I want to ask if I keep making payment less than min payment on my credit card accounts, can my creditors still sue me on default payment while I have been making efford on my account?? Thanks for your input
2007-07-02 19:12:52 · 6 answers · asked by catlover 1 in Business & Finance ➔ Credit
Yes I believe so !!!
2007-07-10 18:01:14 · answer #1 · answered by apreston60 5 · 0⤊ 0⤋
Some credit card companies offer credit conseling and they will suspend your account and work out payment plans; others will not, but it's worth asking them and letting them know. They can sue at any time, but I doubt any of them would as long as you communicate with them and are making an effort. You can count on having to wait at least seven years, however, before being able to even think about building your credit again.
Also, if you call your local chamber of commerce, you might find where you can hook up with a credit counselor who will negotiate all of your debt with the CC companies and give you one payment per month that you would make which would cover all the cards; sort of like what would happen with a bankruptcy filing; and that's always an option, too. Once you are in a bankruptcy (depends on how much you're in debt for this to make sense) the interest can no longer accumulate, and the bankruptcy court will determine a payback amount that could be much less than your actual debt. Payments are made to a trustee who then redistributes and this can go on for seven years.
2007-07-08 21:48:11 · answer #2 · answered by Barbara L 2 · 0⤊ 0⤋
Yes. You need to negotiate lower payments with them. If you can't make the minimum, you're already in severe trouble, so you need to talk to someone. Find a nonprofit credit counseling service to help you: they can usually negotiate lower payments and lower interest rates.
2007-07-03 02:16:10 · answer #3 · answered by Katherine W 7 · 0⤊ 0⤋
I would contact them and explain your situation as all situations are different they might be able to work out a more flexible payment with you. You should always make the minimum payment to avoid getting late fees
2007-07-09 11:51:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You have to make your minimum payments or just consolidate your payments and switch to a lower interest rate credit card.
2007-07-10 14:02:06 · answer #5 · answered by gonzo 3 · 0⤊ 0⤋
yes
2007-07-03 02:49:11 · answer #6 · answered by Just Me 6 · 0⤊ 0⤋