not being able to pay back credit cards i am on a fixed income and got overwalmed and now whats going to happend to me
2007-10-23 16:24:33 · 13 answers · asked by davanna m 3 in Business & Finance ➔ Credit
i did tell them my income was higher than it was i thought i could afford them
2007-10-23 17:27:09 · update #1
Don't freak but you will be taken first to Court there they will assess how much you can afford to repay on weekly or monthly basis. As long as you pay back what they tell you, you will be OK. If you do miss a payment to the court you will need to give them a good reason straight away (and I mean a GOOD reason), because if you miss without good reason and/or don't contact them in a reasonable time they will issue a warrant for your arrest, and then you can end up with a short term in jail or a caution which shows on your records permanently.
Hope you manage to avoid that problem. Why not contact the credit card companies and explain and ask them to cancel your account and accept a payment of whatever you can afford each month? That may be the answer, or go to a solicitor and seek his/her advice?
2007-10-23 16:35:06 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No you won't be criminally prosecuted.
The credit card companies will bug you for payment. They might even sell the debt to a collection agency who will hound you for payment.
They might sue you, depending on the amount. It use to be that going to court wasn't cost effective but some creditors are suing in small claims court. If you get a summons, be sure to show up in court. They will probably win a judgment and can then attach your bank account garnish your wages, and lien your property.
You say you are on a fixed income. If that is solely Social Security, they cannot garnish it nor can the take your bank account. If you tell them you're only source of income is Social Security, they may just leave you alone.
2007-10-23 18:22:14 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
It depends. Try to find out (not from the credit card companies, of course) if they can garnish your income. I think that for social security, they can't. Also, your state may have a level of income (quite low, of course, such as 5-6 hundred dollars) that nobody can touch.
Still, if they can take your money, that's not criminal prosecution. They are probably just trying to scare you precisely because there is little they can do if you don't agree to pay. But then, did you actually give them any excuse, such as pretending that your income was much higher when that was not true? Signing bad checks? Anything else?
What money you do have is safer if it is not at the bank or, if at the bank, certainly not at the very same bank that gave you the credit card. If it's their own bank, they can simply take money from your bank account. The credit card agreement or bank account paperwork may actually state that they can do that.
2007-10-23 17:16:35 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Hi davanna m. your best bet is to call to the bank in question and explain your situation as best you can. You see if you ignore them they will certainly come after you. It's not the end of the world things will work out for you, but you must show them that you are concerned / worried about the situation.
All the best girl things will be okay.
2007-10-23 16:51:25 · answer #4 · answered by mailliam 6 · 1⤊ 0⤋
You cannot go to jail for credit card debt unless some type of fraud was committed. Debtors Prisons were outlawed hundreds of yrs ago.
But...did I mention they were pester the HELL out of you with phone calls and hate mail?
2007-10-23 17:36:54 · answer #5 · answered by Budlightgurl 4 · 2⤊ 0⤋
Yeah you can. Credit cards aren't just free money to spend. You actually do have to pay that money back to them. The first thing I would do is go back and get your high school diploma so you can read and write well. Then I would work my a$$ off to pay back all the money you owe so that you don't end up in the slammer. I'm not trying to be mean but it is against the law to not pay back those companies and they can take you to court over it. Good Luck!
2007-10-23 16:30:10 · answer #6 · answered by Juniata P 2 · 1⤊ 4⤋
They will do you like they did me. Send you a SUBPOENA to come to court. So if all else fail, do like I did,file a chapter 7.
2007-10-23 16:33:29 · answer #7 · answered by Quiet Storm 2 · 0⤊ 0⤋
They can put a lean on any thing you own. If you don't own anything leave town in the middle of the nite and don't tell anyone.
2007-10-23 16:30:10 · answer #8 · answered by Hirise bill 5 · 1⤊ 1⤋
theoretically, maybe.
They can definitely sue you in civil court, but they hardly ever do.
Credit card companies are more interested in maximizing their return on investment. They're not going to waste time suing you over a couple thousand or whatever.
2007-10-23 16:29:35 · answer #9 · answered by Kay3535 4 · 0⤊ 4⤋
Once they see the way you spell, and put sentences together, they'll feel sorry for you, and forget your debt.
2007-10-23 16:27:29 · answer #10 · answered by Anonymous · 3⤊ 2⤋