2007-06-01 22:08:08 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
they take you to court. Then they take you to court again and again and again and the bill keeps going up and up and up.
2007-06-01 22:22:30 · answer #1 · answered by islandgirl0521 4 · 0⤊ 0⤋
A creditor can pursue payment through internal collections and harass you.
A creditor can hire a collection agency to harass you.
A creditor can sue you.
A creditor can sell the debt to a collection agency...who can then sue you.
If they sue you and win a judgement they can garnish or put a lien on your:
-wages (a couple of states prohibit this, like TX, NC, SC)
-bank account
-vehicle (some states allow this, some do not)
-real estate (some states allow this, some do not)
2007-06-02 05:26:10 · answer #2 · answered by saywut 2 · 0⤊ 0⤋
I agree with the other posters.
Depending on the company, the amount of the debt, etc., they may also sue at some point.
You might read the FDCPA and learn what constitutes violations when collection agencies try to collect.
Learn your rights and don't let them violate them.
If you know your rights and find that they do violate, which they usually do, you will have the legal right to hold them accountable for them.
You might click on my profile and do some reading in the links I've povided to the FDCPA and also the FCRA.
2007-06-02 05:27:32 · answer #3 · answered by echo 7 · 0⤊ 0⤋
After it is charged off the debt is usually sold to a collection agency who will basically bother the heck out of you for payment
2007-06-02 05:12:42 · answer #4 · answered by Pengy 7 · 0⤊ 1⤋