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Do you really only have one day to pay if a credit card company demands payment within 24 hours?
Wiki User
∙ 12y ago
Chances are if they've demanded payment, you've already been contacted by them and blew it off. Yes, they can take a judgment out. If you have sat down with the company and agreed to make payments.. they can take a judgment out on you, without you being present. They can garnish your wages, put a lien on your home and get the debt paid. Usually it's not 24 hours to pay it's 10 days.
AnswerIF YOU HAVE GOTTEN TO THE POINT WHERE THE CREDIT CARD COMPANY IS DEMANDING PAYMENT WITHIN 24 HOURS THEN YES. YOU SIGNED A BINDING AGREEMENT TO MAKE PAYMENTS ON TIME. IF YOU DEFAULT ON THAT AGREEMENT THEY CAN DO AS THEY WISH. READ THE BACK OF TERMS AND CONDITIONS PAPERS YOU RECEIVED WHEN YOU FIRST OPENED THE ACCOUNT, IT CLEARLY STATES THEIR POSTION IF YOU FAIL TO KEEP CURRENT ON. AnswerAbsolutely NOT!This is a common tactic that collectors use to force the debtor in to making an agreement.
A collection agency has not legal powers unless they are a collection law firm.
A collector must retain an attorney licensed to practice in the debtor's state before a lawsuit can be filed. The debtor must be sued in his or her state court in their county of residence.
Even in cases of arbitration, the collector must file for a judgment in the state court in the county where the debtor resides.
The debtor is not legally bound to communicate with the creditor/collector. He or she may if they choose send the collector a letter of "cease and desist" or retain legal counsel. If the debtor retains an attorney the collector must communicate with the attorney and may not contact the debtor except to inform them that a suit has been filed.
NEVER allow a collector to force you into making a quick decision on how to handle a debt.
Wiki User
∙ 12y ago
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How long can credit card companies put you in bad credit standing?
First of all, it's not really the credit card company putting a consumer in bad credit standing. It's due to the consumer not paying thier bill on time. Information on payment history is on your credit bureau for 6 years.
What is the best Jacksonville credit company?
After doing a lot of research and reading some reviews, I have found that the best Jacksonville credit company is called the Jax Credit Union. People seem to really like this company.
If it's over 30 days late in the credit card payment due to lost statement and credit card company waives the late fee and charges will this affect the credit report?
The credit report does not include late payments unless you are over 60 days, and it is really generally up to the credit card company to write it in. Most credit reports i have read are: account holder, when opened, when closed, who closed the account (you or them) how much was granted, how much was borrowed, how much you still owed. The monthly payments are usually in some check-like form where you can barely distinguish each and every date if you really try hard. If the credit card company is going to waive the fee for it, it is like it never happened. I can almost be positive that it will NEVER reach your credit report.
How much of money should you owe for a credit card company to drag you to court?
Wow Considering that Credit Card companies do not have a sense of humor any amount could lead to legal proceedings. But usually it is not the amount you owe it is the payment history and if there has been fraud or other crimes committed by the card holder against the credit card company. So if they force you into bankruptcy to get your assets over twenty dollars you really should have paid them or not committed the crime.
When buying a house, will a loan company tell you your credit score?
Any type of loan company you talk to will be able to let you know your credit score. As long as you have a really good credit score you should have no problem getting a second home.
How long can credit card companies put you in bad credit standing?
First of all, it's not really the credit card company putting a consumer in bad credit standing. It's due to the consumer not paying thier bill on time. Information on payment history is on your credit bureau for 6 years.
How can I avoid to pay off credit debt?
Credit card debt is hard to get rid of. for those far into debt there are really only two options, consolidating credit where a company essentially pays off your debt then you pay them with a monthly payment, or bankruptcy. Both are hard to do and costly but the best options for anyone with debt.
What is the best Jacksonville credit company?
After doing a lot of research and reading some reviews, I have found that the best Jacksonville credit company is called the Jax Credit Union. People seem to really like this company.
