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what happen if i don't pay a Revolving Accounts?


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hello everyone:

what happen if i don't pay a Revolving Accounts?

I have a dell preferred account, it is a Revolving Accounts. i own $XXXX.XX and i am not able to pay it now. I want to know what happy if i don't pay the account. i know what will happen with credit card account(i read many posts here).

is this account same as credit card account? will i be sued or go to jail? what will happen to me?????

Some Q and A about the account:

Q. What is the Dell Preferred Account (DPA)?

A. The Dell Preferred Account is a revolving line of credit that provides an easy way to finance your initial Dell Home and Home Office purchase as well as add software, peripherals, or even a new system to an account at any time up to your credit limit. See the overview and details section for more information.

Some terms on that account:

1. Assignment of Account.We may sell or transfer your Account or any amounts owed on your Account to another person at any time without prior notice to you. If we assign your Account, this Agreement will still be in effect and any successor will have our rights in this Agreement to the extent assigned. You shall not have any right to transfer your Account or assign this Agreement to anyone.

2. Collection Costs and Attorney Fees.As permitted by law, you agree to pay all reasonable attorney fees, court costs and other collection costs actually incurred by us in the collection of any amounts you owe us under this Agreement or which are incurred by us in the event of your bankruptcy or insolvency.

here is the detailed information about that account, because i can't post link here. you will need to look it up. here is the steps:

go to dell.com, click For Home then Laptop&minis, choose any Product Category on the left, on the right hand you will see As low as $34/month, click Apply just below it. You will find terms&condictions below.

I appreciate your answer. thank you very much!!!!!!

Edited by IdoNeedHelp
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What, what used to happen is that the original creditor would try to contact you to collect the debt and once they could not contact you or come to an amicable settlement, would than sue you and because they have the paperwork, they would win and then collect the amount due from your assets.

Today, the OC would try to collect for 3 - 6 months. Then they sell to a JDB who tries to contact you. If unsuccessful, they sell to another JDB. Eventually the JDB will sue you and will try to use all legal avenues to win because they may or may not have the paperwork to prove they were assigned the debt (most likely, they will not be able to prove it). If they do get a judgment, then they will attach bank accounts and other legal assets in order to collect.

All said, they will not be able put you in jail (although they may threaten it). You also have rights in dealing with the creditor and all assignees.

As for the contract language, it allows 2 things. One is that they are allowed to sell the debt anytime they want and for any reason. The part about costs, including bankruptcy is there so that they can collect all costs. The bankruptcy part is there in case the bankruptcy case is dismissed.

You should try to come up with a settlement with the original creditor however to avoid this whole process.

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