What would you like to do?
What is the function of a credit card company?
A credit card company act as a 'liaison' between the customer and the business. The customer presents their credit card to the retailer - and the card company pays the retailer for the goods the customer has purchased. The card company charges the customer interest each month on the outstanding balance - in payment for the convenience of being able to make (often expensive) purchases, without having to h=cary large amount of cash.
1 person found this useful
Was this answer useful?
Thanks for the feedback!
Answer It depends on what they did. You would need to talk to a lawyer. * Absolutely. It takes a lot of research, stamina and just plain guts but… it is a given in the world of litigation that the debtor can always find a casus belli which can be used as the basis of a suit against the creditor. For example, the arbitrary charging of "late fees", antitrust violations, fraud, and so forth. The three words that will strike fear in the hearts (if they had any) of all major creditors are "class action suit".
Yes, they can. Credit issuers hire law firms that specialize in collection of debt including lawsuit action. A credit card is defined as "unsecured debt" this does not mean… that the creditor has not legal recourse to recover monies owed. It simply means there is no specific property that secures the debt, such as a vehicle or other real property. Merchant accounts such as Sears are secured debts, because the item purchased is considered collateral and can be repossessed if the circumstances warrant.
Being in the collections business, I will guarantee you that people get sued by credit card companies everyday. What can they get? That depends on what state you live in and w…hat the laws of that state permit. I know for a fact that in many cases the defendant can be assessed with attorney's fees, court costs, interest - nasty stuff that could have been avoided if it never went to court. If you want to know what can happen but don't start asking, you will run out of time. Waiting could be it's own answer. The last posting was probably written by a bill collector. The chances that a credit card company will sue you is very very slim. If the credit card company sells your debt to a Collection Company the Collection Company cannot legally sue you in most states. The big question is" How long can you put up with harassing phone calls and letters?? If it doesn't bother you, don't worry about it. Sorry, but the above entry is not quite correct. Credit card debt is considered unsecured debt. That does not mean that the issuer or the third party purchaser cannot take legal action to recover monies owed. It is true that the CC company itself seldom sues but sells the account to a collection agency. Collectors do sue for any amount they can get because that is how they make money. All states allow lawsuits for defaulted debts. The issue is not if a person can be sued but what property real or personal can be seized for the repayment of the debt. That matter is where state laws differ in what can be taken, how it can be taken and what the amount can be. For example, garnishment laws differ state-to-state.
Answer . yes, and its always against you
They can get profit to those who are in need of financial assistance and those who do not update their monthly due payments, where finance charge will be charge to the car…d holders. +++ Put more simply, they collect the interest on the loans. Each time you use a credit-card you are buying the goods or services by loan. Although credit-card companies do not levy interest on 100% repayments within one month, they do so on any debt carried beyond that.
What property can be seized or attached by a judgment creditor depends upon two basic things, the laws of the state in which the judgment debtor resides and the manner i…n which real property is held. Some of the methods of execution of a judgment are, wage garnishment (not allowed in a few US states); bank account levy (allowed in all US states, but depends upon how the bank account is established); seizure of non exempt personal property (bonds, stocks, etc.); liens against real property ( a forced sale although rare depends upon how said property is titled).
i think the credit card companies have a tie up with shops , and the shop owner is charged a certain percentage of the transaction and the cc companies pay the shop owne…r. some cc pay fast n charge more n some pay late but charge less. tushar i think the credit card companies have a tie up with shops , and the shop owner is charged a certain percentage of the transaction and the cc companies pay the shop owner. some cc pay fast n charge more n some pay late but charge less. tushar
Karen, I am disabled, living and working from home for 12 years plus. I have not much else to do than find the answers to questions. To be more specific, I answer computer, r…elated, questions on another site but I went looking to see who else got robbed by: Computer Associates, Anti Virus.They're doing what AOL did, years ago, when they got themselves into a huge class action, law suit, from which they never recovered and had to pay every one of their cancelled accounts, each person, for years and years. I SAW YOUR QUESTION and couldn't resist, I went through the registration process, just to answer your question about WHO MONITORS CREDIT CARDS? 1. FEDERAL TRADE COMMISSION (National) (https://econsumer.ftccomplaintassistant.gov) 2. me(NJ). State Office of The Attorney General, Consumer Affairs Division; your state has one too. 3 . me(NJ) State Department of Banking and Insurance.
The Diners Club in 1951
No, all they can do is take you to court and try to get a ruling against you to garnish wages.
They will offer you a low introductory interest rate which will encourage you to use your credit card.
its like you have something with that creadit card a comany
With the interest you pay on what you borrow.
States inact laws that determine how a judgment creditor can execute the judgment against the judgment debtor. In most states a judgment writ can be enforced as a wage garni…shment (preferred method) or bank account levy or a lien and/or seizure and sale of unexempt real or personal property belonging solely to the judgment debtor.
Companies that provide credit cards tend to be banks. In the United Kingdom, for example, Barclays, NatWest and Lloyds banks issue credit cards. These banks also offer debit c…ards.
All credit cards are free to sign up for making them all equally cheap. However, there are sometimes monthly charges that will apply depending on the card.
Credit card processing companies include iPayment, Square, and Intuit Payment Solutions. They are companies that will allow you to take credit cards for your business.