Question by villager8920: How do credit card companies collect outstanding debt from debtors?
I mean can credit card companies go to the extent of auctioning/selling off debtors underwears, toothbrushes, combs and possibly one’s shampoo and bathing soap to settle debts owed them if one doesn’t have other properties they can sieze?
Best answer:
Answer by Skip
Most credit card companies will send out numerous mail items requesting payment. They will then make numerous telephone calls to your home phone with many threats and will want to know when you plan to pay your debt.
After a certain period of time they will normally give up and try to get another company to purchase your credit card debt at a discount. Say you owe them $ 500.00. They will sell it to a debt collector for about $ 350.00.
The credit collector will then attempt to collect the full amount from you thus earning the difference of $ 150.00 as profit for his company for purchasing your bad credit card debt. You will now get mail and telephone calls from the new company that purchased your debt from the credit card company.
The credit card company will not know on your door and demand your first born and everyone of your children thereafter.
I hope this was of some use to you, good luck.
“FIGHT ON”
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