Knight
Well-known Member
Would paying minimum payments impact you negatively? Without knowing your cost of living expenses, the only consideration would be. How do you feel about not paying a debt?
What can happen if I refuse to pay anything against my CC debt?
- Thread starter OregonGuy
- Start date
dusty
Member
- Location
- central New York State
When you die the debt will be forgiven. Relatives who inherit are not liable. If you just stop paying they will drive you crazy. If you pay minimun and never use the card again you will keep your credit score. But you most likely will never pay it off and it kees accruing interest until you are throwing good money after bad. If you don't care about your credit score then stop paying on it. I would no advise this for many reasons.
What I would do is make a plan for a payoff date. Pay you account twice a month making one the exact amount due and the 2nd payment two weeks later for as much as you can and be sure to tell the card co that this payment is a 'curtail ment' payment. It mus go to principal only.
It will take some time but you will get outof debt and save your credit score.
Aunt Bea
SF VIP
- Location
- Near Mount Pilot
Consult with a legal aid attorney in your area, it might be better to declare bankruptcy and officially/legally wipe the slate clean.
papa tiger
Well-known Member
I seriously doubt a lawyer will take your case and never get paid.
So do you live in a tent, homeless and cold. Maybe a good chick will grab you.
Then you don't have to worry. No Chick? Well, you are a bad debt aren't you.
Still a good chick might like bighting on you? U no UR cool!
Do you really care if you have to make the minimum payment for the next 200 years?
At 17% interest $2000 or so a year, you can retire, take it easy.
So do you live in a tent, homeless and cold. Maybe a good chick will grab you.
Then you don't have to worry. No Chick? Well, you are a bad debt aren't you.
Still a good chick might like bighting on you? U no UR cool!
Do you really care if you have to make the minimum payment for the next 200 years?
At 17% interest $2000 or so a year, you can retire, take it easy.
Last edited:
dusty
Member
- Location
- central New York State
At least if you pay the min each month and never charge anymore, you will save your credit score and as you get older that is vitally important.
Naturally
Well-known Member
- Location
- Corner of Walk 'n Don't Walk
Good idea, if considering. Here's a link with tons of info for United States Bankruptcy Court District of Oregon
Bankruptcy has lasting financial ramifications though. To me, filing for bankruptcy is on par with considering filing for divorce maybe ... either one is only done when all other options have been exhausted.
There are innumerable YouTube videos about bankruptcy. Just do a search there for "bankruptcy" to get some straight skinny and shared stories.
Last edited:
Twostep
Well-known Member
- Location
- Tiny town Oklahoma, OK
You spent the money knowing you would not pay it back. Pull up your big boy britches and do something!
JustDave
Well-known Member
I would expect the minimum amount to increase as you interest mounts up, so I would think the minimum amount may sometime become out of reach. And if you pay nothing, the interest amount increases faster. I doubt you are the first person to find themselves in this situation.
I went with a woman for a short time who had amassed huge debt. She left town for a while, and asked me to pick up her mail. She was continually getting past due payment notices. She just told me to throw them away and casually ignored them as a minor annoyance on the grounds that she couldn't pay them, which was in fact true. Our relationship didn't last more than a few months, and we lost track of each other. I don't know how any of her financial situations turned out. That whole relationship is something I remember like a bizarre dream. Interesting but in a nonsensical way.
I went with a woman for a short time who had amassed huge debt. She left town for a while, and asked me to pick up her mail. She was continually getting past due payment notices. She just told me to throw them away and casually ignored them as a minor annoyance on the grounds that she couldn't pay them, which was in fact true. Our relationship didn't last more than a few months, and we lost track of each other. I don't know how any of her financial situations turned out. That whole relationship is something I remember like a bizarre dream. Interesting but in a nonsensical way.
OneEyedDiva
SF VIP
- Location
- New Jersey
I thought about that too Jules. Prospective landlords do indeed check credit scores. OregonGuy indicated that his credit his credit score is already in the tank, but making it worse would sure......well...make things worse. I think declaring bankruptcy would too. @Aunt Bea Hopefully you'll never have to move OregonGuy.
Last edited:
Happyflowerlady
Vagabond Flowerchild
- Location
- Northern Alabama
My ex-husband did a similar thing. He filed bankruptcy once, and then the CC companies started offering him more cards and he signed up for every one that they sent, and used them to the max.
Because he had a personal payee, they paid money every month towards his CC debt, out of his SS pension check. He also had a retirement from when he worked, but he and his girlfriend had borrowed so much from that over the years that there was not much left, and he spent that however he pleased.
I am not sure what happened to that debt when he died, but my oldest son took care of everything, and there was no money to help out with burial expenses.
I have small insurance policy that goes to my daughter, since I live in her rental house, and she is the one who will be responsible for my final expenses. I pay my cards off every month, so there is no debt for my kids to have to worry about when I die.
Because he had a personal payee, they paid money every month towards his CC debt, out of his SS pension check. He also had a retirement from when he worked, but he and his girlfriend had borrowed so much from that over the years that there was not much left, and he spent that however he pleased.
I am not sure what happened to that debt when he died, but my oldest son took care of everything, and there was no money to help out with burial expenses.
