Motorcycle as a second vehicle?

[SinkingFast]

Credit card companies fade in a maximum of six months. At that point your debt has already been charged off and sold to a collection agency. The statute of limitations in most states for collecting on a credit card debt is well under six years. So, yes, they do just fade away! Some states it is as quick as thirty-six months. Note that some states it is six years. Again does <anybody> have first hand knowledge of the "wage garnishment for credit card debt" urban legend?? I personally know people that have walked from fifty, sixty and more thousand in credit card debt with no garnishment and not ever filing a BK....your mileage may vary!!

Even if you live in a State where wage garnishment is not allowed, the CC companies can sue you and win Judgements against you. Those Judgements get registered at the Court House in the county you live in. Eventually, a CRA invesitgator will find the Judgements and list them on your Credit Reports.

You will never be able to purchase property in the county you were living in at the time of the Law Suits, and no one will touch you for Credit after the CRA's pick up the Judgements. So you can't even run and hide.

[no_it_all]

Never be able to purchase property ??? That is a joke right?? OMG'd I think some of these posters are moles from collection agencies spreading URBAN LEGENDS!! and trying to scare people! LOL! I'm just kiddin' <sort of>. Do you happen to have a link, or ANY documentation for that insane conclusion??????

BTW, once the SOL runs, the credit card companies will not win a judgement..that is why they call it the Statute Of Limitations!!

For most people, the emotional stress of debt and debt collectors and their tactics are too much to handle and that is why people go bankrupt. It becomes too much of a mental drain dealing with the creditors. I understand that, but also know that some people can play the same game as the collections and credit card companies. These people know their rights, have the mental toughness to not let the collection activity affect them and often they can come out smelling like a rose without using that one silver bullet, BK

[Minnymouth]

I think Singfast means you won't be able to buy property on CREDIT............ you can always pay CASH!!! But if you have an judgements against you a LIEN WILL BE ATTACHED TO IT LICKEY SPLIT!!!!!

Yes there may be a SOL, and some credit card companies will not sue for under a certain amount (too expensive on their part).... and these will evaporate after the SOL.

But the others (big amounts) - yes the cc companies will get a judgement and they will have it filed and ready to go in case you purchase property, etc.

And yes your credit and credit report WILL SUCK if you decided to wait out the SOL....... and that would put you in a position where you couldn't buy anything on credit either.



So if your brave enough to forget about your bills, and bank your odds on the SOL..... PLAN ON DEALING IN CASH ALL YOU LIFE............

[no_it_all]

Not to beat a dead horse...but !

What is this mythical "large amount" that credit card companies will hunt you down for and sue for?? Reason is, I have an outstanding Citibank of OVER 21 THOUSAND DOLLARS and all I ever got was threats...btw date of last activity on that bad boy was May 1992...all I did since then was by a new house for 194K using cash advances on about a dozen credit cards.

You are saying that once you have a judgement entered you cannot buy property on credit??? PLEASE POST THAT LINK!!! My gawd...the URBAN LEGENDS are multiplying like bunnies! It must be close to Easter!!

You are absolutely right about having a really, really bad FICO score while waiting out a SOL.

If you wait out the SOL you will NOT have to pay cash the rest of your life..ANOTHER URBAN LEGEND!! See my note above about the house purchase!! Why?? BECAUSE THEY DROP OFF YOUR CREDIT REPORT AND NOBODY KNOWS ABOUT THEM !!!

[Minnymouth]

Read my post again!!!!

I said the minute you buy property whether on credit or cash and you have a judgement against you, they will attach a lien against the property...................... and that lien will stand until the debt is paid.............

Yes you can buy a house on credit after bankruptcy, usually have a higher interest rate and often with a larger downpayment required.

If your talking about a cc that you last used in 1992 and got away without paying ($21,000)................
NOW THESE DAYS THAT WOULDN'T HAPPEN...... These days cc companies are not going to let you walk away on a SOL for $20-30k debt, they will file for a judgement before then.... and in the states allowed - garnish you wages!!

If the debt is discharged in bankruptcy, they can do nothing.... but the ballgame of SOL is entirely different. The credit card company themselves may not sue you but the collection agency will do it for them....... that's how they make a lot of their money....

You said you purchased a home on large cash advances off of several credit cards. HERE'S HOPING YOUR NOT CLAIMING BANKRUTPCY..... IT'S CALLED "FRAUD"..... especially if they can prove intent - which would probably be easy to do!!

