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I was told by a lawyer that if the credit card creditor that got a judgment doesn't agree to payments that he can force the whole amount due by attaching real property worth much more than the debt..Is this true?...I once thought that if a creditor refused any payments then the debt was considered paid..

Hi MyHeart

Welcome to the forums.

In legal terms, your creditor has the right to file a judgment in your name if you have not paid the past debt. If a judgment is entered lawfully, your property will be sold to cover the whole debt amount. They even have the legal rights to contact your employer and garnish your wages.

There are many legal actions that can be taken by your creditors if you fail to pay the debt within the specified time. If you are having problems in paying it, talk to your lenders and explain your financial crisis. Understanding the situation and since you contacted them immediately, they will arrange a suitable payment plan for you. That will be much easier way rather than going through all the legal formalities.

If the creditor refuses any payment plan, it does not imply that the debt is paid. It means that you will have to negotiate more for arranging a better payment plan so that your debt account remains active and you contribute your monthly payment towards it.

Talk to your lenders and hopefully you will get positive results from your negotiation. If you are having difficulties in paying the amount, you can take some professional help such as the debt consolidation programs. Take a free counseling and know more about your repayment options.


Sub: #1 posted on Wed, 11/30/2005 - 09:24

roxette roxette

(Posts: 4009 | Credits: )

hi. my mother was a co-signer on a car loan, car was reposesed, judgement filed. I am having my wages garnished to settle this, are they still allowed to go after her?

Sub: #2 posted on Tue, 09/02/2008 - 09:27


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