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Re: Some Posters Work For CC Companies
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Posted by JJ
on November 09, 2001 at 23:30:04:
In Reply to: Some Posters Work For CC Companies posted by Daniela on November 09, 2001 at 12:39:17:
Daniela, Your ideas on credit are very naive and immature.
I've spent my adult life in financial services {no collection agency} and I'll tell you if someone owes $25k on a variety of cards, and you suddenly quit paying you will get sued by someone. It's very easy to do a Nexus/Lexus search and find assets and jobs.
No, there are no physcial debtors prisons but there are little thingslike judgements and wage garnishments that'll amount to about the same thing when all of a sudden the paycheck starts getting a little short or your bank account is attached.
The most absurd thing is the comment about creditors having an obligation to verify information. That little application you sign to get unsecured credit says you told the truth on the app. Talk with some lawyers. Ask them if they've seen bankruptcy cases dismissed at a creditor's request because of false information on an application.
My personal views on bk are more liberal than the majority of business people. I believe you can get overwhelmed and bk is often the only feasible option. In fact, the biggest mistake many people make is they wait too long to declare bk. They strip IRA's and 401K's in a hopeless cause.
The point I was trying to make to the poster below is there are ramifications to just stopping your payments. If you are current as she is, you really need to think long and hard about just stopping and thinking that'll be the end of the problem.
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