0
They can do a number of things: Take you to court and obtain a judgement. Once they have that they can garnish wages or confiscate property to obtain their money. Make a negative entry into your credit report, making it more difficult for you to obtain credit for additional credit cards as well as home and auto loans.
Wiki User
∙ 17y ago
Add your answer:
Earn +20 pts
If you fail to pay a credit card debt can the credit card bank take money from your social secutity income?
Social Security, SSI, Veteran's benefits, and a few others are mostly exempt from creditor garnishments. The federal government CAN garnish these wages for taxes, spouse or child support payments.
What happens if you cannot pay a credit card debt in NC?
If you fail to pay the minimum for 6 or more months you would be looking at jail time in most cases.
What is unsecured personal indebtedness?
Unsecured personal indebtedness is debt that is not secured against an asset. For example, a mortgage is a debt secured against an asset, being a house. If you fail to pay your mortgage, your house will be taken of you. An unsecured debt is that of a loan or credit card bill which is not backed up by an asset.
What happens when you don't pay the credit bureau money that is owed?
Well first, you shouldn't owe a credit bureau such as Experian or Equifax; you should owe a lender such as a credit card company or other business. If you fail to pay, the party you owe may win a judgment against you in court requiring you to pay the debt. If the debt remains unpaid, wages can be garnished with a court order.
Is there a way to get a repossession out your credit?
Information only comes off the credit report when the original creditor who reported the information requests the credit bureau to remove it, or if the credit bureau removes it after they have made the attempt to contact the creditor to request them to remove it and the creditor fails to respond. If the creditor cannot be located which is another way they may fail to respond, the credit bureau may remove it after a period of time. In all cases, you the consumer must initiate the process to contest the information in writing. Because the credit bureau customers are the creditors and not you, the credit bureau will only make changes when their customers (the creditors) ask them to. The creditors all pay annual fees to the credit bureaus to be a member and have the ability to put payment history information into your credit file. That's why the consumer must contest the information, then force the credit bureaus to validate and confirm the information with their customer first, then take the appropriate action once they get a response or fail to get a response.
If you fail to pay a credit card debt can the credit card bank take money from your social secutity income?
Social Security, SSI, Veteran's benefits, and a few others are mostly exempt from creditor garnishments. The federal government CAN garnish these wages for taxes, spouse or child support payments.
Can a collection agency file a judgment on you for credit card debt in Texas?
Yes, a collection agency can file a judgment against you for credit card debt in Texas if you fail to repay the debt. This could result in wage garnishment or liens on your property. It's important to address the debt or negotiate a repayment plan to avoid legal action.
Can bad credit card debt send you to jail?
No, you cannot be sent to jail for having credit card debt. However, if you fail to make payments on your debts, the creditor may take legal action against you, which could result in a court judgment or wage garnishment. It is important to communicate with your creditors and try to come up with a plan to repay your debt.
Why does credit card counseling often fail?
Most credit card counseling plans can only decrease the amount of interest you have to pay per year. They don't actually decrease the amount that you owe on your debt.
How can I improve my changes of getting approved for a credit card?
You can start by never paying over your limit on a credit card. You will have a good credit score that way and will always be approved. If you do go over your limit and fail to pay back the debt in time, your credit score will get worst.
Are creditors required to remove debts from credit reports if filed under bankruptcy 7?
Assuming that you properly listed the debt in your bankruptcy, the creditor should report the balance owed as zero and it should also correct your credit report to show that the debt was discharged in bankruptcy. You should send a certified, return receipt letter (keep a copy) to the credit card company and enclose a copy of your discharge. Demand that they correct this entry on your credit report. If they fail to do so, contact a local bankruptcy attorney for further assistance. Failing to correct a credit report can be a violation of the discharge order and the bankruptcy court could order the creditor to pay you damages if they fail to correct the error. You should also write a dispute to the three credit reporters: Experian, TransUnion and Equifax, and have them insert it in your report, i.e. "This debt was discharged in bankruptcy on _____ (date)."
What happens if you cannot pay a credit card debt in NC?
If you fail to pay the minimum for 6 or more months you would be looking at jail time in most cases.
What amount will Mastercard or Visa credit card sue you over in Texas?
Credit card companies such as Mastercard or Visa typically do not sue over a specific amount in Texas. However, if you fail to make payments on your credit card debt, the company may choose to take legal action to recover the amount owed, which can vary based on the individual circumstances of the debt. It's important to communicate with the credit card company and seek options for repayment to avoid potential legal consequences.
What makes a secured creditor a secured creditor?
A secured creditor is one who has a contract with you that says if you fail to pay, the creditor can take a specified item you own to satisfy the debt. Most common are purchase-money loans, such as mortgages or car loans, but it can be any item.
What is unsecured personal indebtedness?
Unsecured personal indebtedness is debt that is not secured against an asset. For example, a mortgage is a debt secured against an asset, being a house. If you fail to pay your mortgage, your house will be taken of you. An unsecured debt is that of a loan or credit card bill which is not backed up by an asset.
What is debtors?
A debtor is any person, or entity, with loans owed to a creditor. It is not a crime to fail to pay a debt. Except in certain bankruptcy situations.
I own a home and my mother resides in another home on the property her debt is showing as lien against the property but she doesn't have the house in her namecan a credit card company do that?
If it is credit card debt, the lien is invalid, but if you or your mother ignored a complaint about the debt and failed to object to the lien, you may have to do something about it in the court that granted the lien. If you live in a state where a credit card lien can be obtained without a court order, you will have to take some other legal action. If you fail to have the lien removed, it will come back to haunt you if you want to refinance or sell the property, or if you die.
