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.
But your credit is ruined.
If you have not paid your credit card in 6 months or even 90 days, it’s already ruined.. right
You are stealing.
I haven’t paid on my credit cards in 6 months....because I paid them all off.
...and what pray tell is a company buying a $2,000 dollar debt for 20 bucks trying to do from you?
Especially since they want the whole 2K.
Honor your commitments.
Fantastic if you can. What about those that lost their job and unemployment? They can’t pay it off.
I agree with you. If you can pay it off you should.
Why not just pay the bill and avoid all the hassle?
For 7 years.
This advise is questionable. Every state has its own distinct laws and court procedures concerning debt collection. It has been a few decades since I had to worry about such things, but I remember it used to be the case in Texas that only the original creditor could sue you.
Reneging on your justly-incurred debts is theft.
You are kidding, right?
You bought goods or services on credit. The credit company paid the merchant. You did not pay the credit company. You possess goods or services and you have not paid for them.
That is theft.
The credit company absorbs much of the loss but tries to limit that loss by selling the debt still owed to another company. They get what they can for it. The company buying the debt then begins the task of collecting from you what you owe. You still owe for the goods or services you bought on credit, only now you don’t owe the credit company you owe the collection company.
You are full of rationalizations, and sound just like a lib. If you lose your job, stop using your cc’s, sell some of the stuff you bought with the cc’s. Pay the minimum until paid off or consult with a credit debt management company.
No money is a good reason.
I don't believe that ratio. 1/10th or so fine, but 1/100 makes no sense to sell it for so little
“Reneging on your justly-incurred debts is theft.”
It sure is. But if you are faced with feeding your family or paying off the card, I’d bet I know where your dollars would go. At least... I hope I know.
Isn't it amazing how deferred payment, 3rd parties and online anonymity have separated so many Americans from what is right and moral. This USED to be cash, or a line of credit from someone who you had to look in the face every day, and from whom you could not hide, or the entire town would shun you. THIS is part and parcel of our decline.
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