/biz/ - Business & Finance

- Debt collectors who bought your loans for pennies on dollar coming to your door to harass you.
- Wage garnishing after court says so
I might have forgotten something. Is it possible to go to prison for private loans where you live?
Might want to reconsider this?

>>50663039
Wage garnishment isn't allowed in my state and no debtors prison is usa

>>50662988
>What the worst that can happen?

Your credit score goes down the shitter, blacklisted from renting, blacklisted from home loans, blacklisted from new credit card applications. This might reset after 7 years but I’m not sure. If it’s a serious amount of debt (from what you said, it sounds like it is) they can legally come after you and take your car or whatever to pay off the debt.

You need to move to another country

>>50662988
>17k in interest
Dear god man, I will never understand why people carry a balance on CC's, let alone rack up 5 figure balances.

>>50663120
>blacklisted from renting
USA THE LAND OF THE FREE
fucking burgers kek

>>50663154
>I need that new collectable funko pop now!
>I just do okay?

>>50663120
After doing some research, I read that my credit score should start improving after a few years and after 7 years it'll be off my record. I just bought a house so I don't need a home loan within the next decade. And I read it's rare for them to come after cars and assets since it's an unsecured loan.

>>50663154
Yeah I fucked up. I planned on paying it all off with my crypto gains but that all went to shit.

>>50663161
>rack up over $20k in credit card debt despite not being able to pay it back
>don’t pay it back because you’re a retard with no fiscal responsibility
>aren’t allowed to sign contracts stipulating that you will pay for something on time because you’ve proven you’re not trustworthy

I bet you’re not white

Anon,
I have done this 3 times and it works great. Run up cc debt to 100k+. Stop paying. Deal with collectors. Hire Lexington Law to fix credit. Do it again. I don't have a fiat miner (self employed). All personal mail goes to a PO box in TX. The owner of the mail and ship biz tosses the spam mail and sends my mail to my residence once a week. No way for anyone to "serve" me as zero assets are in my name. Get a trust and put everything you want to keep long term in the trust. No debtors prison. There is nothing they can do if you are smart about it and they will even give you credit again after a while.

>>50663193
Have you looked into consolidating your debt into a lower interest loan like a LOC? Anything is better than paying CC interest rates

>>50663222
Yes. Filled out a bunch of applications and nobody would approve me even though I make near 100k/year

>>50663197
Texas is a great state to do that. I'll look into the trust idea. Thanks.

>>50663236
Friend of mine ran a collection agency for 25 yrs. Told me all about it. I don't live in TX, but once I established PO Box there the agencies assumed I did. So, they don't even bother attempting to garnish wages.

You must set this up though. You can't do it on a whim. Pay your car off or sell it. Or, use the $ you owe on cc to pay the note.

Keep in mind you will have shit credit for 2 yrs. Plan accordingly. It will take 1 yr for cc co to charge off your debt. Lexington Law will get your credit to reasonable in 9-12 months. Set yourself up for this.

If you get your cc statements at your residence, it is time to move. Yes, that is expensive, but is it more expensive than paying the debt+interest? Move FIRST and never get mail or use that address for anything. Always use your PO box.

You will get threats of a lawsuit. Ignore them. Don't be afraid. Even if they get a judgement, collecting is almost impossible.

>>50663194
the fact a random person is able to check your "credit" is a joke, only banks are allowed to do that in civilized nations

>>50663194
Bro, these cc companies are absolutely shit. They rape you, the merchants that take them, and the ppl literally forced into using them bc fiat is so worthless. It is your duty as a citizen to fuck the cc companies. Living on credit is the American way and you dumping the debt if built into their risk assessment. They aren't a friend that loaned you money for food; they're vultures. The system is designed to keep you a slave. Break it.

>>50663193
>crypto gains
LMAO

>>50663295
now that sounds more like the america i was told about. in the uk they send round bailiffs, doesnt matter if you move.

