What are the chances of having a credit card company file a judgment aginist me for non payment?
They are unsecured credit cards,and I have no assets.
Some of the credit card companys have sent them to collection agencys.
I understand that this my mean they are about to give up???
2007-03-18 22:54:39 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
A few years back, I'd have said that the chances were slim that anyone would actually file a lawsuit on any debt under two or three thousand.
However, in the last couple years, lenders and collection agencies have gotten very aggressive in pursuing deadbeats. Part of that came with the new bankruptcy laws. Before that, it was just too easy for people to file for bankruptcy and walk away from debt. Now, it's not so easy so collection agencies seem to be filing suit a lot quicker and going for judgments.
Since it's been turned over to a collection agency, I'd say that you are more likely now to have a lawsuit filed against you now then you would have been when it was still with the original debtor. Collection agencies have bottom feeder attorney's working on staff (the ones that can't get a job at an actual law firm) and all they do is sit there all day long and file lawsuits against debtors in various jurisdictions.
Plus, the longer you put off paying it off, the more the debt is going up. They are adding interest and late fees on to the original debt and if they file suit, they'll add legal fees.
Call them. They'll probably settle the debt with you for some lower amount.
All of it is going to be on your credit report for a long time at this point so the sooner you start getting it taken care or, the sooner you can start working on getting your credit score up.
2007-03-19 01:17:18 · answer #1 · answered by Faye H 6 · 0⤊ 0⤋
Well I think the last thing you want to do is sit around waiting to find out. Your situation sounds serious so you need to take some action. The answer to your question is yes, they can sue you. But there are many variables involved there such as the size of the debt, the age of the debt, your income, and their expectaion of recovering the debt. Another answerer here said something useful, they all want to work with you, nobody wants litigation. Teh best way to handle this is to retain the services of a credit counselor. These services are usually free and they will negotiate the debt down and manage the payments. As long as you show a good faith effort to repay they will back off. If you do nothing I guarantee you it will not simply go away.
2007-03-19 11:31:07 · answer #2 · answered by douglas l 5 · 0⤊ 0⤋
Depends on the state. Some states don't allow garnishment for unsecured debt. Other states do. Once you get assigned to collection agencies, the debt gets resold and resold and resold and resold and as a tangible paper instrument. Used to be time would heal, but no more. To cancel out, you need bankruptcy and that will cleave a later claim from the IRS asssuming you got a capital gains (a windfall) when the collection agencies do write you off. I haven't heard yet about credit cards written off as capital gains, but I have heard of student loans being routed that way.
2007-03-19 06:02:32 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I would talk to a credit counseling agency. They will tell you whether or not they can help you or if you should declare bankruptcy. Try to avoid debt settlement places as they just take a huge fee from you.
Also, just because you have run into hard times does not mean you are a dead beat. Stuff happens and sometimes you just cannot pull yourself out of the hole/debt you are in. So dont' feel bad.
Talk to a reputable credit counseling place and then go to a bankruptcy lawyer. First consultations are free. Then you will know what you should do.
2007-03-19 14:32:43 · answer #4 · answered by Kris 3 · 0⤊ 0⤋
Well corporations don't actually give up.....they are now transferring your collection to professionals who deal in this full time.....the big picture is your credit rating....the mistakes you are making now is 7 full years on your credit. Our president has put into place legislation that makes it harder to file bankruptcy and wipe away this debt so keep that in mind. Most Credit company's will work with you....alot of debt consolidation do not make it any better from a risk factor to someone considering giving you credit. Just keep your future in mind...good luck!
2007-03-19 06:05:24 · answer #5 · answered by HonestBizPro 2 · 0⤊ 0⤋
The best thing to do is to make sure you pay them something. Whatever you can afford. As long as you do that there is very little they can do. They wont take you to court as they know the judge will only make you do that anyway.
2007-03-19 06:00:01 · answer #6 · answered by Anonymous · 0⤊ 0⤋
They will never give up. They want their money. Just pay them as much as you can or you will never be able to buy anything again. I think after a certain point, if you don't pay, the court might opt to garnish your wages.
2007-03-19 06:03:15 · answer #7 · answered by lilly j 4 · 0⤊ 0⤋
It depends on a lot of things. Who the creditor is. The balance of the account. How close to the statute of limitations you are.
2007-03-19 05:57:10 · answer #8 · answered by Gatekeeper 4 · 0⤊ 0⤋
contact - cccsinc.org - they can help
2007-03-19 07:20:46 · answer #9 · answered by Anonymous · 0⤊ 0⤋