I was curious if you have always had good credit and borrowed large amounts of money but paid them off and this went on over the years and then you borrow rather large sums with the promise to pay it back like you always have and something really bad happened ,you were in a natural disaster and you can't pay them back and you have no income and you havent contacted them . Can you be charged with fraud or just sued or what ? Please just if you know for sure answer.I appreciate your help Thanks in advance
2007-08-14 13:53:01 · 10 answers · asked by jb 1 in Business & Finance ➔ Credit
If you file for bankruptcy, they can't sue you. But, your credit will be ruined for years.
2007-08-14 14:37:29 · answer #1 · answered by jdkilp 7 · 1⤊ 0⤋
You most definately can go to jail unless you have filed bankruptcy or Chapter 13, or have become disabled and have proof of it from a Dr. and are filing for disability. Either way when you do go to court it will most likely be dismissed. Judges dont want to send you to jail. If you can pay off the money and will sit down with the court mediator and work out a repayment plan you can avoid jail. You can also go to a credit helping agency and get small monthly payments on the accounts you owe. If you do nothing, you will lose everything and will get fined and will go to jail.
2007-08-14 14:04:04 · answer #2 · answered by csmith012953 3 · 0⤊ 1⤋
They will place it with a collection agency and eventually sue you. Once they get a judgment they could garnish your wages or clean out your bank accounts.
If you have a situation where you can;t pay you should contact them and start working out a payment plan with them or at least let them know what's going on.
FYI - it is never a good idea to borrow "large sums" on credit. This is a perfect illustration of why.
2007-08-14 14:05:59 · answer #3 · answered by Anonymous · 1⤊ 0⤋
properly that is no longer a good element to apply a credit card for something like this as you is in simple terms no longer waiting to pay it off in 30 days so which you will get fairly some activity extra. seems such as you're at your wits end and something to maintain a roof over your head so it may desire to be a good element extremely than grow to be homeless. the priority is do you have any credit or is is undesirable? while you're employing for card it relatively is extra durable now as banks at the instant are not lending and whilst they do the line of credit could purely be 200 to commence. i does no longer propose it, you're extra perfect off merchandising issues on your place yet once you have no longer any determination then choose for it.
2016-10-10 06:05:34 · answer #4 · answered by ? 3 · 0⤊ 0⤋
There is a big difference between borrowing a bunch of money and never making an attempt at re-payment and slowly getting into debt (over time). My guess is that the first would be considered fraud and the later, poor judgement.
2007-08-14 14:00:33 · answer #5 · answered by Just call me "J" 2 · 0⤊ 0⤋
You may be sued in civil court or small claims court, depending on the amount you borrowed, but there are no longer "debtors prisons" so if u borrowed the money with the intentions of repayment, you won't go to jail.
2007-08-14 16:50:25 · answer #6 · answered by gayle p 1 · 0⤊ 0⤋
No, but it's a good idea to pay. Even the minimum payment to keep your credit in good standing. Everyone needs help in life, that's a good reason to keep up on those cards.
2007-08-14 13:57:52 · answer #7 · answered by ~Kim~ 6 · 0⤊ 0⤋
Probably, just sued. They would have to prove that you intended to do it for it to be fraud.
2007-08-14 13:57:19 · answer #8 · answered by WJVV 4 · 1⤊ 0⤋
Look into some jail time if you proceed with that idea.
2007-08-14 13:58:47 · answer #9 · answered by Anonymous · 0⤊ 1⤋
u go bankrupt o no :(
2007-08-14 13:57:00 · answer #10 · answered by Anonymous · 0⤊ 0⤋