2007-03-02 17:43:06 · 9 answers · asked by cejones345 1 in Business & Finance ➔ Credit
It depends. If you have entered into a payment plan that both parties have agreed to, then they can't sue unless you miss a payment. If you are just sending whatever you can afford and not what you owe, they can sue you or garnish your wages, etc. Partial payments do not cure the default on your credit card or loan.
2007-03-03 00:49:26 · answer #1 · answered by Mommy2myangelMark 4 · 0⤊ 0⤋
No it is not true. If you are seriously behind and sending in only 1 or 2 dollars a month(or some other super low amount). That is basically nothing and they will sue you if they want to. They may take it but since you don't have a payment plan the interest and late payment could still be increasing the balance. This will actually cause you more problems because every payment you make resets the counters on the Statute of Limitations and Reporting. If you truely can not pay on it then don't pay anything. If you do get sued and the courts see you do have no means there is really nothing that can be done.
Before you send ANY money to any collection agency make sure you have a payment plan with them. If you have a payment plan and paying on it then they won't sue you because you are paying as agreed.
2007-03-03 03:11:59 · answer #2 · answered by OC1999 7 · 1⤊ 0⤋
This is true and not true all in one. A credit card company may sue you if you are not paying your debt according to the terms you agreed to when applying for this account. This includes paying less then your minimum. However, most credit companies will not sue if you are paying something. Every time you fail to make the minimum, the bank will report it to the credit bureau. This may make it hard to obtain credit in the future. Try to at least make you minimums or contact your bank for a renegotiation of payment terms.
2007-03-03 03:16:32 · answer #3 · answered by Antoinette B 1 · 0⤊ 0⤋
their main interest is getting the money paid back so if you pay something then they almost 100% wont sue you. they dont want to screw their chances of getting anything from u. the ol "cant get blood out of a turnip" is right.....if you pay something they're willing to take it and wait til next month. they can still harrass you.
2007-03-03 01:47:01 · answer #4 · answered by tryinthis2 4 · 0⤊ 0⤋
yes,you could send a dollar a month, once they accept it they can't do anything ,like suing you in court.as long as you make an effort to pay them back,they can't say you never tried.and the courts will be on your side,but make sure you make copies of every dime you send to them or that will give them a chance to slip the noose.around your neck.
2007-03-03 02:01:24 · answer #5 · answered by sumsbrat1 2 · 0⤊ 0⤋
I'm in Australia, and as long as you make at least a gold coin payment each week, they can't touch you.
2007-03-03 01:48:51 · answer #6 · answered by k_irs_t 1 · 0⤊ 0⤋
No, but they're very unlikely to sue anyway.
2007-03-03 03:14:13 · answer #7 · answered by Greg M 2 · 1⤊ 0⤋
I heard that too, and I believe it's true to a certain extent with certain creditors.
2007-03-03 01:46:56 · answer #8 · answered by YupChubby 2 · 0⤊ 0⤋
NO
2007-03-03 01:52:16 · answer #9 · answered by cork 7 · 0⤊ 0⤋