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There's many variables in your question. But assuming they have a judgment (again with the variables) - it depends on your state. MA for instant, is 20 years. And with all states you're responsible for post judgment interest, court fees, attorney fees and any post judgment remedies like wage garnishment. So rather than worrying about not paying it back, do the right thing and payback the debt your signed for.
Experience: I own a collection agency.
What else can I help you with?
What is a judgment in personal finance?
When a person is taken to civil court (for example, a credit card company suing a cardholder to get paid back), the court makes a judgment for or against the plaintiff (entity initiating the lawsuit, in this example, the credit card company). If the judgment is for the plaintiff, the result is effectively a judgment against the defendant (the person taken to court in the example). Part of the judgment is the amount that is to be paid to the entity winning the court case (judgment). Judgements against a borrower (and the amount set to be paid by that borrower) will make their way onto the credit report and will cause a drop in credit score.
Can I get an out-of-court settlement on my credit card?
It is possible to get an out-of-court settlement for a credit card. Credit card companies and collection agencies offer a variety of payment and settlement options for the debtor.
How does one use a credit card to get cash?
Although the interest rate is very high, a credit card can be taken to a bank to receive a "cash advance." This is essentially a loan that needs to be paid back.
Where do you sign the back of a credit card?
You should sign the back of a credit card on the signature strip.
Where do you sign on the back of a credit card?
You should sign on the back of a credit card in the designated signature panel.
Does Tennessee allow garnishments for credit cards?
Garnishments can only be issued on debts which have been taken to court and a judgment has been issued. A person can be sued and taken to court for a credit card debt.
Can a motorcycle purchased on credit card be repossessed?
A motorcycle that was paid for on a credit card can not be repossessed considering the credit card company paid the dealer. You must pay the card company back though or they can take you to court.
What is a judgment in personal finance?
When a person is taken to civil court (for example, a credit card company suing a cardholder to get paid back), the court makes a judgment for or against the plaintiff (entity initiating the lawsuit, in this example, the credit card company). If the judgment is for the plaintiff, the result is effectively a judgment against the defendant (the person taken to court in the example). Part of the judgment is the amount that is to be paid to the entity winning the court case (judgment). Judgements against a borrower (and the amount set to be paid by that borrower) will make their way onto the credit report and will cause a drop in credit score.
Can I get an out-of-court settlement on my credit card?
It is possible to get an out-of-court settlement for a credit card. Credit card companies and collection agencies offer a variety of payment and settlement options for the debtor.
Can credit card debt collectors take you to court in Pennsylvania?
yes you can be taken to court however if you have no assets really all it will affect is your credit score and some harrassing calls, since it is illegal to garnish your wages in pa
Where is the vip code on a credit card?
The VIP code on the credit card is located at the back of the credit card.
Where do you sign the back of a credit card?
You should sign the back of a credit card on the signature strip.
How does one use a credit card to get cash?
Although the interest rate is very high, a credit card can be taken to a bank to receive a "cash advance." This is essentially a loan that needs to be paid back.
If I have credit card debit can my home be taken?
No.
Where do you sign on the back of a credit card?
You should sign on the back of a credit card in the designated signature panel.
Can a car be taken to pay off credit card debt?
Yes. A car can be taken for a credit card debt if the creditor sues you in court, is successful and obtains a judgment lien. The creditor can use that judgment lien to take any property you own including your home and your car and your bank account.
How can I get money back from my credit card?
To get money back from your credit card, you can request a refund from the merchant for a purchase you made, dispute a charge with your credit card company, or redeem any rewards or cash back you have earned on your card.