The issue of paying cash all your life - well, maybe not all of it - but a good part of it - cause nobody's gonna give you any credit much............. All they have to do is look at your credit report it will speak for itself in the 60-90-120 days late and chargeoffs/collections.

And if you think things "disappear" off your credit report after 10 years ------ DUH............. THAT'S NOT SO.......
My credit report goes back 40 years and still has accounts on it that I had and closed a long time ago..........

Minny

[SinkingFast]

Minny's right. If you're paying cash for something the seller won't give a gnat's eyelash on a horse's ass of care if you have a lien slapped against you after the purchase of the property. It's not their problem.

But if you are trying to get a Creditor to lend you money to buy a car, a home, a boat, and there's a Judgement out there on your Credit Report showing, you ain't gonna get any money to buy whatever.

I know from personal experience, Bud. No urban legend.

We were sued to return the earnest money deposit to buyer's who defaulted on the purchase of our home. A year and a half later, we settled and split the funds. SIX years later, we were trying to buy a car. The loan officer at the bank called me and asked me about a $1000 Judgement that had appeared in our Credit Histories. I was like, "What the FUDGE??!!" The loan officer gave dates and details. Still didn't know what he was talking about. When the Loan Officer said the location, I knew exactly what he'd been talking about.

I didn't understand why this was coming out now, and all wrong at that. After all, we'd already bought 2 more houses in 2 different states, a couple other vehicles, a riding lawn mower we were paying for on time. Not one problem with any of the other financing. Why now??!!

But I knew the Judgement was an error, and I put in a call to our old attny's office in the town where all this had occurred. Some little Credit Investigating Company had opened an office in that town about 6 months before we tried to buy the car. Evidently one of their investigators went to the Court House, because we'd lived there before, saw the registry of complaint for the Law Suit, didn't trace it to it's conclusion, and entered a Judgement in our Credit History.

The bank in Kansas City was not gonna loan us $6000 to buy a car unless we cleared up an 8 year old $1000 Judgement from Southern Illinois.

Our old attny's office had a paralegal run over to the Court House, get Certified copies of the Settlement. The attny's office faxed a copy to the bank, mailed a copy to the Bank and to us, and mailed copies to all 3 CRA's. The Judgement was immediately removed.

That sir is no urban legend. It's life experience.

[LostOne0069]

Not to beat a dead horse...but !

What is this mythical "large amount" that credit card companies will hunt you down for and sue for?? Reason is, I have an outstanding Citibank of OVER 21 THOUSAND DOLLARS and all I ever got was threats...btw date of last activity on that bad boy was May 1992...all I did since then was by a new house for 194K using cash advances on about a dozen credit cards.

You are saying that once you have a judgement entered you cannot buy property on credit??? PLEASE POST THAT LINK!!! My gawd...the URBAN LEGENDS are multiplying like bunnies! It must be close to Easter!!

You are absolutely right about having a really, really bad FICO score while waiting out a SOL.

If you wait out the SOL you will NOT have to pay cash the rest of your life..ANOTHER URBAN LEGEND!! See my note above about the house purchase!! Why?? BECAUSE THEY DROP OFF YOUR CREDIT REPORT AND NOBODY KNOWS ABOUT THEM !!!

No offense... but you are sitting there telling everyone that their information is nothing but urban legend because they have no proof to back it up... and then you spout your own information.... with no proof to back it up.

Situations differ and reactions differ. You may have been able to walk away from a $21k credit card with no judgement against you... but there are many others who haven't been so lucky. Do you think that the whole "judgement" idea is an urban legend? If so, I hate to burst your bubble, but credit companies can AND DO, sue people for not paying their debt and DO get judgements against them and DO garnish wages.

As far as you never getting credit again if you just walk away from debt... well, maybe, mabey not. All I do know is that it will take quite a while, if ever, before you would be able to have anything like a normal credit "life". Screwing around with the law is a good way to get burned. You may have gotten away with it, but it is not something that should be recommended as a "normal" course of action any more than a successful thief can honestly recommend to others that there is no risk in stealing for a living.

You may get away with it, but recommending it to others as a viable alternative to bankruptcy is just plain unethical.

[SinkingFast]

Credit card companies fade in a maximum of six months. At that point your debt has already been charged off and sold to a collection agency. The statute of limitations in most states for collecting on a credit card debt is well under six years. So, yes, they do just fade away! Some states it is as quick as thirty-six months. Note that some states it is six years. Again does <anybody> have first hand knowledge of the "wage garnishment for credit card debt" urban legend?? I personally know people that have walked from fifty, sixty and more thousand in credit card debt with no garnishment and not ever filing a BK....your mileage may vary!!

