To what extent can a credit card company go to recover debt?

To settle this thing once and for all Credit Card Companies will harass and bully you and even take you to court, but, they can%26#039;t get blood out of a turnip and since it isn%26#039;t the worst....

read more at http://www.credit-card-forums.com/thread...

To what extent can a credit card company go to recover debt?

hopefully for me, just threatening phone calls :-)

To what extent can a credit card company go to recover debt?

It depends on how much debt there is. They may call a lot. They can sue you. They WILL trash your credit.

Even though I used to have a lot of credit card debt, I never dealt with collectors because I remained on time with payments and finally decided enough was enough and worked really hard to pay them entirely off.

I understand that there are different strategies to settle with the credit card companies. Never give a creditor electronic access to your checking account 閳?not a debit card, not an account number. Never give them post dated checks. Try to negotiate a SETTLEMENT IN FULL and get that in writing before you give them any money. Keep your records forever 閳?for the rest of your life. That way you will be able to quickly handle the collectors that pop in 10, 15, 25 years to say you owe them more money on a debt that was settled.

I hope this helps. There is hope. You can get out a credit card debt. It just takes time and patience.

To what extent can a credit card company go to recover debt?

They can repossess your stuff. However, more often then not, those things are not worth as much as actual money. Banks, or credit card company%26#039;s want their money back. So, if I were in credit card debt I would perhaps ring the bank and explain the circumstances to them and see if I could perhaps change the repayments and increase them slowly. Generally they are responsive to this.

To what extent can a credit card company go to recover debt?

Depends on what state you are in; If you are in FL, VA and other states that garnish your wages your in trouble. Texas is one who does not. If you are not in a state that garnishes wages they can%26#039;t do much (it%26#039;s an unsecured loan), they can call, send it to a 3rd party collection agency have them harass you., but they can%26#039;t do any thing beyond that. Here are some things you should know.

The can%26#039;t call you at work if you tell them not too (if they call again. law suite)

Write them a letter (verified please, to show you have proof they received it) stating you do not want them to contact you via phone (don%26#039;t call you at home, your family etc.)

The have to inform you of the %26quot;mini Miranda%26quot; which is %26quot;this is an attempt to collect a debt, any information obtained will be used for that purpose%26quot; if they do not inform you of this, they just broke the FDIC regs, which means law suite....

They can not call you but every 3 days (once they have actually talked to you of course) and can not repeatedly call you

The can not call before 8am and after 9pm YOUR TIME not theirs, if they mess up ...law suite.

There is a lot more, but I hope I have helped you.

To what extent can a credit card company go to recover debt?

First of all, if you are late on payments, they%26#039;ll note your credit report for 30 days late, then 60 days late, then 90 days late, then after that you%26#039;ll be in full default and your credit history and credit rate will be trashed, especially if this is with multiple credit cards. You can forget getting a loan for just about anything for more than seven years after you%26#039;re noted for full default/collections.

Also keep in mind that landlords, potential employers, and perhaps others you do business with on a contractual basis may want to check your credit reports before they%26#039;ll agree to do business with you.

With regard to collections, they may either sue you or write off the debt eventually. Either way, since the debt is unsecured they%26#039;ll have a hard time collecting unless you%26#039;re making a good amount of money. The bigger problem here is actually your credit history and credit score which will be ruined for almost a decade after you default on all your credit cards.

If you%26#039;re currently in a position where you don%26#039;t want to continue to make minimum payments because your interest rates are high and your balances never really go down, you might consider debt consolidation through some place like http://www.incharge.org They%26#039;ll work with creditors to get you substantially lower interest rates so that when making minimum payments your balances will actually go down. You%26#039;ll pay a fixed payment every month for up to five years until the debt is payed off, but you%26#039;ll be paying a lot less interest and it will save your credit score. American Express, for example, lowers the interest rate to 0% as long as people on debt consolidation follow through with their promise to pay every month. You%26#039;re not allowed to open any more credit cards while on debt consolidation, else you%26#039;ll break the deal and go back to the original terms for your card payments.

To what extent can a credit card company go to recover debt?

I am a financial advisor and have worked with collections on auto, mortgage, credit card, medical, etc for more than 10 years. I know how to clean it up and what you rights you do/don%26#039;t have on debt....what is the amount that%26#039;s past due and how long has it been past due? that will then let me know what you options you have....you could not pay anything at all or they can collect in other ways....can you be more specific???