Pay the due balance!
If the credit card company has filed suit, immediately file an answer to the complaint. Then call the company or its attorney and offer a settlement. If by some means you are able to come up with a substantial portion of the amount due, usually about 75%, say by borrowing from a relative or friend, the company would go for it rather than getting a judgment and collecting a few dollars a month from a garnishment of wages. The company will write of the remaining portion of the debt and get a tax deduction, therefore even though it "loses" 25% on the debt itself, it will get some of that back as a tax deduction.
Credit card companies are motivated to take less because it's more of a problem to collect small amounts of money on a monthly basis rather than one large amount in a one time payment.
You can file bankrupcy and still keep what you want to pay for. This stops the harrasement and keeps them from taking everything you own.
Only the card expires, not the line of credit it is attached to. So interest will still accrue on the unpaid debt.
yes
No.
as long as it remains a part of your credit report, 7 years.
Yes, in Florida, creditors can sue individuals over unpaid credit card debt. If a lawsuit is successful, the court may issue a judgment against the individual requiring them to repay the debt.
Yes
No it will not go away in 7 years if it is unpaid. If debt is lft unpaid, the interest rates will continue to go higher and higher.
The individual would still be responsible for their credit card debt, but their ability to make payments may be impacted while in prison. The debt will not disappear, and the credit card company may pursue collection efforts or legal action to recover the debt.
sure they can but they cant collect or that is what happens in texas they can get an injunction against you but that means you have to pay them but not when Absolutely. You own them the money and they can hire an attorney or sell the debt to a collection agency.
The statute of limitation for unpaid credit cards in N.Y. is 7 years.
Yes. Moving does not eliminate your legal obligations. If you could, you would not be able to use a credit card outside the state you live in.
No, not for the debt alone. For garnishment to occur in any state, the creditor must have a valid civil judgment. Unpaid credit card debt, however, is a common reason for a judgment to be issued.