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What happens if something goes into collections and you just don't pay it?

 
Anonymous

Asked by Anonymous at 7:43 PM on Oct. 5, 2010 in Money & Work

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Answers (16)
  • Depends. If its an unsecured loan (usual example is a credit card) , they might try to go to court & get a judgment but most times they dont bother because it ends up costing them more to go to court then the debt is. If they do get a judgment they do not automatically garnish you. They have to give you a chance to pay first on your own. If you dont, they can go back to court & try to get a garnishment but again there are factors...how much the debt is, how much money you make..that sort of thing. They can NOT take your car or house on an unsecured loan. Only if you used a certain item such as a car or a house to secure a loan can they take those things from you. For instance a car loan is "secured" by the car. You dont pay that loan; they take your car. Same with your mortgage on your home. No pay; you lose the house. A credit card company can not take your home from you unless you used a credit card to buy it!
    lisa89j

    Answer by lisa89j at 8:18 PM on Oct. 5, 2010

  • They call you incessantly. And then, if it is a high enough amount, you get court orders. If it isn't, they keep calling and then your credit looks bad. And finally, once the statute of limitations is over...scam artist law firm/debt collectors try to call and pretend they are a "real" law firm calling to collect a debt. Really, you no longer owe it, but, some old folks won't know and will pay them and voila, they just made free money.
    BradenIsMySon

    Answer by BradenIsMySon at 7:47 PM on Oct. 5, 2010

  • They take you to court and if you don't show up they win and if you have a job they will take money out of your paychecks at least that is how it is in Ohio. Good Luck

    ~Linda
    Lindles

    Answer by Lindles at 7:47 PM on Oct. 5, 2010

  • The only thing that happened to me was it went on my credit and brought my score down. Never had to go to court, never had wages garnished, never had any of the stuff I've seen mentioned in other replies. I think it all depends what kind of debt it is.
    Anonymous

    Answer by Anonymous at 11:18 PM on Oct. 5, 2010

  • Oh yeah...and if they take it to court, they can garnish your wages.
    BradenIsMySon

    Answer by BradenIsMySon at 7:47 PM on Oct. 5, 2010

  • Gosh, all that
    Inheritingkids

    Answer by Inheritingkids at 7:56 PM on Oct. 5, 2010

  • I forgot to add this too if you have a bank account they can freeze it too!
    Lindles

    Answer by Lindles at 7:59 PM on Oct. 5, 2010

  • In addition, two things can happen.

    1) If the court issues a judgment against you, the court can add on attorney and court fees.
    2) If the delinquent amount is high enough, the court can place a lien on your home (if you own one).

    The best thing to do is work out a payment plan with the creditor before the account is 90 days past
    due, assigned to a collections agency, and your credit rating is affected.
    web4u2

    Answer by web4u2 at 8:06 PM on Oct. 5, 2010

  • musicmom08

    Answer by musicmom08 at 9:56 PM on Oct. 5, 2010

  • it can increase and they can take you to court and garnish your wages or even take our house. we got so broke we couldnt pay the 10 a month they wanted and yes we had a - at our home 30 days later and if we are ever 3 days late on the 40 a month they can come take our house and kick us out! just give them a small bit a month and they will be ok just dont stop cold turkey or you will pay i the long run
    swaney06

    Answer by swaney06 at 10:18 PM on Oct. 5, 2010

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