Just stop paying (creditor, debts, paycheck, companies)

[Briolat21]

Yep... they'll garnish your wages. All they need for that is your social security number..

So as long as you're willing to never have a LEGAL job again, and live off the grid you'll be fine.

Running, scared, with judgements out against you.. but you'll be fine!

good luck!

[christina0001]

Thank goodness it's $5,000 and not $50,000. Just keep working at paying it off. You can do it!

[sherrenee]

Originally Posted by loose cannon

I'm seriously considering calling my cc companies and telling them that Im no longer paying my 5,000 debt as I can no longer afford it and I was drunk anyway when I accumulated the debt. Im literally going to stop making payments. What can they do to me legally? Im just tire of living paycheck to paycheck.. There was a time I could save money and fly the friendly skies! Now, Im stuck. Im just not doing iot anymore. If they want money they will have to come to my house and personally take it from me. Im even going to change my account so they cannot garnish my wages! The heck with them! Any advice or encouragement?

Well, I can tell you from working in Banking for over 7 years now, that they will find you, maybe not today or tomorrow but they will find you.
First of all anytime you open an account (be it savings and/or checking) you are usually checked by what is called Chexsystems (they report previous financial account history). Second anytime you open an account you are checked by OFAC and or FinCin (IE: the government). Third when they sue to garnish your wages or they place a Levey on your account they will send a legal document to ALL banks and credit unions in your area. The financial institution must then check to see if you have any accounts with them and respond via their legal representation. Fourth anytime you work for someone and use your social security #, it is another way for them to track you down.

As I said eventually they will find you.

[pghquest]

Originally Posted by loose cannon

Im seriously considering calling my cc companies and telling them that Im no longer paying my 5,000 debt as I can no longer afford it and I was drunk anyway when I accumulated the debt. Im literally going to stop making payments. What can they do to me legally? Im just tire of living paycheck to paycheck.. There was a time I could save money and fly the friendly skies! Now, Im stuck. Im just not doing iot anymore. If they want money they will have to come to my house and personally take it from me. Im even going to change my account so they cannot garnish my wages! The heck with them! Any advice or encouragement?

haha, good luck.. A possible defense might be that you were drunk when you agreed to the terms of their agreement. You'd have to prove it, but that would be a fun case to watch the outcome..

Dont worry about it, in a year when Hillary gets elected, rumor has it she'll be proposing a national credit card, you can just spin the debt to that..

Seriously, you'll find that usually, but not always, they will just put it on your credit report.. Rarely have I seen a credit card company go after a consumer. Not stating it doesnt happen, but its rare.

[RebOver]

$5,000 is hardly enough to ruin your life over! Post when you have a real thought or issue.

[SpeedyAZ]

$5,000 is hardly enough to ruin your life over! Post when you have a real thought or issue.

That's the same thing I thought! $5,000 isn't that much money and should take you terribly long to pay off as long as you WORK AT IT and not sluff off. Make some sacrifices in your life and have any extra cash go towards that debt and eventually you'll get out and FEEL GOOD about yourself.

[Hawkeye48]

Originally Posted by loose cannon

Im seriously considering calling my cc companies and telling them that Im no longer paying my 5,000 debt as I can no longer afford it and I was drunk anyway when I accumulated the debt. Im literally going to stop making payments. What can they do to me legally? Im just tire of living paycheck to paycheck.. There was a time I could save money and fly the friendly skies! Now, Im stuck. Im just not doing iot anymore. If they want money they will have to come to my house and personally take it from me. Im even going to change my account so they cannot garnish my wages! The heck with them! Any advice or encouragement?

People do this sort of thing a lot and then regret it later on. If you do this you need to look up your states statute of limitations on defaulted credit card debt, it's probably something like 4 years. And the bad credit will stay on your credit history for another 3 years on top of that.

You'll have to live paycheck to paycheck, probably cashing your checks at those check cashing places, so you will lose something like 10% of your pay check just cashing it. If your creditors know where you work you'll have to get a new job, one where your employer won't do a credit check, which probably means low pay. You'll also have to move (before you change jobs), probably to a very small apartment that's owned by a retired landlord or something. You know, someone who doesn't run credit checks and will rent to you based on his impression of you and your old landlords reference. You'll need to get a new phone number when you move, one that's unlisted and unpublished. And for the next 4 full years you'll have to be very careful about doing or saying anything to anyone that will get your name or phone number put on any mailing lists, because the names on mailing lists are sold, sometimes to collection agencies. Also like others have said, you'll have to make sure you have a reliable vehicle that will last you for years.

That's a lot of work to skip out on for just $5,000 in credit card debt.

[DanielChang]

An acquaintance of mine ran up his bills, probably about $50k. He had credit card loans, car loan, ATM loan, computer loan, and anything else he could borrow he would. Getting credit to him was a like a payday. He had planned on permanently relocating to Europe thinking that he'd never have to pay back the debt. Unfortunately, his relocation plans fell through and now he has horrible credit. Just not worth it.

[GreenMachine]

Originally Posted by Hawkeye48

People do this sort of thing a lot and then regret it later on. If you do this you need to look up your states statute of limitations on defaulted credit card debt, it's probably something like 4 years. And the bad credit will stay on your credit history for another 3 years on top of that.

You'll have to live paycheck to paycheck, probably cashing your checks at those check cashing places, so you will lose something like 10% of your pay check just cashing it. If your creditors know where you work you'll have to get a new job, one where your employer won't do a credit check, which probably means low pay. You'll also have to move (before you change jobs), probably to a very small apartment that's owned by a retired landlord or something. You know, someone who doesn't run credit checks and will rent to you based on his impression of you and your old landlords reference. You'll need to get a new phone number when you move, one that's unlisted and unpublished. And for the next 4 full years you'll have to be very careful about doing or saying anything to anyone that will get your name or phone number put on any mailing lists, because the names on mailing lists are sold, sometimes to collection agencies. Also like others have said, you'll have to make sure you have a reliable vehicle that will last you for years.

That's a lot of work to skip out on for just $5,000 in credit card debt.

I disagree. It's not that much work. I skipped out on two credit cards. I sent a cease and desist letter and that was the last I heard of them. My credit was bad for years, but now it's great. I never had any trouble getting a job either. That said, I would not recommend it.

Greenie

[2goldens]

PGHguest:Dont worry about it, in a year when Hillary gets elected, rumor has it she'll be proposing a national credit card, you can just spin the debt to that..


Please tell me more about this.