What is the worst that can happen if I simply stop paying my credit cards and ignore the card company?

Question

Will I get a CCJ, or will they simply go away and refuse to lend me money again? Or, will someone turn up at my door? Only sensible answers please!

Answer 1

just lay low for a few years, your credit will be shot, but most companies will be willing to settle for pennies on the dollar if you threaten them with bankrupcy. again, your credit will be shot but you can get like $10,000 worth of stuff for like $2,000...

Answer 2

Luv2bake's answer wins the coveted "Studly's Stupidest Answer" award for today! This award is given to Yahoo answers that do far more harm then good, are unresearched and just plain stupid!

The first sign that it's filled with lies is her claim that her 'friend' now has a credit score of 300-350....sorry they never go that low.

But the main reason for the award is the nonsense at the end of her answer. Send the creditor $5 as a sign of good faith?

First of all, no creditor will ever consider a $5 payment a good faith effort. Especially if you owe $1000. Do you really think they are going to wait years for you to finish paying this debt? And no judge will consider it that way either.

And if the send you the check back you can consider it "paid in full"??? Sorry, that is not how the game works.

If you actually followed this silly advice, what you have just done is restart the Statute of Limitations time period. Big mistake.

See why you never listen to advice from people here, unless they give you some references and sources?

Answer 3

15 yrs. ago I had to file for bankruptcy. My $30,000 in debt was discharged. They didn t touch my house or my cars. (All old beaters). After about 4-5 years got any credit card and car loan I applied for with normal interest rates. Currently my business is not doing well. I ve not had a paycheck in 5 weeks and I ve been forced to stop paying the credit cards and focus on only the rent, taxes and utilities. I don t own a home anymore, (live with my daughter) have an old car and don t plan on ever purchasing a new one ever again and am prepared to pay cash/debit card for all future purchases. At some point I hope to take a paycheck again...but since I am "the boss" how can they make me garnish myself? If I ignore the courts order for garnishment, then can I go to jail? I also understand that if you tell the collection agencies to stop calling you and only correspond via mail, that in WI they are required to comply and can not harass you. Comments?

Answer 4

Depends on the bank.
the credit card can get someone to call you at work every day.
the only way to stop them is to get a lawyer. Then your job gets ticked off and you get fired. Your credit score goes down. Some places of employment check your score before they hire you( like retail jobs, banks and security.)

Each month you do not pay they tack on 35 bucks for a late payment fee, then they charge you interest. I have one card where the interest jumps to 29% if I default. Pretty soon your account is over the limit so they tack on a monthly over the limit fee.

four years later you go to buy a car, a house, phone, or computer,or get surgery, and you get turned down.

The best thing to do is call them now. Ask for a lower percentage rate and a payment that you can afford. Most, not all will work with you as long as you are paying the monthly interest.

if someone cosigned on your card they will also get called and hassled often in the middle of the night.

Answer 5

Lets see, my friend has done just that! Know what he got now? NOTHING! NO car, NO house, NO more boat, NOTHING! Absolutely NO credit! Credit scores are b/w 300-850; his right now? around 300-350. The companies are suing him in court & will win! His wages will be attached if he doesn't show up to defend his reasoning of not paying them. Pennies on a dollar, huh? Sometimes they will make a deal but only if you can come up with the "pay off" that same day they make the offer. If you've lost your job or going thru a divorce or some other disaster in your life giving good reason for the non payment they will work with you. Send them at least $5 a month to prove to a judge that you are trying to be responsible. If they send the check back it's considered "paid in full"! Keep the check to show any judge who tries your case if they take you to court. Good luck

Answer 6

Bad credit is one of the worst problems to have... however there exists a solution.

I will hereby talk from my personal experience.

I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :

http://umgarticles.atspace.com/debt-consolidation.htm

if it helps kindly remember me in your voting!.. cheers!

Answer 7

The credit card company might get a collection agency to come after you if you ignore the bills that they send you every month. Also, it would greatly reduce your chance of ever getting another credit card if you wanted to get another one in the future.

Answer 8

Your credit will go down the toilet, you will probably NEVER get another credit card or loan or mortage EVER, (if you do, by some miracle get any credit from anywhere, you'll be paying absurd interest rates) and - worst case senario - you can get sued by the card company.

Answer 9

listen to studly


any one who said NEVER EVER get a credit card again is a TOTAL RETARD.

Answer 10

you will go to jail have fun send me a postcard