what can happen?

ok in 2006 i was sewed by a credit card company and they won their case.. not sure how they got to win consdiering there wasnt even a court case... well anyways.. the lawyer for the credit card company said that the money is supposed to be payed by within a year... but i have had no money to pay on it.. ive paid like 60 here and there but the interest takes that... so does anyone know what will happen if i dont have it payed within a year? anyone else been in this situation,..... i couldnt handle going to jail..... that would throw me into being suicidal.. im scared cause i know the year is coming up soon... i dont know what to do...

have you sought out legal aid? i would do that. i know how bad it can get, and i had to go through bankruptcy, as i couldn't hold down a job. bankruptcy is not the end of the world, and you absolutely do not go to jail. i promise - there is no prison for debt. ((((skittles))))

I don't think much of anything will happen; it doesn't with businesses; the business my husband worked for won a million dollar suit but the courts have no "army" to enforce it and neither does your credit card company so it's just a win on paper. However, it will mess up any credit you have forever/until you pay what is owed, etc.

I would find a local "legal aid" office of some sort (check with a university law school) and ask them what, if anything to do or other ramifications.

Oh it sounds like they are harassing you for sure! The most they can do IS take you to court, which unless it's a huge amount they usually just write it off. Sounds to me like they are trying one more time to get their money. IF you used the card for purchases of chattle items they could reposess those items. (Such as tv, cd player, washing machine)

I would say contact some free advice organizations. I know that you can ask questions and receive free answers from Suze Orman at her website. (Suzeorman.com) I also know that Crown Financial also provides this service at times, and are also trustworthy.

Don't go with any credit repair service that charges you a fee. The regular businesses usually get paid by the credit companies for helping.

Yes, it will affect your credit if you don't make any agreement with the card company. It's up to you as to how you treat this. But remember, they are not allowed to harrass you, as that is against the law. If they continue after you say you can't pay it, then contact the FTC (Federal Trade Commission.) Actually, just threatening the card company that you are going to notify the FTC will make them back off.

good wishes.

Something else Suze Orman would suggest is to not answer any phone calls from them, don't make any promises, either.

The statute of limitations is seven years. If it's coming up on seven years that you've owed these people, they're trying one last time to get their money, even after they've written it off.

Also, after seven years, the bad mark on your credit will come off, but you have to make sure it gets taken off. That's true, too, if you pay it off.

Your credit already has a mark against it as "slow pay." I wouldn't worry about it anymore.

PS "Debtor's Prison" went out with the Pilgrims.

thanks u guys.. i feel better now.....

i was a debt collector for five years in Colorado. Not sure what state you're in but generally the laws are similar. The statute of limitation is 6 years from the date of the last transaction on the account (last transaction being a payment from you). You must be taken to court and have a judgment entered against you (meaning you lose your case). From that date the statute of limitations begins all over again. You could have your wages garnished, your bank account levied (taken away) or your property (real estate) can be liened. None of these actions are possible or legal without a judgment. Once a judment is entered against you, no prior notice to you is required before any of these actions are taken.

Federal law requires that once requested in writing that no further contact be attempted, all creditors must cease any form of contact except legal service of process (a process server comes to your door and hand delivers a summons or other legal paper). It is not always in your best interest to request a cease contact. Once you do, the only notifications you can legally be contacted for is that they are ceasing collection efforts or to recieve said legal notices.

Nowheretorun,

Thank you for your post...pretty much covers it all. The only people who actually went after us were the medical expenses....they did put leins on my house for the amount of the hospital bills, but most of those just wrote it off too. We just refused to pay most of the credit cards....walked away without even going into bankruptcy. They call & we ignore...they bill we ignore. I got great at not answering their calls & the ones I did pick up...usually hung up on them anyway & it got so it didn't even bother me any more.

Debbie

i'm not immune either... student loans, medical call mt moms house everyday... i cant pay right now.. for the medical i was supposed to have ins. but a technicality let them off the hook... for the student loans i dropped out, didn't get the degree which was supposed to help me pay the loan back...

i know i owe, i care, and if they corner me they'll get their money... til then, hope i win the lotto