How bad is my credit due to unpaid credit cards?
You credit score will decrease significantly if you do not pay your minimum credit card payment every month. Unpaid cards will be reported as delinquent and really destroy your score.
How are Payments to be applied to Accounts Receivable?
When a payment is received from a customer the adjusting entry is really simple. Cash has to be adjusted for the amount received since the company is actually receiving cash. Accounts recievable will also be adjusted to show payment was received. For example if the payment was in the amount of $500, you would want to Debit Cash and Credit Accounts Receivable, both for that amount of $500.
If it's over 30 days late in the credit card payment due to lost statement and credit card company waives the late fee and charges will this affect the credit report?
The credit report does not include late payments unless you are over 60 days, and it is really generally up to the credit card company to write it in. Most credit reports i have read are: account holder, when opened, when closed, who closed the account (you or them) how much was granted, how much was borrowed, how much you still owed. The monthly payments are usually in some check-like form where you can barely distinguish each and every date if you really try hard. If the credit card company is going to waive the fee for it, it is like it never happened. I can almost be positive that it will NEVER reach your credit report.
How much of money should you owe for a credit card company to drag you to court?
Wow Considering that Credit Card companies do not have a sense of humor any amount could lead to legal proceedings. But usually it is not the amount you owe it is the payment history and if there has been fraud or other crimes committed by the card holder against the credit card company. So if they force you into bankruptcy to get your assets over twenty dollars you really should have paid them or not committed the crime.
When buying a house, will a loan company tell you your credit score?
Any type of loan company you talk to will be able to let you know your credit score. As long as you have a really good credit score you should have no problem getting a second home.
What can you do if you're trying to pay off credit cards but the minimum payments are so high that you can't get ahead the credit card company will not lower the rate despite on-time payments?
If your credit is good enough you can apply for a signature loan or "consolidation" loan at your bank to pay off the credit card and just make the loan payment. That is what I did with all my credit cards. If your crfedit is not in that good of shape then you can try a debtr consolidation company like Consumer Credit Counseling or you can try a Debt Negotiating company. The difference between the two are that with a consolidation company, you send them so much money and they split it between the creditors. With debt negotiation...you put money in a savings account and when you accumulate so much money the company will negotiate with your creditors to get them to except less than what you really owe.
Does a late payment for your credit card affect your credit standing and history?
Of couse it does. If you are consistant about making payments and miss one or two, but contact the company and explain why, there is usually no damage to your credit rating or history. However, if you keep missing payments and do not make the minimum payment and do not give an excuse to the company then yes, your credit history will haunt you. In Canada, if you are really down and out and have little money, as long as you put a few dollars down on each bill, then the company you owe the money to can't send a collection agency after you. You must prove however, that you have either lost your job, just started a new job, don't own an expensive car or home. Everyone can get into a problem with their credit card, but just being honest with the company will take the stress off of you until you can pay on time. Your credit file is a reflection of how you have paid accounts. A credit score is a numerical calculation of your perceived risk as a borrower. Scores are performed by an extremely complex computer program. While no one can tell you specifics, what is known is: 35% of the score is calculated based on payment history. The emphasis is on what has taken place in the last 12 months. Even one late payment can drop a credit score 50-250 points. It is always a good idea to write (don't call) a creditor when you have one late, to see if they will change their reporting as a gesture of "goodwill" because of your "many years of great payment history" or "outstanding business relationship". But many creditors refuse to comply. Having even one late payment can mar you credit for 7 years from the time you were late. This is why paying all accounts on time is the #1 strategy to improving your credit score.
How do you get mortgage payment protection?
Mortgage payment protection is really a form of life insurance that you can purchase from many specialty insurers. Often times your bank can refer you to a company that offers this service.
Can you get a FHA loan with a 500 credit score?
Nah dude, you need like 100 more or a REALLY REALLY big down payment. I would try fixing that credit up and atleast keep it in good standing for a year before attempting. I have been there though so I know how it is. Either fix your credit yourself or contact a credit repair professional.
