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Old 02-25-2013, 02:10 PM
 
Location: Orlando
8,181 posts, read 16,155,849 times
Reputation: 49735

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Debt settlement or Bankruptcy


Guess he didn't like the answers he got here.
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Old 02-25-2013, 03:41 PM
 
Location: Western Colorado
10,521 posts, read 11,628,203 times
Reputation: 24173
Are you so sure they'll just charge them off and forget about you? They won't. You'll get hounded, wages garnished. You purchased items and now refuse to pay. What's that called again?
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Old 02-26-2013, 09:03 AM
 
Location: Long Neck,De
4,793 posts, read 6,504,876 times
Reputation: 4742
Quote:
Originally Posted by Bummer View Post
Interesting "lop-sided" way of thinking, Ninetails . . .

You purchased items for which you have no intentions of paying and now it is THE CREDIT CARD'S FAULT?

Sure sounds like BLATANT THEFT to me and you're a perfect candidate for The Slammer.
Unfortunately criminal law usually does't apply to these low lifes and they get by with it.
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Old 02-28-2013, 05:06 PM
 
355 posts, read 697,854 times
Reputation: 440
Then there will come a day where you wish you had credit in an emergency type situation..
There are jobs that run credit checks, you won't be able to get utilities or insurance and if you do you'll owe higher deposits and/or rates.
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Old 02-28-2013, 11:34 PM
 
2,135 posts, read 3,532,084 times
Reputation: 1670
Check out this guy's threads. He sounds like he doesn't want to work and maxed out every credit card imaginable. Have fun with your ****ty life....you blew it.
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Old 03-01-2013, 01:35 AM
 
64,577 posts, read 66,100,109 times
Reputation: 43002
Quote:
Originally Posted by phone man View Post
If you quit paying, they will bombard you with calls and flood your mail box. they will find and call your place of employment and harass you. Most CC companies will not just charge it off, they will sell it to a debt collection agency who will then bombard you again with mail and phone calls. After you drag it on for years you can attempt debt settlement and pay pennies on the dollar to pay off your debt, but at the end of the year you get a surprise when you have to claim that unpaid debt as income on your taxes. Your best bet is to file bankruptcy and learn your lesson.
here is a sure fire way to keep the bill collectors from calling you all the time. don't pay your phone bill either.
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Old 03-01-2013, 07:40 PM
 
1,092 posts, read 2,762,526 times
Reputation: 1122
Call your creditors and ask for the hardship department. They will (likely) allow you to make no payments for a period and lower your interest rate. This will stop the escalation of late fees and the compounding problem, and give you a breather to start looking for a job and get your finances back in order. I'm surprised this wasn't suggested...

If you simply blow off the debt and it's small enough that they don't pursue you until your state statute of limitations is up, you will still have increased insurance rates, no access to credit, and issues with renting for as many as 7 years from the time you defaulted.

If the debt is substantial, then of course you could declare bankruptcy. It too has it's costs.

The forums at creditboards.com would be a good place to research specific creditor's hardship programs and general info about credit.
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Old 03-01-2013, 07:47 PM
 
Location: Southern New Hampshire
6,724 posts, read 11,739,154 times
Reputation: 19354
Quote:
Originally Posted by Litlove71 View Post
Call your creditors and ask for the hardship department. They will (likely) allow you to make no payments for a period and lower your interest rate. This will stop the escalation of late fees and the compounding problem, and give you a breather to start looking for a job and get your finances back in order. I'm surprised this wasn't suggested...
Gee, perhaps it wasn't suggested because of the attitude that the OP exhibited?

I suspect he is a troll. No one could post such a ridiculous OP and expect to be taken seriously.
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