What will happen if I quit paying my credit cards?

[franciejones]

Originally Posted by Myplanet2

It might pay to look over your contract(s) with the credit card company(s), and look over any security they had you provide. And it also might make a difference if you received your credit card from your mortgage provider.

Clif High said on one of his talks with Rebecca Journigan that the time would come where people would just stop getting bills as these companies go broke.

The printing presses would wear out long before they could print enough money to fix what's wrong in the credit markets. It WILL collapse.

Excellent. I agree and thank you for your help I did "read" the contracts and feel a you need a law degree to understand bits of it...most is easy to get, but those "bits" are what I am worried about!!!

Originally Posted by Northern Boy

First thing is no money has ever changed hands here you never recieved any money from the credit card company you recieved credits . Second you do not have to put up with those phone calls you simply send them a letter telling them to cease and desist all phone calls and all correspondence be made by mail I recently viewed a web site where a girl just went thru this she had 4 cards and quit paying on all of them all 4 tried to go the legal route and all 4 failed based on her knowledge of the card holder agreemment which no one ever reads . I`m at work but will post this info later tonite.

I look forward to this help and thank you so much!

Originally Posted by Surial

That reminds of a news article I saw yesterday about how credit card companies are offering gift cards to close high balance accounts. People that are only paying minimum payments are encouraged to close their credit card accounts because they are putting a strain on the credit card companies.

Very interesting...thanks. I have not heard tell of this as of yet. I will google this.

Originally Posted by Dantheman62

No they cannot take your house if you stop paying the credit cards!
There is also a statute of limitations of 10 years,in otherwards after 10 years of trying to collect from you, they can't do a thing after that.

Thanks! That was my major concern. Now I need to find out about wage garnishment

Originally Posted by Jnana

Francie,

Some of the answers here may be of interest (answers.yahoo.com):

What happens when you stop paying your credit cards?

I googled "stop paying credit cards" and found lots of hits - many people in the same boat with the same question.

Thanks Jnana...I should have done that ....but I do tend to rely on my Avalon friends for info as I am never sure of who places what internet content and from where


Thanks so much and if anyone who is a lawyer OR a collection agent reads this (god I hope there are some enlightened ones on this forum) please do let me and others know the loopholes we can use!

[777 The Great Work]

Originally Posted by franciejones

Excellent. I agree and thank you for your help I did "read" the contracts and feel a you need a law degree to understand bits of it...most is easy to get, but those "bits" are what I am worried about!!!




I look forward to this help and thank you so much!



Very interesting...thanks. I have not heard tell of this as of yet. I will google this.



Thanks! That was my major concern. Now I need to find out about wage garnishment



Thanks Jnana...I should have done that ....but I do tend to rely on my Avalon friends for info as I am never sure of who places what internet content and from where


Thanks so much and if anyone who is a lawyer OR a collection agent reads this (god I hope there are some enlightened ones on this forum) please do let me and others know the loopholes we can use!

The only way that they can garnish your wages,is you file bankruptcy and agree to pay a portion of the bills.

A certain amount will be taken and distributed by the courts.This is only if you agree to pay and not file full bankruptcy.

Speaking from experience, the credit card company can only make it hard for you to get more credit, which you don't care about any way. My brother has been intimidating people out of payments for over 20 years,and its just that intimidation.

[franciejones]

777 The Great Work- Thanks so much. I was curious if they could take me to court and garnish as I will not file bankruptcy hopefully they will just threaten me and do no worse than that.

[alyscat]

There's a reason credit card debt is called "unsecured debt." They usually can't touch your assets. I know people who figure they'll just hold out until the economy fails and the credit card companies fail, etc. However, what I've seen is that if a bank gets close to failing, it's either bought by another bank or "nationalized." I would love it if Clif were right and this does snowball to the point where even the credit cards go under, but this is something I'll have to see to believe. LOL

Good luck, Francie!

[Karen]

I learned everything I needed to stop paying on credit cards here:
http://www.budhibbs.com/
(I had to make several attempts for the page to load.)

After 90 days (if I remember that number correctly) by law the credit card companies must charge it off as a bad debt and the letters and calls from them will stop.

