**updated** i stopped paying my bills

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SandEagle

SandEagle

Lifer
Aug 4, 2007
16,809
13
0
i think i've had it with the cc companies. everything is late and strangely i just don't care anymore. what will happen next? anyone else do the same thing before?


**update** 8/13

well FML. my fico dropped drastically after missing a few payments. 50+ points lol. enough for me to start caring again. :grin: just sent in a $600 payment to cover a $450 minimum due. sigh. now all of you can suck it and get off my back.
 
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Humpy

Humpy

Diamond Member
Mar 3, 2011
4,464
596
126
Completely giving up and not caring about anything is the only way to find inner peace and true freedom.
 
blackangst1

blackangst1

Lifer
Feb 23, 2005
22,902
2,359
126
I did, by no choice of my own, 9 years ago. Took me 6 years to get my FICO back over 700. One thing I do know is...I'll never do that again.

Have fun and beware unintended consequences.
 
SandEagle

SandEagle

Lifer
Aug 4, 2007
16,809
13
0
blackangst1 said:
I did, by no choice of my own, 9 years ago. Took me 6 years to get my FICO back over 700. One thing I do know is...I'll never do that again.

Have fun and beware unintended consequences.
Click to expand...

what consequences? details man, details!
 
foghorn67

foghorn67

Lifer
Jan 3, 2006
11,883
63
91
SandEagle said:
what consequences? details man, details!
Click to expand...
Sometimes, the cc companies chase you around for 7 years. Or whatever collection agency they sold the debt to. If you can make it this long without taking you to court, you are in the clear.
They can sue you. They can garnish wages. To what degree, I don't know. Maybe it's pennies on the dollar. Maybe it's all their money back plus interest and legal fees.
 
Engineer

Engineer

Elite Member
Oct 9, 1999
39,230
701
126
Was this "by choice" or because you don't have enough income to pay the payments?

Also, what items did you purchase on the CC that you are now not paying for?

Finally, is this some sort of parody thread?
 
HeXen

HeXen

Diamond Member
Dec 13, 2009
7,838
39
91
Because when you don't pay your bills, life gets better and all your troubles disappear. the ghetto folks have known this for decades.
 
blackangst1

blackangst1

Lifer
Feb 23, 2005
22,902
2,359
126
foghorn67 said:
Sometimes, the cc companies chase you around for 7 years. Or whatever collection agency they sold the debt to. If you can make it this long without taking you to court, you are in the clear.
They can sue you. They can garnish wages. To what degree, I don't know. Maybe it's pennies on the dollar. Maybe it's all their money back plus interest and legal fees.
Click to expand...

As a clarification of your post...

Collection agencies can chase you forever; however, there is a statute of limitations on legal action (you would have to check your state, but for CC most states are 3-5 years). Also, it will drop off your credit report after 7 years after the date of first delinquncy. THAT said, you still owe it, and you could still be called (provided you dont send a cease and desist letter to the company).

If they sue you, it is not pennies on the dollar. If you are served correctly and the debt is validated corectly, you could be sued for the full amount of the written off amount plus legal fees. And they can, and will, garnish wages, seize bank accounts, and attach liens to your primary residence if you have one.
 
blackangst1

blackangst1

Lifer
Feb 23, 2005
22,902
2,359
126
SandEagle said:
what consequences? details man, details!
Click to expand...

I couldnt rent a decent apartment after I finally got a job again (its embarrasing making $60k/year and living in a fucking dump).

I couldnt buy a car, except with cash.

Look. I dont know what kind of lifestyle youre used to living. Hell, people go decades without ever needing credit for anything. However, its usually lower income people. That doesnt mean you have to buy everything on credit to live well; however, to live well, you have to have a good credit rating. Its a fact of life.

Well, unless youre super flush with cash. And by super I mean, $250k/year or more in income. Which I doubt.

SandEagle, a very wealthy and succesful person taught me years ago you cant solve money problems with money. In the other thread, you commented you cant save. This leads me to believe some basic finance education is in order. Look at it this way. If you can get in over your head making $30k/year (just an example, I have no idea what you make) then you'll get in over your head making $300k/year. Im not knocking you, but getting mad and ignoring it wont make it go away.
 
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foghorn67

foghorn67

Lifer
Jan 3, 2006
11,883
63
91
blackangst1 said:
As a clarification of your post...

Collection agencies can chase you forever; however, there is a statute of limitations on legal action (you would have to check your state, but for CC most states are 3-5 years). Also, it will drop off your credit report after 7 years after the date of first delinquncy. THAT said, you still owe it, and you could still be called (provided you dont send a cease and desist letter to the company).

If they sue you, it is not pennies on the dollar. If you are served correctly and the debt is validated corectly, you could be sued for the full amount of the written off amount plus legal fees. And they can, and will, garnish wages, seize bank accounts, and attach liens to your primary residence if you have one.
Click to expand...
Like I said, I don't know. That's why there is a sentence after the "pennies on the dollar" comment.
Thanks for clarifying. That should eliminate any false hope of what "could" happen.
I faced my demons a few years ago. Just now getting some breathing room.
 
dud

dud

Diamond Member
Feb 18, 2001
7,635
73
91
SandEagle said:
i think i've had it with the cc companies. everything is late and strangely i just don't care anymore. what will happen next? anyone else do the same thing before?
Click to expand...



So you visit a forum and share your problems with a bunch of total strangers?

I (again) don't believe a word this troll says. How many threads do you have to start on your (supposed) failure at managing your own finances?
 
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Bignate603

Bignate603

Lifer
Sep 5, 2000
13,897
1
0
If this is a serious thread (which I have my doubts about) you can have some very serious and unintended consequences...

1. No access to credit for quite some time. If you need to buy a car on a loan you're screwed, the only place that will talk to you will be those dealerships that are effectively loan sharks.
2. Moving will be a problem. If you're buying a house no one will give you a loan. If you're renting any decent apartment will run your credit.
3. Be prepared to pay more for things you wouldn't expect. For example, many insurance companies charge people with bad credit much higher prices.
4. Good luck getting a decent job. Employers run credit checks. If you can't manage your own money they're not going to trust you with any of theirs.
5. The derision of all your peers. Thanks for letting your inability to use credit wisely jack up interest rates for the rest of us.
 
Capt Caveman

Capt Caveman

Lifer
Jan 30, 2005
34,543
651
126
Yep. What moran would default on $10k at 12%? He'll, instead of trolling here, he could get a job at McDonalds. But based on the stupid threads he posts, who knows. I'm sure his kids are proud of him.
 
boomhower

boomhower

Diamond Member
Sep 13, 2007
7,228
19
81
Let's see:

No car loan, have fun at the buy here pay here places.
Don't move. No decent apartment will rent to you and no way in hell will you get a mortgage.
No decent job. Pretty much everyone runs credit and looks at it to get a sense of your responsibility.
You'll pay more for insurance.
If you do ever move you'll pay a higher deposit on your utilities.
That's just the beginning. It's hard to live without at least halfway decent credit.
 
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