Credit Card Insurance
What can a person do if they cannot pay the principal amount due on their credit card but has credit card insurance that makes minimum payments on a monthly basis?If the credit card insurance is only making the minimum payment due, the person is likely to have a growing interest and liability on the principle amount. However, it is better to study the policy again for its terms and conditions. If the person has no assets to fall back on, they could consider filing bankruptcy to discharge the debt.
What would happen if a person who is 100% disabled does not pay the $10,000 that they owe in credit card debt after the credit card insurance period runs out?Case details: Payments were waived for a two year period that has now expired. If the waiver period has come to an end, the person could first try and negotiate with the insurance company to check if they could further extend the time given for the repayment of the debt. If they cannot give the person more time, the person might have to face harassing phone calls from the credit card company wanting payment. The company could also try and sue the person in court. But if the person is on disability income that is generated from state and federal aid payments, that income cannot be garnished. When the suit is filed, the person can demand for an original copy of the credit agreement. If the company does not produce this, as is the case most of the time, the person may be able to get the suit dismissed on the basis that the contract is inadmissible.
If an employee misused a company credit card and then agreed to pay the amount back, can the employer file a police report through their credit card insurance?In most cases, if the employee has permission to use the credit card, it is unlikely that the police will file a report against the person. The employer would need to take the matter to court as a civil case since the employee lawfully possessed the card. The employee may also want to consider returning the items they bought with the credit card to pay back some of the debt or sell what can’t be taken back and give all the money to the employer. Either way, the employee would need to reassure the employer that they will do all they can to return the money.
A person who lived in the State of Illinois used credit card insurance to make his monthly payments. Ten years later, they are being pursued for credit card debt. What would the statute of limitations be on this?In the State of Illinois, the statute of limitations for an open account is 5 years. If the person has not made a payment in the past 5 years, the statute of limitations would have run out. The person would then need to write to the credit card company and ask for a copy of any payments made within the past 5 years. If there are none, the person can inform the company that the statute of limitations has expired and they will be reported for violating the Fair Debt Collections Practice Act if they continue with the harassment. Credit card insurance has many benefits.
While the questions above may have clarified some of your doubts on the issue, there may be others that you have that pertain to your case. These questions could range from anything as basic as how does credit card insurance work to understanding the different kinds of insurance available and how they may benefit your specific situation. Whatever your query, direct it to Experts who can offer professional insights and opinions at an affordable cost.