I am having trouble meeting credit card repayments. I have an endowment that does not mature for another year with another bank. Can the bank I owe find out about this and take the money?
2007-12-26 02:18:58 · 10 answers · asked by kevin2204 1 in Business & Finance ➔ Credit
Not to my knowledge.
But whatever you do DO NOT contact any of the companies you may see advertised on tv. If you pay those companies to renegotiate your minimum payments your creditors will still phone you as they do not recognise these companies due to the fact you will pay for their services. Contact the citizens advice bureau, the consumer credit counselling service or see if your creditors have their own financial solutions unit.
Hell you can do it yourself if you choose by asking for an income and expenditure form. What that does is lists all the money coming into and leaving your household upon which token repayments are based. I should state that most companies will not accept token repayments if you have used the card in the last 90 days so destroy the cards immediately and contact them.
2007-12-26 03:57:54 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Is there anyway you can cash in your endowment early and just pay a penalty? You could ask the bank this question and take that money and ask for a settlement with the creditors you owe. They won't find out about it unless you tell them. You can always stall your creditors with making some payments and buy yourself some more time until you decide what to do.. Good luck!
2007-12-26 02:28:50 · answer #2 · answered by Lea 4 · 0⤊ 1⤋
They cannot legally do that without a court order allowing them to seize your assets. Depending on the severity of the debt and length of delinqunecy involved that is an extreme measure which is comparatively rare. As others have said, and as I have done in the past, work with the credit card company to establish payment arrangements. They would much rather you pay the debt then have to send your account to collections or worse. To that end they are willing to be flexible. Try it, and don't panic.
2007-12-26 03:24:21 · answer #3 · answered by douglas l 5 · 1⤊ 0⤋
Simple answer NO, They would need County Court Judgement first.Then Court Order to seize the money
2007-12-26 02:25:26 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No definatly not! talk to the credit card provider and tell them you are having trouble 9 times out of 10 they can help!! its when you leave it it gets worse!
2007-12-26 02:23:16 · answer #5 · answered by Anonymous · 2⤊ 0⤋
No - but you have a responsibility to pay your debts. You might be able to renegotiate your payment schedule until you money becomes available. Then pay off your cards.
In the meantime, destroy all of your credit cards.
2007-12-26 02:23:12 · answer #6 · answered by Prophet 1102 7 · 1⤊ 0⤋
No they can't. It is an insurance. Go to your bank and explain your situation. They will come to some arrangement. Don't just let it go. Good luck.
2007-12-26 02:27:18 · answer #7 · answered by Chris 6 · 1⤊ 0⤋
if it was the same bank they could but not if it is another bank
2007-12-26 02:27:35 · answer #8 · answered by Anonymous · 0⤊ 1⤋
YEP. WELL THAT WAS AFTER A COURT JUDGEMENT, THOUGH
2007-12-26 02:26:50 · answer #9 · answered by naynay 3 · 1⤊ 0⤋
HOPE NOT
2007-12-26 02:21:56 · answer #10 · answered by Ang/Mike Limerick Driving School 3 · 0⤊ 0⤋