Will a bank really sue you for 500-600?i had never had a credit line before and i told my step mom and the sales clerk at Lane Bryant i didn't think it was a good idea but they told me it would be fine now i'm so behind in 8 months i went from owing them 300 to 5 00 and something this is where there bank came in offering me a monthly payment... | |
Answer the next call.
Yes, they probably will sue.
Here's how it works: If they turn it over to a collection agency, the collection agency says, "We'll give you 40% of anything we recover." In return, the collection agency doesn't charge Lane Bryant (or other creditor). So it costs a company nothing out-of-pocket to turn its debts over to a collection agency.
If it's an actual law suit, a company either has in-house lawyers or an outside law firm. If it's in-house lawyers, they're paid to go after customers and recover money. If it's an outside law firm, that law firm is on retainer--it's paid a flat amount per month in return for suing whoever has to be sued.
Frankly, you don't owe that much. You may be able to do one last negotiation with them--pay them a chunk of money, immediately, though less than your total debt. For example, if you owe $600, you might be able to get them to accept $300 if you agree to pay it within 24 hours. Or it could be $400. Then come up with the money and pay it.
But if you keep avoiding calls, they will come after you. That's 100% guaranteed.
If you loaned someone $600, you would want it back. Why would a bank be different? Except with the bank, it's a legal document that you agreed to.
Your mom and friends are correct = there is nothing wrong with a credit card IF you pay it back. Why did you spend more than you could afford?
Your best option is to figure out how to get more income to pay the money back. Get a 2nd job, sell some items, return the stuff to Lane Bryant if you didn't wear it, etc
This is how bad credit starts. Figure out a way to pay them before they sue.. yes they will sue. Lane Bryant is not a bank.
Of course they will and they do. No downside for them.
You lose, they hand you the bill for the legal fees and perfect the lien to collect any way the local jurisdiction permits.
Why not? I've seen utility (phone) judgments filed for under 200$ locally
No but your credit will be screwed and will eventually have to pay it back with interest.
