I am now receiving letters from attorneys and demand letters, and asking me to settle the due amonut in 3-5 days, which is impossible for me because I am jobless, my concern is will I be put to jail for this?
2007-11-26 19:36:23 · 7 answers · asked by Idohna L 1 in Politics & Government ➔ Law & Ethics
No. They don't do "Debtors Prison" anymore.
What is happening is you are ruining your credit history. The next time you go for a loan for something important like a car or a home, expect to pay a much higher interest rate than somebody with a good credit score.
Additionally, the credit companies can sue you in civil court. Once you are employed, your wages can be garnished (that is, taken by the court to pay your creditors). Also, if you have any property, such as an extra car, jewelry, sports equipment, etc. they can be seized to settle your bills.
If there is a Consumers Credit Counseling group in your area, contact them for assistance. They can make agreements with the creditors to hold off on the debt collection until you get back on your feet.
2007-11-26 19:52:00 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Actually if you have been using the cards whilst knowing that you could not repay the card company then this is illegal despite what others may have said.
Being out of work is no defence. However, you should have notified the credit card company when you first started to get in difficulty with money as they may have been in a situation to extend credit for you.
It is unlikely that you would get a judgement where a jail sentence would be imposed unless you have defrauded the card companies. Bad debt in itself does not carry any jail time in most countries. However you may be barred from holding cards in the future and a bad credit rating may be given.
To avoid any ongoing issues and or future problems I strongly suggest that you get to a citizens advice centre locally if you have one as soon as you can to get their help / advice. I think they will advise you to 'come clean' with the card companies formally and ask them for help in finding a solution.
I am in the Philippines and your question is in the Philippine section and so I would suggest seeking advice from your District Councillor
Bets of luck and STOP using the cards!!
2007-11-26 21:03:08 · answer #2 · answered by John B 4 · 0⤊ 0⤋
stay low in cost and this turns right into a non concern. the only time I even have ever paid interest is once I made a mistake and lost the invoice or paid it in finished previous due. I purely cost what i will pay off. there is not any way your plan will ever artwork. some human beings care approximately their credit historic previous and can in no way no longer pay their expenses for six months interior the desire that their toddler like strikes might get them decrease rates. in case you like decrease rates refer to the monetary institution, change credit playing cards. Or greater suitable yet pay off your invoice and stay low in cost
2016-10-18 05:24:29 · answer #3 · answered by ? 4 · 0⤊ 0⤋
What state do you live in? I'm in Texas and some one told me that you can't go to jail for not being able to pay your bills. Take this with a grain of salt... but it probably depends on your state. I got plenty of those letters in my broke, single mom, college student days. I let bills go for years before being able to pay them and no one ever did anything but send me threatening letters.
2007-11-26 19:46:29 · answer #4 · answered by Nicoleissofun 3 · 0⤊ 0⤋
You have done nothing criminal, so you will not go to jail. Your credit rating will be in tatters, and that will bite you sooner or later.
2007-11-26 19:46:05 · answer #5 · answered by Pagan Dan 6 · 1⤊ 0⤋
If ever you issued a security check with your current account,you might be.(bouncing check)thats why most of these banks are asking for security check..
2007-11-26 21:36:30 · answer #6 · answered by Anonymous · 0⤊ 0⤋
That is a question for you to ask your school advisor.
2007-11-26 19:44:07 · answer #7 · answered by newyorkgal71 7 · 0⤊ 0⤋