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how to protect my peace

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johnfrom



Joined: 03 Sep 2008
johnfrom's page
Posts: 1



30 Magic Points
Subject: how to protect my peace
 
 Posted on Wed Sep 03, 2008 2:35 am  
i am deep in credit card debt have no means to make payments..what can i expect in worst case from collection process

john

johnfrom@vision.net.au
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3172



1095 Magic Points
 
 Posted on Sun Sep 07, 2008 6:52 pm  
The very worst that you can expect is to be sued and have judgements placed against you. It will depend on what state you are from as to what these judgements will have on your day to day life. weather garnishments or levies are allowed or not.

If your debt is purchased by collection agencies then you will have the hounds on your trail until you pay them or set up a payment arrangement.

How far are you in debt? can you be more specific, what types of accounts and the amounts on the cards. Ignoring the debt will just make it worse. If you list the debts maybe someone here can help you out or advise you on how to start handling it.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 2979



4409 Magic Points
 
 Posted on Sun Sep 07, 2008 6:58 pm  
Welcome John. Glad to see you have turned here for help. Of course we will need a little more in depth info and hopefully we can advise you in the right direction.. I kn ow the debt world is a scary place and sometimes we end up there through wrong turns or situations beyond our control. So wind down for a little while and let us see if we can help.
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3172



1095 Magic Points
 
 Posted on Sun Sep 07, 2008 7:04 pm  
You will need to give amounts and the companies that you owe that way if anyone else has dealt with them then they will let you know what their experiences have been with these companies.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
anthony

anthony

Joined: 31 Jul 2006
anthony's page
Posts: 507



12662 Magic Points
 
 Posted on Mon Sep 08, 2008 10:18 am  
Hi John
Goodnatured is right. If you do not pay back your debt, the collection agencies can sue you to the court to bring judgment against you. This judgment can even lead to garnishment of your bank account so long as the debt is fully paid off. So the best way to avoid judgments is to get in touch with your collection agency and ask them for a repayment plan which you think you can afford to repay. You can also go for debt consolidation loans which comes with much lower rates of interest, to repay back your debt.
_________________
Anthony Marx

A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.
You can also visit my blog
http://financewatchonline.blogspot.com
 
Mimee



Joined: 09 Sep 2008
Mimee's page
Posts: 3



141 Magic Points
 
 Posted on Tue Sep 09, 2008 5:46 am  
Idea A lot of your debt problems can be managed if you take some careful steps. First. make sure that all your accounts are authentic and that there is no fraud billing (you'd be surprised how many there can be). You could also start contacting your creditors and requesting them personally to increase your credit limit. If you have active credit cards use them to make small purchases and pay them before the due date. Look for great tips and better suggestions on mycredidetail.com. It really helped me out when I was in a similar situation. I've begun rebuilding credit and think this site could really help you.
 
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 2979



4409 Magic Points
 
 Posted on Tue Sep 09, 2008 11:39 pm  
What do you mean about fraud billing? Alos why would increasinfg the credit limit help in the situation if they can no longer make the payments. Soem people use rob Peter to pay Paul, in other words, ise one credit card to pay another, I find this is really a risky situation as sooner or later Peter will want his money too.
 
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