Collection?

Question

I have several credit cards that I cant afford to pay anymore, what are the laws on Collecting this money. What if I dont pay them what can they do? What can I do?

Answer 1

well if the company is really mean, they can garnish your wages to pay them off. but in most cases you can let your cards go for 180 days without making ANY payments and after the 180 days, your cards will charge off. what charging off means is that you will get an R9 on your credit rating. and that's the worst and lowest you can possibly get. but it takes 7 years to build up your credit again.

another option would be to consolidate your credit cards. that way the interest rate may not be as much as you are paying for all of the cards. i would suggest calling up the bank you work with and asking them to suggest someone thaat can help you consolidate your credit cards to make it more manageable

Answer 2

It is a bad idea to not pay your bills, your credit will get very bad, and you will have trouble getting a loan to buy a house, or a car, or school, or any other reason. You could check into consolidating your loans into one bill, usually you can get a lower interst rate by doing that, and it may be affordable for you then. If you don't pay, the credit card companys will tack on huge fees that will get you even more behind. After a few months they will bother you with phone calls, and debt collectors will never go away.

Answer 3

This happened to my aunt. She just had a credit card that the credit limit was only $300.00. It was one of those that took out all of the fees and stuff. She ended up having like a credit of like $75.00 or something like that. Anyway she used the card and did not pay. Her employer was contacted and they also wiped out money from her bank account. And needless to say the amount was well over 300 by the time they were finished adding fees for this and that. If you can't pay, you need to file for bankruptcy and fast. They just won't let it go.

Answer 4

Your credit rating tanks, your interest rate goes up, the delinquency charges go up, they keep compounding the original charges, %, late fees etc until you owe about double what you originally did.
They can take it to court and garnish wages or put liens on property.
If you have no job and no property, then the blood & turnip wisdom kicks in but your credit rating will be tanked for about 7 years from the date of your last transaction.
You can go to a legit / free / credit counseler who will get them consolodated but you have to let them cut up your cards so you don't just run them again.
They will put you on a payment plan you can fit in your budget but figure on no luxuries for a long time.
OR get a second job and put it all towards clearing your name.

Answer 5

They can harass you , take legal action, and generally annoy the hell out of you. If you are a homeowner, you should refinance and use the money to settle out the debts for 50 cents on the dollar. Any money source such as 401k money or a loan from mom and dad would suffice to pay the debts. Check out the free evaluation form at:

www.totaldebtsolutionsllc.com

Answer 6

They can sue you. If they win a judgment, they can get a court order to garnish your wages.
Have you contacted the companies, told them your situation, and attempted to negotiate? Sometimes they will take something over nothing.
Not paying will severely damage your credit rating for years.
If you absolutely can not pay, contact an attorney about filing for bankruptcy.

Answer 7

They can give you a whole lot of trouble. First it will damge your credit rating. Second they can sue you in civil court and garnish any wages you have. During this time you will not be able to get any credit at all, including cars or a house.

I would highly recomend you talk to a Credit Counsler immedatly to see how they can help you get things under control.