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abcdefghijklmnopqrus... | Over the last 9 years I have managed to rack up substantial unsecured credit card debt. I do not have any? |
assets, other than the $5000 of equity of my house. If I just stop paying my credit cards, and wait out the statue of limitations, will the debt go away, regarding the credit cards? I live in the State of Ohio.
I can live with out the "just pay it" and "get a life" remarks. Please only helpful answers. I don't need to know if you think I'm terrible because I can't make my ends meet.
Additional Details
I wonder which part of "there is no need to insult me" was confusing. I didn't need a jerk to tell me about my situation, I simply asked a question. If you can't say something nice, please keep it to yourself. Insults must make you feel better. |
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dahublaz
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Why do you not do the right thing and get two or three jobs if needed. YOU racked up the debt and now you are going to pass that on to the rest of us who are working our a$$e$ off? I hate that horse crap...Please step up and take responsibility for your careless actions and set up payment arrangements and dont be chicken crap about it.
Im not trying to be harsh but dont be a dead beat and walk away and let the rest of us eat it. If a credit card company takes a loss they pass that on to the rest of us by raising rates and fees. |
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echo
 |
It is doubtful that a "substantial" amount of credit card debt will just go away.
There are a couple of types of statute of limitations (SOL). One is for reporting to the bureaus and the other is for legally collecting on the debt.
The SOL for both starts from the time you first went 30 days late and never brought the account(s) current leading to the charge off(s).
The reporting SOL is 7 years from that time.
Ohio statute of limitations on collecting debts is 4 years from that time, for credit cards.
Since you claim it is a substantial amount, you probably "will" be facing law suit(s). As long as you have a job or anything of value that is not covered in your states exemptions statutes, they more than likely will sue.
Plus - Ohio has one of the longest periods for collecting on a law suit. If they sue and win, they can sit back and wait "21 years" before they take action on recovering what you owe. You would also be paying accruing interest on the judgement(s).
They will wait for you to - get a better job, pay your home down, buy a car etc. (I haven't looked to see what is exempt in Ohio, those are just "some" of the things that may be eligible for seizure) As soon as you have something that is legal for them to grab, they will grab it.
So, even if you have nothing right now, they may go ahead and sue since they have 21 years to collect on the judgment(s).
I don't know what your definition of substantial is. Whether it is $5000. or $50,000 - or more.
I normally don't recommend bankruptcy, but if you you have tried every avenue to pay and still come up short, you might talk to a bankruptcy attorney.
Your credit will suffer if you file bankruptcy or not. But, at least you won't have one, or more, judgments hanging over your head for the next 21 years. |
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Waine
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well, I won't give any silly remarks but just have my two links that seem to help people in trouble
http://finance.ebookorama.com
and here http://credit-cards.ebookorama.com
you may also pass them around if they help you, good luck! |
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curtain r
|
Hi, the following articles may help you:
What is Debt Relief?
http://www.askaquery.com/Answers/qn1583.html
Debt Management and Building Wealth
http://www.askaquery.com/Answers/qn1581
How to lower your debts?
http://www.askaquery.com/Answers/qn1576.html
How to reduce debt : How to lower your expenses?
http://www.askaquery.com/Answers/qn1577.html |
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HoneySuite
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Do you think the banks won't come after you during all that time? They will, and every time they contact you for payment, the statute begins to run again, and your credit will be destroyed and keep being destroyed in the meantime. If you really have no way of keeping up with your debt, then declare bankruptcy. That's what the laws are there for.
When my husband and I broke up and I was left with enormous credit card debt, I had the attitude "I spent it, I'll pay it" and my credit stayed bad for over 12 years as I struggled to pay it off, whereas if I had declared bankruptcy, my record would have been clean after 7 years. Somehow, that just seems wrong in oh so many ways! Seems to me people should get some kind of recognition for actually paying their debt. |
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sexytrojan
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Hey abc,
When I was in college, I got into a lot of credit card debt and I didn't have a job. The debts fell off of my credit report and I didn't pay a dime. It took a while (7 years) but my credit is stellar and I bought a condo during the process.
However, if you want to pay it off, Washington Mutual and Chase both have cards offering 0% interest on balance transfers with a 3% fee. |
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Johnsmatrix
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You need to work on consolidating all the debt into one payment. I am not sure how much debt we are talking about but you mention 9 years worth so that right there is an issue. The first thing you need to do is cut up your cards. The second is you might want to go to your bank and get a debt consolidation loan at a lower interest rate. I don't think you really want to have these negative marks on your credit report for the next 7 years. Good Luck.
Also you may want to call them and ask if they will close your cards and give you a settlement price. Sometimes they will give you up to 75% off if you pay the settlement and don't ever bother them again. |
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bella_4624_19
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Look, if you are going to try to lay low until the SOL is up, you can't really apply or dispute anything on your credit report. It's really hard to wait for time to pass and the creditors are not going to make it easy. Above all things do not become part of a debt consolidation company. They are bad news! If you feel the need, every and all credit repair can be done by you. The debt will never go away. Even after 7 years, when your trade line should come off your report, that does not mean the collection agency has to stop attempts to collect the debt. |
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komodo_gold
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Well, first of all, this is why people shouldn't get unsecured credits cards (did you get them in college? It wouldn't surprise me). Cause when you suddenly have $10,000 available, then you tend to go a little nuts and buy a ton of stuff that you can't pay for.
You may want to consult a financial planner or analyst, and see if they can help you. Don't just ignore the card payments, because if you do they'll go to a collection agency who will then take everything you own to sell for money to pay off your debt.
You could try declaring bankruptcy, but I think that's only a last ditch effort that you should do only if there's no way for you to pay off what you owe. And even then, I think they still take stuff away from you (although you might be able to keep your house at least). And not only that, bankrupcty really looks terrible on a credit rating report, which means you'll have a hard time getting another credit card, loan, etc. later on.
Beyond this, I'm not sure, as I'm not a lawyer, or financial planner. You really should also manage your finances better. This is why so many people get into financial debt/trouble. |
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elbowsmash5
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If you spend more than you make or your ability to pay.....
you are a moron
you are that.....because you become a statistic.
Don't you see the piles of people in credit card debt. And yet you go barreling into it.
Moron. |
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-*
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just pay it and get a life!
you are a thief. |
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tom
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You dont have to pay nothing 21 yrs they will come after you that guy was playing with you dont worry no one goes to jail with no paying debt trust me if you own a house yes but if your renting and paying rent that is nothing to worry about the car has to be over 7 yrs olf for it not to be affected with a lean trust me your ok |
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