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%26#039;s shampoo and bathing soap to settle debts owed them if one doesn%26#039;t have other properties they can sieze?

How do credit card companies collect outstanding debt from debtors?

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.

%26quot;FIGHT ON%26quot;

How do credit card companies collect outstanding debt from debtors?

they can keep billing you, hirer an atterny, or send you into collections which will make your credit score go down.

How do credit card companies collect outstanding debt from debtors?

When the debt is sold on it%26#039;s sold at a ridiculously cheap price (around 5 pence in the pound for the company I work for) so it is easier to negotiate settlements or reduced payment schemes if the account is sold.

If it does result in your stuff being taken they will only take stuff that has some value - eg something that will sell at auctions so would be unlikely your toothbrush will fall into that category.