Can my paid-off car or other property be seized?
I am in default 2 months on 2 of my 4 credit cards and will soon be on another card and a home-improvement loan. I have always paid and had A+ credit before this. I still haven't missed a payment but am just paying what I can, but not even the minimum payment. I have contacted the card co & explained my situation & that I fully intend to pay but I can't do more just now. I need to know if a credit card co seize my car or put a lein on my house when that card was not used for the purchase of either? More specifically, wouldn't they just have a right to seize items purchased with that card? Also, can a card co raise interest rates simply because I am in default on another card but not on theirs?
Re: Can my paid-off car or other property be seized?
First, they can raise your rates if you are late on other cards if they do a credit review and determine you are not a good credit risk.
Second, they cannot take anything or place a lien on property unless they obtain a judgment. You should keep paying them what you can and try to get caught up as quickly as possible. Once they send it to a collection agency, it will be more difficult for you to resolve this.
Re: Can my paid-off car or other property be seized?
First, they can raise your rates if you are late on other cards if they do a credit review and determine you are not a good credit risk.
Second, they cannot take anything or place a lien on property unless they obtain a judgment. You should keep paying them what you can and try to get caught up as quickly as possible. Once they send it to a collection agency, it will be more difficult for you to resolve this.
