I have a friend who cannot make her minimum payments and she has about $165,000 in credit card debt. What will they do to her if she just stops paying?|||Assuming this amount is not a typo, the chances are 100% that they will take her to court...If they win a judgement, they will garnish her wages....freeze her checking accounts and maybe put a lien on any property. (They cannot force her to sell her property. A lien is only good if she voluntarily sells her house)
Creditors don't walk away from debt like this.|||Does she own a home? Is she retired? What kind of assets does she have and what state does she live in? If she stops paying her credit cards most banks will have a screening process that they put the card holder through before they pursue litigation against them. If shes retired most likely they cant go after her retirement funds. If she is unemployed they wont have any wages to garnish and if she dosent own a home they wont have anything to put a lien against. There are options out there for her though. Email me and I can go more into detail.|||A lot of companies are scrambling now.
Call them and be honest. Tell them how much she can afford to pay.
They would rather you pay a lesser amount each month than to go through court to get the money.
Don't just stop paying. This is the dumbest thing she could do.
If they don't collect, they send it to a collection department either within their company or a different one. They will get their money and she could be in much much more trouble than she bargained for. Plus this will affect her credit history for the rest of her life.
I worked for a tax department and we always got our money one way or the other.
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