Credit card debt q's?

[thefairlaneman]

Re: Credit card debt q's?

lets see....

#1, credit score goes to zero

#2, one judgment after another against you

#3, wage garneshment

#4 all bank accounts levied........

I really dont find humor in joking about debt.

I got the short end of the stick when I got divorced (CC debt I didnt even know about) hooked up with a girl who stole money from me and then had a stack of medical bills. I spent a good part of 5 years trying to work my way out of it. it sure is hard to recover from 50k of debt when you only make 30k a year. After treading water for all that time and not getting any closer to shore with lungs full of water, I filed for bankruptcy so I get a fresh start. that means cash only, one credit card that sits in a drawer and is only used for one tank of gas a month. in 2-3 years Ill qualify for a home loan so I wont have to keep renting a crappy apartment.

I agree with all but #3 I dont see how they can take your pension and SS checks. If they proved fraud maybe, but Im just saying the guy says he was foolish with using them which isnt a crime and now must go bankrupt if allowed cause he just cant pay up.......cant get blood from a rock they say

 

[SooLineRob]

Re: Credit card debt q's?

thats bad advice. once it goes to collections now there is a mark on your credit rating under the collection agency. you now have 2 marks on the same debt. over time the "charged off" may fall of your credit rating, but the collection agency one will stay on till its paid. once its paid it will read "payed per agreement"

What's bad advice?

My entire text, or specific part(s) thereof?

Since you have more experience with credit problems than myself, I'll defer to your perceived knowledge. However, I stand by my statements based on what lenders have told me over the years.

 

[Shizzy]

Re: Credit card debt q's?

generalizing for all 50 states. I can only speak for the state of MN, but checking your credit report and seeing two marks for one debt sure sucks. and nothing like having the payroll lady walk up to you telling you someone is going to get X amount of dollars a week for the next 13 weeks to ruin your day.

also lenders arent your friend. they are only there to make money off you.

and fairlaneman, im sure they cant take SS, and possibly a pension, but when I did my bankruptcy the first thing they asked was if I sold anything of value over the last 12 months, own or owned any houses or property, owned a business and I had to list EVERYTHING I owned as well as the last 12 months of all bank statements. basically they have the last 12 months of your life under a microscope. Luckily for me I never owned anything and what I did went to the pawn shop to pay bills. I was able to show I only was worth $8000.00

 

[mrainey889]

Re: Credit card debt q's?

What would happin if a person who had 5 or 6 credit cards would put EVERYTHING he owned into a friends or relatives name and then max out all of the cards .Perhaps buy 20 0r 30 k in gold coins and hide them and then just tell the credit card company to go pound sand. What could they do? besides put a big black check mark on your credit report as If you gave a chit?

Well, if you just ignored them they can as already said garnish your wages as well as do their very best to make sure any thing you ever did possess again in the future in your name would become theirs until the debt was paid off.

That big black mark on your credit report that you say you would not give a chit about would stop you from being able to ever get a mortgage, rent an apartment, or take a loan for a vehicle from anyone that checks your credit before offering a loan. Since credit is so easy to check these days, that pretty much covers any sensible lender. You could probably find some that will disregard, or not check at all your credit report...if you take their loan with a 30% or greater interest rate, plus assorted fees.

Oh, and one other thing. If you were to try and file bankruptcy to get the creditors and collecters off your butt, you would be guilty of bankruptcy fraud, and could be sent to prison.

Hope this answers your question of "What could they do?" Personally, it does not seem worth it to me.

Not trying to be a smart ***, just hopefully giving you an idea of what could happen.