2006-09-25 08:47:35 · 8 answers · asked by Deborah E 1 in Business & Finance ➔ Credit
They can if they win a judgment against you in court, which you have the opportunity to contest if need be.
It's one more step toward trying to reach a resolution to some sort of repayment plan.
If you offer to pay off a small amount over a period of time, a CC company will almost always take that in lieu of having to spend time and money to try to win a judgment against you and try to recover from your wages.
Plus your willingness to try to fulfill your financial obligation looks better to potential future creditors than does a charge off/garnishment.
2006-09-25 10:59:54 · answer #1 · answered by markmywordz 5 · 0⤊ 0⤋
I have 3 credit cards that are in charge-off status because I didnt pay them for about a year. They never went after my wages. Legally you still have to repay them because its hurting your credit score but they cannot just "take" the money from you. Have you thought of signing up with a debt management company? I went through Family credit counseling corp. www.familycredithelp.org
They contacted all 3 companies and got them to agree to a monthly payment I can handle. Plus once you sign on with FCCC all the collections calls stop and you stop getting charged fees by the credit card companies. Good luck! If you want anymore info about the company. Send me a private message.
2006-09-25 09:07:41 · answer #2 · answered by sem3578 2 · 0⤊ 0⤋
Only if they get a civil money judgment against you can your wages be garnished.
Some credit card companies are far more aggressive than others when it comes to sueing people.
Citibank, Discover, MBNA have been very agressive over the past few years.
Go to www.LearnAboutCredit.com
2006-09-28 20:07:12 · answer #3 · answered by supercreditguru 3 · 0⤊ 0⤋
A charge off is a tax-related action by the company. It has no effect on what you owe. In most states nowadays, they would have to sue and get a judgment against you, and could then levy against your income or assets.
2006-09-25 08:50:47 · answer #4 · answered by thylawyer 7 · 0⤊ 0⤋
Credit card companies can not garnish wages. Credit card debt is an unsecured debt.
2006-09-25 08:48:45 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Echo's answer covers optimal of what i'd have suggested...enable me upload a pair subject matters. no matter if a collector sues you a great deal relies upon on the volume of the debt and the position you stay on the precedence of the sequence company. many situations they received't mess with expenditures lower than $500...for $2000 you'd be a purpose. understand that in basic terms through reality the address of the sequence company says Nevada does no longer propose they do no longer have a interior sight way of workplace on your state. in the experience that they have got a interior sight way of workplace, they're going to sue for even small parts through reality they are already going to courtroom docket to take heed to diverse situations, and the courtroom docket will crew all their situations on one docket. i have were given considered the similar sequence criminal professional do a dozen situations in a row. so that you will be able to favor to verify those elements. Your expenditures are 5-6 years previous at latest. After7 years (from the date of the delinquency) they're going to drop off your credit list. As time is going through ability of, the top results of negative products on your list lesson, yet once you pay off the debt, it is going to reveal your itemizing to a modern status, and which will damage your credit till it ultimately drops off. So my advice is to maintain on with Echo's advice and hit upon out what the SOL is.....if it really is over the decrease ignore them. If it really is easily close do no longer pay it and be conscious in the experience that they goof up and fail to list. do no longer try hiding on the again of a placed up workplace field. technique servers have diverse worry-free the way you're waiting to locate your easily address, and in a lot of states that they had truthfully serve you through ability of sending on your PO field. I do technique serving on the section, and in optimal states is somewhat worry-free to locate you this kind.
2016-11-23 21:05:27 · answer #6 · answered by roedel 3 · 0⤊ 0⤋
NO. Well I don't think so anyway from what I understand it's like they gave up on you repaying so it's like kind of a good thing
2006-09-25 12:46:46 · answer #7 · answered by Tamara W 1 · 0⤊ 0⤋
no they cant without a court order
2006-09-28 21:40:37 · answer #8 · answered by Anonymous · 0⤊ 0⤋