Am currently up to date on my credit cards. If I stop paying now,I will start receiving alot of calls within about 3 weeks or so. Maybe a lawsuit or two within 6 months or so. After they get a judgment they will try to garnished my Social security and may even try to get my bank account. Is this somewhat correct, I know times may very. Generally speaking this is the procedure? I also know social security can't be garnished for credit cards. I also read where creditors can get your bank account correct? Or at least try to.
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In general , yes. Everything would have to go against you, and in fairly short order, for these negative results to happen.
...and one you have not mentioned is wage garnishment. THAT is probably one of the most common target of judgment holders like CC's. -
Hi Dylan. Ryan pretty well summed it up. If you don't want to deal with phone calls, and you are operating on all exempt funds (SS, SSD, pensions, etc,) you might consider going to a cell phone only, and/or changing your phone number. If you are worried that creditors have family or friends phone numbers, then taking yourself off the communication grid might not be best.
I got a pretty tough hide once i realized there was very little unsecured creditors could get from me, other than wage garnishments. You are doing the right thing by processing some "what-ifs" before you stop paying. It might help you sleep better.Comment
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Treehugger1, I am retired so there won't be any garnishments. The only thing is that I owe a house but there's no equity anymore. Yes, might just starting using my cell as my primary phone and put a recorder on my home phone or something like that.Comment
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Social security is something they can not garnish, however you don't want to deposit those funds in the bank because they can take it until you prove that those funds deposited were from social security checks. Instead, talk to your bank and ask to just cash those checks. Then turn around and go to walmart and buy money orders to pay your bills. (walmart is cheap). Never keep more than 10 dollars in your account. The other option is to get the debit card offered through social security.
Good Luck to you!My kids better not put my FICO score on my headstone~ (quote by dspii)Comment
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