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Can someone be sued if they have a credit card with a 20000 debt and they close the card and they are making payments but the payments are less than the monthly minimum?
Wiki User
∙ 17y ago
Yes. Once a contract has been defaulted upon the lender can take whatever action allowed under the laws of the debtor's state to collect the debt. It is unlikely the lender will sue as long as the debtor continues to pay unless the amount is only a token one, for example $10.00. The account balance will continue to mount significantly due to penalties and interests even though the account has been closed, resulting in an even larger debt.
Wiki User
∙ 17y ago
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What is the minimum monthly payment on credit cards?
reload credit card
What is it called when you pay off your credit cards monthly?
If you are referring to the monthly payments you make for a certain period in connection to a credit card loan, it is called monthly amortization.
What are the disadvantages of using a credit card with a zero percent APR?
Credit cards with a zero percent APR generally have minimum monthly payments that must be made in order to avoid costly charges. If your minimum payment is not made each month, you may be hit with costly penalty fees.
How do you increase my credit limit?
Pay more than your monthly minimum. Credit companies watch that.
What are the minimum payments on a credit card?
Depends on how much you owe. The more you owe, the more the minimum payment.
Is there a minimum income required to qualify for an income protection insurance?
Yes, a minimum income is required. Companies would not be able to offer protection to someone that cannot sustain monthly payments. Also credit is important.
What is the minimum monthly payment on credit cards?
reload credit card
What is it called when you pay off your credit cards monthly?
If you are referring to the monthly payments you make for a certain period in connection to a credit card loan, it is called monthly amortization.
What are the disadvantages of using a credit card with a zero percent APR?
Credit cards with a zero percent APR generally have minimum monthly payments that must be made in order to avoid costly charges. If your minimum payment is not made each month, you may be hit with costly penalty fees.
How do you increase my credit limit?
Pay more than your monthly minimum. Credit companies watch that.
How do you get into credit card debt?
By using them & only making the minimum payments.
You have bad credit 7000 dollars for a used car can you get approved with low monthly payments?
Someone may approve you but you will have an outrageous percentage rate and your payments will be high. Safe to say with bad credit you will have payments over 500.00/month for 7,000. Try to get some of the money together or begin to repair your credit or set you sights lower for a cheaper vehicle.
What are the minimum payments on a credit card?
Depends on how much you owe. The more you owe, the more the minimum payment.
Types of credit?
There are four basic types of credit. Service credit is monthly payments for utilities, loans let you borrow cash, installment credit, and credit cards.
Can a credit card company charge off an account when they are receiving monthly payments?
Yes, if the monthly payment is not the minimum amount agreed upon, a breach of contract has occurred on the part of the account holder and the creditor may take whatever action they decide is warranted.
What are credit line payments?
Credit Line payments are payments that you make monthly on a line of credit that you have with your local bank. Many line of credits are based on the equity in your home, but they usually charge much lower rates than a traditional bank loan.
How can one lower credit cards monthly payments?
The best way to lower one's monthly credit card payments is calling the card issuer and explaining why one wishes to lower the rate. Depending on the creditor they may extend the due date.
