2007-09-07 08:32:01 · 11 answers · asked by Christy 2 in Business & Finance ➔ Credit
A lot.
If the amount owed is large enough they will take you to court and get a judgment, at that point they can attach bank accounts, garnish wages (if your State allows it) and file liens on any property you may own like cars, boats, land and homes.
All of this activity will show on your credit report for 7-years and make it very hard to get any other types of loans without making huge down payments, fees and State maximum interest rates.
As far as giving up, they never have to give up, they can try and collect until you die. As far as actually being able to collect that's another thing after the statute of limitations runs out there really is nothing they can do.
They can still sue you but all you have to do is show up in court and show that the S.O.L. has expired and the case will be dismissed.
2007-09-07 08:39:26 · answer #1 · answered by ? 7 · 6⤊ 0⤋
Are we talking about collection agencies or the Original Creditor? Collection agencies will lie, threaten and break any law there is in an attempt to get you to honor the debt. However there are rules in place to protect you against illegal practices but you have to know what your rights are.
They give up when they can't collect. Never speak to a collection agency over the phone. They are trained to harrass and collect -- not to calmly speak it over. Go through the process of having them verify the debt if you don't think the debt is yours or the amounts have changed, etc. Usually they cannot verify the debt as esp. old debts have very poor records. Incorrect info and they cannot collect. I've always found for some reason a call to the Better Business Bureau to complain about them for some reason puts the fear in them but not sure why.
2007-09-07 10:20:28 · answer #2 · answered by ama 1 · 1⤊ 0⤋
When the original creditor writes off the debt that's an accounting term to take it off their books. The debt doesn't go away. It gets sold to a collection agencies who will hound you to the grave.
The first collection agency tends to be the nice one. They'll be polite and try to work out arrangements. As they give up and sell the debt off to the next collector, they get mean and rude.
Finally it will get to the "scumbag" collector. Their philosophy is "you got to prove I broke that rule". They are mean and underhanded. They will sue hoping you don't show up in court so they can get a default judgment. Cancel if you do show up and refile later.
Do the moral thing and settle up on that debt. It really is the easier thing to do.
2007-09-07 08:59:03 · answer #3 · answered by bdancer222 7 · 1⤊ 0⤋
I'm not sure how long they bother you. If they aren't able to collect, the originator can file a personal judgment lien against you, which will show up on your credit report. It's best to be up front and take care of your responsibilities. You have two choices, wait until the collector stops calling, and you see the judgment lien, then pay it off. Or you could just begin paying the originator whatever you can afford now until it is paid off. Don't shirk your responsibilities, work them out.
2007-09-07 08:38:43 · answer #4 · answered by Alterfemego 7 · 2⤊ 1⤋
The obvious thing they do is call and ask for the money. They will call and call to see if you will pay, but believe it or not, there are harassment laws in regards to collections.
After that, they will try to garnish your wages or levy your bank account. The trouble is, this takes time and money because it requires a court order and then they have to serve the court order.
All in all, by this point your credit score is shot.
2007-09-07 08:39:05 · answer #5 · answered by PRC SD 3 · 1⤊ 0⤋
Your a chain around society's neck! Because of you lenders take losses and in turn have to charge people that pay there bills a high rate to compensate for pathetic people like yourself. PAY YOUR BILL! STOP MOOCHING OFF SOCIETY! You creat a debt you pay it like a grown individual should. When you get paid, instead of buying that starbucks or going out for dinner and drinks, PAY YOUR BILL! Take some responsibility for once in you life. Have a great day :)
2007-09-07 11:57:31 · answer #6 · answered by Joe R 2 · 0⤊ 1⤋
The account can be sold and resold countless times so god only knows when you will stop getting calls,letters etc unless you pay it off.
2007-09-07 08:37:24 · answer #7 · answered by Crazy cat lady >^ ^< 4 · 1⤊ 0⤋
They'd write it off?? What country are you in? In Canada you'd be going to small claims court.
2007-09-07 08:39:21 · answer #8 · answered by sunny 2 · 1⤊ 0⤋
They can take you to court, get a judgment against you then wipe out your checking or savings account and they can also ganish your wages.
Hope this helps
2007-09-07 08:39:52 · answer #9 · answered by Anonymous · 1⤊ 0⤋
The only time they give up is when a person files bankruptcy or dies.
2007-09-07 08:41:59 · answer #10 · answered by CC 6 · 2⤊ 0⤋