My father is 63 years old and he's is not working anymore.
He had a creditcard debt of about 9000 dollars and I think the creditcard company sold it to the collection agency. What happens when it goes to collection agency? He doesnt have any property under his name. Just a automobile. Can they take his social security check from him, since he doesnt have any income?
2007-10-11 05:51:05 · 10 answers · asked by Anonymous in Business & Finance ➔ Credit
Wow...another find batch of crappy answers! Sounds like a room full of collection agents! Negotiate! Pay your bills!!!!
With what, people? The man is on Social Security? You guys even have a tiny clue how much money that is?
Have your father sell you his car for $1 and get the title transfered to you. With no property, they have nothing they can attach.
No, they can not garnish social security payments or most retirement checks. So with no income, there is nothing they can garnish. If he has a bank account with any cash, have him withdraw it and move it into your account.
No home or other property? What can the take?
In other words, your father is considered "judgment proof". Just point this out to the collection agency, and if they wish to spend the money on going to court, paying the court costs and service fees.....knowing that they will not collect a dime...then they can go for it.
Oh sure, his credit will be shot. At 63 do you think he's going to be searching for a new home, boat or RV? Any plans for a future loan? No, I didn't think so. Why would he care if his credit score is dropped for a few years?
Transfer the car and relax.
2007-10-11 11:43:13 · answer #1 · answered by Anonymous · 2⤊ 0⤋
The most efficient benefit of availing the service is this will help you to concentrate on business only without losing productivity of your company. The debt collected by an organization usually has highly experienced and specialized debt collectors, they never damage the relationships between you and your customer while collecting money. So when you have hired a debt collection agency, rest assured that you will be able to have your money without admitting any guilt. Note that, every debt collection agency follows specified guidelines, while making the recovery.
2016-04-08 03:15:00 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The collection agency would have to take your father to court and get a judgment against him first. But that is the worst that could happen. He will be able to make payment arrangements, which would be in his best interest.Also, the judgment will go on his credit report. A paid judgment will remain on his credit for 7 yrs. from the court date. If it's not paid, the judgment can be renewed.
Every state exempts a certain amount of property. Check the link below for property exemptions.
Can they take social security? No. SS is exempt from garnishment.
2007-10-11 06:10:51 · answer #3 · answered by Celeste 6 · 2⤊ 0⤋
If the collection agency goes to court and gets a judgment, they have nothing to attach. They cannot garnish his social security income and as long as only his SS money is put in his bank account, they can't attach that either.
All they can do is impact his credit. If he isn't paying on the credit card debt, his credit is already damaged. The fact that he is on social security and has no assets makes him pretty much judgment proof.
When the collection agency starts calling, you might try to work out a settlement. You could probably settle for half, maybe less. Get any settlement agreement in writing and don't give the collector access to your bank account.
2007-10-11 06:18:47 · answer #4 · answered by bdancer222 7 · 2⤊ 1⤋
Is the credit card past the statute of limitations?
Did the Collection Agency PURCHASE or Assigned
the debt?
read thru creditinfocenter com. Very carefully
WORDING is everything.
I learned to do the stop calling, validation, and intent to sue
all in one shot letter !!!! Saves 60 days and two extra letters
2007-10-11 13:57:24 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Along with millions of other people! He could file bankruptcy, I don't suspect they sold it to the collection agency. That is just what credit card or any other company does on delinquent accounts. They pay them to collect it for them. They will take him to court, maybe reposes his car. Remember the old saying "You can't get blood out of a turnip" means they ain't going to nothing!
2007-10-11 05:54:49 · answer #6 · answered by char__c is a good cooker 7 · 0⤊ 1⤋
Yes. over time the credit card company will send it to collections. I did it to me. But what you can do is either talk to they to see if they may be able to work a payment out ( Do the lowest amount they will take). If already in collections call the credit carf company to see if they can take it back out of collections and try to work out a payment too.
2007-10-11 06:02:45 · answer #7 · answered by neta_3 1 · 0⤊ 1⤋
They can do all kinds of things including some of those you mentioned depending on the state. Thank goodness you, as his son, are there to help. A debt settlement company can likely help get you out for less than 50 cents on the dollar. I used www.totaldebtsolutionsllc.com and their free evaluation form. They saved me thousands; good luck.
2007-10-12 03:46:30 · answer #8 · answered by Nicki W 2 · 1⤊ 2⤋
Yes they can, but they would have to get a judgement against him first. The best thing to do is get in front of this and work out a payment plan now rather than after it goes to court.
2007-10-11 05:59:17 · answer #9 · answered by Jay P 7 · 0⤊ 2⤋
they can file a judgement and if he doesn't pay it goes on his credit report
2007-10-11 05:56:32 · answer #10 · answered by Anonymous · 1⤊ 0⤋