Posted on: 20th Dec, 2006 07:39 pm
i have more than $300,000 in credit card debts and really don't know what to do with it? Suppose I don't file for bankruptcy and just stop paying any more. I don't even have any assets and failed in my business. Any suggestions will be helpful
Hi Mike,
Welcome here.
If you stop paying your credit card debts, it will have an adverse affect on your credit score and you won't be getting further credit. And, even though you get a loan, the creditor or the lender will be asking for a very high interest rate.
I think you should expalin your situation and then request creditors to give you some more time so that you can gather money to pay off your debts.
Thanks,
James.
Welcome here.
If you stop paying your credit card debts, it will have an adverse affect on your credit score and you won't be getting further credit. And, even though you get a loan, the creditor or the lender will be asking for a very high interest rate.
I think you should expalin your situation and then request creditors to give you some more time so that you can gather money to pay off your debts.
Thanks,
James.
Hi Mike,
Once you stop paying loan installments, the lender may call you up and demand payments. If he does not get it from you, he may threaten you with lawsuits. He can approach a debt collection agency to collect payments from you or he may also sell your loan to a debt collection agency. The agency may file a suit against you for not paying off the debt.
The lender may approach the court, file a lawsuit and obtain a judgment against you. The court in turn may call you and question you as to why you are not repaying the debt. You may have to reveal information on all your assets at the court. Such legal actions can put a lot of pressure on you. And, you may have to pay at least a part of the debt. So, it's better to accumulate cash and be prepared to for a partial payment at least.
Hope you will be benefited from this information.
God bless you.
Samantha
Once you stop paying loan installments, the lender may call you up and demand payments. If he does not get it from you, he may threaten you with lawsuits. He can approach a debt collection agency to collect payments from you or he may also sell your loan to a debt collection agency. The agency may file a suit against you for not paying off the debt.
The lender may approach the court, file a lawsuit and obtain a judgment against you. The court in turn may call you and question you as to why you are not repaying the debt. You may have to reveal information on all your assets at the court. Such legal actions can put a lot of pressure on you. And, you may have to pay at least a part of the debt. So, it's better to accumulate cash and be prepared to for a partial payment at least.
Hope you will be benefited from this information.
God bless you.
Samantha
