What can happen if I refuse to pay anything against my CC debt?

gilead said:
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, to get a judgement against you. Don't ignore this, it could get hairy.
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I thank you and mmmr, gilead and ohio and all the other respondents,.
Thanks to all of you I have peace of mind!
 

gilead said:
Technically they can.
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They can't touch your SS income.
gilead said:
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.
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You don't have to do that if you're living on a limited income that covers your basic needs and you aren't left with what could be classified as disposable income.
gilead said:
your credit will be dinged.
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Doesn't really matter when you're 78 and don't plan on buying a house, new car, or any major purchase.
gilead said:
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 may want to pursue it. Don't ignore this, it could get hairy.
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Don't spend money on certified mail or a notary or court-filing fees, etc., as this shows you have money to spend. It is extremely unlikely your cc company will pursue your lousy little $15K debt. The legal fees aren't worth it to them.
gilead said:
Here's the kicker if the debt is written off the company will issue you a 1099 that has to be included on you tax return at a later date.
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Maybe for the PERS, idk, but not for SS income.
 
Murrmurr said:
They can't touch your SS income.

You don't have to do that if you're living on a limited income that covers your basic needs and you aren't left with what could be classified as disposable income.

Doesn't really matter when you're 78 and don't plan on buying a house, new car, or any major purchase.

Don't spend money on certified mail or a notary or court-filing fees, etc., as this shows you have money to spend. It is extremely unlikely your cc company will pursue your lousy little $15K debt. The legal fees aren't worth it to them.

Maybe for the PERS, idk, but not for SS income.
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Ignore all posts.
 

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OregonGuy said:
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.
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Thank you for your reply. That supporting info made a huge difference to me. I applaud your use of credit to help yourself & your son.
 
I got in credit card debt in the early 2000s and it almost ruined me. All the phone calls and even had my paychecks garnished. Finally back on track and now always double up my payments. I'm about $1000 in debt.
 
Oldeagle66 said:
I got in credit card debt in the early 2000s and it almost ruined me. All the phone calls and even had my paychecks garnished. Finally back on track and now always double up my payments. I'm about $1000 in debt.
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My bouts with credit card debt were in the early 80s.

I got into credit card debt very quickly and struggled my way out very slowly but I made it and learned a great deal about living within my means along the way.

I think that it’s something most of us deal with at some point in our lives.
 
Aunt Bea said:
My bouts with credit card debt were in the early 80s.

I got into credit card debt very quickly and struggled my way out very slowly but I made it and learned a great deal about living within my means along the way.

I think that it’s something most of us deal with at some point in our lives.
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Same here and it was worth it. I spend around $2 to $5 every few months just to keep them open. Other than that, I'll use a debit card, cash, save or do without. I see so many people using credit cards like their personal bank accounts. I'll never buy something like coffee or lunch on a card.
 
Very first credit card I had was a Visa card in 1979 -1980. It was only good for $1K. I maxed it out and stopped making payments.

Fast forward to 1988 and I found out that $1K debt and non-payment was still on my credit report.
I wrote Visa a letter asking how I could make it right.
Visa replied they had no record of the account and as far as they were concerned I didn't owe them anything.

1988 was before email, so I had a hard copy letter from Visa via snail mail that basically said they didn't know what I was talking about.

SOooo ... I was in the military and stationed in Norfolk Virginia in '88. There was a TRW Credit Services office in Norfolk. You could walk into their office and for something like a $10 fee, they would sit down and review everything associated with your credit reports.

I had the letter from Visa in hand when I entered that office. The lady that helped me was married to a military guy and I was military and I think she did everything she could to help me out. Anyway, since Visa didn't know what I was talking about and had no record of my ever having a Visa account ... right there on the spot, the lady was able to erase that Visa record of debt and non-payment from the credit reports.

That afternoon when I left that office, my credit reports were showing that I had the highest credit rating possible. T1 or something like that, whatever tables they used to rate credit back then.

Then one day many years later, I found myself with just north of $23K on a credit card and the card limit at the time was $24K. So I'd almost maxed it out. Now for some, maybe coming up with $23K is minor stuff, but at the time, I had to sacrifice a bit, plan and stick to the plan to pay that $23K off. It took a couple of years.

I still have that Platinum Visa Card and the credit limit is now $29K without me ever asking them to raise or lower the limit. I pay it off completely each and every month, so don't incur interest. And my credit score fluctuates between about 820 and 842. I've briefly seen 845 and 848 from time to time. And because of my credit history and that score, I have the lowest rates offered on any card from my financial institution.

I do use that credit card for online shopping because I don't want my debit card number on the webs. Locally I always use the debit card. I very seldom use cash anymore.
 
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ohioboy said:
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 intention of repayment...
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This is why interest rates are so high, and I have no issue with that. Some people get into a situation where they can't make their payments - you lose a job, your rent goes up, you have an accident or unexpected home or auto repairs...it happens. Interest is kind of like a cc company's insurance. And when you're into them for 10 or 15 thousand, they don't lose.
 
OregonGuy said:
I thank you and mmmr, gilead and ohio and all the other respondents,.
Thanks to all of you I have peace of m
Click to expand...

gilead said:
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.
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That must be SSI or SSDI. I regularly keep more than two months in my account. Regular Social Security you have as much money in the bank as ya want.
 
ohioboy said:
What are you talking about about, penalties? Did you ever read my link?
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What I mean is. There is NO limit to how much money you can have in your bank account if you are on regular Social Security retirement and no penalties. It's just that simple. I don't care what links you put up. I have been doing it for a few years, as well as friends and family members.
 
Oldeagle66 said:
What I mean is. There is NO limit to how much money you can have in your bank account if you are on regular Social Security retirement and no penalties. It's just that simple. I don't care what links you put up. I have been doing it for a few years, as well as friends and family members.
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The thread concerns only SS garnishment, re- read it.
 
Oldeagle66 said:
Okay, that's different. But I've never had that problem even when I did have credit card and medical debt.
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Of course a garnishment order is necessary, meaning you have to be sued first, judgment, then an order if the creditor wishes.
 

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