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How long since you last made a payment to the CC companies?
When is the last time you looked at your credit report?
Statue of Limitations varies in each state, but you should also know that it does not mean they cannot report it for 7 years from the DOLA. However, most small 100-500 range CC companies wont usually bother you, if they are more then that you can bet someone along the line that is called a JDB ( Junk Debt Buyer ) will find you, its easy to find anyone these days. What they will do is send you a dunning letter, most dont even know what it is, its a letter from them asking you to either pay or dispute the item. You have 30 days to dispute the item from the date on the envelope. If you do not the FDCRA allows them to then force the collection on you inwhich they can come after you in many ways. Dont forget collection agencys could care less about the law or you, they will harrass you and everyone you know to get the money.
If its is more then 1k they will probably sure you, then the judegemnt takes places which stays on your record for another 7 years, therefore creating a double baddie on your records.
Also, once a collection agency buys or tries to collect the debt they also can report it, again a double whammy on your report.
You cannot run from them long, if the bill is large enough they will find you. Believe me they already know where you are but have yet to be agressive in the collection of it. Once a JDB gets ahold of it they will not stop until they get the money or destroy your credit beyond fixing.
Now, my opinion is this, most jobs and housing now pull a credit report, and also insurance companies for your car etc. Credit is important and for you to not allow this to haunt you for 7 more years you need to do something now.
Paying CC can restart the DOLA, which pushes the 7 year reporting again. Not good in most cases. You could ask them to accept a pay for delete from your records, some do this some do not.
Now if you decide to not do anything, depending on the amounts it will haunt you, believe me your credit will be ruined if you do.
You need to take action, I do not know your situation but I success the following. Decent to good credit is essential anymore with jobs, housing, insurance and the rates you pay on borrowed money.
There are 3 credit reporting agencies you need to pull the free credit reports on. You need to look over your report and learn each and every trade line and how it is reporting. You will need to know this so you can take action either for or against the reporting of it.
Believe me, people do not check there credit enough, many companies do not report correctly at all and the credit reporting agencies such as experian love to make your report look bad.
Print copies of it and keep them so you can again monitor them.
Whether you want to pay them or not it is up to you, but dont forget that your credit report is important in many ways.
Some CC companies will work with you if you call them and some wont, liek mentioned above once it goes into cahre off status which is usually 90 days from last payment, the majority will not. They will sell it off to someone like a collection agencies who are the devils of our time.
If would suggest you do this, call the ones that are NOT reporting a charge off yet and see what they can do, the ones that are reporting a charge off do not call them, they wont usually work with you anyway. Once a CA gets ahold of the info, they are suppose to send you a dunning letter, you need to answer the dunning letter within 30 days.
Believe me the collection agencys and JDB's do not care one bit about the laws, they will break them over and over again but expect you to follow them.
I can tell you that 80% of the CA's break the law and if you know the law, they are done, you can use that against them to make them go away.
Once you get your reports and see whats going on I can help you more from there, do not do anything until you see the 3 reports.
I would not let it go any further, you need to take action to avoid your credit file to be destroyed beyond repair. You will need good credit scores in the future I assure you and doing something now before it spirals into several CAs reporting the same debt killing your FICO score even more.
This could get interesting as I believe that your credit report is yours, not anyone elses and taking action good or bad will result in a better situation for you.
Also, CA's and JDB will not play nice, they break the laws all the time and they dont care. Tey are evil people who would stop at nothing to collect an item they cannot 90% of the time prove it is yours.
( Secret - most CA's and JDB's only buy the name, address and the money amount, they cannot prove it is yours in court. The laws required them to validate the debt is really yours and 90% of them cannot provide the proof )
Good Luck and go get those free reports. PM me and I can give you the links for them.
I am not an attorney or counsel, but I know the FDCRA and FCRA laws that protect us consumers from the crooked collection industry.
If I can help someone rebuild their credit and get a better life for it, I will.
Everyone should check there credit report at least 3-4 times per year, you do get a one time per year free copy from all three credit reporting agencys and there are ways to get copies the rest of the time for nothing as well.
On average 8 out of 10 people have errors on their credit report and they do not even know it costing you better more deserved interest rates.
Everytime someone doesn't pay, the rest of us pay for him/her. I have no sympathy for folks who don't pay because it punishes the rest of us......who do you think "eats" that money? How do you think they compensate for it? Higher interest rates and COST of items go UP because of those who cheat the system and steal from us. WE ALL PAY for those who don't.
