What's going to happen if you stop(or refuse) to pay your credit card debt of 6 grants?
nd on 2nd one you owe $5,000 and you refuse to pay your credit card debts off, what's going to happen then?
Answers:
After 6 months it is sent to a collections agency and they begin the harassing phone calls (if they haven't started already.) They will eventually pursue legal action against you in the civil courts to collect. If you do not pay and do not charge anything on your credit card for a minimum of 6 to 7 months you can negotiate a settlement for less.
i think theyll start repossesing like ur house though the legal system so the debt is paid off
i think its grand not grants
I think you can be audited by the IRS and you're going to have a lot of overage charges. I think it would be wise that you pay at least some every month.
They will probably garnish your wages and it will ruin your credit. Be responsible and do the right thing!
they will take you to court, and trust me they will get their money somehow, they will just reposess your stuff and sell it so they can get their money, so if yu have a $20000 car they will just sell it for the $6000 so that they have their money, either way you loose out.
"They" will hunt you down like a mad dog,,,ruin your credit and make you end up owing much, much more than you ever expected.
they just report you to the credit bearue thas it yu are done at that point credit wise
You will get lots of herassing phone calls.
Don't tell them you will pay them, and they will have to stop fter a year.
They could sue for it but chances are they will just right it off.
Your credit will go down the toilet but if you are not looking to by a house or car or anything you will be ok.
It is unsecured credit so they can't take anything you own.
depends most card will send you to court and have a judge order you to pay along with overages and stuff then cancel your card of course... after a long enough time you would go to jail and still owe the money... then you can't do anything... buy a car, house any of that stuff... even after you pay it off... only after 7years after you pay... you'll be able to start new.. after you pay...
You will be contacted by the bank... you have a minimum monthly amount to pay. In 60 days you will be warned that not paying will result in a "default" being placed on your credit file. If you still don't pay (including any amount past due from the last 2 months) then they will list you as a "credit defaulter" with organisations who maintain central database on everyone's credit (depending where you are from)? When a dafault is put next to your name, you will not be able to get ANYTHING on credit for at least 5 years (or seven years if they can't find you) that means no car loan, no home loan, no mobile phone, no personal loans, no more crerdit cards, no anything on credit until the 5 year period has elapsed and you've paid it all back.
You need a healthy credit report... because you never know when you will need something on credit!
It's considered unsecured debt. Meaning there is no collateral held up against it. You will receive many calls until they hand it over to a collection specialist or collection attorney. They will send letters and follow up with calls. Finally, if you do not respond to any of these notices, you will have a "charge off" put on your credit report which reveals that you did not pay your debts for this particular creditor. It will stay on your credit report up to 7 years. When you try to get a loan for a car, a house, remodel, large purchase, etc, it will show this derogatory report and you will either pay a very very high interest rate on a loan, or you will be denied the loan all together. It can effect getting a job, especially in the financial world, such as banking. Many employers check your credit as an overall background check along with the criminal check, so it may prevent you getting a particular job in employment.
That creditor (credit card company) could take you to court. A judgment can be entered against you, and they can take a garnishment from your wages. Which is a set amount that will automatically be taken from your paycheck and paid directly to them until the debt is paid in full. This money will be taken from your check before you even get it. OR they could get a writ of replevin and seize any assets you have (car, house, computer, anything) and sell it and apply the funds to the debt. They could continue to do this until it is paid, or they can do the writ of replevin AND the garnishment at the same time. Watch it. You might want to start paying things off...
your credit will go to hell, any time you try to finance something or get a loan, the interest rate will be outrageous (if you can get approved) and they will probably garnish your wages, taking out a certain percentage of each check you receive.
Your credit will be damaged and the unpaid debt will never--THAT'S NEVER--go away unless you declare bankruptcy. The lenders will continue to report the debt each time it passes from them to a collection agent to another, etc.
Speaking of collections agents, you will be incessantly harrassed by collections agents who will do their level best to make you pay including, but not limited to, calling at all hours of the night, calling your family, calling you at work, calling you one the weekend, insulting you, demeaning you, challenging your manhood, and if you're married and/or have kids, talking to them and asking them quesitions including, but not limited to, "why is your daddy a deadbeat."
Collections agents are scum. Better not to invite them into your home. Better to pay your debts if you can.
Angelo.
Assuming you meant "6 grand" not 6 grants, credit cards companies can do a couple of things.
1. Report you to credit agencies for failure to pay. This hurts your credit rating for many years.
2. If you used any assets as collateral, they can sell them out from under you. This will also hurt your credit rating.
They cannot garnish wages. Only government, like the IRS and your State Revenue Agency, have the power to do that.
I am curious about your phrase "refuse to pay". If they did something illegal, don't pay and report them to the Federal Trade Commission. If you refuse to pay just because you have decided not to pay, you are stuck.
Jim DeSantis
I strongly suggest you visit the below website. Believe me, they will come after their money
it will hurt your credit report and credit score for a long time.. It will be hard getting things like a car, house, or a loan..
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