Re: 2 years since I was able to pay any credit cards. What if I do nothing?

Posted by Jeff (204.255.95.217) on March 08, 2003 at 17:41:48:

In Reply to: Re: 2 years since I was able to pay any credit cards. What if I do nothing? posted by sed on March 08, 2003 at 16:39:21:

Yes, you still owe them. But really, it's probably been written off as a loss and the debt sold to a scumbag collection agency that you owe nothing to, morally speaking. They feed like vultures on other's misfortunes.

If they do everything properly and think you have the ability to pay now or in the next few years they will likely come after you in court and get a judgement. You might luck out and lay low until the SOL runs out. The negative info will be on your credit report for seven years from last date of activity. Any payments made on the debts now will extend the date.

If they screw up and trample on your rights you could sue them and get money or deletion of the debts from your records. This happens a lot, particulary because most collectors aren't very bright and they usually don't have anything to be afraid of since so many consumers seem to be scared of them.

In my opinion you're not doing anything more wrong than filing bankruptcy. That would probably be wiser, just consult an attourney. If you feel guilty about the debt it's advised here to send the money to a charity. March of Dimes or another children's charity are my favorites.

You've got a lot of reading to do. It would be wise to make your plans now.

Follow Ups:

Post a Followup