They charge a fee to make payments for you. A lot of them dont even pay your bills on time.
Most collection agencies wont take you to court if the debt is less than 8k.
There are also state laws that protect individuals from garnishment.
Some states have a 'no garnishment' law.
Quote:
Originally Posted by myfask
Oh better yet go to the local Consumer Credit Counsuling office and they can help. They are a non-profit, stay away from the ones that have popped up all over. CCCS is part of United Way
Thank you all for the information - I have read each and every one of the replies. While I'm aware that not paying my bills is technically wrong, it's also wrong that credit card companies do absolutely no research about who they are extending massive amounts of credit to. We all know about young, unemployed college freshmen who are bombarded with credit card offers that they gleefully accept. Google video had an interesting documentary on this about a few students who suddenly had all this debt they couldn't handle and foolishly committed suicide. But what about nutcases like me? Once I got one credit, more and more kept coming, and the more I spent the more they increased my credit limit. I don't want to reveal personal information about myself, but I had absolutely no means to repay this debt from the very beginning, and I just didn't care. It finally reached the point where I could not longer afford the pay the meager minimum monthly payments, so I just cut up all the cards and stopped everything.
I have considered filing BK, but why should I? I don't have anything to lose anyway and I live a lifestyle where having good credit or even having credit at all is not really relevant. Off the grid, you know. Living on a cash basis is more honest and real - if I need/want to buy something, I use cash. If I don't have the cash, I don't get the something until I can afford to.
Most people LIE when obtaining credit cards especially college students.
It's like why did the neighbor leave his bike in the front yard? Didn't he know it was going to get robbed?
I would hope that you have changed your mentality since then and not blame others for your mistake.
Quote:
Originally Posted by gnubler
Thank you all for the information - I have read each and every one of the replies. While I'm aware that not paying my bills is technically wrong, it's also wrong that credit card companies do absolutely no research about who they are extending massive amounts of credit to. We all know about young, unemployed college freshmen who are bombarded with credit card offers that they gleefully accept. Google video had an interesting documentary on this about a few students who suddenly had all this debt they couldn't handle and foolishly committed suicide. But what about nutcases like me? Once I got one credit, more and more kept coming, and the more I spent the more they increased my credit limit. I don't want to reveal personal information about myself, but I had absolutely no means to repay this debt from the very beginning, and I just didn't care. It finally reached the point where I could not longer afford the pay the meager minimum monthly payments, so I just cut up all the cards and stopped everything.
I have considered filing BK, but why should I? I don't have anything to lose anyway and I live a lifestyle where having good credit or even having credit at all is not really relevant. Off the grid, you know. Living on a cash basis is more honest and real - if I need/want to buy something, I use cash. If I don't have the cash, I don't get the something until I can afford to.
Don't make any payments otherwise you will restart the clock on your debt. Just don't pay them. If they come after you, write them a cease and desist letter right away. After 7 years, it'll be off your record and the same credit card companies will be courting you again. And don't negotiate a settlement if they do find you otherwise they'll send you a 1099 and you'll have to pay taxes on the forgiven amount as if it were income.
Thank you all for the information - I have read each and every one of the replies. While I'm aware that not paying my bills is technically wrong, it's also wrong that credit card companies do absolutely no research about who they are extending massive amounts of credit to. We all know about young, unemployed college freshmen who are bombarded with credit card offers that they gleefully accept. Google video had an interesting documentary on this about a few students who suddenly had all this debt they couldn't handle and foolishly committed suicide. But what about nutcases like me? Once I got one credit, more and more kept coming, and the more I spent the more they increased my credit limit. I don't want to reveal personal information about myself, but I had absolutely no means to repay this debt from the very beginning, and I just didn't care. It finally reached the point where I could not longer afford the pay the meager minimum monthly payments, so I just cut up all the cards and stopped everything.
I have considered filing BK, but why should I? I don't have anything to lose anyway and I live a lifestyle where having good credit or even having credit at all is not really relevant. Off the grid, you know. Living on a cash basis is more honest and real - if I need/want to buy something, I use cash. If I don't have the cash, I don't get the something until I can afford to.
Please don't feel sorry for the credit card companies. They are money-making machines. Don't even let anyone try and make you feel guilty for not paying them. Just learn from the lesson and in the future try and manage your money better.
Please don't feel sorry for the credit card companies. They are money-making machines. Don't even let anyone try and make you feel guilty for not paying them. Just learn from the lesson and in the future try and manage your money better.
greenie
So, within the context of this rationalization, what do you consider stealing?
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