Hello mitra haru,

1ota company named "Legacy Reliance Group" le malai call garera mero discover credit card (credit limit $500.00) ko debt pay gara natra court ma summon garchhu bhani kind of dhamki diyo..Note: ahile ko balance about $1800.00 jati chha. Sath-sathai tyo companyle malai only $500.00 pay garyo within the nearest deadline (few days) bhane sabai debt tire saraha hunchha and future ma kehi pani tirnu pardaina bhanyo. I mean sabai debt clear hunchha re.

1. K yo company real ho ki fake and how about the offer?
2. Can a credit card company sue the debtor if he/she does not pay the monthly fee for a long time?

By the way mero credit card 2010 ma issue bhaeko ho.
Yedi kohi sathi yestai situation ma pari umkinu bhaeko bhae or yesto problem tackle garna safal hunu bhaeko bhae or kasailai yas bare knowledge bhae please do share with me.

Do not worry about it, unless it is a substantial amount they will not bring it to anywhere. Collection agency buy debt in dime for a dollars. If they loose not loosing ton of money. Next time tell them, I have disputed and do not call me again. Once they hear disputed , their best bet is to back up.  Try it , you may not hear a call from them. How ever this collection agency may sell to another party, the mantra is disputed. 

Bro,
Here's a few things in point form that could be useful.
1. Yes, they can sue you to claim their asset (your liability) as many above pointed out. But likelihood of that is close to zero. The overhead for the credit collections to take you to the court would probably be more than $500.
2. You should not have abused your credit card facility. This ruins your credit score that will most certainly mean that you will not be able to obtain further credit, eg. mortgage, car loans, personal loans etc. Your best option would then be Dhukuti or Dhikuti or some crap like that, which some ancient folks from Nepal seem to get fixated upon.
3. More important question is: Now that you have screwed it up, what's the best course of action? Obtain your credit history from equifax/tranunion etc. and check what has been reported already. If it looks pretty f..ed up already, I sugget you do not pay a single cent as it is not going to help you with your credit score. Only if the collection agency cleans it up first, then you offer to pay up.
4. As someone pointed out, it does not take decades to reset your credit history. It takes about 6-7 years. So you will have another shot at building your credit history again after that time frame. But you can forget about any major purchases during that time.

5. Always remember the limit in the credit card is not your property or your inheritence. It's a loan that you have obligation to pay back. It's morally wrong to steal money from others.

Hope this helps...

Thank you all for your kind advice.

I don't think I can save my credit history because I owe to other credit card companies also. It is another thing that they haven't taken any action yet. I owe to three more credit card companies a total of about $8000.00. Believe me I had to ruin my credit history because of my difficult unavoidable situation a couple of years ago. I knew and know by doing so, I will ruin my credit history for the rest of my life as long as I stay in USA and there will be many difficulties as you guys mentioned such as buying house, cars, rent and etc. But I managed and will manage to live up like that.

Yes, the Legacy Reliance Group sent me a couple of forms to sign up and submit $500.00 for settlement of $1800.00 balance. I'm wondering if other companies also do the same and ask to pay the debt, I can't pay that huge amount. In my view (I may be wrong), even if I pay $500.00 bucks to this company, it won't help me clean my credit history, right? I just want to pay this amount so that they won't take any sever action against me.

I heard that the bad credit history will be disappeared after 7 years? Has anyone heard about this? In my credit report (from two credit reporting companies) also, it says something like this:

" Estimated month and year that this item will be removed: 06/2017 "

Please share with me. Thanks.

Bro,
Credit history is not kept forever. It will disappear in 6-7 years. Paying $500 will not do anything in your case. Just tell them that you don't have any money and will not pay up. That should be the end of it. If they keep calling you, tell them that you know your rights and ask them to write letters, which you will ignore of course. They cannot call you without your consent. They will go away once they figure out they are dealing with a deadbeat. :-)

Bro,
If you are already fu***ed up in multiple ways, like SOM bro said, Do NOT PAY ..

1, When was the last time you paid? your 6-7 years counts from the day you stopped paying so hopefully you have only few years left.
2, Open up a secure line of credit( around 200) with capital one credit card. Pay one time fee(less then 100 i believe) and use only less then 30%..pay on time.
3, hopefully by the time your 7 years nears....you will have slowly build up your credit with capital one as long as you pay and keep it current. After 2 years or so they will increase your line of credit for being loyal and up with them .
4...DO NOT APPLY FOR ANY CREDIT RELATED STUFFSS>> more you do , more will be fuc**ed
5, good luck


And for anyone whos preaching you about why you shdnt have screwed up...give them ur middle finger...
and for anyone whos giving you right suggestions knowing you screwed,,appreciate them

100% with urban khashi bro. Do not apply for credit/loans until you clean up your mess. Otherwise, the rejected credit applicaiton stays with your records for 7 years from the time of rejection...

Urban khasi, you missed the point. Asking for loan and not paying is not a good thing and among several bad things its worse. He screwed himself so i wanted to reply him with a note "shame on you". I also wanted our friends to understand what is credit and it's importance. Because many suggest of gathering credit and not paying to 18yrs old who come to this country without having their own bank account in Nepal. That is totally wrong and irresponsible. I have seen folks who have 6fig salary job in hand but cant buy a car to commute there. Why? You know. My only intention was caution.
You have given excellent suggestion but middle finger that was uncalled for.

Road to homelessness is very near to you my friend. Only some rich dogs can save u now.

And urban u have no idea what u r talking bout. Can he get credit card? No.
Can he get some prepaid cards? Yes.

