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Long story short I have about 4 cards I no longer care
to pay.
Should I let them charge off.
The threat of being sued does not scare or phase me.
I have better things to do with my money than pay cards
I do not want.
How many months from last pay does it take to charge off.
I am not sure what you think "charge off" means but all it means is they charged it off their books as a bad debt. The fact that they charge it off, does not in any way mean you do not have to pay it anymore. A charge off will destroy your credit score. First you will not be able to get any loans or credit. Secondly, your insurance rates will go up probably at least 30% and your insurance companies may not even renew your policy on your next renewal and you will have to go to bad credit insurance market where your insurance rates can be as high as 10 times what your are currently paying if you are approved at all.
Next comes the really bad news, banks now either sue you themselves or sell it to a debt collector who WILL sue you along with blatantly disregarding the law and harassing the hell out of you, calling your employer, calling your family and sometimes even your neighbors.
Once they sue you and get a judgement, they will attach liens to any property you may have such as your home or land. If you ever try to sell it, they will have to be paid prior to closing and they will have by then added interest, fees and penalties. In 10 years a simple $1000 credit card balance could be over $100,000. The judgement doesn't go away for 10 years and in most states they can renew it for another 10 years and in some states even more.
Next they will get a garnishment on your wages and it will be sent to your employer who must then withhold and submit whatever the garnishment order states every pay period until the judgement is paid.
Then they will attach a lien to your bank accounts and sieze any money you have in those accounts up to the balance of the judgement at the time. If you owe them $10,000 and you have $9000 in 6 different bank accounts totally $54,000, all 6 accounts will be seized and the entire $54000 will be transferred to them. You then have to work through the system with an attorney to get your other $44000 back. If you are on any other accounts as a signer such as a joint account, business account, whatever your name is on; they will seize that as well.
Eventually if you still avoid paying them, in many states they can then get a seizure order and show up at your house one day with the police, inventory all of your assets and seize them along with the home if you own it. They will then have an estate auction and sell all of your property. If the auction brings more than the total of the judgement, you will get lucky and get the balance eventually after they take out some fees for the auction. If you tried to outsmart them and transferred ownership of property or assets, they will find it through the investigation of your finances and assets. That really ticks the judge off and he will bury you for that.
I would think before it came to all of this you would have worked out a settlement or payment arrangements or filed bankruptcy but either way by the time it is over with you will have lost far more than whatever you owed them in the first place either by paying attorney fees or higher insurance rates and financing at a latter date. Regardless, you are going to lose if you just "let them go to charge off" if you have the means to pay in the first place. It is a different story when something beyond your control happens such as an illness or loss of job and trouble finding a new job but when you do it intentionally, you will get what you deserve.
Assuming you have the means to pay but just see that it is never ending and want out, your best bet is to call your creditors and tell them that you are overwhelmed, overloaded with debt and want to ask for their help cleaning it up before it spirals out of control soon. Most of them don't want that to happen and will work out payment arrangements and will sometimes agree to lower the interest if you agree to the closing of the account and you pay on time each month thereafter. Some will even reduce the amount of the debt if you are convincing and sincere enough in your plea for help.
One should not believe everything that they read on the internet is true.
Walk away from the credit card debt?
One can walk, run, hide.....whatever. It will never go away unless the debtor takes care of it.
Here's what's gonna happen:
Let's just say that someone charged $10k on a credit card, then defaulted. This is unsecured debt, therefore the creditor can't attach a lein on personal property, even merchandise that was purchased under the contract. And it is a contract, with all of the rules and regulations that come with a contract. Trust me, if in some way the creditor can get the stuff back, they wouldn't want it anyway.
The debt will be charged off, which just means that the CC company has reported it as bad debt. A collection agency will purchase the debt and most likely will get a judge to sign off on a judgement. This means the court has recognized the debt as valid and the debtor has a legal obligation to pay.
Can they go after your bank account?
Oh yeah. And they will.
Can they get a wage garnishment?
Oh yeah. And they will.
Can your employer fire you if you have wage garnishments?
Oh yeah. And some will.
Before we get to this step, it's important to negotiate with the debtor. By this time with late fees, penalties, and an obscene interest rate, the debt is now around $20k.
Now is the time to talk.
Do the math and pay for what you "bought" minus the fees. Make sure that your new contract states "With Prejudice".
I don't condone stealing pal. I also don't condone
the usery of credit cards, easily the most annoying
debt, how some people have ten or more of those
things amazes me.
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.
One should not believe everything that they read on the internet is true.
Walk away from the credit card debt?
One can walk, run, hide.....whatever. It will never go away unless the debtor takes care of it.
Here's what's gonna happen:
Let's just say that someone charged $10k on a credit card, then defaulted. This is unsecured debt, therefore the creditor can't attach a lein on personal property, even merchandise that was purchased under the contract. And it is a contract, with all of the rules and regulations that come with a contract. Trust me, if in some way the creditor can get the stuff back, they wouldn't want it anyway.
The debt will be charged off, which just means that the CC company has reported it as bad debt. A collection agency will purchase the debt and most likely will get a judge to sign off on a judgement. This means the court has recognized the debt as valid and the debtor has a legal obligation to pay.
Can they go after your bank account?
Oh yeah. And they will.
Can they get a wage garnishment?
Oh yeah. And they will.
Can your employer fire you if you have wage garnishments?
Oh yeah. And some will.
Before we get to this step, it's important to negotiate with the debtor. By this time with late fees, penalties, and an obscene interest rate, the debt is now around $20k.
Now is the time to talk.
Do the math and pay for what you "bought" minus the fees. Make sure that your new contract states "With Prejudice".
In no way do I favor what the OP is suggesting, but some of this isn't entirely accurate. Not all states allow wage garnishments for credit card debt (although most probably do) and an employer cannot legally fire an employee for a single garnishment (federal law prohibits this). Multiple garnishments may be a different story.
That still doesn't make what he's suggesting right.
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