Then and I don't think this part ever stops ... your debt on each card will periodically be bought by junk debt buyers and it will start all over again - the calls and the letters looking like they are from an attorney's office. Do not talk to them except to ask for their mailing address, the account numbers for the original debt and the collection agency account numbers, and current amount they they say is due. They will want to know why you want that. Tell them they will find out when they get the letter. If they are too difficult then hang up, call back and get the info from the person who answers the phone. Then simply send them a registered/return receipt "cease communication letter"
http://www.budhibbs.com/ceaseletter.htm and *most will quietly ride off into the sunset to go harass someone else. Then the next junk debt collector will buy your debt ... and the next ... but that might only happened 1-2 times a year for each card.

Here it is step by step with this little intro:
http://www.budhibbs.com/First.htm
"The collectors, bottom feeders, and junk debt buyers below likely purchased your account for pennies on the dollar. The law holds they must be able to provide legal validation if you are sued. When you don’t show up in court, or fail to respond to a summons you give them FREE money via a default judgment. My opinion, based on thousands of cases: the vast majority of these collectors NEVER have the legal documents meeting most court requirements. That fact will only help you if you challenge them and the papers they use to file court cases. If you are contacted by anyone on this list, get in touch with me for advice and referral to a local consumer law professional who may be able to assist you in beating these bogus claims and save you a LOT of money."

Statute of limitations varies by state. See the above link for a lookup on your state. Oregon is 6 years.

[franciejones]

Wow Karen! What an excellent source of information. Thank you very much for you help, links and information

[Northern Boy]

Here I hope this uploads and helps. i have a pdf file on secrets to Credit card Debt Termination if you wish to have it send me your email as it wont upload

[jstgermain]

I'd be interested in receiving this PDF file that you speak of...

[tone3jaguar]

There is a statute of limitations on unsecured debt. The time varies from 4 years to 6 years depending on the state you live in. As long as during that time you never admit to a debt collector that you have the debt, after the time has elapsed you can write the collection agencies with telling them to erase the debt from your record, then you also write the credit rating agencies telling them the same thing. If they try to call collecting the debt after the credit rating agencies have erased the debt from your credit report, you can tell them that it is passed the statute of limitations for collection and they will have nothing on you.

I got this information from the debt cures book that is sold on infomercials on television.

[Humble Janitor]

I owe $1200 on an old debt and all they do is constantly harass my parents (where I haven't lived for over 7 years!) about it. They do not send me many letters and I am still waiting for a new one as I have a hard time keeping track of things (yikes). I suppose I will stand firm and try to bargain it down to $300-$600 but if they will not work with me, then they will not see a penny.

That is how this debt came about in the first place. The company issuing the card would not work with me to pay it off and therefore, I stopped paying. I have not accumulated any more debt since (with the exception of schooling and medical bills).

[Dantheman62]

Hey franciejones, be very careful here and my advice is to not take anyones advice here!,including my own! 5 minutes ago I just had a cop knocking on my door looking for my old roommate, because he owes on a credit card, so be aware and seek concrete advice!!!!! I just sent you a long pm explaining everything!

[oldpaganfreak]

Originally Posted by Dantheman62

Hey franciejones, be very careful here and my advice is to not take anyones advice here!,including my own! 5 minutes ago I just had a cop knocking on my door looking for my old roommate, because he owes on a credit card, so be aware and seek concrete advice!!!!! I just sent you a long pm explaining everything!

interesting stuff.
in post no. 7, in this thread, i offered ms. jones my experience, based on the last week in my credit history.
in her post (no. 19), she acknowledges everyone else and thanks them and never mentioned mine.

it's obvious that she wishes to be told that nothing will happen if she does not pay.

i offered mastercard 35 cents on the dollar and they accepted.
perhaps ms.jones should take good advice and talk to the company, or not, and face the consequences

[777 The Great Work]

Originally Posted by Dantheman62

Hey franciejones, be very careful here and my advice is to not take anyones advice here!,including my own! 5 minutes ago I just had a cop knocking on my door looking for my old roommate, because he owes on a credit card, so be aware and seek concrete advice!!!!! I just sent you a long pm explaining everything!

Dan thats an old trick that is used all the time by law enforcement.He is wanted for something else.I've seen this done a lot.I can talk to you all day about some of the tricks i've personally witness with police. They are probaly watching your house now, to see if he surfaces because of their visit.

[micjer]

Originally Posted by 777 The Great Work

Dan thats an old trick that is used all the time by law enforcement.He is wanted for something else.I've seen this done a lot.I can talk to you all day about some of the tricks i've personally witness with police. They are probaly watching your house now, to see if he surfaces because of their visit.

I think you are right. Police don`t get involved with collecting debt. Might serve a warrant for being sued for not paying someone, but I would be questioning their real purpose for being there.