I got served papers from a old credit card company for a balance i owe - what will happen if i go to court or not? what is best thing to do, if i cannot pay the balance?
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Anonymous
ANSWERS: 6
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If you truly owe the balance, the credit card company will hire an attorney and attach a lien on your house or any property you own, until the balance is paid in full. I had rather pay the owed balance, rather than have a lien placed on anything i owned. It goes on your credit report and most likely, will never be removed.
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Use the contact information listed on their paperwork to try to hammer out a deal with the cc company.. i.e.,like debt negotiation companies.. tell them how much money you can pay them right away, what percentage of the debt that amount is (basically, do your homework--do NOT ignore their letters), and if they'd be willing to take that amount or set you up on a payment plan.
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Set up a payment plan. And keep in touch with them. If you can't make a payment just let them know.
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What happened with this?
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Well the question is 2yrs. old. But basically you should always check your state statutes for creditor and debtor regulations. Some states like Texas they can't garnish wages, so basically nothing happens. Other times their is a statute such as after 7 yrs. they can't sue you if there has been no activity on the account.
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Everyday, peoples assets are being seized through the courts, for unpaid balances owed on credit cards. This means an attorney will slap a lien on anything you own, until the debt is satisfied. This is legal and rightly so. Maybe, you should have contacted the credit card people years ago and tried to settle with them. Now, its probably too late and they are out for blood.
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