Posted on 06/15/2014 12:50:54 AM PDT by pansgold
This advice is worth what you paid for it.
You see, after 90 days of not paying on a credit card, the bank charges it off and sells the debt along with hundreds or thousands of others to a collection agency for 1/100th of the value of the original debt. The debt buyer then tries to collect from the debtor and they keep all the money they can collect.
They will take you to court and try and garnish your wages for 6 to 8 or 12 years. That’s when you ask the court to force the new debt holder to show the court proof of ownership (paper documents) for the debt they are trying to collect for.
These creditors are buying debt with the click of a mouse over the internet and will have none of the original paperwork. The reason, it’s cost prohibitive and a filing nightmare. These creditors prefer to operate with only intimidation and threats. They gamble in getting a judgment by your failure to appear in court. SHOW UP IN COURT!
Just watch the debt purchaser drop the case and give up on collection.
I am debt free. I drive a 1991 car because it's PAID FOR in full and it's a FORD and not a Government Motors Corp. vehicle.
Attack the messenger but not the message.
Millions of Americans find themselves unable to meet the financial obligations they entered into when times were good. Then there was Obama.
When you start devising a plan to not pay back a debt (sceaming), a debt that you freely entered into, you are stealing. Your justifications are meaningless.
Your circumstances may limit your ability to pay, but that is a different matter. If you can truly only pay $10/month and the party is entitled to $50/month, then you are truly doing the best you can. But using a legal trick to pay nothing is stealing.
In the course of my life, I've had many people renege on debts to me, small and not so small. They all told themselves that they weren't able to pay me; however, I guarantee that they have all purchased items that they could have lived without since then, and never sent me a dime.
When I can't buy something for my children, I think of them, and I think of people who would take on a promise, and then steal by reneging on that promise.
My integrity is priceless and I guard it fiercely.
Better to not put myself in positions where it may be endangered.
Let us test your premise.
I catch on video a man entering my house and taking a bag of money I own which contains 1000 bucks. (I have a positive ID)
Law enforcement tells me there is nothing they can do because of some legal loophole.
So then I enter his home and take 1000 bucks. Am I guilty of stealing?
You have a point. A friend of mine had one of these outfits try to collect on a pre-bankruptcy debt. He asked for proof, just to figure out if it was legit from back then (no longer legit in any case). Never heard from them again.
But I agree with others, if you can, PAY YOUR DEBTS. Keep in mind that your credit score affects stuff other than your ability to borrow. It also affects job prospects (as many employers check credit history) and insurance costs (as people with high scores tend to be much lower risks...no one knows why).
Isn’t it interesting that you are checking google.
++++++++
Isn’t it interesting the things you find interesting.
Hindsight is always 20-20
I have half a brain and I work hard. I also got laid off from my job and took a minimum wage job at Kroger, hoping they would take me on full time so I could get health insurance for my wife. They had no intention of ever taking me on full time and I quit when they not only cut my hours but expected me to travel from store to store at my own expense to help with inventory. I now have a good job that pays well and has excellent benefits but I still know plenty of people staying at Kroger, Home Depot, Lowes, Publix and fast food joints who take minimum wage because they can't find anything better.
ray76 did’t kow Google grabs every word of every post in real time and always has.
Do a copy/paste of this post and search it on google. It’ll be there that fast.
I state that fair debts should be repaid and that scheming to do otherwise is thievery. You reply by asking me if I approve of vigilante justice.
Perhaps I should answer by asking if you approve of burning puppies to keep the house warm.
But I'll oblige your question, although it has no bearing at all on whether choosing to renege on just debt is thievery. The answer is, retaking possession of my own property is not stealing. Further, justice is not defined by the limits or enforceability of the law, no matter whether you gain or lose by the inadequacy of the legal system to deliver justice.
You messed up 25 years ago...You stated that you pay rent.
I retired at 45 BUT, my farm was paid off, my truck was paid off, was 100% debt free and had cash in the bank. I work very very part time because I am too young for social security. And I live extremely conservative.
If you retired so young medically, you should be getting social security. If you retired so young without the means to be self sufficient, then no violin music for you.
People with such a mind set might not be employable. I certainly wouldn't hire a thief.
Foresight is preferred.
What are the dangers?
Can you overcome them without damaging your integrity?
Any doubt, don’t proceed.
Credit card companies must operate at a profit or they will go out of business. The amount they charge businesses and customers are based on the cost incurred in doing business.
Unpaid charges and theft are treated the same. Each of these events results in higher interest rates for other customers who do pay their debts.
It may appear clever to get away without paying your obligations but others who do honor their obligations have to pay for It.
You may want to try shoplifting next. Your fellow shoppers who do not steal also pay for that theft.
You should cancel your Internet service. It will do two things. First, you will have more money to pay your debts. Second, we won't have to read the vanity posts of thief on here.
My home was also paid off but being unable to take care of the property my wife and I decided to sell it and rent. Now I just call maintenence and let them fix it.
I was plant engineer for KGF in Tulare at the North plant until I retired for health reasons at 100% disability.
We all know that the government unconstitutionally taxes our property but that was not the main subject of this thread or my post.
Thanks for your advice. I did mention I am debt free in an earlier post and the refrigerator is full.
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