How long will a credit card co. charge late fees and intrest before turning it over to collections f

In other words, what kind of debt will I eventually end up with if I am unable to make the payments? If it goes to court in a worst case scenario will the judge order payment of initial debt or could I potentially face 1,000%26#039;s more in fees?

Not looking for advice...just a straight answer.

How long will a credit card co. charge late fees and intrest before turning it over to collections for non pay

As soon as you go into arrears the account is usually handed over to the collections department. Interest and late fees will continue to accrue until you either satisfy the account or give them a reference number for an organisation you may be dealing with. The only organisations that this will work with are the citizens advise bureau or consumer credit counseling service as they are free.

If you decide to go down this route make an appointment and get a reference number. As soon as you have this inform the card company who can put a block on your account preventing any further interest etc. After this you can negotiate a payment plan, even if it is just 鎷? per month.

How long will a credit card co. charge late fees and intrest before turning it over to collections for non pay

Look at your original contract with the card company. Most have a section making you liable for all collection costs which can add up to thousands of dollars.

Best shut it down early and try to work out some sort of payment schedule. Also, try Consumer credit counseling (the non-profit org) which most lenders will work with to pay off debt that you can%26#039;t pay immediately.

How long will a credit card co. charge late fees and intrest before turning it over to collections for non pay

If you dont pay your credit card, depending on the contract you signed when you received the card, depends on how long it will take for them to turn it over to collections.

Now when collections gets a hold of it, they will try to collect the money for a while and they either will turn it over to another collection agency or send it to a law firm to take care of it.

Now, your debt can accumulate as much as 10k, depending on the who the collection agency is and/or creditor is.

How long will a credit card co. charge late fees and intrest before turning it over to collections for non pay

i%26#039;m not sure how long but i had one card that was at 300 and it didnt stop until 1400 i had another card that was at 500 and it stopped at 1700 i dont know about a judge cause none of mine went to court but i know that they will usally take half if you have it. they wont let you payments on half though only if its a lump sum

How long will a credit card co. charge late fees and intrest before turning it over to collections for non pay

Usually they go to an agency at 4-6 months past due.An agency would usually hold it for atleast months then it would go another agency or an attorney. The thousands more would be late fees, over the limit fees, interest which ramps up to a default rate of 29% usually, court costs, attorney fees, etc.