Get out of credit card debt fast, cheap, and without a loan. Our debt services can reduce your individual credit card debt by as much as 40-60% and help you get out of debt in 12-30 months!
Can I Go To Jail For Unpaid Bills
Unless your unpaid debt is child support, alimony, or fraudulent (in the most serious sense too...not just running up a debt and not paying it), you cannot go to jail for missed payments, despite what that overly aggressive collector may have told you. Imprisonment for debts in the United States was abolished on a federal level in 1833, at which point most states followed suit. If you have received a court order to appear and fail to do so, however, you can be held in contempt of the court, which is punishable by jail time.
Being Hounded For An Old Debt?
Check the statutes of limitations in your state. A statute of limitations is the period after which the right to file a lawsuit expires. In terms of debt, this time period begins when you first become delinquent. If the statute of limitations on your debt has expired, the debt collector does not have the right to pursue a lawsuit for full payment. This being the case, a simple Cease & Desist letter should do the trick to get the creditor off your back, at least until they send the account to another agency. Follow this link to learn about your state’s credit card debt statute of limitation.
Debt Reduction For Bad Loans
If your bad credit card debts are damaging your credit score, then it is likely you should consider the help of debt professional. Debt settlement, also known as debt negotiation, involves negotiating with creditors to lower the principal balance that a consumer owes. Like other forms of debt consolidation, it offers the convenience of one low monthly payment, and it is the fastest way to eliminate debt without filing personal bankruptcy. One of the disadvantages of debt settlement is that it can have a negative effect on your credit, but given the fact you are dealing with an unpaid debt anyway, it is unlikely that it will drag down your credit rating more than the current path (since you are not paying the debt as is).
To get a free consultation on your best debt elimination option, please fill out a form and you will be contacted by an expert within 24 hours!
Questions About Unpaid Accounts
What can a creditor do if I don’t pay my accounts?
It depends on the nature of the debt . For example, if the debt you are referring to is a secured by a piece of property (typically for car and home loans), then the bank can foreclose or repossess the property that is attached to the loan. For credit cards, the main ways they can get the money is by sending an account to a collection agency, who will in turn call and harass you until the credit debt is ultimately satisfied. In other cases, the creditor will send the account to a law firm, who in turn may try to pursue legal action to collect the full balance. They can do this by first obtaining a judgment against you and then executing that judgment through wage garnishment, levying (seizing monies) from your bank account, and/or putting a lien on your personal property (home or vehicle usually).
What can they do if I stop paying my student or personal loan?
It depends on whether your student loan is a federal or private one. If the loan is private (from a bank), then the same procedures apply as credit cards. If it is federal, they can seize your tax refund, garnish up to 15% of your income after taxes and in some cases, attach certain government benefits like Social Security or Disability. They can also charge hefty collection fees on the balance and there is no statute of limitations on the debt. So they can pursue the debt 50 years later from a legal standpoint. Fortunately, there are many options for payment plan help.
For unsecured debt & personal loans, the steps and rights of the creditor are exactly the same as if the account was with a credit card company. That being said, there are numerous cases when a consumer unknowingly secured the loan with a piece of property, so be sure you check over the original contract to determine whether or not it was secured.
Where should I start to learn more about the credit card debt companies who offer these services?
Right here at PayingPaul.Com! If you prefer to get debt advice from an expert, submit your contact information and we will match you with a pre-qualified provider. Start now!
Unless your unpaid debt is child support, alimony, or fraudulent (in the most serious sense too...not just running up a debt and not paying it), you cannot go to jail for missed payments, despite what that overly aggressive collector may have told you. Imprisonment for debts in the United States was abolished on a federal level in 1833, at which point most states followed suit. If you have received a court order to appear and fail to do so, however, you can be held in contempt of the court, which is punishable by jail time.
Being Hounded For An Old Debt?
Check the statutes of limitations in your state. A statute of limitations is the period after which the right to file a lawsuit expires. In terms of debt, this time period begins when you first become delinquent. If the statute of limitations on your debt has expired, the debt collector does not have the right to pursue a lawsuit for full payment. This being the case, a simple Cease & Desist letter should do the trick to get the creditor off your back, at least until they send the account to another agency. Follow this link to learn about your state’s credit card debt statute of limitation.
Debt Reduction For Bad Loans
If your bad credit card debts are damaging your credit score, then it is likely you should consider the help of debt professional. Debt settlement, also known as debt negotiation, involves negotiating with creditors to lower the principal balance that a consumer owes. Like other forms of debt consolidation, it offers the convenience of one low monthly payment, and it is the fastest way to eliminate debt without filing personal bankruptcy. One of the disadvantages of debt settlement is that it can have a negative effect on your credit, but given the fact you are dealing with an unpaid debt anyway, it is unlikely that it will drag down your credit rating more than the current path (since you are not paying the debt as is).
To get a free consultation on your best debt elimination option, please fill out a form and you will be contacted by an expert within 24 hours!
Questions About Unpaid Accounts
What can a creditor do if I don’t pay my accounts?
It depends on the nature of the debt . For example, if the debt you are referring to is a secured by a piece of property (typically for car and home loans), then the bank can foreclose or repossess the property that is attached to the loan. For credit cards, the main ways they can get the money is by sending an account to a collection agency, who will in turn call and harass you until the credit debt is ultimately satisfied. In other cases, the creditor will send the account to a law firm, who in turn may try to pursue legal action to collect the full balance. They can do this by first obtaining a judgment against you and then executing that judgment through wage garnishment, levying (seizing monies) from your bank account, and/or putting a lien on your personal property (home or vehicle usually).
What can they do if I stop paying my student or personal loan?
It depends on whether your student loan is a federal or private one. If the loan is private (from a bank), then the same procedures apply as credit cards. If it is federal, they can seize your tax refund, garnish up to 15% of your income after taxes and in some cases, attach certain government benefits like Social Security or Disability. They can also charge hefty collection fees on the balance and there is no statute of limitations on the debt. So they can pursue the debt 50 years later from a legal standpoint. Fortunately, there are many options for payment plan help.
For unsecured debt & personal loans, the steps and rights of the creditor are exactly the same as if the account was with a credit card company. That being said, there are numerous cases when a consumer unknowingly secured the loan with a piece of property, so be sure you check over the original contract to determine whether or not it was secured.
Where should I start to learn more about the credit card debt companies who offer these services?
Right here at PayingPaul.Com! If you prefer to get debt advice from an expert, submit your contact information and we will match you with a pre-qualified provider. Start now!