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.
If the original creditor is so desperate that it would sell the debt for a penny on the dollar, he would probably accept an honest settlement offer.
This belongs on Dummy Underground, not here.
If you do this intentionally then this course of action is you committing FRAUD!
Your reply (”this”) is welcome there.
NOT if the judge doesn’t think requiring PROOF of the debt constitutes fraud.
That’s why we have courts. They make the determination if it’s fraud or a requirement.
Are you trying to assuage your conscience?
Coming from 2001. Pay it back to collections. Let it go if you can’t pay it. Your stuck for 6 years regardless.
It IS your fault if loss of a job prevents you from honoring your obligations. The intention to pay back the money is insufficient. You must endure whatever sacrifice is necessary to pay back the money.
The alternative is to never have borrowed it. This alternative is open to everyone, regardless of how some seem to think it is not. If there is even the slimmest possibility of not having the money to pay the debt, then one should behave as if they have no credit. The ability to borrow more than one can pay back is not justification for doing so.
Agreed 100%.
Aside from the 15-year mortgage on my house, I have never -- not once -- purchased anything on credit...and I paid that off in 6 years. Long before Dave Ramsey came on the scene, I decided to live debt free. In my 73 years, I've only owned 6 cars, each one paid in full when I drove it off the lot. My current one is 15 years old with 283,000 miles and it runs perfectly. I don't have Mexicans doing my yard, I still cut, trim and edge it myself. I've been to Vegas innumerable times on conventions but have never spent a penny on the games of chance. I am opposed to theft by trying to scam those who provide goods or services.
There's an old saying that happiness isn't having what you want but wanting what you have.
If you made those purchases and had every intention of paying for them and due to an unforeseen loss of work later on, how is that stealing if you can honestly no longer afford to pay the debt and keep the lights on?
Please explain that to me.
“It IS your fault if loss of a job prevents you from honoring your obligations.”
Is your domain at EOP.GOV?
If your conscience bothers you that’s good! As others have advised, you should make a payment plan and stick to it.
If you can I agree. Remember, no source of income makes this hard to do and as you probably know, breaking this new agreement by missing just 1 payment nullifies the entire agreement and it’s back to square one.
Surely you know the saying about where the road leads that's paved with good intentions. And even in obama's America, there are still plenty of opportunities to find work and earn an honorable income. Take some time to watch Door to Door, the true story of Bill Porter, a man with cerebral palsy who did overcame tremendous odds to make a good living as a door-to-door salesman.
You have something that you did not pay for.
If you lose a job and can no longer afford the payments call the creditor and negotiate a payment plan. You already know they will accept something rather than nothing - they’re willing to sell the debt to a collector. Save them the trouble. Negotiate a payment that you believe you can make, and stick to it.
Dodging it doesn’t make it go away. It only makes life more stressful. And who needs that?
What if your former boss told you that the company intended to pay you but they just don’t have the money? Then they walked away leaving you with one or two weeks work unpaid. Would you feel they stole your time and work?
What if they offered to pay you part of your check? It would be better than nothing. Would you take it?
And even that isn't completely uniform. The Federal courts do honor most state limitations on bankruptcy. For instance, in Texas they can't take your homestead or your means of making a living, which can mean your car, tools, etc. unless they are pledged as collateral.
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