| Does Credit Card Debt Go Away? Anyone Know? |
|
|
|
|
|
cccfree
Full Member
Cash: $ 7.80
Posts: 51
Joined: 08 Mar 2011
|
This is a very interesting thread, did we come to a conclusion when it came down to this?
|
Tue May 10, 2011 10:52 pm |
|
|
eastmn
Senior Member
Cash: $ 85.80
Posts: 414
Joined: 04 Apr 2010
|
Statute of Limitations is based on the date of First Delinquency, where you never again became current. The problem is that your credit card company will typically offer to bring the account current in order to get you back on schedule: Legal trick. If you agree, then you're screwed (re-aged).
I also recently heard of a settlement where they first agreed "in writing" to completely remove it from his credit report. "In writing" makes it binding.
As far as the debt going away, you have to monitor your credit report and make certain that accounts are not being illegally re-aged. $1000 fine plus any damages & attorney fees.
|
|
Wed May 11, 2011 2:58 am |
|
|
eastmn
Senior Member
Cash: $ 85.80
Posts: 414
Joined: 04 Apr 2010
|
Bad economy and unemployment, plus interest rate hikes and fees, they should be able to dispute and write down the credit card principal, to something affordable, where the forgiven debt (disputed portion) is not taxable (in writing).
Dollars & Sense Article: Robert Manning Consumer Finance Expert;
His "Responsible Debt Relief Formula" Write down debt to meet
realistic income/expense ratio, therefore avoiding bankruptcy.
Settled at 37%
http://www.youtube.com/watch?v=IM0DhBj-5y8
|
|
Wed May 11, 2011 5:22 am |
|
|
cccfree
Full Member
Cash: $ 7.80
Posts: 51
Joined: 08 Mar 2011
|
I'm kind of wondering about the statute of limitations for credit card debt as well. I know that it depends from state to state but I was wondering if anybody had any info for the state of California?
|
|
Mon May 16, 2011 10:09 pm |
|
|
scot184
Member
Cash: $ 2.20
Posts: 11
Joined: 15 Jul 2011
Location: Los Angeles, CA
|
Try to balance transfer some of it to a 0% APR credit card soon before you can't get approved for lack of employment/income...and subsequent shaky credit.
That will allow you to chip away at the debt without being hit with finance charges. Ask for interest rate reductions for that which can't be balance transferred.
|
|
Sat Jul 16, 2011 12:04 am |
|
|
kate032
Preferred Member
Cash: $ 22.35
Posts: 111
Joined: 25 Feb 2011
Location: Michigan
|
If I borrowed a lot of money from you and then lost my job, would my debt to you just go away?
|
|
Sat Jul 16, 2011 5:50 am |
|
|
PFFT
New Member
Cash: $ 1.60
Posts: 7
Joined: 15 May 2011
|
|
 |
|
The simple answer is no if you are talking about whether the balances actually go away (in the short-term at least). There are statutes of limitations that have been talked about above. Or as a last resort bankruptcy.
If you are talking about will it ever get off of your credit report then yes it will eventually.
However, if you don't want to file bankruptcy or just wait the creditors out, there are a couple of other things that you can do to work out ways to pay them. First, contact your lenders and explain your situation. When I was a collector, communication was key in dealing with someone that is having problems paying. This might not be the perfect answer with big companies these days, but it is worth a shot.
You could also look at a credit counseling service. The most reputable is Consumer Credit Counseling Service (http://www.cccsstl.org/). It is a non-profit service that will help you with a debt management program to get your financial life back on track.
One thing - there are many credit repayment companies out there. Before you do work with one, do your research! There are some that are out there to just take your money.
Good luck!
|
|
Sun Jul 17, 2011 4:15 pm |
|
|
Eric80
Full Member
Cash: $ 17.25
Posts: 86
Joined: 28 Jun 2010
|
| Credit card debt does not just go away! |
|
|
Sorry to break it to you but credit card debt definately does not just go away infact it would just get much much worse. The best thing to do is research online and seek some debt advice. The options available would probably be debt management plans, IVA's or bankruptcy you need to speak to special advisors online and work out with them what would be best to suit your situation.
|
|
Tue Jul 19, 2011 7:57 pm |
|
|
eastmn
Senior Member
Cash: $ 85.80
Posts: 414
Joined: 04 Apr 2010
|
The Stiglitz video I posted earlier mentioned this new law, but now we're seeing it raise it's ugly head (debtors prison).
I've got a good friend who is in this same similar situation where Amex is suddenly re-aging an account from 1986 and suddenly has an amount due posted on her equifax report (re-aged). It's not listed as past due, no bad history shown, but it is showing an amount due and last payment date of 1986. Her FICO went to shite, with other creditors hiking interest rates to mid 30s; caused a universal default (civil damages?). She's contacted an attorney who specializes in this, and I'll let you know how this turns out. What's your best guess as to how this will turn out? Did Amex cross the line? My own feeling is that some Amex misfit collector, employee, or contractor has crossed the line. We'll soon see....
Last edited by eastmn on Thu Jul 21, 2011 2:10 am; edited 1 time in total |
|
Thu Jul 21, 2011 2:04 am |
|
|
eastmn
Senior Member
Cash: $ 85.80
Posts: 414
Joined: 04 Apr 2010
|
Sound like a job for "race-horse attorney"?
|
|
Thu Jul 21, 2011 2:12 am |
|
|
eastmn
Senior Member
Cash: $ 85.80
Posts: 414
Joined: 04 Apr 2010
|
PS: The new consumer protection bureau may fix this recent madness (debtors prison).
|
|
Thu Jul 21, 2011 2:13 am |
|
|
eastmn
Senior Member
Cash: $ 85.80
Posts: 414
Joined: 04 Apr 2010
|
I've been chatting with a retired 68yr man in Texas who says that he was a victim of BOA's former automated overdraft fee scheme. He was hit with $350 dollars in one week for NSF fees on his debit card. BOA would pay all overdrafts, but would charge customers $35 for each NSF. Scheme (racket) was that they paid the highest dollar transactions first, in order that they get the maximum NSF hits per account. BOA made billions. They'd take the fees from his Social Security direct deposit on the 3rd of the month; and he was left to fend for himself. BOA preying on the old and most vulnerable. Pawned his television in order to buy groceries (more fees).
|
|
Fri Jul 22, 2011 9:10 pm |
|
|
eastmn
Senior Member
Cash: $ 85.80
Posts: 414
Joined: 04 Apr 2010
|
The new regulations limit the number of NSF charges per account per month. Very peculiar, almost as if the banks wrote these new laws, designed to keep the scheme going on a smaller, less aggressive, scale. This new incarnation is that you are agreeing to pay a hundred dollars a month (max) to freely NSF (with limits). It's basically a built-in "PayDay Loan" Service; at one hell of an interest rate (scheme).
|
|
Sat Jul 23, 2011 3:08 pm |
|
|
eastmn
Senior Member
Cash: $ 85.80
Posts: 414
Joined: 04 Apr 2010
|
Related Video...
Cityboy - Secrets of Investment Bankers exposed (Geraint Anderson)
http://www.youtube.com/watch?v=oWjIdmNBBVA
|
|
Sun Jul 24, 2011 8:37 pm |
|
|
|
