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pacific storm | What happens if you simply stop paying off your credit cards? |
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bpgagirl22
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Here's my personal experience.
In 2003 I was in between jobs, my husband had just filed B. for himself, yes himself, and told me in no uncertain terms "I can't put you on my B. because your amount of credit is too high!" So, aside from the fact that he is a B-----d penny pinching selfish you-know-what, I took my chances and was forced by not working just to stop paying on my several credit accts. Then, after 2 more years of letters from them and then their Collectors + their harrassing phone calls, I get this "cute" little letter from the biggest creditor: C--- B--- of America, (you can figure out the name) which states they were filing a court case and taking me to court, at which point my "dear sweet loving kind husband" tells me "well, it's not MY problem, you made the credit, you figure it out!" so at that point I had been working a little part-time job of 6 hrs a day but not enough to get me out of trouble with my creditors and I was forced in 2005 to hire an atty. and stop them from taking me to ct. by filing for the big B. Nov, 2005, everything was discharged per the Bkrptcy Trustee Hearing. I and atty. both THOUGHT everything was fine and I was in the clear. NOPE! Fast forward to July 2006, I found out that one of my dear little creditors had marked my file not the blessed term of "discharged" per the Bkrptcy but the magnanimous term of "CHARGED OFF" which everybody should be aware means: "You are to them now a bad debt which has been in fact marked for life on their files as scum!" So I had to retain ANOTHER atty, only THIS time, this little bad boy was somebody they didn't expect! He was a Consumer Credit Counseling Atty who came on his training at his Atty Father's knee!
So, he did all the discovery, paperwork, even traveled to two destinations for the case and finally as we were about to go to deposition and trial (which most likely would have turned the credit world on it's @ss and I would have won!) they decided to settle and I was finally in his words "vindicated" because they didn't want the world to know what scum they were and they really didn't want to lose because they would have also been scum on the Credit Agencies!
Basically, I won my integrity back, I also made them relent the fact that they in fact did abuse their position with my credit rating and finally they realized that they either bite the bullet or I'd smear them royally in court big time and we would! |
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ssmesq
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They all come after you in legal action. Why would you consider doing that? You used the money they offered - why shouldn't you pay them back? |
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JR
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A couple things could happen, depending on the type of card. If it is a government credit card don't plan on getting your tax money back until it is paid off. If it is just an everyday card they can typically take you to small claims court and sue, and have it possibly deducted from your bank account or your pay from work, if it goes on long enough with no pay after the suit. Depending on the amount they will write it off and not waste there time. It depends on how bad they want the money. My suggestion is just to keep paying it. Good Luck. |
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Bevehrly I
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If you decide to stop paying your credit cards, the company will turn them over to a collection agency and that agency will call you every other day until you start paying again or pay them off. You will be afraid to answer your phone and living in fear is not a good thing. The company will put it on your credit as a negative item and that will stay on for 7 years. This will lower your credit score and it will be almost impossible for you to obtain any new credit. In the meantime the collection agency will also put the account on your credit as a negative also. Best thing to do is to continue paying or apply for a consolidation loan. maybe you can take money off of one card and pay off the other. In the future be very careful with credit cards, they can get you in a lot of trouble. The economy is bad and interest rates are high especially on credit cards. It is easy to get over extended. Don't mess up your future for a moment of satisfaction. |
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You
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do it and find out.. |
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LLCOOLES
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If you owe balances on your credit cards, the company you have the cards with will report your non-payment activity to the three major credit reporting bureaus, Experian, Equifax, and Transunion. This will cause your credit rating to go down. This will have a very negative affect when you need credit for possible future purchases. Next your creditors (the people you owe the money to) will try to collect the money you owe them. If they cannot do it themselves, they will hire collection agencies, or possibly attorneys to collect it for them. If you cannot make your payments in full, at the very least try to make the interest payments each month. Also contact the credit card companies for yourself and explain your situation and try to make different payment arrangements on your cards. In most cases they will work with you if you contact them and let them know your situation. I hope this helps you out.
leslielinear@yahoo.com |
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boaviator
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You cannot be put in jail over a credit card debt. There are 2 things that stay with you for your entire life -- your reputation and your credit rating. If you do not pay, your credit rating will be forever damaged, bill collectors will hound you day and night and depending upon how much you owe, they will get a judgment against you and attempt to levy bank accounts or garnish wages.
Call your credit card company and tell them you want to pay your bills on time and that you need them to work with you. Ask for a hardship variance and see what they will do. DON'T fall prey to one of the many companies that say theu will do it for you. Just call and tell them where you stand and that you want to work something out with them.
Also, check out Larry Winget's web site (www.larrywinget.com). |
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crazy_joey666
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itll go to debt collectors. if not that then the bank will sue u |
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vikas h
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first company will remind u abt ur debts n all..
thn they will send their employees 2 remind u personally..
thn they send u a legal notice 2 pay d debt immediately.
if u still dnt thn they will take u 2 court |
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cherie8five
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late fees builds up and collectors will you down. if your dept is REALLY HIGH can result to an arrest. |
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