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What legal actions can the credit card company take against you if you have a large unpaid balance and choose to stop making payments?
Wiki User
∙ 18y ago
Many people are under the false assumption that a credit card is unsecured and therefore uncollectable. Wrong! You can be sued, and if you lose, they can take any of your property that is not exempt under your state laws. They can garnish your wages and bank accounts. Obviously not a home (except under certain circumstances) It is secured by the mortgage lender. You really need to know your state statutes to understand your liability. ALL CREDIT CARD COMPANIES ARE REGULATED BY THE FAIR CREDIT BILLING ACT, A FEDERAL LAW. USUALLY THERE ARE NO STATE LAWS THAT APPLY. THERE ARE WAYS TO DISPUTE YOUR DEBT, LEGALLY, BUT YOU HAVE TO BE EDUCATED AND AWARE OF THE LAWS & PROCESS. I USED A COMPANY TO HELP ME DO THIS. Before you use a company to help you with this, check the Better Business Bureau. Some rate an F. Credit Cards are NORMALLY....UNSECURED...this means they are NOT secured by any property. Certain states will allow the siezure of certain property but mostly it is your wages and or a bank account.
Wiki User
∙ 18y ago
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If a company has overdrawn its bank balance then what is the answer?
if the company has overdrawn it balance that means the company ow the bank' in other words the company had made an overdraft, it is the liability to the company..
Can a credit card company charge over limit late fee and interest rates on a cancelled card?
Yes they can ! So long as there is an outstanding balance - even if the card has been cancelled - you are required to make the payments the company asks for on or before the date they're due. If you fail to make the payments in due time, they are entitled to charge a late fee and/or interest !
Can you get a reduction on your credit card balance?
It depends. Generally speaking, you can't just call a credit card company and ask them to reduce your balance (more correctly, you can call and ask, but they won't normally do it). However, if you get very far behind in your payments, some credit card companies will make arrangements to lower your balance and some won't.
What can you do about a mortgage company that does not report your on-time payments?
Call the mortgage company and ask why the payments are not being reported (its illegal to NOT report payments) Further, you can call the credit bureaus, and they will request the information from the mortgage company. Realize, that in some instances credit reporting can be suspended.
Can you borrow against a paid-up insurance policy?
Virtually no insurance company offers a loan against a paid up policy - they thoughts are if you cant keep premiums up then you wont be able to keep loan payments up.
What would a multinational company do to affect a country's balance of payments?
Change prices is the most important factor a multinational company can do.
Where do you find positive and negative numbers in finance?
In a company balance sheet.In a company balance sheet.In a company balance sheet.In a company balance sheet.
What defense can do you have against repossession company?
Your question is too vague. If you are asking what defense do you have against a repo company if your payments are behind and they came and picked up your car without breaking the law, then nothing. If your payments are current and there is no legitimate repossession order, then they stole the car. There are too many variables to answer this question accurately.
After defaulting on loan payments will the loan company take a settlement for the remainder of the balance?
Some will you just have to call them up and work with some numbers with them. If they feel you are in good faith to fulfill the balance they'll cut you a break.
How long do you have to file suit against a insurance company for dening medical disability insurance?
statue of limitations for filing suit against bad faith disability payments
Do you still have to make payments after returning a car?
Making Payments After Returning a CarNo, you do not have to make payments HOWEVER.....once they sell the car you still owe the left over balance. Just because you don't have the car anymore DOSEN'T mean you didn't borrow the money #2No you do not have to make payments after returning a car as long as you are ok with having a repossesion on your credit history and as long as your ok with the finance company filing a judgment against you for the amount left owed after the sale of the returned vehicle.
As a good company employee can you report your supervisor to the company management if he or she is going against the company interest in his or her actions?
Of course you can ! Just because they're a supervisor - does not mean they are exempt from following company policy.
Will insurance be increased in CT if a driver gets into an accident in their own car on their own property and a claim must be filed?
It is quite possible, you see a claim still resulted from your actions and payments will still have to be made by the insurance company to fix whatever got ruined. So it can count against you.
Which lease does not permit capitalization?
Operating lease is type of lease under which company only requires to pay rental payments for usage of the asset and custody remains under company but ownership to that asset do not remains to company that's why cannot capitalize in balance sheet as asset of company.
Can you close a credit card account if there's a balance on the account or must you pay the balance in full?
Yes, you can cancel the card even if there is a balance remaining on it. You contact the credit card company and request the card be cancelled. You will no longer be able to use the card, but you still pay the balance, either in monthly payments or in a lump sum. But you do not have to pay the balance in full when you cancel the card.
Are consolidated and comparative balance sheet same?
1. Comparative balance sheet means to use balance sheet of the competitors with base company to compare that how the company in evaluation is performing against its competitors while consolidated balance sheet is prepared when there is parent and subsidiary companies relationship exists and all the information of parent company as well as the subsidiary companies is shown within one financial statement.
Is there a lien against a car that I am going to buy?
If you are buying a car on payments then there will be a lien on the car. the company will release the lien once the car is paid off.
