Is being 10k in credit card debt is bad. Please no advertisements.?
Is it bad, yes. Could it be worse, yes. Being in sales means that you are reliant on the buying patterns of others. I'm not trying to make a comment on the quality of your work, but being that it is not steady income you have the danger of easily living beyond your means. I personally got into credit card trouble in my early 20s when I was laid off from work and no one wanted to hire me for various reasons related to my school schedule. I fell back on the cc's to support myself, even living at home my family was not able to fully support me as we are a low income family. I had the choice of through away the chances of completing my degree and going to work in a steady fulltime job or roughing it out. Well, I'm almost done with my Master's now, still working in low paying jobs because I am a psychology major, and doing everything I can to plug away at my debt that has been lingering for years now. I know I should be able to finally get a good paying job in a year or so, but I'm generally messed up for at least 5 more years in terms of credit and everything. So in the meantime, I do what I can to keep my costs and luxurgies low, and remain patient. Why do people call you a deadbeat? Who knows. All I know is that nothing is being done to help people out that won't put them further in the hole down the road.
Can a collections agency sue me if I am making payments towards my debt?
Long story short, I have been through several hardships and I have an $11,000 credit card bill. They sent it to collections, and now the collections agent is threatening to sue. My question is, can they go forward with a lawsuit if I am willing to pay? I have expressed my desire to make things right and pay back the debt I owe. I know I have to be held responsible for my actions...I'm not trying to get away with anything here. The problem is, they are demanding almost $3000 in order to stop persuing the case against me. I don't have that kind of money and I have no way to get it. I am willing to make small payments ($100 or so) from now on. I can even put this in writing for them if they want. I tried to look this up online - some places say they can't touch me as long as I am making some kind of payment. Other places say they can do whatever they want if I don't pay the whole $3000. Can anyone help?
Can a collection Agency get into my bank account or Freeze it?
If they win a judgment against and get a court order they can go after all your bank accounts. Looks like you need to pay the debts you are legally obligated to pay.
If I am being sued for credit card debt (for missed payments) and I cannot afford an attorney, what are my options?
If you are in the US, you have a number of options.First of all, never believe anybody who says you cannot win. Creditors lose all the time because they do not have satisfactory proof and / or do not follow the rules of evidence. If you are set on contesting the matter, you should appear and present your case. Question their evidence. Having a lawyer helps, but there are resources that can help you, too. Try credit boards.com. It is completely free and there are numerous real, experienced experts there who can offer guidance.On the verge of of a judgment, very, very few original creditors will entertain a a settlement. Why should they settle after going so far and they will soon have a judgment in their hands which they can execute and get whatever it is that you offered in settlement? A judgment can be executed. Your offer to settle is simply mumbo-jumbo b.s. that you can welch on any time you feel like it. If the plaintiff is, however, a debt collector, they might settle. It doesn’t hurt to try.You could just not show and let the creditor obtain a judgment. If you are lucky, smart, resourceful or just extremely poor, it’s unlikely they will get anything from you with the judgment anyhow. That said, judgments live a long, long time and they can come back years from now and grab any property you might have accumulated. Judgments can sit on your credit report for a very, very long time.Bankruptcy is an option. Bankruptcy also sits on your credit reports for a long time, but isn’t a disastrous to your credit as a judgment. Still, you can only file bankruptcy once every ten years so it pays to choose your battles wisely. You don't want to waste a perfectly good bankruptcy on a meager $500 debt. You should obtain legal advice if contemplating bankruptcy.
Can you settle with a credit card or loan company for a significantly smaller amount?
So I got myself into a lot of trouble with my debt but technically it wasn't my fault. I was off work for 5 months due to several health issues and then I am returning to work at a very part time basis. I was working with another company but they ended up being a scam and now since I disputed the charges, that company is trying to come after me potentially. Anyway, I've been stressing about my debt. I have several credit cards that I haven't made any payments on in months. One has a balance currently of about $9,500. I'm not sure if these companies will settle for a really small amount of maybe $100? I don't know if I should go through bankruptcy, try settling, or just ignore it and hopefully it will just go away. I feel like too many people are telling me too many different things and I don't know what to do and I can't believe how far this mess has gotten.
Anyone Know what happens when you default on a Capial One credit card?
My advice: Pay it now. If you default, there is a good possibility that they or a debt collector will sue. They can not take your home, car, or garnish your wages or put you in jail. You can let it default and wait for a debt collector to accept a settlement, but your credit will take a BIG hit. This may sound good now, but can have a lasting effect later. If you do go this rout expect to pay more on cars, homes, or anything involving credit. If add up, will cost more than $5000. If you do let it go, please familiarize yourself with the law you mentioned: US Code title 15 Section 1692 http://www.law.cornell.edu/uscode/text/1... http://www.ftc.gov/bcp/edu/pubs/consumer... The link is a pdf. Keep it and learn it, you WILL have to use it some day. Next time get everything in writing (Yep, I've learned not to trust anyone the hard way too).