what legal action can credit card companies take?

[zCypher]

Anyone here have bad experiences with credit? Share your horror stories... 😛

I'm wondering, what actual legal action can a credit card company take if you have a very overdue balance? Obviously they are entitled to collect from you since you aren't paying, but what can they do legally? If you've had experiences wiht them, how flexible have they been if you decided to talk to them and work something out?

Just curious 🙂

 

[DevilsAdvocate]

They can sue you. They can get a judgment against you. They may be able to attach the judgment to any non-exempt property you own, and take it from you.

 

[tm37]

Originally posted by: DevilsAdvocate
They can sue you. They can get a judgment against you. They may be able to attach the judgment to any non-exempt property you own, and take it from you.

But usually they do not as the costs are higher than the debt

Usually they charge it off and the rest of us pay higher rates 😉

 

[zCypher]

When would it be worth it for them to do that?

 

[PCNewb]

My understanding is as long as you make some attempt to pay (pay SOMETHING. it will at least show you're trying). But I've seen credit scores/history go downhill fast when people just ignore the bills.

Legally, hrm. I can tell you my sister still gets her mail at my residence, even though she's been gone for eons. They constantly call here for her. This past week she received a summons from a local court, but I wouldn't sign for it. Small claims I assume. They left a notice that it'll stay there a week and if not picked up it would be sent Return To Sender.

All I can say is, when the time comes to buy your own car, or your own house - your credit really pays off. Even if you're that deep in trouble, there's plenty of toll free agencies to call for debt help.

 

[episodic]

probably nothing depending on the amount and your assets

 

[spacejamz]

Originally posted by: zCypher
Anyone here have bad experiences with credit? Share your horror stories... 😛

I'm wondering, what actual legal action can a credit card company take if you have a very overdue balance? Obviously they are entitled to collect from you since you aren't paying, but what can they do legally? If you've had experiences wiht them, how flexible have they been if you decided to talk to them and work something out?

Just curious 🙂

I am just curious what your credit score is😀

 

[RossMAN]

I used to work near collections and skip tracing.

Also charge off collections.

First of all how past due is it (30, 60, 90, 120, 180, 360) and how much?

 

[SarcasticDwarf]

pm Thoreau, god only knows how past due he is