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  1. #1
    Join Date
    Dec 2006
    Posts
    20

    Default What to expect in the collection of huge credit card debt

    I have a huge credit card debt. I have not being able to make any payment on my accounts since last 6 months. I was contacted by the credit card company and they said that the debt has been declared as 'bad debt' and would now go to a third part for collections.

    I have following questions.

    1. How long will it take for collectors to go to court? I understand that it depends on them but based on your experience, usually when they make such a decision?

    2. I don't have any assets. I have an old Car worth at most 2000 dollars. Can they take my car? (My total debt is too high compared to my car's value)

    3. My take home salary is 1350 dollars and my family is 4 people. Can they garnish this pay? Or there is a minimum salary limit below which they can't garnish the pay?

    4. I am in fact an Internation Student at F1 Status. Will my student status and immigration status be affected by this collection activity?

    5. Will my future employment or immigration will be affected by my bad credit?

    Please advise. I don't want to declare bankruptcy, atleast not right now.

    All I need is around 6-8 months to graduate. Do I have that much time?

  2. #2
    Join Date
    Jul 2006
    Posts
    2,652

    Default Re: What to expect now? Bad Debt!

    Quote Quoting ghalibiat
    View Post
    I have a huge credit card debt. I have not being able to make any payment on my accounts since last 6 months. I was contacted by the credit card company and they said that the debt has been declared as 'bad debt' and would now go to a third part for collections.

    I have following questions.

    1. How long will it take for collectors to go to court? I understand that it depends on them but based on your experience, usually when they make such a decision?

    2. I don't have any assets. I have an old Car worth at most 2000 dollars. Can they take my car? (My total debt is too high compared to my car's value)

    3. My take home salary is 1350 dollars and my family is 4 people. Can they garnish this pay? Or there is a minimum salary limit below which they can't garnish the pay?

    4. I am in fact an Internation Student at F1 Status. Will my student status and immigration status be affected by this collection activity?

    5. Will my future employment or immigration will be affected by my bad credit?

    Please advise. I don't want to declare bankruptcy, atleast not right now.

    All I need is around 6-8 months to graduate. Do I have that much time?
    What is the name of your state?

    Laws vary from state to state.

  3. #3
    Join Date
    Dec 2006
    Posts
    20

    Default Re: What to expect in the collection of huge credit card debt

    I am in Columbus, Ohio.

  4. #4
    Join Date
    Jul 2006
    Posts
    2,652

    Default Re: What to expect in the collection of huge credit card debt

    Quote Quoting ghalibiat
    View Post

    1. How long will it take for collectors to go to court? I understand that it depends on them but based on your experience, usually when they make such a decision?
    Too many variables involved to give you an accurate answer. However, it hasn't even been turned over to the third party yet, and they could wait up to 15 years to take action. (The SOL on a written contracts is 15 years; many have argued that it is a 6 year SOL on contracts not in writing, but they have lost that argument.)

    Quote Quoting ghalibiat
    View Post
    2. I don't have any assets. I have an old Car worth at most 2000 dollars. Can they take my car? (My total debt is too high compared to my car's value)
    If they win a judgment, and you have not paid the amount due in 30 days or failed to make payments (where there was an agreement), they can file with the court requesting a list of your assets, liabilities, and personal earnings. (This includes you vehicle.)

    Quote Quoting ghalibiat
    View Post
    3. My take home salary is 1350 dollars and my family is 4 people. Can they garnish this pay? Or there is a minimum salary limit below which they can't garnish the pay?
    I did not find anywhere where there is a minimum salary limit. I did find that the Ohio statutes allows them to garnish wages of 25% of your disposable earnings. (Disposable earnings - means earnings after deductions that are required by law.)


    Quote Quoting ghalibiat
    View Post
    4. I am in fact an Internation Student at F1 Status. Will my student status and immigration status be affected by this collection activity?

    Quote Quoting ghalibiat
    View Post
    5. Will my future employment or immigration will be affected by my bad credit?
    Hopefully someone with more knowledge concerning how this may or may not affect your immigration status will answer your concerns regarding that issue.


    Quote Quoting ghalibiat
    View Post
    All I need is around 6-8 months to graduate. Do I have that much time?
    In my opinion, I don't think you will be sued within the next 6-8 months.

  5. #5
    Join Date
    Jan 2007
    Posts
    2

    Default Re: What to expect in the collection of huge credit card debt

    I may be able to shed some light on how the creditors may treat your delinquent accounts. Who are the credit card companies and what are the amounts? How delinquent are they?

    You situation is far to complicated to take lightly.

    Good Luck

    PIforward

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