Debt Collection question?
Hello I forgot about an old account I had about a year ago me and my wife shared and I stopped using it but she accidently made charges and overcharged it 40.00 and the interest has built up to 260 now and debt collectors are calling me. I completely forgot about the account and the debt collector I talked to earlier told me I need to resolve it tommorrow by Noon for some reason because the bank needs to close it books for the month and they'd have to tell the bank I have no intention of doing ne thing about it. I'm kinda set back on money since moving to a new apartment, what happens if I don't pay immediately?
nothing happens...the interest wil continue to accrue.
debt collectors lie about everything.....send them a debt validation letter. Probably nothing. They try to get you to pay immediately. If you do not pay, they can sue or do various other things, but it will take more than one day. Interest will continue to accrue. Debt collectors are good at bluffing, so don't stress out. If it's unsecured debt, the best they can do is ding your credit. Pay the debt as soon as you can. In the mean time, your credit will take a pretty good beating. It sounds like the account is just in the beginning stages of the collection process. It might not be on your credit report as a collection yet. Pull your credit report and see. Pay it in full as soon as possible (even if it means not eating out for a month). If you can't pay in full as soon as possible, contact the collection agency and work out a payment plan. They will often allow you to split the amount into two or three installments!