When Can a Credit Card Company Sue You?
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Tags: credit card company, Got, Card, company, Credit
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STOP paying debt and walkaway from underwater mortgage?…and guess who’s got who by the balls.
@castawayds No pity here about the car. I drive a 14 year old car. It’s 100% OWNED by me. Even if I had no money coming in the next month it would still be sitting in the driveway… When will people get it through their thick heads? - bet you were happy as showing off your new set of wheels when you signed the papers for the loan… “You only see who’s swimming naked when the tide goes out” - Warren Buffet
@CybershulDotCom How about losing a job, having to take a minimum paying job just to feed your family, of which one of your three kids suddenly had to go to the emergency room, and your car was reposessed because there aren’t any good paying jobs available?
Get real! There are people trying to do THEIR BEST, and still not come up with enough to cover life’s unexpected costs, and I can assure you, NOBODY likes to be in debt.
How about paying your bills?
Nonsense. You would get collection letters and phone calls before and after the 180 days. There is no 180-day deadline for collection, and charging off the debt does not mean they have to stop collection efforts.
How about you having to sue the credit card company for DRASTICALLY reducing you credit line? It’s legal!!!!
Another important point — each State has a Statute of Limitations on the collection of “unsecured debt” (credit card debt and any debt not secured with collateral). This is usually between 3 and 6 years, after which the lender cannot legally file a lawsuit against you any more. BUT IF YOU MAKE A PAYMENT, the Statute of Limitations begins again from the beginning. It counts from the LAST ACTIVITY on the account. SEE my channel….
Legally the longest a credit card company can wait to charge an account off is 7 months past due. If they receive one payment in this supposed “180 days” which is really 7 months past due- they will charge off at the end of 7 months UNLESS they make a payment to pay the 1st months payment. The credit card company will HIRE representation in the cardholders state and persue the funds that way. aaron get your facts straight.
Venue and Jurisdiction.
THANK YOU.