Check statue of limitation of the state you're living. after certain years they can't sue you. if you're almost close to your statue of limitation then doing partial payment can only hurt you cuz it will extend the reporting of that bad debt for 10 yrs. in 7 yrs your bad credit will fall off but if you make partial payment it will stay there for 10 years. let's say you live in Idaho u r defaulted for 3 years, your statue of limitation is 5 yrs, if you make 500 payment out of your 1500 debt in four years , then that will remain for another 10 years but if you don't pay then it will fall off in 7 years and after 5 years they can't even sue you.
worse thing you can do is to talk to these scum feeders. your account went to collection after some time, then to another collection and another so on and so forth, to the worse scum as time went by. these scums buy these loans for pennies and scare the hell out of you to collect some money. do not pay, do not talk to these ppl. if they make you agreen anything verbally or in writing then you're really screwed for 10 + years. Not only that but other collections will share that info too and come after you. Do some research i would say yes pay it if you can but paying won't help you unless you get them in writing to expunge it out of your credit report and then you'll have to write each credit bureaus to take the bad record off their record after you receive the letter from the collection agency.
credit card companies charge over the limit fees and high interest to make up defaults like you, as bad you're think you're , you're actually a very small % out of their earning. They already have plans to make up for defaults like your case. US economy and law knows that even good ppl have unforeseeable conditions to default on their loan, hence there is bankruptcy law and 7 years of reporting, and strict guidelines for credit collection. do some reading.

http://credit.about.com/od/debtcollection/qt/oldcollections.htm

http://www.forbes.com/sites/cateyhill/2012/06/06/3-debts-to-consider-not-paying-off/

Lovetosuggest, I agree.

Bittertruth ,
http://www.capitalone.com/credit-cards/secured-mastercard/
hope that link helps you understand a bit...now pls do not argue!

urban khasi bro, the link you gave is for secured card. It is just like using debit card.

Lamopuri. I usually give up on arguments that makes no sense. They dont get it that someonr who has fcked up his credit score cant get financial freedom as one who hasnt. Just looking at the link trying to validate his view..I couldnt control my laugh and decided to remain silent but then again if they try to equalize those who fcks up their credit can still getaway I have no words. Secured cards are for ffs in no way similar to unsecured ones.

bittertruth ji,
tapai ko comment haru padha tapai alik kshamata bhanda balik nai janne hunu huncha jasto lagyo...alikati subject bujhera comment hanne garnu bhayo bhane alik padnne like ni majja aauthiyo hola....

lamopuri bro,
i am posting a link here which may help you understand benefits of secured cards....http://money.usnews.com/money/blogs/my-money/2011/03/31/the-hidden-benefits-of-secured-cards
please google it , thats only link i found but there are hundreds more...

Please read before commenting. If you have already f...ed your credit up, then why pay additional $500? But you should never f;;k it up in the first place. Remember that always...

very few people want to purposefully fk up their credit. Most find themselves in a dilemma to take care of very important things in life vs. good credit and forced to allocate their finances towards the very important things in life vs. good credit to buy house or a fancy car. For eg, someone might end up in emergency room an end up with thousands of dollars in bill when they get out, so rather die than to ruin credit? bad things happen to good people all the time unfortunately, no one knows how this bro ended up 8k on debt but i sure hope he did not pile the debt smoking weed and watching tv all day. That is there is bankruptcy law, there is 7 years of bad credit to fall of law, credit card companies can not renew cycle, illegal and harassing debt collection practices are forbidden and punishable harshly. Credit card and loan companies are aware of the defaults too and most of the time are willing to work with you. They have their business model build such way that defaults are only a very small percent of the loss and they make up such loss by other charges such as overdraft fees, high interest charges etc etc. Worse come worse they get govt bail money which is guess what our tax dollars. But all this does not mean you should purposefully fk up your credit. you definitely want to be upstanding citizen and having good credit will improve your quality of life. but if you somehow have to live with bad credit it's not the end of the world. there are lots of ppl in US who religiously or due to their moral principle chose not to get any credit and they do just fine.

Urban Khasi bro,
I am not arguing against the fact that secured cards are beneficial. The point is, virtually anybody can get a secured card coz it's SECURED. It helps you build credit, no doubt but there is no way in the world that it can be compared with 'Unsecured Credit Cards'. The bottom line is it is always like using a debit card until the issuing company feels comfortable enough to increase the credit line.

CosyNepal,

It's never to late to built your credit. I know that your credit has been fucked up. You have also accepted that you are the responsible party for destroying all your credit history. Now you are in a situation like "Bal aba yesai fuck bhayo ausai fuck bhayo, I will not pay" and I get that.

My recommendation is call your credit card company and tell your situation about how you will not be able to pay your credit card dollar amount that you used. Tell them (credit card company) the offer you are getting from that Legancy group. Tackle this situation wisely and involving both party,. Talk to the credit card company and start paying whatever you can. They will be able to help you reduce your amount/interest whatever they can.

You may be able to start fresh after 7 years but it's not about the money or new start. It's your attitude how you do things.

Change your habit and learn to be responsible and you will not have this problem in future.

I know I went a little hard on you but its all for you to be a better you.

and to answer to your question, yes they can sue you if they want.

Thanks,

Nepali

lamopuri bro,
Absolutely agreed with you...
But I just do not recall comparing secured vs unsecured credit cards....unless i misread something somewhere...
My point is to help how to rebuild credit through other channels buz unsecured cards are out of question!

Thanks a lot for all of your useful information and invaluable suggestions.