2006-10-17 22:26:47 · 20 answers · asked by K T 1 in Business & Finance ➔ Personal Finance
Not unless the debt was secured on your home, which credit cards arent.
2006-10-17 22:28:49 · answer #1 · answered by neogriff 5 · 1⤊ 0⤋
No It Can't, and in fact whilst they threaten all manner of punishments, other than a bit of harrassment, they are unlikely to do anything.
If you owe money to them and can't pay then next time they contact you tell them to take you to The Small Claims/County Court. 1) The court will help you by setting repaykments at a reasonable amount, as little as £1 a month! and 2) the credit card company won't take you to court. They might sell the debt on and someone else will try but in the end they can do nothing. Bailliffs cannot take goods without the case first having gone through court. That court process is not scary should it happen and if you have to go through it take a friend with you. You will be helped by the court, trust them, they don't like credit card companies giving more and motre credit and then crying when they get their fingers burned.
2006-10-18 00:47:54 · answer #2 · answered by des10euk 2 · 0⤊ 0⤋
I am surprised there are So many fools living in America and still becoming a slave to the credit card culture.
To the best of my Knowledge (American laws well studied) there is no law which can allow a credit card company to take over ur house or things in it.
Go Rush Consult a lawyer and give the credit card aompany run for its money. Make their life miserable. U Can If u think with a lawyer in hand. Do not waste time.
2006-10-18 00:47:05 · answer #3 · answered by Loganathan Raja Rajun R 3 · 0⤊ 0⤋
It actually depends on which state you lived in. Generally, they will not repossess you house first. They will make it miserable for you my doing a writ of seizure. If you still don't make payment, they will then do an auction to sell off all your stuffs to the highest bidder. Your family will go bonkers. Your kids and wife will go hysterical. Don't mess with them.
Try to talk to them about your situation, on the other hand, forget about taking 2 or 3 jobs because that will give you other problems...related to burn out and health.
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2006-10-17 22:38:59 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No.
things can only be reposessed if they are secured against a loan - such a s a car on a car loan, or a house against a mortgage, or a loan against a sofa.
be careful though becasue if you get into too much debt trouble and the credit card company takes you to court the court can appoint a baliff to recover costs - they can enter your house and take anything belonging to you to sell at an auction - they cant take your house though and they cant take anything that is on another loan as that does not belong to you
go to your bank and see a financial advisor if your having trouble - not paying your credit card bills will wreck your credit rating and you wont be able to get credit in the future!
2006-10-17 22:50:59 · answer #5 · answered by BigBoy 3 · 0⤊ 0⤋
I think that your home can only be repossessed if the money borrowed is secured on it! i.e Mortgage, secured loan etc.
Not paying credit cards will result in bailiffs who will remove the houses contents! Rather than you being homeless, you get to keep the bricks and mortar, just have nothing to put in it!
2006-10-17 22:37:32 · answer #6 · answered by Anonymous · 0⤊ 0⤋
that's the worst element you're able to do. no longer paying the credit card invoice will harm your credit making it harder to get loans. you may desire to supply up utilising the cardboard attempt and pay the minimum value if not extra, in case you pay extra then you definately will efficiently pay much less interior the long-term because of interest. once you repay your card, do no longer use it for small purchases. A credit card might desire to purely be used for luxurious products like electronics, and once you're making a purchase order with your credit card pay that purchase off as quickly as achieveable in the previous making yet another one. no longer in any respect ever max out a card or make this style of high-quality style of purchases so as which you're no longer waiting to make the minimum money.
2016-12-16 09:34:05 · answer #7 · answered by vazid 4 · 0⤊ 0⤋
No; your house was not security for your credit cards (presumably). The usual result for failure to pay credit card debt is a report to the credit bureau, which will lower your credit score.
2006-10-17 22:34:35 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Credit card balances are considered unsecured debts so your house cannot be taken away. Only debts specifically secured against your home can lead to this situation.
Go to your local Citizens Advice Bureau and ask them to help you sort out your finances.
2006-10-17 23:47:59 · answer #9 · answered by Furball 3 · 0⤊ 0⤋
If your that far in debt and that far behind paying they may be forced to have your assets(evreything you own) liquidated(sold) depends what the law is and the credit card policy i suppose there's always chapter 14(?) i think that's the chapter you file for protection from creditors
2006-10-17 22:32:10 · answer #10 · answered by keoni_21 3 · 0⤊ 0⤋