Creditor’s asset investigation?
Question by cathy : Creditor’s asset investigation?
I just got a phone call from a bill collector.. they want to know if I want to pay my credit card bill in full or do I want them to proceed with an asset investigation. I owe 00 – which I’m not able to pay… what will they do with an asset investigation and wouldn’t that cost money to do the investigation?
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It will cost them money to do the asset investigation. They cannot charge you for that. However, if they take you to court and win a judgment, they can charge you for court costs.
The asset investigation is something they will do to find out things you own they might be able to attach a lien to get paid. Could be bank account, house, future wages.
If you think there is some chance that in the future you will be able to pay this $1,800, then start working on a payment plan now. If you will never be able to pay, then do not give them any more information. Simply say, politely, “do not call me again”. and hang up the phone.