It is a rather large amount. I sent them a small payment and a letter that I can't pay.
2007-02-01 04:20:31 · 4 answers · asked by reallyfedup 5 in Business & Finance ➔ Personal Finance
Probably, 2 missed payments in a row. That's a general rule for most loans.
2007-02-02 06:32:27 · answer #1 · answered by AnOrdinaryGuy 5 · 0⤊ 0⤋
It varies but it is almost sure to happen within one year.
Please be aware that there is a statute of limitations for how long the creditor/collection agency can hassle you for the money. The amount of time varied, depending on what state you are in. Here's the catch: each time you promise your creditor that you will repay the money (or send in a payment- even a small one) the statute of limitations starts over.
So, if you have no intentions of repaying the money, do not make any verbal agreement with your creditor that you will send money.
Don't be fooled, however, by thinking that once the statue of limitations is up that you will have good credit. If you let a large balance go unpaid for a long time, chances are your credit score will be very low. This will impact your ability to get more credit in the future (i.e., credit cards, car loans, mortgage).
Final piece of advice: get an unlisted number.
I wish you the best of luck!
2007-02-01 04:46:01 · answer #2 · answered by markus 2 · 0⤊ 0⤋
2, 3 months
2007-02-01 04:24:18 · answer #3 · answered by jean 4 · 0⤊ 0⤋
the day, you found you couldn't pay the total amount owing was the day you should have Cut up your credit card.
DO IT NOW, AND STOP SPENDING, until you have your debts paid off.
2007-02-01 04:35:49 · answer #4 · answered by bob shark 7 · 0⤊ 0⤋