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.
Havent had one since i paid off amex, in 1988.
Then let me amend:
My personal experience, first-hand, second-hand and dealing with consumers related to credit scores do not correspond to his comments.
I’m not going to debate it because on the basis of my personal experience he is incorrect, particularly with his assertion of building up a credit score by paying off the debt every month. My experience is the opposite.
I’m not debating the differing experiences; I have better things to do with my time.
I appreciate the contributory comments...a laxative effect I appreciate; gotta go.
No, I used your logic.
"Signing your word that you will repay a loan and then reneging on that word is both lying and theft. That’s the fact of that matter."
So is buying politicians and then using them to steal taxpayer money via the FED/Bond/loan scheme
Credit Card Consumers did not create the legal loophole that the OP speaks of. But if the banks can use legal loopholes to steal money from the taxpayers why can't the Taxpayers use the legal loopholes in Credit Card law to steal the money back?
Remember you take me to task for asking these questions YET your own philosophy you posted earlier on this very thread sanctions such.
Wow, aren’t you a clever little weasel? You are a sneak thief and a cheat. Oh, in your clever little scam, does it bother you that honest people are getting screwed: the stockholders in the bank / credit card company and the honest card holders who see higher interest rates? Please crawl back into the sewer with the other turds.
Bingo. I don't know what the original poster's motivation was, but the article seems like guide on how to cheat people out of money you owe them.
My sentiments exactly! thanks for saving me the trouble.
Reneging on your debt is thievery.
That is what leftists and liberals do.
“Man up” and pay up your obligations.
i had a credit card at it all done in 2000 when I was out of work...the debt was written off..at write off that 7 year clock starts on your credit record
I.E. in 7 years the record of that debt will be taking off your record.
Stupid me..in 2006 I had climbed out of the hole and went back and paid off the entire debt...so the record..from 2000 that would of been off my record in 2007 went active in 2006..and I had all the little red mark write offs back on my record till just now...
you can put all the comments it your record you want credit card companies don't care about you paying off a debt...all they care about seeing the little red marks you missed a payment.
The problem Lazamataz is that when you post such death threats, or lurid comments, whether or not you mean them, whether or not you are serious is still left up to each individual reader to interpret, which unfortunately includes people from the outside looking in closely at Free Republic for dirt they can later claim as "typical Freeper" or "typical Conservative" fare.
Also when you post such comments, which frankly, many find disgusting, unless your posts are pulled, most times we then end up having to remove many more similar degrading posts from others and it doesn't stop.
One solution which you may wish to consider would be to refrain from posting such comments.
Thank you.
Ok. I’ll try to be a little less high-maintenance. :) It’s a fine line to tread — to be over-the-top but not too far over-the-top. :)
Say, how is my run for the Admin Moderator office in November of 2014 going?
Just pay your bills... it’s the right thing to do.
Better option is to not go into debt.
I was all about debt and honor. THEN the only way out for me after stopping working due to disability, was Chpt. 13. I actually paid off my debts in 1/2 the time required. HOWEVER, after dealing with banks and creditors, I lost any sense of honor bound obligation. I was lied to, attempts to scam me, etc, etc, etc. Then I listened to my attorney and did what most capitalists do. I shared the pain with my creditors. My income dropping by 90% for several years, gave me few options, and I have paid the price. Will prolly never have a credit score over 700 again. That’s the way it goes in the wild, wild, west.
Meanwhile, the honest people are made to pay more in order to make up for the ethical short-fallings of others. It's just wrong.
I hear that rationalization bandied about often. I call BS on that. Nobody is going hungry in this nation except by choice. The U.S. throws away enough food to feed a plethora of third world nations. There are food banks all over the country to feed whoever shows up along with many other charitable organizations and churches. Then you have the government handing out welfare and food stamps like a bottomless ATM machine.
Anybody saying they had to run up their VISA card to buy groceries for their hungry family because they had no other options is pulling your leg and playing you for a fool. And even if they did, they are obliged to pay it back.
Am I reading that right?
-PJ
I travel a lot (I’m writing this from Germany). I have a 3-points-per-travel-dollar credit card. All my travel goes on that card and is fully reimbursed penny-for-penny. Doesn’t cost me a dime.
At the end of the year, I take all those rewards points and give myself a Christmas present of $1200 (low year) to $2200 (best year) in free rewards money (average is about $1600). You can turn those points into a fistfull of $200 gift cards to the big blue tool-box store ($200 per 20,000pts). If you have a dealer willing to trade (and I do) you can turn those rewards into a pistol or two -or- a *nice* AR (or shotgun, or rimfire rifle, or scope, or...?).
I realize not everyone is in my situation, but I know I’m not alone as other travelling-consultants I know do the same thing. So in some circumstances, you can actually make the credit card companies work in your favor. The trick is not to carry a balance. Ever. If you carry a balance, you can easily slip into paying the credit-card issuer to use the card. If you never carry a balance, at least in in my case, the credit-card issuer is paying me to use the card.
If you can manage it, that’s not a bad position to be in!
There is a general lack of wit on this thread regarding the difference between legal, moral and ethical. They are not the same. Nor is there necessarily any correspondence between them. When Common Law was rejected in favor of sentiment the law became the bastard child of lawmakers. It still is not smart to imprison debtors.
I am debt free and have a credit score in the mid 700’s. Nowhere did I ever say this is the way I or any family member did things. This post was a what if scenario.
Millions of Americans have been put into this situation due to job loss or company closure and they are being hounded by credit bureaus that fail to do what is right.
If they fail to furnish proof of the ownership for the debt they claim ownership of, it is their fault and the court will refuse to enter any judgment which is the first step towards a lean and garnishment.
To me, hounding an honest person who had every intention of honoring their debt when times were good and then lost their income...well hounding them and harassing any references the debtor may have used is just adding insult to injury.
I am debt free. I had a severe heart attack at 45 years of age and a second 5 years later. I now suffer from congestive heart failure and the doc said I had around 2 years to live, a year and a half ago. I retired in 1994 due to a heart attack which left me 100% disabled.
In numerous places in this thread I have said it’s great to pay the card off if you can. It’s good to make a payment schedule and stick to it.
The thread slowly drifted into an “I SAID” gotcha which is nonsense by the holier than thou crowd.
Pay your bills if you can.
That should have said lien not lean...lol
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