What Credit Card Companies Take From You?

[GoingDown]

Hello,

I owe about $11,000 to Providian (now Washington Mutual) and about $10,000 to Wells Fargo, both of them are VISA credit cards. I can't afford to make the payments any longer, and I'm wondering what can they do to me? The only thing I own that has any significant value is a 2006 Chevy Silverado pick up truck, but I still owe $16,000 on it to a different creditor, and I am still able to make those payments.

Can they take my Chevy truck?

Also, one of my relatives told me that once a credit card debt gets above $10,000 it becomes a completely different kind of debt that can have civil as well as criminal issues-- like they could put me in jail for not paying it. Is that true? If so, what should I do about it?

[AMISLANDER]

If you don't make payments...

they'll send you little reminders but sometimes it takes a few years for them to come after you.

If you can't pay the whole thing, maybe you can make littler payments and/or file for bankruptcy...

They're pretty busy right now with the change in the law so you have time on your side.

[Lightning]

They can sue you and possibly garnish your wages or put liens on your assets.

[robivi3]

They won't come after the Truck but now the law heavily favors the Creditor.
I think they will pursue you for the money. those are nasty amounts to have hanging over your head.

Man, we are about to see an explosion of defaults in this Country, we have been guilty of some bad habits.

[Genenco]

Hello,

I owe about $11,000 to Providian (now Washington Mutual) and about $10,000 to Wells Fargo, both of them are VISA credit cards. I can't afford to make the payments any longer, and I'm wondering what can they do to me? The only thing I own that has any significant value is a 2006 Chevy Silverado pick up truck, but I still owe $16,000 on it to a different creditor, and I am still able to make those payments.

Can they take my Chevy truck?

Also, one of my relatives told me that once a credit card debt gets above $10,000 it becomes a completely different kind of debt that can have civil as well as criminal issues-- like they could put me in jail for not paying it. Is that true? If so, what should I do about it?

OK, if you did buy some valuable items (Rare coins, stamps or such antiques) then they'd probably havew you sell them...Did you take any cash off them in the past 90 days? There's a good chance you'll have to pay that back.

Last time used? Could be a question or problem.

A lawyer will give you a free consult and then you'll have a better grasp of your liabilties and recourse.

Best of Luck!

[GoingDown]

OK, if you did buy some valuable items (Rare coins, stamps or such antiques) then they'd probably havew you sell them...Did you take any cash off them in the past 90 days? There's a good chance you'll have to pay that back.

Last time used? Could be a question or problem.

A lawyer will give you a free consult and then you'll have a better grasp of your liabilties and recourse.

Best of Luck!

I did take out some cash (about $2,500) in the last 90 days, but most of that credit card debt was from living expenses and purchases-- food, clothing, gas, I bought school supplies for my kids, I paid utility bills, phone bills, even rent payments with my credit cards. I used the cash for things I couldn't pay with credit cards, and it's all gone now, so I don't know how I could possibly pay it back to them in the near future.

The last time I used my credit cards was this week. I know I can't file for bankruptcy for awhile. Can they force me to repay them the cash even if I don't file for bankruptcy?

[GoingDown]

They won't come after the Truck but now the law heavily favors the Creditor.
I think they will pursue you for the money. those are nasty amounts to have hanging over your head.

Man, we are about to see an explosion of defaults in this Country, we have been guilty of some bad habits.

I know I was wrong to spend so much on credit cards, but I wonder why they kept increasing my credit limit when I only paid the minimum payments all the way along? Don't they have any responsibility in this matter? And yes, I think there are going to be a lot of defaults nationwide soon. This credit card debt is out of control.

[GoingDown]

They can sue you and possibly garnish your wages or put liens on your assets.

I'm working temp jobs right now, and at the first sign of garnishment, I will quit and start working for a different company.

Can they put a lien on my truck, eventhough it has a $16,000 loan on it? What would happen when I tried to trade it in?

[GoingDown]

they'll send you little reminders but sometimes it takes a few years for them to come after you.

If you can't pay the whole thing, maybe you can make littler payments and/or file for bankruptcy...

They're pretty busy right now with the change in the law so you have time on your side.

I may eventually file for bankruptcy, but I've been told to never make partial payments unless they aggree in writing to accept the partial payment as "payment in full" for the debt.

[StaciMM]

The creditors can't take anything from you unless they first seek a court judgement. That would need to happen before they could garnish wages or attach to your bank account. I've never heard of a creditor going after a vehicle, usually they would only go after real property. (Vehicles depreciate, land/house usually appreciates.)

I don't know the time frame, but you certainly need to make sure a good bit of time has passed before you file for BK-if that is what you ultimately do.