Can you be sued for credit card debts
You’ve gotten behind, and you’re wondering, can you be sued for credit card debts? It’s important for you to know that you can be sued and you will be sued. You may be able to let the debt go for a while, even for a few years. But ask anyone who’s been there, can you be sued for credit card debts, and they’ll give you an unhappy yes.
Credit card companies will get their money from you, one way or another. You can let a debt sit idle, slowly accumulating for years and you may think they’ve forgotten or let it go. Believe me, they haven’t.
If you’ve missed just one payment you know how serious they are about getting their money. Miss one payment and they’ll call to remind you, even if you’d paid on time for years. They’ll tack on a late fee, probably around $35.
And depending on your card agreement, you may see your interest rate start to move up like a balloon full of helium. Some credit cards, especially those with low rates and introductory offers, send your rate soaring after one late payment. You don’t even have to miss it entirely, just pay it a day late!
These measures continue until they turn the debt over to a collection agency. The collection agency’s sole purpose it to get you to pay them. They’ll initially send you a letter that they want you to reply to in about 30 days.
Usually the letter will state that if you don’t agree that the debt is yours you need to dispute that with them within 30 days. Otherwise they’ll assume they’re correct. They want either that contact of dispute, or a payment.
If you ignore this, they’ll send more letters and start calling you. Ad if the debt goes on at length, you’ll probably get to deal with several such companies. Many collection agencies handle a debt for a while and if it doesn’t work the debt is sent somewhere else.
After a certain amount of time passes, the credit card company can either write the debt off or opt to sue you for the amount. So, can you be sued for credit card debts? A resounding yes. They can and will sue you unless the amount is too small to mess with.
How small is too small? People have been sued for hundreds of dollars or as little as a thousand. And by the time the court costs and legal fees are added in, the debt will be at least a few hundred dollars more.
When you entered into the credit card agreement, you signed a contract stating that you would follow the terms of the agreement. Not paying them on time broke that agreement. If you work with the company, they will try to make arrangements with you to help you pay your debt.
Stop paying, though, and you’ll eventually get an answer for, can you be sued for credit card debts? in the form of a court summons.
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Article Source: Messaggiamo.Com
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