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What can someone do when they are being sued by a credit card issuer and they do not have the funds to pay what is owed?
Wiki User
∙ 12y ago
If the debt is valid there is very little the debtor can do other than negotiate a settlement with the creditor before the lawsuit gets to court.
If the creditor does decide to sue the debtor, it is imperative that the defendant files a response. Regardless of whether or not the funds can be paid, NOT responding will almost always result in the courts granting a default judgement.
In lieu of that the debtor should make themselves aware of the laws of their state pertaining to the type and amount of real and personal property that can be protected from the execution of a judgment.
In generally, creditor judgments can be executed in various ways, the preferred method is wage garnishment or bank account levy. A judgment can also be used to seize and liquidate non exempt property belonging to the debtor or a lien against real property. If the debtor owns a home he or she should make certain that the homestead exemption has been filed or is "automatically" protected by state law.
The best option would be to obtain legal advice and/or representation. Most attorneys offer free or minimal fee consultations. The ABA offers free nationwide referral service on the website, http://www.abanet.org.
Wiki User
∙ 12y ago
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how does the credit card payment system work?
When you authenticate a payment on a card, the merchant's payment system will send a request to the card issuer to ensure that funds are available either in the account or in credit. The card issuer will supply an authentication code to the merchant approving the transaction. The card issuer will then arrange for the transfer of funds to the merchant's bank.
Can someone pay you by transferring funds from their credit card to yours?
They cannot transfer funds from their credit card but they could make a check or cash payment to your credit card.
Can someone with no credit cosign for someone?
A lot of creditors will not accept a co-sign from someone with no credit. They want proof that if the person who takes out the loan defaults, the co-signer will have the credit funds available to pay off the loan.
What are the directions for sending funds to someone in the army?
I want to make sure I'm not being scammed by someone in the army that is requesting me to send him funds.
When does a cheque bounce?
When either of the below happens: * Not enough funds in the account to pay the cheque * Signature of the cheque issuer does not match with the signature in the cheque * Cheque is expired (Date of cheque is before 6 months from date of deposit) * There are any over-writings in the cheque without being counter signed by the cheque issuer.
Is it legal to invoice in Canadian funds but charge that amount in US funds on your credit card?
if your credit card is Canadian and you go to the USA your purchases will be charged in US funds, if your credit card is American and you come to Canada you purchases will be in Canadian funds.
Credit Memo A Credit Memo is a document that...?
A credit memo is issued by a bank to one of its customers, indicating that funds are being added or replaced into that customer's account. There are many situations that can trigger a credit memo from a bank, including refund of fees it may have previously charged.
Why do funds paid into your bank account appear as credit entries on your bank statement?
The funds are a credit to the bank that is issuing the statement. They "owe" you the money, therefore the credit.
Money market funds?
Money market funds are funds that invest in money market instruments. Also known as principal stability funds, seek to limit exposure to losses due to credit, market and liquidity risks They invest in the highest quality debt products thereby minimizing chances of losses. They would not invest more than 5% in the same debt issuer to ensure that there is minimal chances of losses. There are two types of Money market funds. They are: * Institutional money fund & * Retail money fund
What is cft?
Credit Funds Transfer
What does direct credit mean?
Direct credit is a representation of credit that is sourced from the entity that provides the funds.
What is credit balance?
This happens when someone pays too much money on their credit card statement. You have money "on credit" in addition to your credit limit. These amounts can be refunded but will usually remain in the account until you charge using the card again, then those funds will be applied towards your purchases on credit.
