a credit card company hired a law firm to collect my past due amount. I%26#039;m sure i%26#039;ll have other things going into collections as well, including past due rent. I lost my job and cant afford to pay all of these people what they want and they wont accept what I can give them. So I%26#039;m curious about what happens when past due amounts go into collections.
What happens when debts from credit cards or past due rent go into collections? How does repayment of it work?
You%26#039;ll get hounded by very official looking mailings that will try to intimidate you into paying up NOW. The collection agencies get a percentage of the amount they do collect, and are more likely to negotiate with you on terms rather than get a percentage of nothing.
The big credit cards will just write off the debt (unless it%26#039;s really large, then they may come after you). Your landlord, if he%26#039;s an independent rather than a corporation may be hurting for the money. See if you can negotiate (don%26#039;t forget, new landlords are more likely to call former landlords to get a reference)
Ok, so you lost your job... are you actively looking for another? I hope so!
What happens when debts from credit cards or past due rent go into collections? How does repayment of it work?
Besides the phone calls and letters - they can%26#039;t do much. They can go after your paycheck and certain properties through the courts of course to collect what%26#039;s due to them. The best you can due is to work with the collectors (calmly) to reduce the payments that you have to make.
What happens when debts from credit cards or past due rent go into collections? How does repayment of it work?
You will be allowed to make repayment on the credit cards plus additional fees from the collection company and they will work with you if you call them for a reasonable payment plan. However it will show up on your credit report as paid debt and can bring your credit score down. With your landlord, you can make arrangements if they have not taken you to court yet. If so, then you will be given at least 30 days to move out and the debt will be on your credit report lessening the chance of you being able to rent an apartment again and I think it remains on your credit report for ten years.
What happens when debts from credit cards or past due rent go into collections? How does repayment of it work?
When you get notice from the collection agency call them and set up a payment plan. Make sure you don%26#039;t miss any payments after that point. If they do not agree with the payment plan let them take you to court.
What happens when debts from credit cards or past due rent go into collections? How does repayment of it work?
Negative payment is probably already posted on your credit report. So in essence...if they are using a collection service, no harm, they rarely sue. But, check your credit report anyway.
As for the rent, you may face eviction, so in essence try to get the rent situation taken care of first. Try to work it out with the landlord. If he doens%26#039;t seem keen on the idea. MOVE OUT before your eviction court date. Landlord legally can%26#039;t evict someone out of the apartment. Just go to court and say, I%26#039;m already out of the property. If you receive an eviction notice. Show up otherwise, the landlord can lie and say you are still on the property. This can affect you renting another apartment, as most landlords get nervous when they have tenents with eviction records
Aswell, if he files an eviction notice, he may sue for rent, but most landlords will not show up if the tenet if off the property and he knows you are broke, they just want they%26#039;re property back
What happens when debts from credit cards or past due rent go into collections? How does repayment of it work?
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