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What will happen if donot pay my credit card outstanding I don't have any property of my own. Will the bank take any legal action against me?
Wiki User
∙ 16y ago
Common sense should tell you bad things will happen!
Banks are not really known to give loans and not care if you pay them back. Their pursuit can be expected to be very vigorous.
You probably realize that just not paying your debt isn't even a really clever or unique way of trying to avoid doing so...and banks, or any lender, is well equipped to take all types of steps (and certainly have made sure the laws and processes are in place for them to do so), as a regular course of business. That includes not only seizing assets you currently have, but garnishing any income (or things) you may get in the future too. (And I would point out, living without credit cards in todays world is really tough...and obviously you won't have or be able to get those).
You will be entirely responsible for any costs they incur to enforce and collect the full amount of the debt, interest, penalties, legal fees, etc. too. So a small debt for something you bought can grow very large, very quickly. Of course, they may just sell the right to collect to a third party, but the result is the same. Your best served by paying, and if you really can't, contact them to work out a plan to do so you can live with.
Wiki User
∙ 16y ago
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Will delinquent property taxes on out of state property effect credit score?
Unpaid property taxes in Florida result in sales of Tax certificates. I have found that the liability is against the property and unpaid taxes are satisfied by a lien against the property. I can't find anywhere the answer as to whether the Taxpayer is not reported to the credit bureau. it seems to me that since counties get the money a different way (investor in the tax certificate) they are not at loss and because the liability is against the property, the owner of the property's credit is not affected? Can someone confirm? Tx CB, Ormond Beach, FL
Can a credit card company put a lien against your property in North Carolina?
Yes, if they file suit and receive a judgment the creditor can execute the judgment as a lien against the debtor's property.
In Missouri is the surviving spouse liable for credit card debt?
The estate is responsible for any outstanding credit card bills. But the assumption is that the wife inherits the husband's assets. One way or another, the spouse ends up paying the debt. The spouse has some right in all real property owned by the husband. If the assets are not enough to cover the debt, the real property may have a lien placed against it to cover those debts.
What action can a credit card company take on unpaid credit cards?
They can sue you, the results can lead to jail time for fraud or allow them to place a lien on property or to garnish wages. They can place a lien on property (depends on the agreement you signed). They can make an adverse entry in the credit reports.
Can they garnish your wages in Pennsylvania for an unpaid balance on an unsecured credit card?
No, PA. does not allow wage garnishment when it pertains to creditor action. Even though a credit card is unsecured debt, that does not mean the creditor does not have legal remedies for collection. They can file a lawsuit, if they win they will enforce a judgment in several ways, bank account levy, liquidation of nonexempt property, or liens against real property.
How to disclose outstanding letters of credit in financial statements?
it is the credit guarantee issued against the procurement of goods and services from other countries..
Can personal property be levied when a judgment is placed against you for credit card deliquency?
Answer: If your credit card company obtains a judgment against you they may take any property of value that they can find.
If property owned has an equity line of credit owed against it is there a way to lease to own the property?
It's impossible
Will delinquent property taxes on out of state property effect credit score?
Unpaid property taxes in Florida result in sales of Tax certificates. I have found that the liability is against the property and unpaid taxes are satisfied by a lien against the property. I can't find anywhere the answer as to whether the Taxpayer is not reported to the credit bureau. it seems to me that since counties get the money a different way (investor in the tax certificate) they are not at loss and because the liability is against the property, the owner of the property's credit is not affected? Can someone confirm? Tx CB, Ormond Beach, FL
What is meant by acceptance outstanding?
Letters of Credit outstanding - this account arises out of the issuance of letters of credit for which the bank obligates itself to pay or guarantee payment. The bank has a right of recourse against the customer whose credit it substitutes. Acceptance outstanding - this is similar to the account letters of credit outstanding except that it makes the bank's obligation more real than contingent. the bank will honor the drafts presented to it and will also have the right of recourse against the customer. The acceptance makes the instrument easily negotiable and more acceptable for discounting. source: Banking theory and practice by: Mercedes M. Leuterio & Consuelo B. Estepa
Can a credit card company file a judgment lien against your house if there is no equity in the property?
Yes.
Can a credit card company put a lien against your property in North Carolina?
Yes, if they file suit and receive a judgment the creditor can execute the judgment as a lien against the debtor's property.
What legal action can a credit card company take in the state of Wisconsin against the home you own as a result of non payment of the outstanding balance owed on your over due account with them?
1. Obtain a money judgment 2. Docket it as a lien against your home 3. Foreclosure from the judgement, but that would require them to payoff prior liens
In Missouri is the surviving spouse liable for credit card debt?
The estate is responsible for any outstanding credit card bills. But the assumption is that the wife inherits the husband's assets. One way or another, the spouse ends up paying the debt. The spouse has some right in all real property owned by the husband. If the assets are not enough to cover the debt, the real property may have a lien placed against it to cover those debts.
What is journal entry of outstanding expenses paid?
[Debit] Outstanding expenses [Credit] Cash / bank
What action can a credit card company take on unpaid credit cards?
They can sue you, the results can lead to jail time for fraud or allow them to place a lien on property or to garnish wages. They can place a lien on property (depends on the agreement you signed). They can make an adverse entry in the credit reports.
Can they garnish your wages in Pennsylvania for an unpaid balance on an unsecured credit card?
No, PA. does not allow wage garnishment when it pertains to creditor action. Even though a credit card is unsecured debt, that does not mean the creditor does not have legal remedies for collection. They can file a lawsuit, if they win they will enforce a judgment in several ways, bank account levy, liquidation of nonexempt property, or liens against real property.
