Legal Question in Credit and Debt Law in Illinois

If I pay $1 a month on my credit cards, what are the banks prohibited from doing to me? Will they eventually write off the account and send me a 1099?


Asked on 1/09/18, 2:12 pm

2 Answers from Attorneys
Jonathan Shimberg Shimberg and Crohn, P.C.

They can still sue you. AS far as I am aware they are not prohibited from doing anything. They may choose to write it off and send you a 1099 but they are not in the business if doing so.

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Answered on 1/09/18, 2:19 pm
Thomas Moens Moens Law Offices, Chartered

If you do not pay as agreed, any creditor can sue you or report you as not paying as agreed to the credit bureaus. Sending a minimal payment that is less than the amount agreed does not prevent this. You may be able to work out an arrangement with them, but just sending them $1 a month is not going to prevent them from doing anything.

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Answered on 1/10/18, 8:13 am


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