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A creditor can turn you over to collections and report you to the credit reporting agencies. Depending on what type of credit card you are talking about, the creditor can also demand return of items purchased on the card (such as an appliance store account). If you are getting harassing phone calls at home or work (yes, they are allowed to call you at work), you can send them a written letter stating that you no longer want them to call you at home or work (sent via registered mail with return receipt). The creditor would then be allowed to call you one more time to verify receipt of your letter. Creditors are also not allowed to call you before 7am or after 9pm. Due to privacy isses, creditors are not allowed to tell your employer or others not listed on the credit account why they are calling.
What else can I help you with?
What should you look for when applying for a credit card?
If you are looking to apply for a credit card, take into consideration the annual fees, interest rate, default rate, if creditor reports, rebates [if interested], a 24 hour customer service number, to name a few.
Can a creditor go after a corporation to satisfy a credit card judgment?
Only if the credit card is assigned to the business as a company card.
What does creditor do when you apply for a credit card?
They check you credit rating with the 3 main credit bureaus.
If you marry someone who is in default on their credit card how will it affect your credit?
Debts or the defaulting of, does not carry over into a marriage. Therefore, the other spouse's credit rating will not be jeopardized. If real property is jointly purchased, the creditor may be able to get a judgment based on the debtor's share.
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 should you look for when applying for a credit card?
If you are looking to apply for a credit card, take into consideration the annual fees, interest rate, default rate, if creditor reports, rebates [if interested], a 24 hour customer service number, to name a few.
Can a creditor go after a corporation to satisfy a credit card judgment?
Only if the credit card is assigned to the business as a company card.
What does creditor do when you apply for a credit card?
They check you credit rating with the 3 main credit bureaus.
If you marry someone who is in default on their credit card how will it affect your credit?
Debts or the defaulting of, does not carry over into a marriage. Therefore, the other spouse's credit rating will not be jeopardized. If real property is jointly purchased, the creditor may be able to get a judgment based on the debtor's share.
If you default on credit card payments can they take your car?
no
Can a creditor garnish your federal taxes to cover a defaulted credit card?
No.
What is the notice of right to cure default for a credit card?
The notice of right to cure default for a credit card is a notification that informs the cardholder of a missed payment or default on their credit card account. It typically provides the cardholder with a specified period of time to make the overdue payment and bring the account up to date before further action is taken by the credit card issuer.
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.
Credit card debt default and asset seizure?
A company can seize assets doe to credit card default if they obtain a judgment through the court. You will be notified of the court date.
Would a credit card company reissue a card to a surviving spouse with a low income?
No, a creditor would not issue a card or extend credit on the account of a deceased spouse. The creditor might be willing to issue a card to the surviving spouse based on his or her own financial situation.
If a Credit card company wrote off the debt and took a tax credit 4 full unpaid debt what legal rights does the credit card have in transferring rights to a collection agency?
Credit card companies win whether you paid or not. They write-off the credit card debt at the end of the year on their taxes, they also hedge their burden for increase risk by having insurance so they recover some of your losses from your default and they can sell their uncollectable debt to a third party (collection agencies). What rights do you have? The Fair Debt Collections Act. Your debt is with the original creditor (Credit Card Company) and not the collection agency any money you pay should be to the original creditor.
If the primary creditor defaults on credit card will the secondary's credit rating be affected if they're not spouses?
Credit scores are kept separate, unless the account in default is a joint account. However, if you are a co-signer you will be contacted about the debt. If you are unable to pay or cannot negotiate a settlement. It will turn up on your credit report.