You know, I said, rather "Smart Assedly" to one attny during a Consult, "We don't have to do a thing. We don't really have any property and there's no savings left, so there's nothing they (the CC's) could get from us or do to us."

The attny quipped back, "Garnish your wages for the rest of your working life. And then garnish your Soc Security and any pension benefits you have until you die."

The law in the state we live in allows for garnishment up to 25%.

[no_it_all]

You may have been able to walk away from a $21k credit card with no judgement against you... but there are many others who haven't been so lucky.

Many others?? Where are they??? Do you personally know ANYONE that had a garnishment or judgement for unsecured credit card debt....ANYONE ??? or do you just "think" there "must" be people that have had this done to them? I know this isn't a topic that people generally discuss, except with spouses, so how is it that you know "many others" that this has happened to?? Do you have ANY data WHATSOEVER other than your "hunch"?????? I am NOT trying to start anything here..but FACTS and not URBAN LEGENDS would be nice!!! BTW I walked from ALOT more than 21 LARGE of credit card debt!!

After all, we'd already bought 2 more houses in 2 different states, a couple other vehicles, a riding lawn mower we were paying for on time. Not one problem with any of the other financing.

I am assuming you bought these homes and vehicles BEFORE the judgement was rendered??

[SinkingFast]

I am assuming you bought these homes and vehicles BEFORE the judgement was rendered??

You TOAD,................ READ!!

There was no Judgement!!

A Credit Investigating company personage found a statement of the Law Suit that was filed against us. The Law suit was filed in 1986. In 1994, the investigator did not do their homework and follow the Law Suit to it's conclusion.

If that Credit Investigator had done their job properly, they would have known the Law Suit was settled. There would have been no report of a Judgement in our Credit History.

THERE WAS NO JUDGEMENT TO BEGIN WITH!!

[LostOne0069]

Do you have ANY data WHATSOEVER other than your "hunch"?????? I am NOT trying to start anything here..but FACTS and not URBAN LEGENDS would be nice!!! BTW I walked from ALOT more than 21 LARGE of credit card debt!!

Yes, as a matter of fact I DO know people who have had judgements AND garnishments against them.

If you were to take the time to READ some of the other forums on here, SO WOULD YOU. There have been several posts from people who are filing bk now who have garnishments on their pay and who have judgements against them.

I'm very glad you were able to walk away from so much debt without any repercussions, you are not the rule, you are the exception to the rule. Just because YOU got away with it does not mean that everyone will.

I mean, do you REALLY believe that there are no laws against doing exactly what you are talking about? Do you REALLY believe that anyone can walk away from ANY debt and nothing bad can or will happen to them?

You make so much of your "facts" but give no basis for them other than your own "experience". Show us the laws that say it's ok for you to walk out on your debt and there's nothing the cc companies can do about it. Show us the LACK of a law saying that they CAN do something about it!

In short, shut up until you can practice what you preach. Show proof or shut the hell up.

[LostOne0069]

Since you feel that garnishment is an urban legend, here's a link to the Department of labor's web site where they explain how and why you can have your wages garnished.

There are states where wages can NOT be garnished, but some, such as New Jersey CAN.

http://www.dol.gov/esa/regs/compliance/whd/whdfs30.htm

[no_it_all]

I know from personal experience, Bud. No urban legend.
That sir is no urban legend. It's life experience.

Oh, so you actually have "experience" in this ??? Reason I ask is because of ah, this:

There was no Judgement!!

So, I am confused...do you have "life experience" with a judgement and buying real estate or not???

Yes, as a matter of fact I DO know people who have had judgements AND garnishments against them.

For unsescured credit card debt??? Why didn't the knuckleheads just declare BK and have the judgements stopped in their tracks??? What a dumb thing they did!!!

[no_it_all]

Hey, anybody have a wage garnishment solely for unsecured credit card debt (which of course requires a judgement) ?? Raise your hands if you did! Hey, I don't see any hands!!!!! I wonder why???? Supposedly according to some moles here there are "many" of you out there!!! Ok how about ONE !!!

[robivi3]

45 grand is nothing today. My wife and I are pulling way over 90 at this point and with three teens, one in college, we are tight. Our Mortgage is small by SoFla standards at 1410.00 per month plus 145.00 for assoc. fees. Then add all the rest of todays necessities....