2007-01-24 02:49:52 · 13 answers · asked by doug k 1 in Business & Finance ➔ Credit
They can ruin your credit, and get a judgement through the courts and wind up garnishing your wages. In the meantime the interest charges keep adding up. Your best bet is to call them and make some kind of arrangements about a reduction of interest and a payment you can afford.
2007-01-24 02:56:24 · answer #1 · answered by Country girl 7 · 1⤊ 0⤋
Are you talking about a single payment or not being able to make any payments - there is a huge difference. If it's a one-time thing, the worst thing you can do is just let it slide - call the company immediately and make arrangements to pay it next month - most will accomodate that if you have a good history with them, thereby keeping it off your credit report. Keep in mind almost all credit card agreements allow them to hike the interest rate astronomically if you miss a payment without making arrangements. If this is an ongoing problem, they can seek judgement against you. Collection agencies can come into play, but here's a tip - you NEVER have to legally deal with a collection agency. All you do is send them a written letter stating "My debt is not with you and you are hereby notified that you are not allowed to contact me in any way, shape, or form following receipt of this letter". Send it certified mail return receipt requested. Never, ever, commit to payments through a collection agency. Once you talk to them, you have a legal and binding contract. Talk to your credit card company today.
2007-01-28 10:45:44 · answer #2 · answered by ginabgood1 5 · 0⤊ 0⤋
Aside from ruining your credit? Not a whole lot, really. After a while they will refer your account over to a collections agency, who will hound you pretty much night and day. But they can't garnish your paycheck or anything like that. Still, the credit thing is a problem. Bad credit can make it hard for you to get an apartment or a loan or other cards. Also, the lower your credit score, the higher the interest rate you will be offered on everything from credit cards to mortgages. Best to just pay up. If you can, call them and talk to them about a payment plan you can live with.
2007-01-24 10:56:00 · answer #3 · answered by CrysV 5 · 1⤊ 0⤋
They'll send you overdue notices for a while then pass your account to a collection agency. When that agency gives up they pass it onto another agency then another. All the while they send you notices to make payment and call you constantly. Eventually if they want they can sue you. My boyfriend stopped making payment on his Visa and Discover card about 3 years ago. Discover gave up and left him alone after 9 months but every now and again Visa has a new collection agency that sends him a letter.
2007-01-24 10:57:07 · answer #4 · answered by Anonymous · 0⤊ 0⤋
They will continue sending you bills for six months. Then they will write the account off and send it to a collections agency. The collections agency will harass you to no end and drive you absolutely insane; all the while, the money you owed is collecting interest so you owe twice as much. If you make an effort to pay, they will probably be willing to settle for about half of what you owe. This will also have a negative effect on your credit report.
2007-01-24 10:53:42 · answer #5 · answered by Trisha 4 · 2⤊ 0⤋
cancel the card and then send your account into collections. You are better off trying to make minimal payments and if you can't make the minimum call them and try to work out an arrangement that you pay something each month. Problem is the finance charges are going to be huge and until you pay the card off its going to be a long road dealing with the monthly finance charges.
2007-01-24 10:53:55 · answer #6 · answered by thunder2sys 7 · 1⤊ 0⤋
It depends on how late the payment is. Sometimes if you call them and explain the situation they will let you make up the payment of a couple of months. Don't feel bad though we all fall on hard times occasionally.
2007-01-24 10:57:23 · answer #7 · answered by gigischildcare 6 · 0⤊ 0⤋
talking from experience. I wasnt able to make payments......they first call you and harass you and send you TONS of bills and paper work. then after 6 months will write off your card and send it to collections. Collections will have it for a while harrassing you even MORE EVERYDAY like 3 times at least.
For me after it was written off they only wanted the payment in full. They wouldnt even allow me to try monthly payments. Even though i could send like $100. They said in full or nothing.
Then they send it to an attorney, threaten to sue you......then you go to court....bla bla bla its horrid
2007-01-24 11:00:08 · answer #8 · answered by mommy2be in march! 4 · 0⤊ 0⤋
They will charge you for late fees at first, & then later if you still can't make payments, they call you constantly to try to work out a payment plan (harrass you & try to threaten you out of money that you don't have), & if that doesn't work out, then they send you to collections & it messes up your credit, & if that doesn't work, then they finally sue you.
2007-01-24 11:00:23 · answer #9 · answered by Anonymous · 0⤊ 0⤋
they can pass the payment on to a collection agency, ruin your credit rating, and possibly sue you for payment.
2007-01-24 10:52:36 · answer #10 · answered by Kutekymmee 6 · 2⤊ 0⤋