Posted on: 18th Jan, 2010 01:57 pm
I have 35 000 in credit card debt and I can make no further payments. I am willing to allow the credit card companies to place a lein on my property for the full amount if interest stops accumulating and they dont sue me. Would they go for that?
I think they will sue you in court or they will use collection agencies to recover credit amount.
Thanks & Regards.
gunz.ijjistaff :lol: :lol: :lol:
Thanks & Regards.
gunz.ijjistaff :lol: :lol: :lol:
Hi vicy,
The creditor may place a lien on your property if you do not pay the dues to him. However, I don't think that would stop the interest accumulation. I would suggest you to contact your creditor and settle your debts with him. You may negotiate with him so that he agrees to lower the debt. Thus, it will make it easier for you to pay off the loan.
Thanks
The creditor may place a lien on your property if you do not pay the dues to him. However, I don't think that would stop the interest accumulation. I would suggest you to contact your creditor and settle your debts with him. You may negotiate with him so that he agrees to lower the debt. Thus, it will make it easier for you to pay off the loan.
Thanks
Yes, James has also made wise suggestion, You may think it over.
Thanks.
Thanks.
you definitely need to discuss your situation with the creditors. stopping interest charges when you're in default isn't something they're going to do. they cannot file a lien without suing you - they'd need to obtain a judgment from court prior to the filing of a lien.
i also conclude that the companies may go for that option. Sorry to say but the chances of taking you to court are more.