I Owe the Bank 1,000 Dollars What will happen if i don't pay them back?

Question

Well as of right now i own the HSBC Bank $1,000 how you ask that's simple, it all started when i got approval of a Credit Card from them. and they give me a 1,250 spending limit i told my mom about it. and ever since she has been useing that card without me knowing about it.

Since i give her the card when ever she ask's me for it and now i own the bank $1,000, the bad part to my life story is that the HSBC keep calling me asking for there money back. so what will happen if i do not pay them there money back. will i go to Jail even though this is my mom fault.

I really try to tell the bank that my mom spend all that money and not me but they don't want to hear that, and there being unfair yes i wanted credit but not like this. i ask my boss to loan me up but he turn me down. so i'm thinking of not answering my parents phone and hopeing this goes away

What will happen if i don't pay them since this is not my fault

Answer 1

You are likely not going to jail...

If you don't pay then your account will go into collections, which you'll have some agency calling you and calling you can calling you to pay back the amount.

Your credit history is going to get screwed up.  And if you don't pay back the amount, other credit companies will not want to give you credit.

So its not just going to vanish away.

You have to get your mom to come up with the money, or you, but someone needs to pay that debt.  Call hsbc and make some sort of payment arrangements.

Answer 2

have you asked your mother to start paying it back? why would you keep giving her the card to use if she isn';t making payments. You must be 18 if you got a credit card - you're an adult - you are responsible - you won;t go to jail, but your credit will be ruined if you don;t start making payments

Answer 3

First off, it is your account.  Therefore, you are responsible for it.  I have no idea WHY you gave your Mom YOUR credit card.  If you haven't already done so, CLOSE THE ACCOUNT SO YOUR MOM CAN'T MAKE ANY MORE PURCHASES WITH THE CARD.  HSBC does not care that your Mom used the card.  

I'm not sure how long this has been going on.  I'm guessing that this has been going on for a long time.  That means that, in HSBC's opinion, you approved of your Mom using your credit card.  If this is not the case, you will need to report this as a crime to your local police department.  Remember, you are turning your Mom in for possible larceny and/or forgery charges.

Start making payments to HSBC and sue your Mom for the money that she spent on your credit card.

By not paying HSBC, you are setting up a bad credit history which means that you will not be able to get loans in the future.  I'm sure that your future plans may include going to college, buying a good car, and possibly buying a house.  You can put all of those plans off by at least 10 years with bad credit.

Answer 4

They will keep calling you, harassing you, and sending you letters..1000 dollars REALLY isnt that much, so they wont bring you to court for it, 1000 dollars isnt worth it to them to bring you to court.

However, it will put a big damper on your credit score. If you REALLY want to pay it off, you might want to consider bringing your mom to small claims court, that way it can be paid off, or you may be able to file fraudulent charges with the credit card company, if your mom really did use it without your consent. Not sure if they will let you, since it is your mom and YOU gave her the card..but it may be worth a try.

You can NOT go to jail for owing creditors.

Answer 5

If you don't pay it back, it will hurt your credit. HSBC is not being unreasonable with you. You applied for a card, they gave you credit trusting you to pay back any loans of money you took. If you gave your mom the card, that's your fault no one elses. You are responsible for what is spent on that card, legally not your mom. You need to be mature about this issue and work something out with them about your debt. The problem will not go away. It's not that much money but the point is you owe them money and they now want to be paid back. Only one you can blaim is yourself at this point. Your name is on the card, no one elses. That is your credit, and it will follow you for a long time. Do the right thing and arrange to make a payment each month with HSBC.