2006-12-29 17:22:34 · 5 answers · asked by Gina 1 in Business & Finance ➔ Credit
Creditors say the most illegal things sometimes. No one can take or touch your auto except if you default on an auto loan. If your being threatened you do have certain rights. What state do you live in? Also keep in mind the creditors are out to make money... and too many times say anything in order to scare people half to death. I had a client call up a few months ago scared to death because a creditor told her that he was going to call CPS on her and get her children taken away. Another instance a client told me that she pled with her creditor for mercy because her husband had died and she had nothing left and was current looking for a job at 67 it was difficult to find someone to hire her. to which the creditor replied " Miss, do you know where the local soup kitchen is?, You need to stop buying food and have your utility's cut off and eat at the soup kitchen because you need to pay your bills" Another client told me about the time she was in the intensive care unit , her son almost died from complications with asthma and as she sat there by his bed wondering how what the heck she was going to do if he died in walked a man and served her with a summons from a collection company.
Never pay something 100% if it has been charged off the collectors didn't pay 100% so you shouldn't either, if you feel you must pay 100 percent go back to the original creditor.
Kourtnie Donihoo
Debt analyst
The E. D.A. Group
2006-12-29 23:07:51 · answer #1 · answered by Kourtnie D 4 · 1⤊ 0⤋
Basically, yes, they CAN take things, but what they can or cannot take depends on the laws of your state. Further, they normally will not bother to go after your personal goods, because it just doesn't pay off. And, none of this can be done until a judgment is obtained. If the item has already been charged off, that's pretty much evidence that they're not going to seek a judgement. It's probably not worth their time.
However, it will affect your credit for up to 7 years, and possibly longer if they really want to make your life miserable. Also, if you pay anything on the debt, the 7 year clock starts over again, so unless you're planning to pay it off completely, it's probably best to leave it alone.
2006-12-30 02:07:42 · answer #2 · answered by Anonymous · 0⤊ 0⤋
NO .... if your credit card is charged off most likely a collection agency will buy the debt from the company that issue the credit card. The credit card company will report your debt as a loss.
Regardless don't let a credit card get to the charged off status call the company and ask them what options they can offer you to repay the debt.
But ..... they can sue you it depends on the amount. Regardless they can not touch your possessions.
2006-12-29 19:14:14 · answer #3 · answered by Naemesees 2 · 1⤊ 0⤋
Oh my, I live it when these "professionals" come on here and totally screw up answers. You listening Kourtnie?
Naemesees doesn't have a clue either.
Your first step is to study the laws in your state. You will find that in nearly every state they are allowed to do a number of things to collection on judgements. Taking your car is one of them.
Here in Michigan, for example, once the creditor has secured a judgment against you, they can get a court order to seize your property. It will be sold at auction, and the creditor will take whatever is owed to him.
Check your state judgment collections laws! Don't depend on these "professionals" here for correct advice.
btw...I a not a lawyer or credit counselor. Just someone who has helped a lot of people with debt problems.
2006-12-30 00:09:48 · answer #4 · answered by Anonymous · 1⤊ 1⤋
Probably so.
2006-12-29 17:48:00 · answer #5 · answered by Zacklee 4 · 0⤊ 1⤋