Ask Experts Questions for FREE Help !
Ask
    chmakl03's Avatar
    chmakl03 Posts: 1, Reputation: 1
    New Member
     
    #1

    Sep 10, 2009, 08:55 AM
    Defaulted on credit card, what now?
    After being laid off I have defaulted on a credit card to make ends meet and keep my house. I was plagued with creditor calls and now received a letter from a law firm representing the credit card company. What will they do? The law firm is based in NY and I am in TX, are they going to sue or what? I am confused and scared...

    Thanks for any help.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
     
    #2

    Sep 10, 2009, 09:39 AM

    No one but the collection company/law firm knows if they are going to sue or not. My suspicion is that they are.

    They will sue and attempt to obtain a Judgment against you, which Judgment they will enforce according to Texas law. It also, of course, goes on your credit report. Unfortunately, inability to pay is not a defense.

    If you can make partial payments or, even better, one payment for say 40% of what you owe, they may very well go away - but they will want a lump sum payment.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Being sued for credit card debt by law firm representing credit card company [ 7 Answers ]

Well, its happened. I have received a summons for a credit card debt by law firm. I have to go to the county court house to talk with the clerk... (not sure what will happen,never been sued before)If I don't go within 20 days, they say they will start proceedings to garnishing my wages. I do owe...

Problems in not paying a Corporate credit card and also a personal credit card [ 1 Answers ]

1. We are the main share holders in a "S" corp. The corporation is not longer doing business but have an outstanding credit card balance. We are making the mim payments but will not be able any longer. What can be done to us if we stop paying. 2. We also used a personal credit card for this...

Civil summons for a credit card, but my fianc? Has never had a credit card [ 13 Answers ]

Hello! My fiancé has received a civil summons from a law firm representing Discover card. My fiancé has never had a discover card in his life. His parents hae one, but the civil summons is for him. He has never received a bill or a letter or a phone call. Apparently the card balance has been...


View more questions Search