What's the worst that could happen?
Date: Tue, 02/09/2010 - 13:09
Good question. Im getting annoying calls from different consolid
Good question. Im getting annoying calls from different consolidation companies, after i reg here, but there is no point to pay them 15% if you can DIY with help of this forum members and moderators. most scary thing for me is if they'll take me to the court and judge will put garnishment on my $500 check. idk if it makes sence for CA take me to the court on $2000 balance and low income, but who knows. Ill start to try to settle my CC and repo balance after 60 days past due.
When creditors sue, they are not just looking at your income now
When creditors sue, they are not just looking at your income now....they are looking at your income10-20 years from now. Most states judgments last 10 years and renewable. So they are hedging a bet
Quote:Originally Posted by SOAPLADYWhen creditors sue, they are
Quote:
Originally Posted by SOAPLADY When creditors sue, they are not just looking at your income now....they are looking at your income10-20 years from now. Most states judgments last 10 years and renewable. So they are hedging a bet |
So if they get a judgement against you and they still won't negotiate a settlement, this thing could dog you for 10-20 years? They sort of reserve the right to come collect when times are better?
I look at it this way - the worst thing that could happen is tha
I look at it this way - the worst thing that could happen is that they sue me and I have to file bk. So I figure if I can do this and not have to file it's a bonus. If I end up having to file at least I know I did the best I could to resolve the issue and get money to creditors and if they chose not to take my settlements and get something then that was their choice. They are taking a gamble when a debtor tells them they will file bk if a settlement isn't reached.
In my situation, they are the ones that caused my default by tripling my interest rate which tripled my payments. I was on time every month - even though my income had dropped 70% - until they tripled my payments. Once that happened I was done. I called them and told them I could not pay this but if they put the payments back to where they were I could get back on track. They said no - so I defaulted and they will end up getting 20% of the balance instead of 100% of the balance plus a normal 8-10% interest rate.
Again - they made the choice. I no longer feel guilty for not repaying the total debt.
Amen. The cc companies have brought a lot of this on themselves,
Amen. The cc companies have brought a lot of this on themselves, by jacking up interest rates on people that always paid on time, and making it nearly impossible to make the payments. I too, no longer feel guilty.
Quote:Originally Posted by AnonymousAmen. The cc companies have
Quote:
Originally Posted by Anonymous Amen. The cc companies have brought a lot of this on themselves, by jacking up interest rates on people that always paid on time, and making it nearly impossible to make the payments. I too, no longer feel guilty. |
That's true - they got too greedy and caused a lot of what's happening now. But at the same time, the people who spend money they don't actually have are part of the problem too.
The biggest issue, in my opinion, is that we've let the credit card companies convince us that instant gratification is good, and over the last 20 years or so, this has become the way of life for a lot of people.
If I can get though this, I will never have another CC or loan a
If I can get though this, I will never have another CC or loan again. I tried settlement company...got scammed so now I owe triple than I did when I started.
They will sue and they will win....I am being sued by one right now and the other 7 will follow suit....
I have called bank** lawyers and I am finding out that I can't file cause with my misable 10k job min wage with like 25 hours a week...That causes our household income to go over 52k...cause my husband gets 42k a year but he can't help me cause he is in the same boat trying to pay his bills
I guess the only way they will leave me alone if I send them my dead body
I am getting no help...but i hate it cause around here..drug users/drug dealers can get help by the goverment or people who are on welfare and wont stop poping out kids.
I lose my job and try to feed myself and all i get is a kick in the butt