I look at credit every day and see the judgments resulting from these lawsuits.
2007-12-28 10:08:18
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answer #1
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answered by ? 7
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Yes - and a judgement will hit your credit hard. Even harder than just having a collection account on it, in addition to the bad payment history that was on there to cause the card to go to collections.
Once they have a judgement against you, not only can they put in to have wages garnished, they can put in for a legal order against any bank accounts you have to take the money straight out of that, or they can (I believe, in some cases) levy against your taxes.
Often times, they will settle, though - it costs them much more to get the money through legal means than you offering them less than what you owe - sometimes down to half.
Remember, though, if you settle or go with a payment plan, demand something in writing that it is your agreement that the payment(s) you are making will settle the debt. AND get a letter from the company stating that the debt has been settled, once it is. This can be critical to getting credit cleared up.
2007-12-28 18:17:09
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answer #2
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answered by K K 4
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Yes there are people who have been sued. If they loose the case, then a wage garnishment will be filed with their employer. This is usually on the average of 20% of weekly pay.
2007-12-28 17:59:57
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answer #3
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answered by Sgt Big Red 7
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very thought one here, 1st it takes some effort to sue you so for a balance of a couple of hundred bucks chances are slim, now anything over 2k that chance grows much higher. NOW they look into see you are employed, have assets etc this takes in account too. They are not going to sue someone on welfare as a example
2007-12-28 18:59:11
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answer #4
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answered by Anonymous
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Yes. You then get a judgment filed against you. I did collections for 7 years.
2007-12-28 18:02:12
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answer #5
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answered by Bloom 4
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