I have small insurance policy that goes to my daughter, since I live in her rental house, and she is the one who will be responsible for my final expenses. I pay my cards off every month, so there is no debt for my kids to have to worry about when I die.
jujube
SF VIP
Sometimes the "write-off" of a debt counts as income.....on which you owe income tax.
Owing income tax means owing the U.S. Government, which is notoriously unforgiving.
Something to bear in mind.
An acquaintance sold a property on a "short sale" and the bank that held the mortgage "forgave" the difference. However, he owed income tax on the difference and the IRS billed him for it.
Owing income tax means owing the U.S. Government, which is notoriously unforgiving.
Something to bear in mind.
An acquaintance sold a property on a "short sale" and the bank that held the mortgage "forgave" the difference. However, he owed income tax on the difference and the IRS billed him for it.
rgp
Well-known Member
- Location
- Milford,OH
Knight
Well-known Member
A long article explaining what the OP asked
4 dangers of not paying off your credit card debt.
The OP seems computer savvy yet asks for input from an online forum.
Income of $39,000.00 a year. States
Quote
"I have no home, car, property or other tangible assets."
Makes me wonder how 15k in credit card was accumulated.
Could this be one of those pranks people play?
4 dangers of not paying off your credit card debt.
The OP seems computer savvy yet asks for input from an online forum.
Income of $39,000.00 a year. States
Quote
"I have no home, car, property or other tangible assets."
Makes me wonder how 15k in credit card was accumulated.
Could this be one of those pranks people play?
A: You are in compliance with the contract you signed.
B: As pointed out, you are exempt from execution, and the statute of limitations in Oregon is 6 years from the date of last payment to that creditor. You are essentially judgment proof. However, this does not mean you can not be sued within the limitations. Giving your facts presented a suit would be wasteful. If you can afford the minimums without difficulty, you have to decide yourself yourself. How was the debt incurred? If through spending gone wild, you should decide if you feel a somewhat moral obligation to pay. Being 78, you have the ultimate decision.
papa tiger
Well-known Member
A payment around $500 a month is needful. I see homeless as an advantage but not in Oregon.
I occasionally see one with a backpack, shopping cart, tent, hatchet etc. Probably teaming up
with a good girl is your best forecast to successful movement.
I occasionally see one with a backpack, shopping cart, tent, hatchet etc. Probably teaming up
with a good girl is your best forecast to successful movement.
OregonGuy
Senior Member
Thank you! The debt was primaily incurred over time supporting my disabled son and my own medical bills ,I will continue making minimum payments until making them will mean I can no longer afford to pay to be in an assisted living facility.
Marie5656
SF VIP
- Location
- Batavia, NY
When my husband died I called the CC companies and told them he had died...I had to provide his death certificate
OregonGuy
Senior Member
OregonGuy
Senior Member
The debt was primaily incurred over time supporting my disabled son and my own medical bills ,I will continue making minimum payments until making them will mean I can no longer afford to pay to be in an assisted living facility. The debt was primarily incurred over time supporting my disabled son and my own medical bills ,I will continue making minimum payments until making them will mean I can no longer afford to pay to be in an assisted living facility.
hollydolly
SF VIP
- Location
- London England
you've asked a question, you've been given the answers, that's for you to decide now what to do or whose advice to take... what you don't need to take is critisism from people who don't know your situation.. not do you have to justify yourself to strangers.
whatever you decide to do about your situation,is between you and your creditors...
Murrmurr
SF VIP
- Location
- Sacramento, California
No, they can't. There's nothing they can do to square the account aside from deactivating your card.
To stop the calls, talk to their customer service dept (if you haven't already) and flat out tell them you can't pay on the debt. They're not supposed to call you after that. If they do, it's harassment, which is illegal.
Don't accept a settlement amount. If you do, they can sue you and keep hounding you. Just tell them you can't pay anything, period. If it's already gone to a collector, tell them the same thing.
Technically they can. You are allowed to keep 2 months SS salary in your bank account. I'm not sure if that includes your PERS.
You must send them 'A Cease & Desist letter', Send it 'Certified' through the PO. They are allowed to send or call ONE TIME with a formal receipt explaining what you owe, either phone or mail after they get your C&D request.
Correct, never sign anything that you agree to pay the debt. Never agree to anything, Restarts the 'Statute of Limitation' date. After the SOL date they will followup with a letter explaining that the debt is uncollectable. Then after a time the calls will stop, but your credit will be dinged.
Before any of this gets started send them a certified 'DV' (Debt Validation). With a copy of their request. They have 30 days to respond. Keep all your documents in case they take you to Small Claims Court, For a $15,000 debt they may want to pursue it. Don't ignore this, it could get hairy.
Here's the kicker if the debt is written off the company will issue you a 1099 C that has to be included on your tax return at a later date. Another thing this debt can be resold many times or for as long as the debt remains unpaid.
Last edited:
Credit lenders of course know debts can be subject to default, one way or another. It is a risk they take when granting credit. It seems the debts were genuine and not a result of bad faith spending. I know a couple that filed bankruptcy 3 times in 30 years. I know for an absolute fact they were free wheeling. You took out the loans in good faith, and had every I intention of repayment I assume. Reflect on how you wish to handle it.
Gilead said:
A private or public pension under Oregon law can not be garnished. Some cards have provisions that disputes shall be settled under a certain states laws, as in the state of issue or Corporation state. However, you will find every state should have such exemption under its laws, the same as federal bankruptcy laws.