     Brett Andrews (Bmc) | Sunday, June 18, 2000 - 07:49 am 
I am wondering if anyone can give me advice concerning what happens if credit card debts are not paid. I lost my job involuntarily after making good headway with about $30,000 of CC debt. I am past 60 days past due on everything except student loans. Some of the cc accounts have already gone to collection. I have not spoken to any as of yet. Should I? What happens if I never respond. I don't want to file bankruptcy cause I don't want anything to happen to the co signer of my student loan. What happens with a charge off.Do they stay on record for 7 years? I am in virginia. My biggest concern is what to do cause I dont want to not be able to find a new apartment if I need to relocate for new work. what happens with a judgement? Will I be taken to court. Can I loose my future earnings? And most of all Who should I talk to if any of the creditors? |
| Christine Baker (Admin) | Sunday, June 18, 2000 - 10:57 am
I recommend you check into bankruptcy to discharge the CC debt. You probably can't discharge the student loans anyway, just make sure you keep paying them ON TIME.
If you CAN'T make the student loan payments, DISCUSS this with the cosigner because ANY late payments will probably go on their credit. S/he might want to make the payments when you can't till you're back on your feet.
From what I see you have a very clear choice between many years of harassment by creditors and spending ALL your money on the CC debt, or discharging those debts and getting a fresh start.
Your credit rating will be MUCH worse if you have lates and collections for the next 5 years.
See a bankruptcy attorney. |
| Brett Andrews (Bmc) | Sunday, June 18, 2000 - 12:45 pm
Thank you christine for your imput,
One more scenario for me. If I was to pay off every single account on my credit report, every balance I have, some are 60 days and past, one or 2 is collection, would this clean up my record or would my credit be just as bad but minus the balances. If paid off accounts were closed would creditors remove bad marks? If not then why should anyone if given the chance I might have, pay anything to anyone once they are in a situation like this. Im sure someone will post somthing stupid like "If you didnt have the money you shouldn't have ran up the charges". Let me tell you this if it wasn't for credit I wouldnt have been able to finish my education. I never charged anything or took an advance to buy food at school or make the housing payment, saying or thinking not to intend to pay it back. Never.I also never intended to have my position cut at the company I work for either. But now it seems like if I was to send out payments next week for every account I have in full and close the accounts and the thanks i get so to speak for not taking it to bankruptcy is 7 years of delinquent account marks or whatever then the hell with it. I can see in that case why bankruptcy is so easy for some. What gives??? |
| Christine Baker (Admin) | Sunday, June 18, 2000 - 01:49 pm
Your credit will be bad whether you pay or not unless you negotiate removal of the derogatory reporting.
There must be literally 100s of postings here on the subject of paying and still having bad credit.
Try a Keyword Search for "negotiate" and/or "removal" |