If one has a paid off vehicle and a mortgage already, what is the incentive to pay this debt off? Now I am genuinely curious as a good goy whos always on time (or tries to be). Am I leaving money on the table if I don't DEBTMAXX now that my needs are met? I pay for most other essentials with crypto gift cards or debit cards, I ciuold not imagine what I might need a credit score for in the next decade and honestly, a mortgage is the only debt I care to have into the future as it is.

>>50663295
I'm not going to move. Just bought a house last year and with my credit being fucked at the moment I doubt I would get approved for a rental or loan. I figured they really can't do shit. I'm just going to wait it out and avoid all phone calls. I fucked up but this situation made me realize how many people are getting assfucked by these cc companies through interest and late fees. I'm sticking with debit now.

>>50663494
>paid off vehicle and a mortgage already
That's my situation right now. And in the state I live in, they can't garnish my wages for cc debt. They can go fuck themselves

>>50663551
I guess I worded that like shit, my vehicle is paid off, my mortgage is only about 25% remaining. I'm in a similar boat, right down to the paying off the cc's with crypto after hitting a few more goalposts. I've had the same thoughts as you anon, now that the economy has tanked and the social contract shredded.

>>50663646
Yeah I'm paying my mortgage as well. I guess it's good to know others are in the same boat as me lol. It's not an easy decision but after weighing the pros and cons, I'm better off investing that money I would have owed in cc debt (would come out to be roughly 45k)and if they come knocking to sue in 3 years (statute of limitations in my state is 4 years), my investments, hopefully, should be much higher than 45k. At that point I'll offer to settle. I read that they're willing to settle for a much lower amount than you actually owed.

>>50663410
schiff is shitting on btc since 2011, why dont you compare that?

>>50663711
only if you can prove your income is low. if your investments moon they'll be taking it all. debt collectors aren't stupid. and if you have enough debt they'll sell it to the kind of debt collector that has police officer friends and throws bricks through your windows.

>>50662988
Is coffee good for you?

>>50662988
>reddit: the mug

>>50662988
>What the worst that can happen?

They will seize all your property via a court order and make you pay off the rest in the future. Enjoy.

>>50662988
if it's discover card they'll sue you and judge shekelberg will garnish your wages and possibly take cash from your bank account. they're infamous for this, they sued my sister before she filed bankruptcy due to credit card debt. other credit card companies aren't usually this bad, they'll just harass the fuck out of you with debt collectors.

>>50663941
>judge shekelberg

As opposed to a pure blooded Norwegian judge who'd simply forgive you and let you keep being a parasite?

>>50662988
I have only about 4k worth of credit card debt that went to collections. They called for a while, but when I answered I simply told them to not call this number again. They stopped. Havent heard about it since. My credit tanked 200 points but idgaf. Keep in mind this is less than 10k debt, I would be very worried if I had 50k or more.

>>50663932
Wrong. Look up tenancy by the entirety. Wife lives with me so creditors cannot use the property as collateral to satisfy a debt. And, as I stated, wage garnishment isn't allowed in my state. Try again, kike.

>>50663969
They should just burry you somewhere in the woods, doing a favour for humanity.

Your credit will be shit and they will harass you. If you bought big ticket items they may repo them.

You're probably safe from garnishment of wages. That normally only happens if you try to not pay the government or not pay child support, which if you do, they will absolutely take your money, or grab your Social Security later in life.

But aside from that, not too much. Our system is so hungry for yields that people will probably still lend to you (lol) you will just pay more.

They can go to court and if you make money they can get a judgement on you depending on the context. So if your crypto recovers they can grab that since they can find out you got profits from your tax returns. Unless you don't pay taxes on your gains, but then you owe Uncle Sam and probably your state, and they will send you to ass pounding prison for not paying them.

And you have to pay the taxes on your house or your town/city/county can absolutely foreclose on it and governments have priority leans over banks and actually can foreclose much easier than banks, although due to politics they don't do home takings as aggressively as they legally could, it's more commercial they seize. Then the bank normally goes "oh shit," and pays off your taxes so they can keep the property and foreclose on you. Tax title takings are pretty difficult to get out of but they may do payment plans. But interest is set by law, and so a lot of times it hasn't been changed in years so rates can be lol lol lol high, like 12% in Massachusetts.

