I have defaulted on my credit card its a totaly of 6k now they have reported me to credit reporting, and collection agiencies. What other things can they do.? can they come after me and take me to court? or take it out of my paycheck?
2007-01-30 07:57:22 · 5 answers · asked by SaL 1 in Business & Finance ➔ Credit
I live in califorina,
2007-01-30 08:35:39 · update #1
Aside from garnishing your pay, they can also restrain or "freeze" your bank accounts if they get a judgement against you (except for child support received, pension received, Social Security received). IF you are simply unable to pay, and you cannot work out a suitable payment plan, go see an attorney that specializes in Bankruptcy procedures and see if you qualify for a Chapter 7. You can "satisfy" those debts and also put a stop to garnishments and account restraints. This, of course, depents on several factors (do you own a car and if so what is the book value, do you own a home and/or other properties and/or do you own a business....). Those payment plan programs are mostly a sham; ignore that route (too many people I know have paid for years and still owe far more than they had originally borrowed with credit cards). Two days after you get out of bankruptcy, you can take out a mortgage or get a car loan. You can easily repair your credit (by buying on credit what you can easily pay back at the end of the month, and never falling behind for a couple of years). You must, however, make sure that you get credit reports after you complete the bankruptcy and MAKE CERTAIN that the debts show "satisfied thru bankruptcy." If not, write the credit bureaus and inform them of such, give your bankruptcy petition number, where you applied for it and the date of completion, and demand a FREE credit report after your matrix has been amended to reflect the satisfaction by bankruptcy as per the Fair Credit Reporting Act of 1970... FAR BETTER than being in default of an/any account debt!!!
2007-01-30 08:10:20 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Avoiding them is the worst thing you can do.
They can (and will) take you to court for six grand.
They can have the courts garnish your wages and sell off any property you own which is not required for you to work.
Not to mention you are pretty much screwing yourself over for the rest of your life by living in debt in the first place.
Consider this card a life lesson and work your butt off to pay it off, then never *ever* get another one.
If you can't pay cash for something, you cannot have it.
You already know that instant gratification is not worth it, so why enslave yourself to someone else by borrowing money?
Good luck, and call the CC company!
The CC company may threaten you and may scare you to death, but all in all, they simply want what is theirs.. The money you spend of which wasn't yours to spend.
2007-01-30 08:12:41 · answer #2 · answered by Edward W 3 · 0⤊ 0⤋
in my most states, credit card companies can subpeona you to court or even send a garnishment to your job and it would be taken out of your checks. if you go to court and still fail to pay, you could go to jail. you might want to work out some kind of payment plan with the collection agency before it gets that far. plus all of this will be on your credit report and if you try to buy a house or car or get more credit, you will be denied in a second.
2007-01-30 08:07:35 · answer #3 · answered by deeshair 5 · 1⤊ 1⤋
Some states allow garnishment of wages for judgements. All allow judgements against current property, some against future aquired property.
Call them, work something out.
2007-01-30 08:00:44 · answer #4 · answered by wizjp 7 · 0⤊ 0⤋
this will ruin your credit for the rest of your life if you don't resolve it...you will have difficulty purchasing a car loan...buying a home...maybe even getting utilities turned on if you move. renting an apartment...the list goes on.....
2007-01-30 08:07:17 · answer #5 · answered by geekieintx 6 · 0⤊ 0⤋