What happens if someone refuses to pay credit card debt?
In the US, the typical process is:30-90 days after you don't pay, the creditor submits negative information to the credit reporting agencies The creditor enlists a collection agency to collect the debt After 6 months or so of non-payment, the creditor will "charge-off" the account. A charge-off is a tax accounting term, which adjusts the taxes owed by the creditor. It doesn't mean anything to the borrower except that their credit score will be hit hard. At this point, the account status on your credit report should go from "delinquent" to "closed by credit grantor/charge off" and a new account for the amount of the debt, with the collection agency as the creditor, appears.Depending on the statute of limitations in your state, the creditor or collection agency can sue you for the debt. (See Why Chat's Credit Confusion for state statutes.) After the SOL expires, the debt collector can still attempt to collect the debt but they have no legal recourse to sue the debtor, unless they restart the SOL by making a payment. After 7 years from the date of first delinquency (the first missed payment), the debt can no longer be reported on your credit report. The reality is that modern life will be much more difficult for people with bad credit - they'll have to do things like pay larger deposits on apartment rentals, have higher loan payments on their cars, need to use cash for just about everything and generally have a rough time when competing for resources (like housing) with people with good credit.
Are there any legitimate companies that can give me a $3000 bad credit loan?
are there any legitimate companies that can give me a $3000 loan even though i may have fair to bad credit, with no upfront fees. i am employed and will be able to pay back the loan.
How do i fix my credit?
pay off all credit cards.....start a saving acct.....seek credit counseling.....or file bankrupt....good luck.....
Can you join the Peace Corps if you have credit card debt?
I owe a total of 5000.00 usd. I have 2600.00 in the bank. Most of my debt is due to scam artist such as baley total fitness. "I signed up when i had just turned 18, they told me there was no contract month 2 month and they had me sign a document...and one year later they called me and said i owed them 1000.00 usd....and i only used their gym once. I owe US Bank 400.00 on a loan but with all the interest and small print i know owe 1000.00 usd. I got accused of stealing a t shirt but it was an honest mistake I tried to pay them for it but they insisted on calling me a thief then my us department of justice said that i may as well plead guilty even if i didn't do it. Because then it well be easier on me. So i did and know i owe 450.00 dolars in court fines for not showing up because i had to move because the economy sucks. Lets see I took out a 900.00 dolar loan to pay my "so called" friends rent bill off so they'd have a place to live however they never paid me back infact they are not really my friends anymore. I think the rest is from a sprint phone bill and thats it. I estimate that i have about 4000.00 usd in debt. However I still want to join the Peace Corps after school but I don't know how i'll be able to pay those debts off. Thanks for any advice
What happens to my american debt if i move to canada?
im just curious as to what happens to it, like my student loans or credit card debt. im moving to canada in a couple months and i dont have to start paying on my student loans for 7 months. my husband thinks the small things (like my credit card bill or say a small gas bill) are at a loss with the company if you move to a different country but hes not sure. also, if i have debts here in the states will that hurt my chances of becoming a canadian citizen in the future? im just trying to figure every thing out before i move...i also want to go to school in canada, can i do that if i still have student loans here in the states? any information on schooling and if debt transfers from country to country would be greatly appreciated :) thank you!
What happens if you don't pay back student loans?
I owed about $45,000, which is now up to about $62,000. Not much has happened, just some poor guy who keeps calling every few days for the past 8 years, asking me to call him back about a very important matter. It has not helped my credit, thats about the only bad part. I travel out of the country several times a year, and it has no effect on my travel. They cannot extradite you for something that isnt a criminal act. We do not have a debtors prison here. You cannot rid yourself of this debt with bankruptcy. That has been a law for many years. It may come off your credit report after 7 years, but you will always owe it. Oh, yeah, and you will never get a tax refund, or be able to collect lottery winnings. Those will be taken before they ever get to you. Unfortunately, many companies check your credit report, and it might stop you from getting work in your field. I work for myself, so no problem.