Connecticut | Credit and Debt Law
Legal Question
once a credit card is in collections what happens if i cannot yet pay it off. The collections agency i talked to today said she is going to tell banks that i refuse to pay and i will never get a loan or a house. Is this true? I told her i can pay on friday- in two days but she said she doesnt work on fridays so if i don't pay today, i ruin my chance.
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Legal Answer
If you don't pay it off it shows up on your credit report. If you eventually pay it off, it will show paid but late. Any payments you make, no matter how small have to show up on the credit report because the balance you owe is reduced as you pay. Banks look at your credit report when you apply for credit.
I can't comment on the "I ruin my chance" statement. Sounds like you are being bullied to me.
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Linda A. Subbloie, Esq. P.O. Box 9024 New Haven, CT 06532
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