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 credit card court Notice
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Posted on 05-12-10 7:03 PM     Reply [Subscribe]
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you are a F1 student and you have credit card debt.................you dont pay it and the credit card sends you court notice................can they take away you car for which you are making payments ................ can they freez your account..............what can they do...............

 
Posted on 05-12-10 7:53 PM     [Snapshot: 91]     Reply [Subscribe]
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court sends you notice? I thought it was collection agencies who send you notice and if you don't pay the worst they do is make your record bad. I thought so, no?

I had credit card debt, but it didn't exceed 3K. I just hated paying interest and so paid off everything.

 
Posted on 05-13-10 6:54 AM     [Snapshot: 424]     Reply [Subscribe]
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Credit card company will try to collect and if they can't, then they will sell your debt to a collection agency. Collection agency will try to collect your debt by sending you nasty letters and phone calls. If they cannot collect they will either file a Judgement against you in a court or sell your debt to another collection agency.


If you can pay the debt:


I would highly suggest you to goto the court and settle this debt. You can make a deal and pay in installments. If you don't goto the court, a Judgement will be filed against you for a sum of money you owe.


If you cannot pay the debt:


Once a Judgement is filed against you, in few months all three credit agencies will be notified; Experian, Equifax & Transunion. It will show up on your credit history and your FICO score will drop. Then you will start receiving nasty letters from Law offices. No big deal. If someone contacts you about this debt, never discuss over the phone and waste your time. Just tell them not to contact you by phone and communicate everything by mail. Never tell them who is your bank, who do you work for etc. Just tell them you are unemployed and don't even have a car. Also if you pay them something, never use a check. Check will have your name, routing # and acct #. They can legally come after you bank acct. Always pay by Money Order ... :)


If you don't goto a court and a Judgement is filed against you, it will stay in your credit history for 3-15 years depending on the state you live and which state it will file under. This is called Statutes of Limitations (SOL). Every state has different debt collection laws. For E.g., if you live in CA and the Judgement was filed in CA, then the SOL is 4 years. After 4 years, the credit agencies will have to drop this Judgement from your credit history. If you are from OH, it's 15 years. Check - http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml


Bottom line, a Judgement in your credit history will not look good at all. You will most likely be denied car loans, home loans, credit cards offers etc. I suggest you borrow money and settle this thing right away. If you don't, then you will spoil your credit history for years to come depending on SOL and also you will have to deal will harrasing calls and collection letters from time to time. Don't worry about them taking away your car and freezing your bank acct. I am guessing your debt is below 10K so it won't make sense for them to come after your car and yes ... be careful about giving them your bank info. Always communicate with a written correspondence.


Good Luck!!


 


 
Posted on 05-13-10 6:35 PM     [Snapshot: 636]     Reply [Subscribe]
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Credit card History and Employment has any co-relation? If it has what should we do???

 
Posted on 05-13-10 6:47 PM     [Snapshot: 646]     Reply [Subscribe]
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Hey harkay bro, first of all thank you so much for the great info.. I want to ask you one more thing.. So lets say if i have like 10K debt and i am not able to pay the interest but i want to pay off in an installment , is there any way to do that or not. If i call credit card company, will they be able to settle it.. I know i am asking little more, but plz answer only if you know. I am not trying to bother you..Thanks in advance..
 
Posted on 05-14-10 2:02 AM     [Snapshot: 774]     Reply [Subscribe]
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 I think no one should take this credit card debt issue lightly, especially students.  Every one should be aware that most of the credit card are for US resident only. The way most of the students get the credit card is by filling false information on the citizenship status. As long as you pay your balance, it wont do any harm. But if you fail to pay them back then they can jail you or even deport you on a fraud case. Remember, giving any false information is fraud. 
I haven't done any significant research on this issue, but in my view the things I've mentioned, could be a worst case scenario. I may be wrong tho!!

 
Posted on 05-14-10 8:15 AM     [Snapshot: 831]     Reply [Subscribe]
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Bad credit history and employment has co-relation, but it depends. If you are applying for jobs in banks or any financial instutions, federal or state jobs or even seom IT jobs, they will check your credit history. Some companies check credit history and some don't for employment.


