Re: Broke Florida Senior ( just stop paying ) ?????
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Posted by Shadow Collector (172.174.102.26) on November 27, 2002 at 23:16:22:
In Reply to: Broke Florida Senior ( just stop paying ) ????? posted by Steve on November 27, 2002 at 18:43:52:
Depends .. if you have tangable assets, and the debt is for an amount large enough to make a suit worthy (at LEAST $2,500) then you could be sued - of course they cant take your homestead so unless you own other property (not just your house) all you're looking at is a lien .. if you work, your wages could be garnished .. Of course your credit will be impacted, but if you have an otherwise good history, then it's no big deal .. So just wlak away from the credit card, when the bill collectors call just send them a ceast and desist letter .. As for the car - go ahead and contact whomever you have the loan with.. let them know you're financial situation wont allow you to continue making payments and that you have no choice but to default.. ask where the car may be turned in - this will help reduce the overall damages, as if you quit paying now, but the car doesnt get repo'd for another 5 months, thats 5 months worth of payments along with the costs of taking the car back - if you step up to the plate and try to own up to this problem, you could save yerself a few thousand.. hell, if you go to the dealer/bank saying "I can't pay, I will simply turn the car in" there is a good chance they may extend some sort of help to you - maybe a break in payments or something .. of course you could always just total the car - takes care of that problem real fast! Good luck!
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