Judgement Against Me For Credit Card Debt

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Judgement against me for credit card debt – In my experience if a credit card company went to the trouble to take you to court and get a judgment against you for unpaid bills you owe at least 5 000. They have other options.

If contacting the debtor and requesting.

Judgement against me for credit card debt – In most cases however the credit card company will simply transfer or sell the debt to a collection agency. A wage garnishment is the most common option for enforcing a credit card judgment. If you and the credit card company agree to a different interest rate however the court will honor your agreement. Judgement against me for credit card debt

It can also charge interest at a court approved rate typically in the range of 5 percent to 10 percent until you pay up. Any less and it s not really worth the trouble. 5 6 that s a long time for a debt to follow you around. Judgement against me for credit card debt

Furthermore judgments show up on credit reports for up to seven years and may appear on background checks until the judgments expire whichever is longer. Calculating and collecting the proper amount of interest is the sole responsibility of your creditor not the south carolina court system. In a debt collection case the judgment is a court s decision that you owe a specific sum of money. Judgement against me for credit card debt

Armed with the judgment the holder of the debt called a judgment creditor can take legal steps to seize the amount. If you owe the debt and can t pay it you may assume there s not much you can do. What happens if a credit card company gets a judgment against me. Judgement against me for credit card debt

A credit card company may file a lawsuit against a debtor if he stops paying his credit card bills. Family law issue if you don t pay your bills for a consumer debt like for your credit card or cellphone or fail to make payments for a personal loan or medical bills the creditor can sue you for the debt they claim you owe. Your card issuer still wants and expects to be paid back. Judgement against me for credit card debt

The unpaid amount of your judgment accrues interest annually. If you fail to respond however the collection agency will get a default judgment against you. The creditor may then use the additional collection methods to get paid. Judgement against me for credit card debt

While you may be able to be creative in how you avoid paying the judgment you must realize that the balance of the judgment is likely increasing. Your credit card judgment debt grows from interest and can often be renewed. For example if the credit card company proves to the court that you owe 5 000 a court may enter a judgment saying that you owe 5 000 plus costs and interest. Judgement against me for credit card debt

A judgment can be good for 20 years or more depending on your state a judgment remains valid from 5 to 20 years or more. The first thing that happens with a credit card judgment is that additional fees increase the. The collection agency will then pursue the individual for the debt. Judgement against me for credit card debt

The number one mistake borrowers make when they are sued for a debt is failing to respond to the notice which usually arrives in the form of a summons and complaint. In south carolina the standard interest rate added to unpaid judgment balances is 12 percent. Although don t misjudge what i just wrote. Judgement against me for credit card debt

Interest is accumulated at the rate set by the court or the maximum allowed by law in your state for judgment debt. A judgment gives the creditor the right to use additional collection methods to collect the debt owed to them. Judgement against me for credit card debt

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