Re: Debt Negotiations (for WhyChat)

Posted by Linda (65.120.51.47) on December 28, 2003 at 02:42:17:

In Reply to: Re: Debt Negotiations (for WhyChat) posted by WoodWorker on December 27, 2003 at 23:40:34:

I'm not Why Chat, but I think there is one other consideration - who are the creditors? Certain creditors are notorious for suing just for the heck of it. Sears, Discover, and Capital One are the main ones that come to mind. MBNA turns everything over to W&A and they go for arbitration - they don't seem to care whether you have anything - they take you to court and then find out what you have. Some of them just want to make you pay mentally/emotionally if they can't make you pay $$$.

I am of the "keep your head down, drop out of sight, be a good deadbeat" persuasion. if you are eligible, bk is always a last resort, sort of something you know you can fall back on if you are sued and they get a judgment. If you can stand the pressure of waiting it out, you usually can pull it off. They sue more quickly now than they used to, because they have so many defaults.

Also, not mentioned, but you CAN fight back even if you are taken to court. Most of the time, the creditor does not expect you to be there, so they are not prepared if you do show up or present any kind of challenge to their claims.

Linda

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