Kimbery Credit Counselings Blog
Thursday, December 13, 2007
Can a creditor take me to court if I fail to make payment?
Yes they can take you to court. If your debt is large enough, your creditors may refer your account to an attorney and take you to court. Often creditors will win if they file a lawsuit against you in court. The only time they would not win is if they file a law suit and do not appear at the hearing on a specific court date. Creditors realize that going to court can be frightening, so they hope that you wont show up on the court date. If you dont appear in court, they win their case by default and may have the ability to garnish your wages up to 25% or more.
If the creditor tried every angle to collect payment on your past-due account, from written notices and to phone calls to having a collection agency contact you. At this point the creditor has given up on collecting your debt and rather than take you to court, they write off your uncollected debt as bad debt. This is known as a charge off. These charge offs are charged against the creditors revenue on their income taxes. Even though your account is charged off you wtilll owe the money and a charge off will be noted on your credit report. This is a negative mark that could keep you from obtaining credit or purchases such as a car or renting an apartment. A charge off account will haunt you until you pay it in full.
Before you get to this point you may want to look into debt consolidation. Consolidate now and get on the right path to financial freedom.
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