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They will keep calling and they will take you to court and get a judgement against you. Your credit score is already taking a hit every month that you are behind. If it goes to court, the hit to your FICO score will be bigger. The only way to fix this is to make the decision to stop looking for an easy way out and realize that it is going to take some work and some sacrifice to pay this off and get it out of your life. What keeps most people in debt is the fact that they keep spending more money than they make. They look at the "monthly payments" instead of the total debt loan that they are carrying. People need to stop spending now and concentrate on becoming debt free. Please do not consolidate or use a debt reduction company . It is not free, they will lower your payments by increasing the length of time until you are debt free, and you will take a hit on your credit score. Or they negotiate your debt down after telling you not to pay for awhile adding another hit to your credit score. Student loans are the only debt that can garnish your wages for non payment without taking you to court first. Just list them out on a piece of paper or a spreadsheet and follow the plan. If you work the plan, the plan will work for you. A. Have a garage sale and sell anything that you no longer need or want. B.Get a temporary part time job, if you have one, get another. Here is a plan that can help you. If you work the plan, the plan will work for you: 1. Make a budget. Make the budget a week before you get paid. A budget is not a punishment! It is a tool which will free you from ever having to worry about money again. Put everything in your budget. Especially those annual, biannual, or quarterly bills like car registration, insurance, etc. Give every dollar you are going to bring home the name of where it is going. Add an "emergency fund" category to your budget for 25 dollars and save up until you have 1000-1250 dollars. Your emergency fund will help keep you from getting into new debt because of an emergency. If you can, set up a direct transfer to a savings account for your emergency fund. That way it moves automatically and you don't even have to worry about it. You must cut your spending and live on less than you make. 2.First get current on all of you debts and make no more late payments. Stop using your credit cards immediately. Do not take on any more debt. Credit cards are like quicksand only the death is much slower. Make a list of all of your debts in order of highest interest rate to lowest interest. Use cash only for your spending from now on. 3.Pay the minimum due on all of your debts and then put your extra money towards paying off the highest interest one first. After you get that one paid off, you put the money you were paying on debt #1 (the minimum payment and the extra payment) towards debt #2. That will pay debt #2 off faster. When that is paid off, you put all three payments towards card #3 and that one will be paid off pretty quickly. As an example: To start : Debt #1 (highest interest): minimum payment+ extra payment Debt #2 (middle interest): minimum payment Debt #3(lowest interest): minimum payment Debt #1: paid off Debt #2: minimum payment from Debt #1+ Minimum payment from Debt #2 +extra payment Debt #3: minimum payment Debt #1: paid off Debt #2: paid off Debt #3:Minimum payment from card #1+ minimum payment from Debt #2+ minimum payment from Debt #3+ extra payment. That way, you will get them all paid off, on time, and pay the least interest. It will also help towards rebuilding your credit since you will no longer have any late payments. This works no matter how many different debts you may have. 4. After you get all of your debts paid off, add to your emergency fund until you have 6-12 months of income saved up. Put that emergency fund money into a liquid money market fund or into a Bank of America no-risk CD so that if you need the money you can take it out without penalty. 5a. When you have your emergency fund in place, add a category for "fun" to your budget. Save for a holiday, a vacation, a big screen, or dinners out, whatever goal you want. Remember to enjoy your life. 5b. When you have your emergency fund in place, start saving for your retirement. Join the 401(k) plan at work and contribute the maximum. Your employer probably matches at least part of your contribution so why give up free money? Open a Roth IRA and contribute the maximum on a monthly basis. If you start saving for your retirement now, you will probably retire a millionaire. 5c. When you have your emergency fund in place, start saving for your next car. Only buy cars, or other things that depreciate, with cash. Save up for a nicer car. That way you get the interest instead of paying the interest. You can do it and it isn't as hard as you think. Just follow the plan
It's considered unsecured debt. Meaning there is no collateral held up against it. You will receive many calls until they hand it over to a collection specialist or collection attorney. They will send letters and follow up with calls. Finally, if you do not respond to any of these notices, you will have a "charge off" put on your credit report which reveals that you did not pay your debts for this particular creditor. It will stay on your credit report up to 7 years. When you try to get a loan for a car, a house, remodel, large purchase, etc, it will show this derogatory report and you will either pay a very very high interest rate on a loan, or you will be denied the loan all together. It can effect getting a job, especially in the financial world, such as banking. Many employers check your credit as an overall background check along with the criminal check, so it may prevent you getting a particular job in employment.
