a credit card has to be aid in full. I dont have the money and a man called me on the ohne and said collection agencies only will take full amt. Is that true?? He said I had to find money or they would take me to court.. Wont collection agencies take a little each month bf they garnish your wage??
2007-07-12 07:33:10 · 9 answers · asked by ? 4 in Business & Finance ➔ Credit
They always try for payment in full. Call the original card company and work out a payment settlement. If they get a judgement and garnish, it'll be so much a month if legal in your state. but you'll get hit with all the extra charges incurred
2007-07-12 07:36:09 · answer #1 · answered by wizjp 7 · 1⤊ 0⤋
In order to have to pay a credit card in full it is either because there are no terms (American Express) or If you had a credit card and then cancelled it so you wouldn't use it then you will have to pay it in full. By canceling it you cancelled your terms with them. No more 26% interest but that means you owe them all of it right now. They don't tell you that. You can't try to setup a payment schedule because that was your terms since I don't know if this is a AMEX. You can eventually get to pay them a little bit a month but that is probably what the court case will setup for them.
You don't want it to go that far because you will be paying all the court cost and attorney fees then. If you have another card that you can get an advance from to pay off the cancelled one that is the least costly but also extremely dangerous if you can't pay it off. Borrowing from a parent to pay it off is another method to help but you must pay them back ASAP since there is no interest charge. You can also "settle" with the credit card company but you need to have things in writting an in the agreement that they don't classify it has a settlement but as a satisfactory payment to the credit bureau.
You must always pay off the charge cards and only use them when you have the money. It sounds stupid but that is how credit operates. If you have credit card debt then 20% of a paycheck should always go to pay them off and then any extra money at the end of the paying the other bills should be sent to pay them down and not on clothes or an ipod you bought with the credit.
Good luck.. you have to get a better paying job. That will help some. Don't take the easy way. No chapter 13 or anything.. just bite it and pay it off. Sacrifice my friend.
2007-07-12 08:24:56 · answer #2 · answered by atlantareikimaster 2 · 0⤊ 0⤋
Well there a couple of questions in there , let me start by saying that if you owe a credit card they try and make you pay in full but if you let them know that you will work with them than you can have 2 options , either ask for a settlement on the bill (start with half of what you owe) or ask for a payment arrangement .
For the 2nd question agencies can take you to court if the bill is a high amount and can add attorney and court fees, YOU DO NOT WANT TO GO TO COURT for a credit card fee, I am sure someone will work with you at that agency if they start threatening you ask for there supervisor or manager and I am sure they can work something out with you .
GOOD LUCK
2007-07-12 07:44:47 · answer #3 · answered by Bobby 2 Gunz 5 · 0⤊ 0⤋
The collection agency will say anything, yes even lie, to get you to do something stupid like not pay the mortgage to pay them. It's their job to intimidate. All they want is money.
The guy you talked to is a liar. And lets say he wasn't. Tell them to sue you. What are they going to get? They may garnish your wages maybe 10 or 15 percent, but aren't those payments. If you don't have the full amount then they can't get the full amount, can they? No.
Do not let them intimidate you.
Give the collection agency a call. They buy these debts for something like 10 to 25 cents on the dollar. Offer them a settlement. Get it in writing.
Things NEVER to do. Do not give them electronic access to your bank account. They will clean you out. Do not give them post dated checks. They will not wait. Get the settlement in writing and then keep those papers forever.
2007-07-12 08:11:19 · answer #4 · answered by JB 6 · 0⤊ 0⤋
If they take you to court, they will expect to gain a judgment, which will, in turn, be used to obtain a writ of garnishment. Generally, the courts will determine how much of your income should be garnished.
Expect, however, if you go through this court action, that the collection agency will add its fees and expenses for all the court activity to the amount you already owe.
They have you over a proverbial barrel when you are in such a situation.
2007-07-12 07:47:32 · answer #5 · answered by acermill 7 · 0⤊ 0⤋
How do you know, for sure, that the accident wasn't your fault? Sounds like the other driver filed a collision claim with Allstate, they paid out, they sued you in court, got the judgement (probably because you didn't show up), so now you owe the money. You'll have to contest the debt, obviously, in writing - but if they DID go to court and you didn't show up (automatic win for them), you DO legally owe this money.
2016-05-20 22:35:26 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Pay them what you can. It will cost them more to take you to court to get the full amount.
2007-07-12 07:36:20 · answer #7 · answered by redunicorn 7 · 0⤊ 1⤋
umm try to spell better and they have to take u to court to garnish your wages and this a bad...
2007-07-12 07:56:24 · answer #8 · answered by shorty21 5 · 0⤊ 3⤋
that is a tough one
2007-07-12 07:36:51 · answer #9 · answered by Anonymous · 0⤊ 1⤋