carmen asked in Business & FinanceCredit · 4 weeks ago

I accidentally picked up a collections agency’s call and agreed to paying monthly. What if I do not pay?

I and young and naive. I was never taught about finances or how to deal with these situations. I had taken a loan out last year old and I couldn’t afford to pay it off anymore. I got a call today from collections without knowing until mid conversation. I already informed that my information was correct. At first I thought it was my bank account. Then they gave me payment options and I agreed to do so. But upon researching after the call was done I felt like I’ve made a big mistake and that I shouldn’t have gone through with it. I’ve changed my card information so they cannot charge me. I do not want to pay these people. What happens after I admitted to my debt to them but do not pay the collections agency? 

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  • 3 weeks ago

    Changing your card don't make any difference to them chasing you for the debt. You are just making your situation worse by the week. The longer this drags on, the more you owe and the worse your credit rating gets.

    Do not bury your head in the sand any longer. This is NOT going away. Agree a repayment plan, however small, that you can afford to pay each month and stick to it.

    Having bad credit is going to impact all aspects of your life for years to come, from renting an apartment, to getting a car loan, to getting a credit card, even a job.

    You need to sort this out!

  • Scott
    Lv 7
    4 weeks ago

    Being young and naive is just an excuse. When you borrow money, YOU ARE OBLIGATED TO PAY IT BACK. What "may" eventually happen is you will be taken to court and sued. Then they will get a judgement against you and garnish your paychecks until the debt is paid. Or, the debt will be charged off and you will receive a 1099 form and have to treat the amount written off as income at tax time. In any case, you have destroyed your credit for the next 7 years. That can make it hard to get certain jobs, rent an apartment, obtain a mortgage, car loan or credit card. You're an adult, grow up and start acting like one! 

  • 4 weeks ago

    if u do not pay the loan they will wait long enough it accumulates enough interest and then they will take u to court and sue the pants out of u. and starting your life with bad credit or bankruptcy is not a good way to start your life. believe me they will get their money or ruin your life - u won't be able to buy a car, rent, or buy a house later. where i live they won't even open u a mobile phone account - prepaid the only way for u

  • Anonymous
    4 weeks ago

    Worst case is they sue you and garnish your paycheck. 25% of your pretax earnings. Then its automatic and continues until its paid in full.

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  • 4 weeks ago

    You re-affirmed the debt. It is a valid debt. it will be on your credit history for the next several years. You owe the money, you took out the loan. Be responsible and pay what you owe.

  • Anonymous
    4 weeks ago

    You will get sued. They will win. You cannot just decide you" don't want to pay them". It will ruin your credit for years to come.

  • Anonymous
    4 weeks ago

    They take you to court and seize all your possessions. And WTF makes you think you can decide to just not pay your debts? Grow up!

  • 4 weeks ago

    Yeah, well they now have your admission and agreement recorded. Very simply - you now must pay the collection agency. In fact, since you changed the card information after your agreement, you can be charged with fraud at this point.

  • 4 weeks ago

    You're in it already but situations like yours arise all the time. I have found that they have the advantage and have to make the first move and ignoring it until you have no choice but to talk to them and then you find out what to decide if they are making it easier for you or not.

  • 4 weeks ago

    No offense you should pay these people.This can hinder you from getting other loans in the future and trash your credit.

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