Can my credit card company sue me?
The CC company is using the legal process to establish the validity of the debt. They have a certain time limit from the date of delinquency to establish the validity of the debt. It certainly is legal. They are advising you of the consequences of not paying the debt. It's common sense. Kevin Trudeau's book is wrong in this area. Read section 807 (on page 8) of http://www.ftc.gov/bcp/edu/pubs/consumer... It states that the creditor cannot make those statements unless it is lawful to garnish your wages and the intend to take such action. Also you should note that the FDCP only applies to third party debt collection agencies, not to the original creditor who has an in-house collection department 803 (6).
If I inform a credit card company that my card had been lost, will they issue me a new card with a new credit card number?
Yes. In-case of loss of card, you will get a new card with a different card number. This is for security reasons to prevent misuse of lost card.Only in-case of card expiry or if you report damage of card, you will receive a card with same card number but a different CVV. Nevertheless, you have to ensure that you destroy your previous card to prevent misuse.
Can credit card companies come after my wife's income for my debt?
I know very little about being in debt or collections. However, I will answer from a life point of view.I don’t think you have asked the right question.When the card company gets tired of coming after you, they will sell the debt to a collection agency. Collection agencies make their money by being annoying enough (more than the CC companies have been) that enough debtors (so the collections company makes a profit) give up and pay up rather than suffer the hassle of the endless harping . They could not make a living unless they were good at bugging people.Who cares if she is not legally liable. After ruining your credit score and and becoming a useless financial liability for your wife, you are considering how bad it could get for her being caught up in this collections mess. How did she get saddled with you in the first place? She said for better or for worse and now you are going to test her word. Are you SURE she is down with supporting a deadbeat who spends more than he makes now and is considering quitting work?In this modern world I cannot be sure that just because you say wife that it means you are a guy, but the chances are still high. I’m a guy. I spent 37 years in the Army so I think I know a fair bit about guys. Could you respect yourself following the course you suggest? None of the guys I’ve known know could. Man up.I’m not trying to be mean or cruel but if you don’t man up, my experience tells me you will not be happy in the long run. I’m getting towards the end of life. What you think about, what is important to you, changes. Use the time you have wisely to make a life you will enjoy reflecting upon.
Credit Card Companies will probably sue me?
I will probably be sued by the credit card companies. I owe about $120,000 spread over about 11 cards. I have no way to pay them back and because of the new bankruptcy law I don't qualify for that either. I am sure they will eventually sue me for the debt and get a judgement against me. My question is, when this happens will the interest stop on the debt? How much of my income can they garnish? I'm in California if that makes a difference. Anyone that can help would be great.
How long does it take a credit card company to sue us after we quit making payments ?
They will never send you a petition if you are proactive. The law only protects you if you defend yourself. For the first 6 months after I had to default on my credit cards due to unemployment, the primary lenders called every few days although legally they can call me daily. I give them my name, address, phone # & told them I was unemployed, then hang up. I didn't elaborate or tell my life story, I was talking to a CSR & they don't get paid enough to care, plus they take notes. This process was boring, name, address, phone number, I'm unemployed, then hang up. I was polite & shared nothing. After 6 months, they will charged off my accounts & sold my information to a third party collection agency. This meant that the primary lender had settled my account for 3 to 7 cents on the dollar. For example, I owed $22,000, the third party collection agency will pay $1500 for my information. The third party collection agencies called me on Monday mostly. I gave them my name, address, phone # & ask if they had sent me their standard letter. I refused to give them my SSN, I didn't know who they were. According to the FDCPA, they have 5 days to mail me their standard letter from the time they call. I got it on Friday. Often times, they didn't call me, I got the letter first, but they can call me daily until I send them the validation letter in response. Then the calls stop. Once I got their standard letter, I sent them a validation letter asking them to validate the debt. See video below, link for sample validation letter included. They must provide a copy of the original credit card form I filled out & signed when opening the account. They haven’t been able to. Copies of my previous credit card statements & print screens don’t count for anything. I sent the validation letter by Signed Return Receipt once they get it, they will almost immediately sell my information to another third party collection agency & the process repeats. I sent out 2-3 validation letters a month for 7-8 months until they ran out of third party collection agencies to sell my info to. It's been quiet. There is a Statute of Limitations which is different for each state which you can google to find out. I don’t worry about getting a petition, the laws still favor the debtor, not the lender. By sending the validation letter every time, I’ll probably never see a petition.
Using a Credit Card to Pay Off a Credit Card?
That's not a good idea. Especially if the one bill is a lot of money. Because then you will just have to pay that off on the other credit card. If you keep bouncing the amount due back and forth between credit cards, either the companies are going to catch on and come after you, or you will continue to ring up your debt so high you'll never be able to pay it. My mom's friend did that. She got so caught up between the two bills that she's over $100,000 in debt right now. If you can't afford to pay off the whole bill, pay off as much as you can, and please call the company. If you explain your situation to them, they might be nice and give you an extension or something. It also looks really bad on your credit report. If you're going to ring up charges higher than you can afford to pay, you might want to request that they lower your credit line to prevent you from doing it again. It's not a bad thing or anything, and I'm not trying to sound judgemental or mean, I just don't want to see you keep getting stuck in that kind of situation because it will bite you in the butt in the end. Credit's not something to mess with. Those people will seriously hunt you down and beat down your door looking for their money. Don't mess with the credit companies.
If I am falling behind on my credit card payments. Will the credit card company help me?
No.The credit card company is a business - not your parent.They only look after the entity which pays them - the bank/financial institution - and not you.If you were the only person at risk of defaulting, and your balance was large enough, they might have worked with you, but since you are not the only person in distress, there is no incentive for them to help you.Helping you - with lowering interest rate or forgiving a balance (this comes with tax implications) or suspending payments due - means safeguarding your credit score and your credit history, and this is not in credit card company’s interest; instead, if your score is ruined, they can legally charge you more fees and interest.It’s business - it’s not a family.You need to speak with someone who has your interests at heart and who can look at your whole situation and suggest a solution.“I am late on payments” says absolutely nothing about you or your life: have you had some kind of a medical problem, a life event, a tragedy, a lifestyle change, a work-related change, relocation, or anything else that caused you to believe that you can’t keep up wit payments? Where are those details?Are you going through a serious life issue at this time? Will it be solved anytime soon? Have you already reached out for help? How did you determine your budget and why credit card payments are scheduled to be reduced?All of these are needed to figure out whether the change is temporary or permanent - and how to proceed further. Without them, no suggestions can be made.
Why does this credit card company keep sending me pre-approval letters just to deny me when I go to apply?
Marketing companies buy list from the credit bureaus and mail potential customers these offers based on what they see as far as lines of credit, how long you have been in the bureaus etc. But you are not really pre-approved you still have to actually apply and then they get the rest of the picture. If you want to stop receiving these offers go to www.dmaconsumers.org and opt out. This will remove your name and S.S.N. for the national mailing list for 5-years.