A court order which acknowledges that a credit card cardholder owes a debt and explains the way the debt may be recovered is called a credit card judgment. Typically a credit card judgment is issued when a credit card cardholder fails to make required minimum monthly payments and has not attempted to work with the credit card provider to come to an agreement for bringing the account current.
To keep the situation from getting out of hand, it is best to contact the credit card provider and try to work out an arrangement for payments. It is often the case that credit card providers are willing to work with you. By doing this, it may be possible to come to an agreement with regard to monthly payments or a lump sum payment to bring the account up-to-date.
If you do not make arrangements with the credit card provider, your debt may wind up with a collection agency. At this point, you are no longer able to negotiate with the credit card provider. Collection agencies, as a rule, don't like to go to court to collect a debt because it costs them time and money for what to them normally amounts to a very small amount. Collection agencies normally purchase debt for cents on the dollar. Therefore, they will normally be willing to make arrangements with you for a lump sum payment or monthly payments.
If your credit card debt is brought before a judge, you have the legal right to plead your case by appearing before the judge. A judge will consider certain extenuating circumstances. Extenuating circumstances may include proving that the seizure of the assets will be seriously detrimental to you or proving that the debt in question is not yours.
The judge may determine exactly which assets may be used to recover the credit card debt. Other options which the judge may use are garnishing your wages, taking money directly from your bank account, and placing a lien on your real property.
Your credit score will be severely damaged if you obtain a credit card judgment. Also, it will be extremely hard to be approved for any credit products. Your credit history can carry this albatross for up to seven years.
Your ability to obtain reasonable rates related to car and home insurance will be affected. Also, a credit card judgment can affect your opportunities for future employment or advancement in your present position.
It is best to pay the credit card debt off as quickly as possible once the judgment has been issued. Once you have paid this debt off, you should try to contact the credit reporting agencies to attempt to have the debt removed in its entirety or to request this entry be revised to a "paid" status, at the very least. - 31377
To keep the situation from getting out of hand, it is best to contact the credit card provider and try to work out an arrangement for payments. It is often the case that credit card providers are willing to work with you. By doing this, it may be possible to come to an agreement with regard to monthly payments or a lump sum payment to bring the account up-to-date.
If you do not make arrangements with the credit card provider, your debt may wind up with a collection agency. At this point, you are no longer able to negotiate with the credit card provider. Collection agencies, as a rule, don't like to go to court to collect a debt because it costs them time and money for what to them normally amounts to a very small amount. Collection agencies normally purchase debt for cents on the dollar. Therefore, they will normally be willing to make arrangements with you for a lump sum payment or monthly payments.
If your credit card debt is brought before a judge, you have the legal right to plead your case by appearing before the judge. A judge will consider certain extenuating circumstances. Extenuating circumstances may include proving that the seizure of the assets will be seriously detrimental to you or proving that the debt in question is not yours.
The judge may determine exactly which assets may be used to recover the credit card debt. Other options which the judge may use are garnishing your wages, taking money directly from your bank account, and placing a lien on your real property.
Your credit score will be severely damaged if you obtain a credit card judgment. Also, it will be extremely hard to be approved for any credit products. Your credit history can carry this albatross for up to seven years.
Your ability to obtain reasonable rates related to car and home insurance will be affected. Also, a credit card judgment can affect your opportunities for future employment or advancement in your present position.
It is best to pay the credit card debt off as quickly as possible once the judgment has been issued. Once you have paid this debt off, you should try to contact the credit reporting agencies to attempt to have the debt removed in its entirety or to request this entry be revised to a "paid" status, at the very least. - 31377
