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Most companies won't have your account in a collection agency company unless you have missed several payments. Obviously you have so now the company has the drift that it's a waste of a stamp on your bill to inform you of what you owe. You know what you owe and on the back of each bill you can figure out what your interest will be on that outstanding debt. Nice try! At any given time you can talk to someone at that company and try to come to some amicable agreement. They just want their money. You should want to try and pay off your debts even if it's a small amount at a time, but on a steady basis or you will lose your credit rating and that can be very messy down the line. Marcy Once an account has been delinquent for 180 days it is considered "charged off" and the creditor will no longer submit statements to the account holder. This does not in any way indicate that the debt is not valid and collectible.

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โˆ™ 2005-11-19 04:19:15
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Q: What happens if a creditor turns your account over to collections but fails to send monthly statements as to how much is still owed?
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What happens if you don't pay credit cards?

Interest continues to accrue. Eventually the account will go into default. The collections department of the credit card company will attempt to collect the debt. The default and payment history will appear on your credit reports. Finally, if no recovery is accomplished, the account may be referred to a collections agency who will recover the debt voluntarily, or refer it for legal action and the creditor will try to obtain a judgement. If a judgment is obtained, the creditor will recover the debt by attaching your assets.

What happens when your credit card debt goes into collections?

The collector will act as an agent for the original creditor and follow their prescribed collection procedures, usually mail and phone contact. There is no specific length of time that a collector will pursue an account before deciding IF it should be referred to a collections law firm or attorney for legal action.

Can an account be sent to collections if you are making monthly payments?

If the payments are not suitable in size to the creditor, then yes. This commonly happens with medical bills. Hospitals and clinics are not required to extend the courtesy of credit to anyone. Payment in full tends to be the policy. If you owe thousands and are only paying a small amount (like 50 every month) they will send it to collections.

What if your bill is sent to collections before it is due?

It is unusual for a creditor to send a bill for collections before 30 days past due. If however this happens, your best bet is to contact the original creditor and notify them that you refuse to deal with the collection agency they have hired, that you are requesting a full reconcilliation of your account and the charges, and upon receipt of this you will again contact them to arrange payment. Additionally, request that the creditor call the debt back from the collection agency. It may be necessary for you to notify each party in writing to get collections to stop. Once you have done so, however, be certain to notify the original creditor that they must remove any reference of bad debt from your credit report. Collection law is not difficult to understand, but it can be a bit cumbersome to wade through. Most collection laws fall under the Federal Fair Debt collections Practices Act and the Gramm-Leach-Bliley Act. Each state additionally has Fair Debt Collections laws. See the links below for the FDCPA and Gramm-Leach-Bliley. The state laws are too many and varied to list, but are not difficult to find on line for each state.

What happens if a judgment creditor places a levy on a bank account and the account balance is less than the judgment amount?

You get fined a fee by the bank, your account is frozen, and they will probably come after your paycheck through garnishment (even if the levy is removed) Levy is a step, garnishment follows.

Can you have an unpaid bill removed from your credit report?

Yes, but only if one of 4 things happens: 1) The creditor agrees to remove it 2) You prove to the credit agency (Experian etc) that it is an erroneous account 3) You prove that the account should not have been reported due to some other factor 4) You dispute it and the creditor does not respond to the dispute

What happens in indirect tax collections?

They burn it

What happens to you if your account is transferred to a collection agency?

The agency will continue attempts to collect the amount owed plus any applicable fees. If a settlement cannot be made, the collector may decide to refer the account to a collections attorney for legal action.

What happens to the interest rate on your credit card if you've filed for Chapter 7 Bankruptcy?

If the credit card was included in the Chapter 7, nothing happens. The account will be closed by the creditor and the amount owed including any accrued interest is wiped out.

What happens when a medical bill goes to collections?

At its discretion, the medical biller will report to one or more credit reporting agencies that the debt has gone to collections. The collections agency will report it, as well - also at their discretion. You can negotiate for payment with the collections agency.

What happens after your creditor has sent your account to an attorney?

The attorney gives you some time to pay, then gets a judgment and uses the other legal options(garnishee wages, attach property, bank accounts).

Is it harder for a creditor to freeze a bank account if you live in one state and bank in another state?

A creditor CANNOT freeze a Bank account only a Judge can. You will be summoned to Court before this happens. Can a creditor freeze my bank account? QUESTION: Today I discovered that a creditor has frozen my bank account. I'm barely earning any money right now, and with three kids I can't afford to lose any of these savings. Is this legal? The creditor does have a court judgment against me. ANSWER: Bad news: It is legal for a creditor with a court judgment against you to freeze or "attach" your bank account. Some creditors, like the IRS, can attach your account even without a court judgment. But there are limits to what the creditor can take from your account. If all or some of the money came from sources such as Social Security or a public assistance program, this money would be protected. To prove that you deserve this protection, however, you'll have to ask for a hearing. How to request a hearing, and how soon you must request it (usually pretty soon) varies from state to state. The best way to start is to ask the bank for copies of all the attachment papers. These papers normally outline the next procedural steps. Or, call your local legal aid office for advice and possibly low-cost legal representation. Y-THINK-Y * Yes, filing an abstract judgment in a state other than where the judgment was entered is only possible against real property. The exception would be if the bank where the account is held also has locations in the state where the judgment was entered.

What happens if you don't pay collections?

Big Vinnie comes to visit you.

What happens if someone stops paying their credit card bill?

If someone stops paying their credit card bill, the account will go into collections. Additional fees and interests will be added to the account. Based on the amount owed on the credit card bill, the lender may file suit.

If you are setting up your account in Online what happens to the account setup after you are done?

If you are setting up your account in Access Online what happens to the account setup after you are done?

What happens if the creditor cant find the car to reposs it?

It gets reported stolen.

Can a creditor garnish wages from a part time job?

yes, but it rarely happens.

What happens to a collection account After 7 years to a collection account?

Typically, after 7 years, the debt becomes time barred. It would come off of your credit report. If you have had any contact with the creditor or collector within that past seven years, you could have re-affirmed your debt. This means the debt could start all over from that date, if you made any statements to the effect of being responsible for the debt in question. If it's been over 7 years, they can still attempt to collect from you, however you couldn't be sued.

What happens to the account setup If you are setting up your account in Access Online after you are done?

If you are setting up your account in Access Online what happens to the account setup after you are done?

What happens when a creditor sends you a summond to go to court for a bad debt that was a bank loan. should i go to court or settle with the crediter?

better to settle with creditor first

What happens if you are in default on a car title loan?

The creditor reposseses the car, and you take the bus.

What happens if you wire funds to the wrong account?

The money gets transferred to the account number you mentioned. That is what happens.

Will an unpaid charge off eventually be waived?

A charge off is an account that the creditor has decided not to collect on. When they are listed as a charge off, that does not mean anything to you except a ding on your credit report. You are still obligated to pay the debt. What usually happens is a third party debt collection agency will make arraingments with the original creditor to come after you. This can be a double dip on your credit report because the original creditor might list it and the debt collector might list it also.

If you are setting up your accounts in access online what happens to the account set up after you are done?

If you are setting up your account in Access Online what happens to the account setup after you are done?

If a credit card company obtains a judgment against you what happens?

The judgment creditor can execute the writ according to the laws of the state in which the judgment debtor resides. The preferred method is wage garnishment or bank account levy. Other options for the judgment creditor is the seizure and sale of unexempt real and personal property belonging to the debtor or liens against real property belonging to the debtor.

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