i have a credit card and i used it to the extent of my credit limt. and now i find it hard to pay the card issuer, this time i am very difficult and financial problem i am suffering now. i have no intention to run my obligation. what is the best thing that i cud do?
2007-07-31 17:37:14 · 13 answers · asked by MaRneLLi 2 in Business & Finance ➔ Credit
the financial institution will sue u for bankrupty...
2007-07-31 17:40:15 · answer #1 · answered by Nimeesha 2 · 0⤊ 3⤋
Sell some of the stuff you bought. Get a bettter paying job, even if it's unpleasant. Never use credit cards again. Credit Cards are an idiot trap.
In the future, never buy anything that you don't have the money in your pocket to pay for. Think about what you bought with your credit cards. How much of it is worth anything now if you sell it? How much was for food and booze that's long gone. It's kind of dumb to drink a $4 bear in 2005 and still be paying for it years later at 20% interest or more. By the time you're done paying for it, that $4 beer will have cost you $16. Would you pay $16 for a beer in cash?
Why would you put it on a credit card?
Hopefully, you bought stuff you can sell.
Yes, they will sue you, they will garnish your pay. You will never be free until you've paid everything. Like I said, idiot trap.
2007-07-31 17:44:42 · answer #2 · answered by Nick V 4 · 0⤊ 0⤋
They can't sue you, the worse they can do is report you to the claims department and give you a bad credit note. You will although have to make even minimal payments then they can't do anything about it. If you are finding it difficult contact them and make arrangements for a different payment plan you might be able to get an overdraft or loan from your bank at a lower interest rate than your card and pay it off this way. Also destroy your card and stop using it, they will let you go beyond your limit they like that.
2007-07-31 17:50:52 · answer #3 · answered by Anonymous · 1⤊ 1⤋
First call them again and speak to the head of the collection department, tell them, fax them, or send them the information that this debt has been resolved. Get the persons name that you spoke with date time etc., ask them to send you a confirmation that this debt is paid. Tell them to make sure that their people don't call you anymore, or anyone else about this debt. Wait and see what happens. If this doesn't happen you can go to your next plan of attack, report them to the better business bureau, find out what state they are in , and file a claim in court, but first send them a certified letter stating that you will seek legal help if they continue to harass, and come after you about a debt that you have already paid. Tell them this is causing grief etc., make sure you get a name to send it to/care of, and signature confirmation. Believe me this will get their attention, and they will respond. If they don't respond from this sue. It can be done, and you can win. I saw an article on line and you can do your homework first, via Google, Yahoo answer. Do your homework first as I said.
2016-05-19 03:57:42 · answer #4 · answered by ? 3 · 0⤊ 0⤋
No...- But you're GOING to have to pay that Card off - or else your "Credit" will be ruined, & you WON'T be able to take out any loans (like for a car, or house, or school- etc.) or get any new Credit cards. So keep on paying as MUCH as you can- and keep your spending DOWN- until you get that card at LEAST half paid off! Good luck.
2007-07-31 17:49:35 · answer #5 · answered by Joseph, II 7 · 1⤊ 0⤋
If you do not pay they can take your money out of your pay check. Your best bet is to get credit counseling, some place LSS or something like that. Depending on the extent of your debt may bankruptcy is an option. That may be your last choice if your debt is not that bad.
2007-07-31 17:43:03 · answer #6 · answered by hlthstudent 1 · 0⤊ 0⤋
Contact the company that issued you the card. Explain your situation, they may be able to lower your payments.
Communication is key
If you avoid them it will only get worse
Yes they can sue you and probably will if you don't pay
KIM S - YES, they CAN and DO sue or file claim in a court (which is the same as suing)against non-payers. It depends on the amount, if it is worth a suit.
2007-07-31 17:41:07 · answer #7 · answered by BhitchyPrincess 5 · 1⤊ 0⤋
Sure they can sue you and even get a judgment against you, and start taking it out of your pay.
I believe the best thing to do is call them, explain everything,
get the name of the person you spoke to, and also then sent
a letter to them, telling them you have discussed the matter
with them. Maybe you can offer a small payment a month,
that only includes interest and when you are better of...
you will pay principal and interest.
Hope this helps a bit.....been there, done that
2007-07-31 17:43:39 · answer #8 · answered by Eve 7 · 0⤊ 0⤋
tell the company you're having trouble and they're more likely to be lenient and then PAY THEM! it's their money, they just let you use it, you need to give it back. work with them to organize a payment plan and then stick to it. not paying your bills can cause all kinds of problems including but not limited to messed up credit, never being able to get credit cards again, jail time etc. do yourself a favor and pay them back because the alternatives aren't fun
2007-07-31 17:43:14 · answer #9 · answered by Just Me 2 · 1⤊ 0⤋
Yes, they can sue you. You could claim bankruptcy, but you will still ahve to pay it back starting with all your stuff. People need to be better educated about how to manage their finances and to take responsibility.
2007-07-31 17:41:21 · answer #10 · answered by davidthegnome2003 2 · 1⤊ 0⤋
Yes they can put liens and/or garnish wages. I hope you learned your lesson. With the exception of a modest car and house if you can't pay cash or pay your CC in full each month........... YOU CAN'T AFFORD IT!!!!!!!!!!!!!!!
2007-07-31 17:41:28 · answer #11 · answered by Anonymous · 1⤊ 0⤋