2006-10-17 03:59:19 · 24 answers · asked by DouglasMMMM 1 in Business & Finance ➔ Credit
In short, they'll hassle you forever and make your life hell until you will want to pay your debt so as to regain some sort of peace back in your life. Nice uh?
By using services from a debt relief organization you will stop receiving phone calls asking you for money. You will pay a fixed rate amount every month which will never go up. You won't be dealing with your creditors any more. The "debt relief people" will be paying your bills for you, and your credit card company is out.
You then pay the debt relief company.
lots more here:
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
good luck!
2006-10-17 04:39:59 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Consolidate Credit Card Debt and pay off the debts quickly.
To pay for articles, which cannot be easily robbed or misappropriated, you should use credit cards. Always make the payment before the mentioned date; else your debt will pile up, leading to an unfavorable situation. The credit card debt consolidation loan protects you against spiraling credit card debt. This can be procured by visiting an appropriate website or by approaching creditors close to you. Unsecured debt consolidation is better because you will not forego the initial deposit, even if you happen to miss a payment.
For this purpose always deals with a single creditor, it is safer and more rational. A good creditor will give you low interest rates and you also have to pay a lower installment every month. Credit card debt consolidation also enables you to save on bill paying
2006-10-19 22:16:45 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Credit Card companies are not ging to take you to court, so forget that nonsense. Won't happen! They will write off the bad debt (which they need bad debts anyway) turn your account over to a sleazy collection company who in turn will attempt to drive you insane IF they have good phone numbers. It will naturally hurt your credit, but you already know that. The best approach is to contact the credit card company and tell them you can pay 20.00 or more a month until the debt is paid off. Any attempt on your part to repay a loan cannot be dismissed. If you ever went to a court a Judge would determine what you could afford to pay and make a ruling that way. But court is not going to happen. Fly below the radar if you want to throw the towel in and not pay anything.
2006-10-17 04:18:15 · answer #3 · answered by kam_1261 6 · 1⤊ 0⤋
Another batch of totally crappy answers!
OK, lets pick bookbyte's answer this time. Do you have a source of this information? There may be a state or two that prevents property seizure for credit card debts, but I can certainly assure you that most states allow it. Check out any of the state laws and you will find it fairly quickly.
kam_1261, you too are wrong. I've been in court and seen more then enough cases to know this for a fact.
The key is whether they will sue you or not. From my observations, if your debt is under $500 you are fairly safe from a lawsuit. It's not enough to justify the time and energy of the collection agent.
If the collection agency has an office close to you, that increase the likelyhood of a lawsuit. Since they generally are in court most of the time anyway, it's much easier. The judge usually clumps their cases together so the lawyer is in court only one time for several cases.
On the other hand, the collection agent is not going to spend a lot of money hiring an outside agency or collection attorney if you live in a differant state. In those cases you may be safe up to around $2000. Over that it's worth their time.
Generally, for small amounts they are content to trash your credit history.
2006-10-17 07:34:09 · answer #4 · answered by Anonymous · 0⤊ 0⤋
They would send the statement pretty much in Regular Interval.
The amount due double and tribles and multiplies on its own wish.Then one day the card company would enquire you. You can say that this is the amount that i will be able to pay nothing much than that. That is Final Settlement. At times some Card Companies also send in some Rowdies too for collection.
So its in your hand or you can go to court if the amount is too much to bare. If in case of nonpossibilities of Final Settlement.If your are getting Final Settlement never forget to get the Final Settlement Letter.
2006-10-17 04:17:57 · answer #5 · answered by srini m 2 · 1⤊ 0⤋
Credit card debt is unsecured.
That means there are no assets pledged as collateral for the debt.
That means ALL THE PEOPLE THAT SAY THEY WILL SEIZE YOUR PROPERTY ARE WRONG!. Please ignore those wrong answers.
If you default on a credit card debt it will ruin your credit. This will make it more difficult and more expensive to get credit it the future. A poor credit rating will also increase the cost of your auto insurance. Many employers pull a credit report on applicants, so a poor credit rating can make it difficult to get a job.
2006-10-17 04:15:00 · answer #6 · answered by bookbyte 3 · 1⤊ 0⤋
Not a whole lot. They can eventually seek a judgement against you for repayment for a portion of what you owe, depending on the level of debt. They cannot seize assets as credit card debt is an unsecured debt, unlike a mortgage or car loan. If you cannot afford to make 100% of your monthlies, I would suggest contact them, explain your situation and make a portion of the payments. Once you catch up, they will be happy to extend full credit to you again...that's how they make their money.
2006-10-17 04:10:35 · answer #7 · answered by boredperv 6 · 2⤊ 0⤋
In Texas, they can't take anything from you, but they will pursue you until they feel it is not time-worthy. They will then sell it to a collector, who will call persistently and mail offers to allow you to pay the debt at a reduced rate. You can opt not to do anything, and eventually it will get sold to a different collector, or go away. Either way it will severely affect your credit score that will take a while, not to mention a lot of perseverance on your part, to rectify. Learn to be more responsible with you money and you won't have to worry.
2006-10-17 04:10:28 · answer #8 · answered by Tangled Web 5 · 1⤊ 0⤋
Have you called them? Can you negotiate a lower payment until times get better? Maybe you can make just interest payments? Call them and talk to them you might just be surprised at how helpful they can be. And it wont ruin your credit! Also many local banks have financial help for people in your position call them ask about debt help. You could also transfer some of the debt to another card to lower the payments.
2006-10-17 04:07:34 · answer #9 · answered by elaeblue 7 · 0⤊ 0⤋
Most likely they will hound you until you pay then they will send it to collections who in turn will enter a judgement against you. If you go to court over it they will garnish your wages to whatever amount they see fit to make the debt clear. My b/f didn't even make it to court, they just started the garnishes after he was informed by telegram from the court that it was in judgement for deliquency (thanks to his ex-wife, but that's another story). If you can't afford what they are asking you to pay, see a finacial advisor but be careful, they can't always make the payments any lower than what the company is asking for. Contact the card company before it goes to collections, you may be able to work something out with them. If it goes to collections, you don't have much to work for as they want the money yesterday. Good luck.
2006-10-17 04:23:30 · answer #10 · answered by Anonymous · 1⤊ 0⤋