Need Help - What happend if this is the case ?
Date: Tue, 01/27/2009 - 10:15
Hi,
I got a debt for about 30K, and for some reason, I can not pay this in on time again
so what happend if I stop paying this debt
yes I know this will go default and most likely they will go to debt collector etc2
and I know most likely the debt will grow by interest late payment etc but for few year I might not able to do the debt settlement
so here is my question, basically when people settle for 30% etc, this is from the latest debt which most likely is double or maybe triple their original debt, is this right ?
and what happend if I keep doing nothing until I got some cash to do the settlement ? I got nothing in my name,
and I'm out of country during most of the time so they may not able to harass me
when I settle the debt I know it will stay for about 7 years or so,
but if I do nothing, do they will go expired (maybe 10 years or so) or they will stay on my record all the time ?
please help
thanks
I got a debt for about 30K, and for some reason, I can not pay this in on time again
so what happend if I stop paying this debt
yes I know this will go default and most likely they will go to debt collector etc2
and I know most likely the debt will grow by interest late payment etc but for few year I might not able to do the debt settlement
so here is my question, basically when people settle for 30% etc, this is from the latest debt which most likely is double or maybe triple their original debt, is this right ?
and what happend if I keep doing nothing until I got some cash to do the settlement ? I got nothing in my name,
and I'm out of country during most of the time so they may not able to harass me
when I settle the debt I know it will stay for about 7 years or so,
but if I do nothing, do they will go expired (maybe 10 years or so) or they will stay on my record all the time ?
please help
thanks
On a debt of that size it would be wise to act on it now and try
On a debt of that size it would be wise to act on it now and try to contact the creditor and make some kind of arrangement. If you ignore it it may go to collections with a third party or it may not. Being out of the country just makes it easier for them to get a default judgement against you and file a lien. Then you will not be able to open a bank account, buy a house or even win the lottery without them taking a huge portion of it. Hiding is never a good idea.
