Debt collection and credit cards

Quote from riddler:

my account has been sold so many times..i doubt they have proof..no way i am paying some bs collection agency a dime. i just do not trust them. imagaine paying the debt then still getting calls claiming it was never paid! thats what i see happening if i pay a collection agency.
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once it goes to collections you are not getting sued. if citi had your original debt and sold it they took their write off and are done with you. collection companies dont want to spend the means on the courts they try strong armed tactics instead. much easier and less expensive.
 
Quote from riddler:

my contention is this: if you fell on hard times (i did). i was using my credir cards to pay my car payments,electric bills,and even mortgage. its sucked but i had no choice and was in a deep dark hole. anyway,the constant phone calls and then calling neighbors is just plain extortion..people say its just to easy to walk away:
well,i cannot get credit,not even a car lease so don't say there are no consequences because there are. if we reneg on our credit agreemenmt,just because we cannot pay does'nt mean we walk away scott free.our credit is shot and i know some will say big deal,just have someone get credit for you;;not many people will do that for you which is understandabale.
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Hey, I'm not picking on you, but I just wanted to say that's how the system is supposed to work. It's for your your protection as well as the lender's. If you have a history of not paying your bills, it makes sense that no one will lend you money.

I got myself in a similar jam a decade back and had to walk away from some debt. My wife filed for BK just before we got married due to leftover mess from her 1st marriage.

It happens. I'm sure as hell not casting stones at you or anyone else in this thread. It doesn't make you a bad person. It does however make you a bad credit risk..
 
Quote from peilthetraveler:

The Justice you speak of is actually called the devils justice. You agreed to those terms when you got the card. Nobody put a gun to your head and made you spend money.

I'm betting that you have never went to jail before because of that statement that you are willing to go to jail before you pay. I spent 1 day in jail about 12 years ago. It was like living in a public restroom with a bunch of dirty homeless people & wanna-be gangbangers. I couldnt even sleep because I didnt know if someone had pissed on the beds (sure smelled like it) If someone said to me, pay $10k or spend 6 months in jail (even if I didnt owe the debt) i would pay $10k just to not go there.
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Still I wont pay.
 
Quote from Buzzed:

Bad idea. They can countersue for what you owe them. Sueing them is exactly what they want.
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People have won doing this...especially if you can prove they don't even own the debt in the first place.
 
I have a few accounts well past due/charged off. I'll settle eventually. Too long for a statute still IMO.

Some are on the second round of companies...since I keep a spreadsheet of who's looking to collect and when, all settlement offers, accounts there, etc. Others I've sent letters to and haven't heard back in months (deadbeat companies). One or two accounts haven't even had their first attempt to collect on after charge off! Talk about getting lost in the shuffle :D

Big part of the problem is so many people owe it isn't even funny...but it keeps these places in business as well.

Next step will be the judgment states on mortgage foreclosures...bank buys back note at some lower value then what it was, writes off/down the difference depending on how large, sells it off, homeowner gets calls years later...has happened already in some sporadic cases.

State wage garnishment laws: http://www.fair-debt-collection.com/state-wage-garnishments.html

The simple things these companies work on is fear and ignorance. Easiest combat is don't be intimidated/afraid, and just study on what you can and can't do.
 
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