Any debt consultants out there??

[groupergenius]

I was wondering. If your CC bill has a minimum payment of $200 and you only pay $20. What will/can happen? I mean besides interest accrueing.
Can they assess late charges even though your paying on time, just not the right amount? Can they come after physical property and post leins?

 

[reefraff]

They will nail you. The debt consolidation places negotiate lower payments and interest rates with the creditors. A

 

[al mc]

Some cc companies can even increase your interest rates under certain circumstances. Minimally they will get you for a late fee. I would consider calling them. Many times the cust. service people are allowed to 'waive' some fees if you ask (nicely of course

)

 

[groupergenius]

Originally Posted by Al Mc
http:///forum/post/2767679
Some cc companies can even increase your interest rates under certain circumstances. Minimally they will get you for a late fee. I would consider calling them. Many times the cust. service people are allowed to 'waive' some fees if you ask (nicely of course

)
Heck, they allready did that....they are all around 30% now without being late and paying the amount shown. I called and their explanation was balances too high. Friggin' thieves.

 

[jdl]

Originally Posted by GrouperGenius
http:///forum/post/2767336
Can they assess late charges even though your paying on time, just not the right amount? Can they come after physical property and post leins?
if you have unsecured credit, then no they cant come after property or post leins. But if you have a secured credit that you are defaulting, then you are in some trouble.
Otherwise you'll just get some bad marks on your credit report and some nagging phone calls.

 

[tangman99]

If you have credit cards with 30% interest and minimum payments of $200, you need to ask the credit card companies to work with you to get your interest lowered and help you setup payments that are reasonable. You are never going to get out from under that debt if you don't. Good luck.

 

[stdreb27]

Typically they'll lower your interest rate when you ask them. Assuming you're in good standing. I have no idea otherwise.

 

[jmick]

Get more credit cards and shuffle payments from one to the other...ok, I'm kidding.
I am no expert, but I think if you are only paying $20 on a $200 dollar minimum you will get deeper and deeper into debt because they will surely penalize you for not paying the full amout and I'd wager that penalty will be greater the $20. If something has happed at home or at your job that is making it hard to pay the full amount I would call and explain your hardship and see what you can work out.

 

[paperusa]

Originally Posted by GrouperGenius
http:///forum/post/2767336
I was wondering. If your CC bill has a minimum payment of $200 and you only pay $20. What will/can happen? I mean besides interest accrueing.
Can they assess late charges even though your paying on time, just not the right amount? Can they come after physical property and post leins?
If you pay your bill late three months in a row, you will incur extra fees, but then you will qualify for a special program to pay it off really quick and without all the extra charges normally incurred.

 

[bionicarm]

If you don't pay the minimum payment on time, they will assess whatever late fee that is on the agreement you signed when you got the card. Usually around $39. All the payment transactions are handled by computers. There's rarely a human being that checks every payment on every credit card. So even if you paid $199 on a minimum payment of $200, you'd be considered late. Go after physical property or file leins? If that could happen, 90% of the people in this country would be homeless or missing their property. They'll just hound you to death for a payment, increase your interest rate to some ungodly amount, and put a major ding on your credit rating. You will have to pay it eventually. I believe they passed a law a couple years ago where filing Chapter 7 or 11 won't relieve you of this kind of debt.
Never figured how some of these 'credit consultants' can reduce or desolve your debt like they claim. If the amount isn't significant, most creditors give up on collecting and just write the debt off. Credit consultants can help you work with the banks to get a more manageable payment schedule. But sending $20 in won't even cover half the late fee. I can tell you the first thing you need to do is cut the card in half and quit using it.

 

[tizzo]

3 words... Well actually 7
"Consumer Credit Counseling" sponsored by United Way.
They are in New Port Ritchie in this area. If anyone has a legit solution with no gimmicks, it'd be them!

 

[crimzy]

Originally Posted by GrouperGenius
http:///forum/post/2767336
I was wondering. If your CC bill has a minimum payment of $200 and you only pay $20. What will/can happen? I mean besides interest accrueing.
Can they assess late charges even though your paying on time, just not the right amount? Can they come after physical property and post leins?
Once you are enough in default, they will send you to a collection agency and, if your balance is enough, eventually to an attorney. The collection agency will put a mark on your credit. If the matter goes to an attorney they will likely sue you. If they obtain a judgment then they can lien your real property, seize physical assets, garnish wages, garnish bank accounts, garnish tax refunds, etc.
If the matter gets to an attorney, you are better off trying to make a deal to pay over time and let them know that you will have to file for bankruptcy if you are unable to resolve the matter.

 

[tizzo]

Originally Posted by crimzy
http:///forum/post/2768388
If they obtain a judgment then they can lien your real property, seize physical assets, garnish wages, garnish bank accounts, garnish tax refunds, etc.
.
Yup. That's new these days. No more writing it off and hoping to make a deal 3 years from now.