Will I be consider having a criminal record if I am slap with a credit card judgement by a law firm representing my credit card company? And if the balance is around $550. I have never ever been arrested in my life. Never had any problem with law. So will judgement ruin my CLEAN RECORD???
2007-08-25 14:51:07 · 11 answers · asked by RaiderNation 1 in Business & Finance ➔ Credit
There is no such thing as a "Debtors Prison". You cannot be put in jail over a debt! The only time that can happen is if you receive a summons to appear in court and do not attend court. In that case a bench warrant will be issued for you only because you didnt attend the court date,,,,NOT because you owe a debt!!!! The Judgement for the credit card will show up in your credit bureau and affect your credit rating and credit scores. It is not a criminal offense and will have nothing to do with your criminal record! Rest easy. The only other possible thing that could happen is that your wages could be garnished. That would depend of what state you are in. The only 2 states I know the law on are LA- wages CAN be garnished, TX- wages CAN"T be garnished. Hope that helps.
2007-08-25 15:02:34 · answer #1 · answered by Angie O 2 · 1⤊ 0⤋
1
2016-06-03 21:14:45 · answer #2 · answered by Ginger 3 · 0⤊ 0⤋
The problem with this story is that you used short-term financing vehicles to finance a long-term asset. You do not finance boats on credit cards and you do not finance vehicles on credit cards. And furthermore, banks are allowed to change interest rates for any reason up to February 2010, so it would have made sense to keep your credit cards separate from the boat debt regardless of any perceived finance charge "savings". You might want to consider bankruptcy only because the finance companies will probably come after you since your balance is so large.
2016-05-17 23:32:54 · answer #3 · answered by ? 3 · 0⤊ 0⤋
The only thing you will have is bad credit if you don't pay off the balance. With your balance being $550.00 It would make since just to get a part time job and pay it off then to ruin your credit. Did you know a lot of big companies will not hire you if you have bad credit. Your credit rating affects your life on a daily basis. If you can't handle your own affairs how can you handle theirs it make since.
2007-08-25 15:07:18 · answer #4 · answered by gizmoe 3 · 1⤊ 0⤋
The good thing about owing people money is there is no such thing as debtor's prisons in the US. So your credit record will go to **** but don't stress too much - $550 might be a lot of money for most of us, but certainly isn't very much for the credit company. You're not going to go homeless because of it.
2007-08-25 15:00:56 · answer #5 · answered by Anonymous · 1⤊ 0⤋
The collection company will have to sue you to get a judgment. They may or may not bother going to court over $550. But if it goes to court, there will be additional fees.
Work out a settlement with the collection agent.
2007-08-25 15:07:10 · answer #6 · answered by bdancer222 7 · 0⤊ 0⤋
no, but in the banking world we refer to you as "credit criminal".
It's only $550... if you owe it, PAY IT! don't ruin your credit history for such a small amount.
2007-08-25 17:56:13 · answer #7 · answered by Richard S. 3 · 1⤊ 0⤋
if convicted, its a civil conviction, it will not reflect on your criminal record. It'll be on your credit report for 7 years or something, but nothing criminal.
2007-08-25 14:58:46 · answer #8 · answered by mrjobez 3 · 0⤊ 0⤋
No, it's not a criminal offense unless fraud is involved.
2007-08-25 15:29:55 · answer #9 · answered by Judy 7 · 0⤊ 0⤋
No...collection agents are liars....call them stinkin gringos when they call...they love the abuse
2007-08-25 14:56:01 · answer #10 · answered by Anonymous · 3⤊ 1⤋