2007-06-14 15:25:02 · 6 answers · asked by Dragon Slayer™ 5 in Business & Finance ➔ Credit
They will send your account into collections and it will go on your credit report that you stopped making payments. Eventually it will get charged off and that's really not something you want on your credit report. Try to make a payment arrangement with them, or even see if they will settle the account for less than the owed amount. It will close the account and show up on your credit report that you settled it for less the amount owed, but it's better than not paying at all.
2007-06-14 15:29:39 · answer #1 · answered by fmxkrazyone 6 · 0⤊ 0⤋
The can cancel the card, seek a judgment in a court of law for the total balance due, including all legal expenses, use the judgment to garnish your wages, and eventually turn the thing over to a collection agency. Naturally, all of the above will wreck any remaining credit you have.
Sound good enough to convince you to keep paying ?
2007-06-14 22:31:38 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
If you stop paying and wait 7 years the credit bureau by law must remove the information from your file.... They also must remove any bankrupty after 10 years.... Check out the www.nolo.com site by lawyers...
2007-06-14 22:49:08 · answer #3 · answered by WildOrchard 2 · 0⤊ 0⤋
They can freeze your credit then send your file to collections. From there, it's just all down hill and bad credit.
2007-06-14 22:33:30 · answer #4 · answered by sonofstar 5 · 0⤊ 0⤋
Ruin your credit so you can't get a car, house, go to school or have any kind of typical American life. Pay em.
2007-06-14 22:49:09 · answer #5 · answered by alanawear 2 · 0⤊ 0⤋
add fees and take u to court
2007-06-15 11:57:29 · answer #6 · answered by shorty21 5 · 0⤊ 0⤋