating.
2006-09-09 00:54:34 · answer #3 · answered by Califrich 6 · 0⤊ 0⤋
Make sure that on your first letter notice, it has all your rights!! If it doesn't, you can sue them!
2006-09-09 00:52:34 · answer #4 · answered by fierce_guy 3 · 0⤊ 0⤋
DONT RIP PEOPLE OFF, IT IS BAD JOOJOO
2006-09-09 00:57:38 · answer #5 · answered by mypurpleelephant 5 · 0⤊ 0⤋