[Nicker08]

I just received a summons to appear in court for Capital One. It's on a debt from 2007 for a little over a thousand dollars. I moved away from home over a year ago and go to Grand Valley; I'm only 20. I don't have a job due to my full time school status and really don't have any way to even pay off the debt. In the past, I have tried to contact the creditors who have called me, and even, at one point in time, had a payment scheduled to be withdrawn from my bank account which never ended up being taken. What can I do? And more importantly, what could happen to me?

[Driller1]

Originally Posted by Nicker08

I just received a summons to appear in court for Capital One. It's on a debt from 2007 for a little over a thousand dollars. I moved away from home over a year ago and go to Grand Valley; I'm only 20. I don't have a job due to my full time school status and really don't have any way to even pay off the debt. In the past, I have tried to contact the creditors who have called me, and even, at one point in time, had a payment scheduled to be withdrawn from my bank account which never ended up being taken. What can I do? And more importantly, what could happen to me?

If you go they will get judgment. If you do not go they will get judgement.

They can attache you bank accounts and garnished wages or future wages.

File with the state to take any tax refund money.

And they will.

[malamute]

Originally Posted by Nicker08

I just received a summons to appear in court for Capital One. It's on a debt from 2007 for a little over a thousand dollars. I moved away from home over a year ago and go to Grand Valley; I'm only 20. I don't have a job due to my full time school status and really don't have any way to even pay off the debt. In the past, I have tried to contact the creditors who have called me, and even, at one point in time, had a payment scheduled to be withdrawn from my bank account which never ended up being taken. What can I do? And more importantly, what could happen to me?

Why not get a job and repay it? I worked full time when I was in college, took any overtime I could in fact - even a full load of courses is only 15-18 hours of class time and leaves you plenty of time to work.

You made a contract and now you don't want to pay -- but why shouldn't you pay your debts?

[magellan]

Originally Posted by Nicker08

I just received a summons to appear in court for Capital One. It's on a debt from 2007 for a little over a thousand dollars. I moved away from home over a year ago and go to Grand Valley; I'm only 20. I don't have a job due to my full time school status and really don't have any way to even pay off the debt. In the past, I have tried to contact the creditors who have called me, and even, at one point in time, had a payment scheduled to be withdrawn from my bank account which never ended up being taken. What can I do? And more importantly, what could happen to me?

Who pays for your schooling? Can't that person give you the $1000? Or can you pull from that fund?

The judge won't give one rat's ass to hear that you "can't work" to pay off your debt because you're "going to school full-time." And to blame the credit agency for not making the withdrawal from your account will go over with the judge like a fart in a wetsuit.

If you go into court without any of these things: 1) A new repayment plan set up with credit agency 2) At least a part-time job 3) Some kind of plan to repay
...that judge is going to come down on you like a ton of bricks.

[Sparrow_temp]

You can't simply ignore your debts. I personally think you should have to pay in full and you will probably have to now and then some since you've let it go this far. You could have probably settled for much less than what it's going to cost you now and I'm sure you've ruined your credit rating in the process. You might try one last time before trial to make a settlement. If you can't settle -- last bit of advice is to show up in court rather than have a default judgment against you. You're going to lose but if you're there, maybe you can do it on the best terms possible for yourself.

[Decieved]

In some states ther is a statute of limitations on debt collection. It's possible that the ability to collect may expire but I dont know what ramifications follow re your credit worth.

[zthatzmanz28]

Originally Posted by Nicker08

I just received a summons to appear in court for Capital One. It's on a debt from 2007 for a little over a thousand dollars. I moved away from home over a year ago and go to Grand Valley; I'm only 20. I don't have a job due to my full time school status and really don't have any way to even pay off the debt. In the past, I have tried to contact the creditors who have called me, and even, at one point in time, had a payment scheduled to be withdrawn from my bank account which never ended up being taken. What can I do? And more importantly, what could happen to me?

I guess in reality if you have NO money, they get NO money right?

They will get a judgement and when they have the opportunity, they will seek a garnisnment from any wages (which you do not have?).

After 7 years it will probably be charged off and show as such on your credit report.

If you are really "responsible" you can respond to any furture inquires from the original debtor (but they have probably sold it to a collection agency for dimes on the dollar and wrote off the balance) or the current debt holder (a third party agency) and admit that the debt is yours at which time the 7 year clock begins ticking.

So long as you do not hear from the collectors or admit the debt is yours time ticks off the 7 year limit.

There is always bankruptcy as a last resort if your debt gets to a certain level.

So, you can either pay the debt or chose not to..


It is simply your choice...

[Sparrow_temp]

Judgments are 10-years in MI but are renewable by action. I doubt you'll be able to simply wait out the clock. You'll eventually have to pay.

Originally Posted by zthatzmanz28

I guess in reality if you have NO money, they get NO money right?

They will get a judgement and when they have the opportunity, they will seek a garnisnment from any wages (which you do not have?).

After 7 years it will probably be charged off and show as such on your credit report.

If you are really "responsible" you can respond to any furture inquires from the original debtor (but they have probably sold it to a collection agency for dimes on the dollar and wrote off the balance) or the current debt holder (a third party agency) and admit that the debt is yours at which time the 7 year clock begins ticking.

So long as you do not hear from the collectors or admit the debt is yours time ticks off the 7 year limit.

There is always bankruptcy as a last resort if your debt gets to a certain level.

So, you can either pay the debt or chose not to..


It is simply your choice...

[zthatzmanz28]

Originally Posted by Sparrow_temp

Judgments are 10-years in MI but are renewable by action. I doubt you'll be able to simply wait out the clock. You'll eventually have to pay.

Some people have waited out the clock.

But it was just an option, whether or not it works...

I have seen debt charged off after 7 years...

May be the law is 10 years, but some creditors will charge off in 7 years...

[Specialbuddy]

Pay the debt off. It's only a thousand dollars. Jobs do credit checks now so you are f'd in the a if you don't do something about this.