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Why is my plan working so far.
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Posted by GS
(67.30.32.250) on June 14, 2003 at 02:41:47:
After I had to close my 10 year old business, I put 5 cc's on Consumer Credit Counseling. After 14 months of $600 a month an seeing the balances barely drop, I dropped CCC. I've now not paid anything to the 5 cc's in over 1 1/2 years. I eventually planned to settle, but for now, I ignore "out of area" calls, I don't use an answering machine, and I get an occasional CA letter. They seem to be mostly from some new CA that got it from a previous CA. I'm in TX and the sol is 4 years. Should I just wait it out? Do the cc companies usually wait this long to sue? Each of the 5 balances were between $4,000 to $8,000 totaling about $30,000. I have no real assets. Am I judgement proof? (Before Bill Collector passes judgement, I'd like to add that, at the time, I used my cc's to run the family business. Sometimes to make payroll when things were slow. Not to buy fancy stuff for me. I always had a high accounts receivable that would come in to pay the cards when they came due. When the business closed, many clients used the opportunity to not pay me. S**t happens.)
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