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Pay the due balance!
If the credit card company has filed suit, immediately file an answer to the complaint. Then call the company or its attorney and offer a settlement. If by some means you are able to come up with a substantial portion of the amount due, usually about 75%, say by borrowing from a relative or friend, the company would go for it rather than getting a judgment and collecting a few dollars a month from a garnishment of wages. The company will write of the remaining portion of the debt and get a tax deduction, therefore even though it "loses" 25% on the debt itself, it will get some of that back as a tax deduction.
Credit card companies are motivated to take less because it's more of a problem to collect small amounts of money on a monthly basis rather than one large amount in a one time payment.
Wiki User
∙ 13y ago
Wiki User
∙ 16y agoYou can file bankrupcy and still keep what you want to pay for. This stops the harrasement and keeps them from taking everything you own.
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What happens to unpaid expired credit card?
Only the card expires, not the line of credit it is attached to. So interest will still accrue on the unpaid debt.
Can a collection agency sue for unpaid credit card debt?
yes
Can a credit card company garnish wages for unpaid debt in Texas?
No.
How long does a credit card company have to sue you for unpaid credit card debt?
as long as it remains a part of your credit report, 7 years.
Does the state of Florida allow you to be sued over unpaid credit card debt?
Yes.
Can a credit card company or debt collection agency sue you for an unpaid debt if you no longer live in the country where the debt was incurred?
Yes
Will credit card debt go away after 7 years if unpaid?
No it will not go away in 7 years if it is unpaid. If debt is lft unpaid, the interest rates will continue to go higher and higher.
When someone goes to prison what happens to his credit card debt?
The person's credit card debt will remain as unpaid unless they pay it. Going to prison does not cancel any type of debts incurred.
Can a credit card company issue a summons for unpaid debt or can a credit card company retain services of an attorney and sue for unpaid debt?
sure they can but they cant collect or that is what happens in texas they can get an injunction against you but that means you have to pay them but not when Absolutely. You own them the money and they can hire an attorney or sell the debt to a collection agency.
What is the statute of limitation on credit card debt in New york?
The statute of limitation for unpaid credit cards in N.Y. is 7 years.
Can a credit card company or debt collection agency sue you for an unpaid debt if you no longer live in the state where the debt was incurred?
Yes. Moving does not eliminate your legal obligations. If you could, you would not be able to use a credit card outside the state you live in.
Does new york allow wage garnishment 4 credit card debt?
No, not for the debt alone. For garnishment to occur in any state, the creditor must have a valid civil judgment. Unpaid credit card debt, however, is a common reason for a judgment to be issued.
