Settlement vs Just Not Paying
Date: Tue, 01/27/2009 - 08:23
1. That all 9 creditors would eventually try to sue?
2. That I could then settle b4 court or even at court?
3. That some would never sue and then fall off after the 4 year SOL?
If I did get a judgement does it stay on for 7 years from date of judgement or date of non-payment?
I'd like to settle but don't have much cash flow right now and for various reasons I do not want to declare bankruptcy.
Any thoughts about this route?
similar question
I got the same question,
basically what happend if I don't pay my debt at all
(not even do the settlement)
???
me too don't have much cash to do the settlement,
and by the time I might have, the debt may already double triple the original amount...
1. Depends on who the creditor is 2. See number 1 3. See numbe
1. Depends on who the creditor is
2. See number 1
3. See number 1 - 4 years is the SOL not reporting period for falling off your credit reports. Reporting period is 7.5 years from the Date of First Default. See the links in my sig for more good info for TX residents
Both StoreZ and Neteffect, I would pursue a method of resoluti
Both StoreZ and Neteffect,
I would pursue a method of resolution. Not settlement. You could essentially pursue it on your own, I know, I've pursued 2 different remedies, depending on what stage in the game. If you can't find it on your own here in the forums, please post here or reply and I'll see if I can get back to you with some forum thread links
I am curious also about this same scenario. I am in GA and have
I am curious also about this same scenario. I am in GA and have stopped making my payments. The last payment was made in July on one of them, maybe October on the others. I don't necessarily think that defaulting and having them written off is a better thing than BK. Is it? At this point my credit rating is in the pot anyway. If you BK at least you know that no one will ever show up and try to sue you. That's my thinking anyway.
mister rodger - what do you mean a different method of resolutio
mister rodger - what do you mean a different method of resolution, not settlement? Are you suggesting bankruptcy?
My problem is that I will probably be able to so a settlement at some point in the future, I'm just not prepared now and do not have a steady income at the moment. The fact is my income could and probably will go up to a decent amount (as it has been in the past). But like many others, this economy makes it all uncertain. I'm sure I'm not the only one out there in this situation.
That said, I do understand the poster making the comment about bankruptcy seeming to be a better option that what I'm suggesting. For this reason: it is over and done with fairly quickly (in Chpt. 7) and you do not have to go thru the fear of being sued later on + you could begin to repair your credit. Kind of.
Bottom line, though, a bankruptcy stays with you forever - 10 years on a credit report and always on public record - I just don't like the thought of having to answer "yes" to the question of declaring bankruptcy the rest of my life. Plus, potential employers and business partners may reject someone out of hand for this.
And I know many people say that bankruptcy was okay and they have been able to get mortgages, cars, etc. after a few years. Wasn't that "pre" economic collapse when credit was being doled out like free candy? What about "post" collapse? I worked in banking years ago when people had to put cash down to buy cars and getting any loan was a nail bitting expereince and not easy. We may be returning to that.
On the other hand, there will be a HUGE # of people with bad credit/bankruptcies in the period of 2008-2010. I suspect there will be some lieniency (sp) given the vast #s of people affected by this recession.
As always, it's hard to predict the future and know what to do in the present.
Neteffect, I think we all are hoping for better economic times a
Neteffect, I think we all are hoping for better economic times and I would love to say that I too, sometime in the future, will be able to affaord some kind of settlement. BUT in the mean time are you not worried about being sued? Your credit is still bad regardless right? How long will they wait? My fear of being sued and our inability to see who and when that may happen has me crazy. I hate opening my mail box every day.