What does default on credit card debt mean? do i still get charged intrest & extras in default of payments?
January 19, 2009 - Sometimes i get letters from credit card debt angencies saying i owe the same balance that i had for 6 years, but sometimes shows more balance with intrestest but only one letter said this, the rest all had same balances which were 6 years ago when i was in debt of £2,000, but one letter said £6,000, i have not replied or ever gotten back to the debt credit card collectors, agencies etc, so whats going on, does default mean no intrest charges?
- www.creditinfocenter.com buddhibbs.com
If you defaulted on a payment and they closed your account you still owe the money. If you paid the debt off and are still getting calls from collection agencies you have the Fair Debt Collections Practises Act on your side. Under this consumer law you can send a letter to the collection agency asking them to cease and desist collection efforts. They have one more phone call to you to acknowledge your request. Say thanks have a good day and hang up. Don't talk about anything else or it opens up the door for them to come at you again. If you have not paid the debt make some payments to the original creditor and document them. A great book on this topic is "How to Get Out of Debt, Stay Out of Debt and Live Prosperously" by Gerald Mundis. (spelling may be with a J on his first name) It helped me tremendously with my credit cards.
- Do not ignore letters from agencies,your debt could be mounting, for your own sake get it sorted.
- I don't know what to say but I think I will recommend to you the debit card I am using which is very affordable and they will not cut a large money on your account. The maximum payment in that card is $1.00. If you are interested email me at algie123258@yahoo.com
- look wake up and smell the roses -- you owe the money -- strongly and i mean strongly suggest you answer these letters and get off your butt and pay this off!!!
- Like I've already told you, you just wait until they finally catch up with you and you're in for the surprise of your life! "Interest" won't come into it ! ! !
Knowledge Base: Credit Card Processing
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