If a collection agency tries to collect more than one debt from you, the collector must make every payment you make on the debts you select. In fact, there is no such thing as a black list for debt collection. There are three credit reporting agencies in the UK that store information about your credit history. You can’t be arrested or sentenced to a time behind bars for not paying debts on student loans because student loans are considered “civil” debts.
What happens if you ignore collection agencies?
If you continue to ignore communication with the collection agency, they will likely file a collection claim against you in court. As soon as a default judgment has been made, the collection agency can garnish your salary, confiscate personal property and have money withdrawn from your bank account. Trying to avoid communication with a collection agency often makes people feel anxious, worried, and how long the statute of limitations applies depends on what type of debt it is and what law in your state or state that is in your credit agreement or agreement on Debt creation is fixed.
How long have you been blacklisted?
We break down where it comes from and why someone thinks they’re blacklisted. If your job search is unusually difficult — particularly in a good economy — it could be a sign of a blacklist. In accordance with the Fair Credit Reporting Act, derogatory items may remain on your credit reports for seven to ten years or longer. If you have highly sought after skills but can’t seem to get through a job interview, this could also be a sign of a blacklist.
References:
- Can You Go to Jail for Debt? – Experian
- https://briefly.co.za/26111-how-deal-debt-collectors-what.html
Barry Ritholtz is a renowned finance expert, author and blogger. With over 30 years of experience in the financial industry he has gained a reputation as a thought leader and influencer in the investment community.