If these accounts go to collections and you make some kind of a payment can you still be okay?
2006-09-26 18:28:30 · 7 answers · asked by smile 1 in Business & Finance ➔ Credit
It depends on your situation, in terms of how far you have
have fallen behind, and how much you owe on your payments.
2006-09-26 18:31:22 · answer #1 · answered by Answerer17 6 · 0⤊ 0⤋
The best thing you can do is contact a credit consolidation. They are tons of them listed on the net. But do your homework. What happens you pay them to lower your c.c debt and they make the monthly payments for you. They do incur a fee into the payment that you make with them. but thus this is the best thing to do if you your behind or you think you may fall behind. Worst case scenerio is to file bankruptcy. But this consolidation will not hurt your credit score. The Credit Card companies would rather you go this route then not pay at all. And most will cut the intrest tremendously through these debt counseling companies. But remember check around because many charges different fees to do this. And you cannot use these credit cards while on the program. This would defeat the purpose.
2006-09-27 03:04:38 · answer #2 · answered by Ky_gal 1 · 0⤊ 0⤋
No they can't sue you, but they can send you to collections. And then you'll have to pay the whole amount all at once.
If you call the company(ies) that have issued the card(s) to you you might be able to work out a payment plan to get back on track. Otherwise you can end up in real trouble.
2006-09-26 18:40:16 · answer #3 · answered by AceOfBears 3 · 0⤊ 1⤋
They can sue, but probably won't.
If you fall so far behind you could go into default, but the worst that would probably happen is that it stays in collections limbo until it expires.
However, I would advise contacting the CC companies and explain your situation. I'm sure you could work something out with them.
2006-09-26 18:38:10 · answer #4 · answered by daniswired 3 · 0⤊ 0⤋
they can sue
When I was doing collections we did have account sued when they charged off and we also sent some to agencies
Most companies have programs that can help
I have some articles on my site as a resource for people in this situation
2006-09-27 15:11:32 · answer #5 · answered by sum1infla 4 · 0⤊ 0⤋
of course they can sue you , call the credit company's you own money to and can't pay ask to make part payments , Quit incurring new debt work over time and pay these debts off
2006-09-26 18:33:27 · answer #6 · answered by learningnewthings 4 · 0⤊ 0⤋
They will ask your bank to widraw money from your bank account.
If there is not much inside, they will indeed bring you to court.
Try credit consolidation:
www.freewebs.com/infosource100
2006-09-27 06:01:54 · answer #7 · answered by Anonymous · 0⤊ 0⤋