What happens if you have to default on a 50k visa balance ?
Answers: It goes to collections, it damages your credit, they try to sue you for the money.
Hardly an optimal state of affairs. Do you have no other options aside from default?
you go to file a Bankruptcy chapter 13 to stop the creditor from suing you, and you payback the 50K. The plus to this is, it stops interest on the 50K, and you have paid it back, you can restore your credit better doing it this way than to let it ride so to speak..
TinaB
They sue you and come after you in the courts. They will not forget 50K. If you do owe the money, and you have assets they will eventually get a judgment to take them. The only thing that would be safe are retirement funds. But, everything else-even the house and car-are fair game. If you have no assets they will still sue but can't get nothing. Do you plan on paying them back? Call them and try to work something out. Most creditors will deal or settle for less than you owe. Just make sure you get everything in writing and it says paid in full before sending them anything. I would only cash in retirement accounts if you are about the lose the house or declare bankruptcy. Cashing in retirement accounts will cost you bout 40% in taxes and penalties. A home equity loan may hold off the wolves but if you don't change your ways this will happen again.
Dude, you are need of financial counseling yesterday. You need to curb your spending, reallocate your income, make more money or all three.
It will hurt your credit and Visa will most likely sue you and obtain a judgment.
If you can't pay this bill, you should look into bankruptcy. This could give you a fresh start in life.
I would avoid the credit counseling companies that offer to renegotiate your debts. This wrecks your credit and you still have to repay a percentage of your bills.
Good luck.
Well if it is with capital one, they will sue you in court and if you are working they will garnish your wages.
This happened in october to a friend of mine.
She has to pay them every month (well her job sends the payments directly to them every month)
It is a certain percentage of her wages so if she works overtime, the get more if she works less hours they get less)
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the bankruptcy loop hole was changed in 2005 so you cannot discharge your debts using that anymore
i would go speak to a bankruptcy attorney on this amount of money, a bank will most defiantly sue you for this.
National city mortage?
has anyone have trouble with national city mortage contained by the foreclosure areaAnswers: National city? IS that within louisville kentucky?
If so (or even if not)
please go to www.ripoffreport.com
(I am surrounded by no way connected to this site and the site is free to use)
WHen you turn there you can put within the name of the company and find out if in attendance are others in your nouns that had impossible to tell apart problems. THe idea of this site is to connect population so that they might be able to effortlessly find an attorney for a class action lawsuit.
I am sorry to hear that they would not work beside you.
This appears to be happening comparatively a bit lately.
I am not sure if you contacted your loss mitigation department but if you have not, please try to name them. Chances are that they do not want your home since the market is already flooded.
Credit card interest - How much will $8500 generate the first month?
My visa card charges 19.5% interest annually - or 0.05342% daily. If I charge $8500 to this card, how much interest will amass the first month? I am expecting to get satisfactory money to pay past its sell-by date the bill completely, but there's a chance the visa bill will be due past I get the brass. Therefore, I will have to retribution the monthly minimum (I believe it to be 2%) and then discharge off the remainder roughly 1-2 wks later. Can anyone describe me how much interest will have accumulate if I pay the 2% later take an secondary 7 days to pay the bill entirely, and again if it take 14 days to pay?Answers: A rough estimate would be something resembling this.
At a rate of 19.5% annually, let's round it out to 20%.
At an APR of 20%, you'd pay going on for $1,700 in interest on $8,500 for the year, which turns out to roughly speaking $140 in interest charges per month.
Divide that by 4 weeks contained by a month, and it comes out to about $35 per week within interest charges.
So if you take 7 days to repay with interest charges accumulate, then $35, or $70 if 14 days, etc.
This is a rough estimate, as I'm not counting the minimum settlement you would make after the first month, and it's base on a rounded figure, but that's give or take a few what you're looking at.
You could always nouns your purchase on a new card near a 0% intro rate on purchases, so that you would pay no interest.
Check out my source intermingle for some 0% introductory rate on purchases credit cards.