Re: Depression Financial

On Jun 7, 4:45 am, "earthpots" <earthpots...@xxxxxxxxxx> wrote:
trisha wrote:
IF you are in a situation beyond your control and you truly cannot pay
your debts, why don't you file for bankruptcy and have it legally
recognized? Yes, it's tough, but if things are that bad it is a way
to start with a clean slate and to make sure that you cannot be chased
down fifteen years down the road for some forgotten debt.

I'm no longer in a situation beyond my control, I can pay off the loan I got
from the bank that I used to pay off the majority of the credit just fine.
The issue, which you are missing, is that there are charges I dispute, that
are from the cc's affiliate, that the credit card refused to remove/reverse,
and I refuse to pay. And it's 7 years, not 15. Wellll..., for me, it's now
actually less than 6. That doesn't mean they won't _try_ after then, *if*
they can find me...

We had to file the fall after I moved here. It was a combination of
circumstances including an injury that put me out of work for over a
year, a job loss, and the consequences of mismanagement of the company
hubby worked for at the time that led to a hole we found ourselves
getting deeper and deeper into. We filed a Wage Earner's bankruptcy
and they took the payments right out of hubby's check. We got a
couple bonuses, paid what the settlement paperwork stipulated, and
paid off our portion after 2 years instead of almost 6.

While the guidelines have changed, people who are truly in need of it
can still file. Our lawyer's fees were included in the settlement
price.

My cosolidation loan, at less than 4% interest, is affordable, and there is
no lawyer to pay.



In my opinion, that's a lot better than spending the rest of your life
trying to pretend you don't exist. It also puts a time limit on
things and after that, you can start over and hopefully things will go
better for you.

I won't be spending the rest of my life dodging anything there is nothing to
dodge. Actings as if I don't exist, is a ploy to keep the creditors from
starting the clock again. I only have to dodge the debt that I dispute, and
do not believe I owe, for 7 years. I don't see how bancruptcy is better than
what I did. I don't need to start over, I simply do not need to rely on the
use of credit. Things are already better, in 2 1/2 years my cooilidation
loan will be paid off. Why do I get the feeling you really didn't pay
attention to my post?

"When should I NOT negotiate a payment agreement with a debt collector?
It is probably not in your best interests to negotiate a payment agreement
with a debt collector if:

a.. You can't afford to pay the debt collector because you have a limited
income, and you need it all to pay higher priority debts. For more
information on prioritizing debt, look here.
b.. The debt is so old that the statute of limitations has expired or is
about to expire. If you make even a single payment, you will reset the
statute of limitations, and the creditor will have an additional six years
to file a lawsuit against you.
c.. You are the victim of identity theft, or you don't owe the debt for
some other reason.
d.. Your income is exempt from collection because it comes from a
protected source, such as Social Security, Public Assistance, the Veterans
Administration, child support, or a pension. "

They have 7 years. I play dead and ignore their attempts to contact me,
because if they can get me, in any way, to acknowledge the debt, and agree
to any sort of payment, the clock is reset. This is why my brother advised
me to do nothing, say nothing.

"
Know Your Rights!
Most debts can only be reported on your credit report for seven years,
counting from the date of delinquency (usually a few months after your last
payment). The date of delinquency does not change, no matter how many times
your debt is bought and sold. The debt collector or debt buyer has a legal
obligation to report the true date of delinquency to the credit reporting
agencies. Some debt collectors and debt buyers report the date they
received the debt instead of the true date of delinquency. This process is
called "re-aging," and it is illegal! It will cause your debt to stay on
your credit report longer than it should! You have the right to dispute
"re-aged" debt in your credit report. For more information on disputing
errors in your credit report, see Credit Reports & Credit Scores. "

More advice I found online, which agrees with what my brother advised.

"Debt collectors don't do anything to do you a favor no matter what they
say. You don't have to listen to them, either, if they try to argue you into
paying a debt; in fact, the less you say to them the better off you are
because they are recording everything. You don't want to acknowledge a debt
until you're certain it's yours! Tell them instead to contact you via the
mail, and don't talk to them. "

"Disputing a debt will not harm your credit, no matter what debt collectors
say. They will mislead you to get your money. That's how they stay in
business. It doesn't matter to them whether you owe the money legitimately
or not; they will do whatever it takes to get it."

Though I honestly don't care an iota what they do to the credit report,
since I am not going to use or rely on credit for anything in the future.
Won't be buying a house/getting a mortgage, tuition to go to school, a new
car. Paid cash for current car, will pay cash for next.

Why do you feel bancrupty is a better option for me than what I did, and am
doing? I can find no reason why I would be better off having declared
bancruptcy. In addition to paying a lawyer, the interest would most likely
be more than the less than 5% I now pay, and I would be paying the disputed
charges from their affliate. Why would I want to do that? It may have been
ideal in your situation, it's not ideal for mine. I'm glad it worked, is
working, for you. I just don't see how it would be better than how I chose
to handle my debt.

--
Carol
Contessa of Consternation
Known to leave foes discombobulated

Autistic Spectrum Code v.1.0
AS? d- s--:+ a+ c+ p+ t-- f S+ p@- e+ h- r- n+(-) i+ P m-() M

http://www32.brinkster.com/ascdecode/
"I have run rings around you logically". Monty Python

Email at clay_pots...@xxxxxxxxxx, removing the 'nospam' and replacing
with 'msn'.



Of course, I don't know your exact situation (nor is it my business,
or anyone else's) but I kind of like the option of paying by credit
card. If your background is good, it can be easier to get a loan-for
a car, home, education...personally, I find that having credit cards
has made me more responsible with my money...and, although there has
been no dramatic change, I find that I have a lot more of it!

Plus, once, when I was waiting to be recertified for SSI, I was glad
to be able to pay my expenses off by paying the minimums. Now, you
won't have that. But, you must have thought it over, and come to an
informed decision. But I like to keep as many options open as
possible.

Good luck!
.

Relevant Pages

  • Re: Depression Financial
    ... Reality wise, others shouldn't pay, but we all ... they won't reverse charges, ... While the cc companies should never have extended the credit they did ... debt, it isn't the broke lady, now in the nursing home. ...
    (alt.support.chronic-pain)
  • Re: bad debts among Generation Y
    ... Rising debt levels and a desire for instant gratification and the ... The company - formerly Baycorp Advantage and best known for its credit ... services and solutions Erica Hughes. ... Borrowers become defaulters if they fail to pay three bills in a row. ...
    (sci.research.careers)
  • bad debts among Generation Y
    ... Rising debt levels and a desire for instant gratification and the ... The company - formerly Baycorp Advantage and best known for its credit ... services and solutions Erica Hughes. ... Borrowers become defaulters if they fail to pay three bills in a row. ...
    (sci.research.careers)
  • Q&A on the Psychology of Deflation
    ... "How can purchasing U.S. government debt instruments be a good ... How can government bonds possibly NOT be a good investment? ... but the other side of credit is debt. ... "Zimbabwe fell into hyperinflation after the government began ...
    (misc.invest.stocks)
  • Analysis of a Society That Forces You Into Debt.
    ... apparent in the credit markets. ... put you even further in debt. ... so we'll dig into our eating cost. ... the people that got these absurd loans had sufficient income and good ...
    (soc.culture.cuba)