It is up to the judge to decide if there is pre and post judgment interest and how much. But, the judgment interest rate cannot exceed the interest rate set by state law. So check you state law for credit card judgement interest rates. Usually they are not too high. If your court date for Judgement is 1 month away, why don't you call the credit card company and settle it? Usually they settle for less than what you owe. I know a friend who settled his 7K debt for $3700. Once your debt goes to Judgement, it is harder to settle for a less amount.


I have never heard of not paying your card card and getting deported. Forget credit cards, thousands of people on H1-B visa have lost their homes on forclosures, owing 50K - 150K to the banks, but I don't think they got deported. Banks care about getting their money back so there is no benefit for them to pursue the channels of deportation.



 


 


 
Posted on 05-14-10 3:50 PM     [Snapshot: 1010]     Reply [Subscribe]
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i think credit card is gift from the wel come america haha.
 
Posted on 05-14-10 6:09 PM     [Snapshot: 1057]     Reply [Subscribe]
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Here is my experience.....

Ch 1. 
Thats what I thought "credit card is gift from the wel come america haha" and one day..................
I had not had any money to pay them back. 

Ch 2 
Credit card companies sold my account to the collection companies. 
I started getting served. 
To avoid the people who serve, I had to run from house to house when they came. 
Finally, one of them got me. 

Ch3 
I never went to the court
It proved that the debt was valid
They started adding interest on the sum
One day I found that my small debt had become so big that I would never be able to pay it off. 

Ch 4. 
They kept calling me and I kept on finding new ways of hiding from them. 
They went for garnishment and I shoved state laws up their A**. 
They garnished my bank one day,  and I was prepared to fight back ....I got everything back..

Ch 4 B. 
I found that you could think  "credit card is gift from the wel come america haha"  if you make=< 40 times the federal minimum wage (for my state at that  time). If you made a dime more, they could take it away. 
Second, if they took it away with a court order then you could call and threaten them (like I did). 

Third, you cannot have a house which they can auction to settle the debt and your car cannot be more expensive then $3500 (for my last state). 

On the other hand, if you choose to go to the court then you could tell the judge that you make very less and plea that you would pay it off in small installments. This would save you from harassing calls, but you would have to pay them with interest. Moreover, if you are convincing then the judge could make you pay as low as $10 a month for...what ever time it takes. 

Ch 5. 
Years passed by and I was not able to get out of school. No credit also means no car on credit. No money cushion to go to a bigger city and look for jobs. In short, you live hand to mouth. 

Ch 6. 
Finally after years, I had to leave school. It was very hard. I had to save quite a lot to cover for a few months till I found something more stable in a bigger city.  Though I tried my best, everything I had ran out. I was looking for people who could borrow me some. Life was hard. I was eating one meal a day and smoking USA gold. 

Final Chapter....
Its been seven years,  and most of those bad records have disappeared. However, some remain. Those companies sell records in such  a way that the date of debt changes so that the span of seven years extends to about 9 in action. Now, I am getting another change. I am getting credit cards again. I am back on track now. BUT I don't need it anymore. I make enough. 



Moral. 
If you think "credit card is gift from the wel come america haha" then make sure that you have enough credit limit that it makes sense. I would say 100 K from 10 diff banks so that each loses about 10 K. Second, make sure that you disappear. May be change your state and don't lease anything. No agreement should have your name. Do not keep anything in bank because it will be garnished.  In short  run back to Nepal. 





 
Posted on 05-14-10 6:23 PM     [Snapshot: 1069]     Reply [Subscribe]
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Rockey07, I dont think students are not eligible to have credit cards in US. From my personal experience I was able to finanace by car through bank while being in F1 Status.


 
Posted on 05-14-10 6:47 PM     [Snapshot: 1087]     Reply [Subscribe]
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MN_Nepali, wow i can't imagine that we two have a very similar experence even living in different parts of the country. It's been 7 years in my case too. I only owe like 2k but a while ago it was like 200k for me. Now i want it to go away and i found out that paying that amount means even bad news for me. i just checked my credit report the other day and found out most small collections are off the record, however one loan for 1300 and another for 439 is still there. a new collection agency bought it and the date was changed too. does it mean i have to wait for another 7 years? the 1300 loan is a capitalone credit card for 300.
 
Posted on 05-14-10 10:07 PM     [Snapshot: 1180]     Reply [Subscribe]
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