You can wait until debt collectors but it for pennies on the dollar and then try to negotiate a partial payment. This will hit your credit but not as bad.

You can also contest the claims on your credit report and sometimes the companies are so lazy they don't respond and it should get wiped. In theory. In practice the Feds are so underfunded that even when legally a bad claim isn't defended it stays on anyhow. 1/5 Americans has a major error on their credit report.

>>50663956
i make six figures a year and have an 820+ goy score and i've never once missed a payment on any loan. that said, i don't have much sympathy for these jewish credit card and loan companies. they routinely make unsolicited offerings for 5-6 figures of credit -- i frequently get credit card and pre-approved mortgage offerings in the mail. and when the society they've economically engineered to drain the lower middle/middle class everyman of every penny he makes just happens to blow up in their face, they cry anuddah shoah.

>>50663120
Not to mention some entire industries won't hire former bankrupts and a lot of employers do soft credit pulls.

To say nothing of the moral issue that OP made an agreement with another party and is now going back on it.

OP needs to find a credit repair program and begin the long work to dig himself out.

>>50663969
They won't be able to foreclose on you but depending on the state they can put a lien on your property so that when you sell they get their liens. And unpaid liens in a lot of states have very high interest rates. But they probably can't get that.

It's hard to even get a judgement. Mostly they can just harass and fuck your access to credit.

>>50663334
They can only check it with your express permission.
>>50663193
Even if your credit score improves and the bankruptcy falls off your record there will still be the occasional time when someone asks if you've ever declared bankruptcy.

Regardless of what you decide, keep the PO Box in mind.

If you own a house or property they can potentially go after it. I use a trust for this. You should always have a trust or two. They're incredibly handy if you own assets.

In regards to the discover card comment, your sister should have never filed Bankruptcy. Just don't pay. You can always settle for 20% of what you owe if you negotiate it. Going through the courts in Bankruptcy is a trap unless you are absolutely, unequivocally, royally fucked. No job. Job prospects of a job. No income and no income in sight. Maybe then Bankruptcy. Otherwise, just don't pay. Negotiate a settlement and use Lexington Law to repair credit.

>>50663236
>>50663222
His credit score is shit from the utilization. He needs to either engage with a credit repair service or start trying to make compromises with his creditors. The most important thing is to never miss a payment.

>>50664016
I feel like the system needs a rework to sort out retards who over spend for no reason and people who get genuinely fucked, like their husband who had a high income dies or gets brain damaged in a wreck.

Credit scores do hold medical debt off for a while after it is reported, but that should probably be close to two years. Insurance companies can have an airtight legal obligation to pay and just refuse to do it.

Lenders look at medical debt differently too, and places are also open to negotiation since the paper rates they have are bullshit with no connection to cost.

But for consumer debt I don't have much sympathy.

The stupidest thing to do though is to pay debt collectors and then not pay taxes. This is how people really fuck themselves because the state, locals, and feds have way more ways to make sure they get their money back.

>>50663711
If you end up declaring bankruptcy you know that you have to go before a judge and explain why you're unable to reasonably service your debts, right? That house and car aren't necessarily safe from a judicial stipulation. If a judge sees you as asset rich with high income he's not just going to wave his wand for you.

>>50662988
https://esotericawakening.com/spiritual-economics-clobber-bureaucrats

>>50664091
I'm not declaring bankruptcy

>>50662988
Just resettle debt and pay back less.

>>50664082
I'm a bank officer for a mid-size largely consumer oriented bank. Half my job is fraud and delinquency. I have a magic wand I can wave a certain amount of times per year to make problems go away for customers in need. I try to stay sympathetic but there are far too many situations where people end up fucked by debt for me to possibly help them beyond counseling. Easy credit makes people addicted to debt. It enables them to live better lives than they thought possible by selling their future. Tragedy inevitably strikes and the juggling act is interrupted.