For Credit and finance solutions I always visit this website where you can find all the solutions. :WHAT HAPPENS IF YOU JUST STOP PAYING ON CREDIT CARD DEBT? I owe more than $34,000 on credit cards, which I have been making the minimum payments, with no money left over to even eat on a regular basis. What is the worst that can happen if I just stop paying them? They call me constantly! Update: This is on several different cards, not just one card. I own my home and car, and can make those payments, just not all the credit card bills (like 8 of them) 2 following 11 answers
Pretty sure that you must find many financial clarification at= loaninstantsolutions.us- RE WHAT HAPPENS IF YOU JUST STOP PAYING ON CREDIT CARD DEBT? I owe more than $34,000 on credit cards, which I have been making the minimum payments, with no money left over to even eat on a regular basis. What is the worst that can happen if I ...show more
Per your update: After 5-6 months of non-payment, your accounts will get charged-off... After the account defaults, one of two things will happen: They will sell it to a collection agency, which will try to annoy/harass you into paying...or they will serve you a summons and take you to court to try to win a judgment against you. It's impossible to predict what any one creditor will do. You might luck out and all creditors will charge-off of the debts without taking legal action...Again, it's impossible to predict. You will find out after you go 5-6 months past due...some might just walk away from the debt, while others might decide to take you to court. If they take you to court and win a judgement, this may result in the following: - garnishment of your wages...which can range from 10 - 25%, depending on what state you live in. (Wages cannot be garnished for credit card debt in these states: PA, TX, NC, minnesota & minnesota (head of household). - placing a lien on your property. Note: They can NEVER force you to sell your property against your will. A lien is only good if you voluntarily sell your home - a judgement will never allow them to take your personal belongings. ============================ .If you've exhausted all other options and your credit card debt is out of control, then there are really only two viable options: Entering into a debt management plan or file for Chpater 7. If this is a dire emergency (it sounds like it is), then you should consider filing for Chapter 7 bankruptcy.. Contact your local Red Cross for a referral to the local Consumer Credit Counseling Services (CCCS). They can negotiate reduced interest and payments. As a general rule, the CCCS program can negotiate your total monthly credit card payments down to 2% of your total outstanding balance...which in your case would be $680 per month. If this amount would work for you, then you should consider the CCCS program. If this reduced payment plan is not going to work, the you should consider contacting a bankruptcy attorney and filing for Chapter 7 on the $34K in credit card debt. Don't let anyone smear or guild trip you if you have to do this....do what's best for you and your family. FYI: Once you file for Chapter 7 you won't be able to file again for 8 more years...so make sure that this is really a financial emergency before you file. Chapter 7 does not destroy your credit rating for life....but it will damage your credit rating for at least 2 years. --------------- Plan C (Assuming that you could qualify for a 2nd mortgage on your home), see if your credit card companies might settle for 30 - 50%. If they would, get all terms in writing first, then get a 2nd mortgage to pay the cards off. ----------------- Stay away from any "debt consolidation" company that promises to cut your debt and payments in half through debt settlement....This is a risky tactic of deliberately ceasing all payments to creditors and forcing your accounts into default to attempt settlements.
Hi, I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58% and improve my credit score .It's legitimate . I came across this company on NBC News Special Edition.Check it out here: Note:It's advisable to fill out the short form.Let them call you back.The line is always busy due to so many customers.
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It costs the creditor money to go to court. A judgment doesn't mean squat if there is no way to collect. Don't answer calls from 800 #'s or area codes you don't know. The vultures will always circle above. Laugh at them and flip them the bird.
1) They can and WILL continue to call 2) Your credit will be ruined for AT LEAST 7 years 3) You WILL be sued for that amount of money 4) Depending on your state, your wages WILL be garnished 5) You will have a judgment against you for 10 years that EVERY future creditor will see. Basically, it will ONLY get worse for you. Spending $34k means that you were living WAY outside of your means. Now you need to suffer the consequences of that behavior.
Possibly, however I don't know for sure