Like they have been sending letters & now sent a post card saying i was out & will contact me during this time, if i dont open the door & dont contact them then whats the worst that can happen, i dnt care abt credit rating or anything but im sure you cant go to jail.
2007-10-29 05:52:01 · 11 answers · asked by Anonymous in Business & Finance ➔ Credit
well if u can live with yourself, then i guess nothing more than a bad credit rating will happen. if it was a huge amount of debt, they could take u to court and garnish your wages. if its a small amount of debt, chances are they wont. why wouldnt u want to pay off your loans? they are loans after all..u got the stuff, and promised to pay later. u are the reason interest rates for the rest of us continue to climb.
2007-10-29 05:57:52 · answer #1 · answered by evanlah 6 · 0⤊ 0⤋
You wont go to jail, but it will destroy your credit and gather interest beyond belief. If this happens you will be in debt for the rest of your life and will never be able to buy a house, car, etc. Find a debt management agency who will help you set up an affordable payment plan. My husband had to do this and it is very helpful. If you don't, you will regret it
2007-10-29 05:57:28 · answer #2 · answered by lizards 5 · 0⤊ 0⤋
You say you don't care about credit rating now, but someday if you want to buy a car, house or even get a credit card, you'll be very sorry you stiffed this credit card company.
They can get a judgement against you. They'll never be able to collect but they'll be able to ruin your credit for a long time though. Without a credit card, you can't rent a car, buy stuff online, do many things.
Think carefully about it. Most credit card companies will work with you to let you pay it off. It's much better to pay it off than stiff them.
2007-10-29 05:56:21 · answer #3 · answered by Glennroid 5 · 0⤊ 1⤋
no, i dont believe you can go to jail, they did away with debtor's prison a long time ago.
They can sue you though... and then you will have to pay more than the amount owed because they can get you with court costs and such. It just depends on the amount you owe whether or not they will bother with doing that.
you should just pay it off... you will need a good credit rating eventually, even if you're not worried about it now.
2007-10-29 05:57:08 · answer #4 · answered by fallen.zer0 3 · 0⤊ 0⤋
Besides hounding you and trashing your credit, they can sue, win a judgment, attach your bank account, garnish your wages, lien your property --all of which will further damage your credit.
Your bad credit rating will cause your car insurance rates to increase and you won't be considered for a lot of jobs.
But no, there's no debtors prison in the US.
2007-10-29 06:11:29 · answer #5 · answered by bdancer222 7 · 0⤊ 0⤋
Just hurt your rating. Depending on the debt amount. My mom told the collectors I was deceased when I was a teenager! LOL
They didn't call back! Shame on them for dishing those things out to teens!!
2007-10-29 05:56:52 · answer #6 · answered by TUESDAYSUX 3 · 1⤊ 1⤋
If you don't pay it, you won't be able to get any loans later in life. No car, no house, maybe not even cell phone service. After a certain point, you can go to jail. You're effectively stealing because a bank loaned you money that you didn't pay back.
2007-10-29 05:55:53 · answer #7 · answered by The Salmon Of Doubt 1 · 1⤊ 2⤋
It will go on your credit report and it will be hard for you to re-establish yourself. You need to contact all your creditors and make payment arrangements so it will affect your credit.
2007-10-29 05:56:41 · answer #8 · answered by Teah 2 · 0⤊ 0⤋
They're going to keep coming after for the money. If you don't contact them, they will liquidize your assets and get their money back from that. REPO men don't need you to let them in. They'll come in by themselves. =P
2007-10-29 05:56:51 · answer #9 · answered by pokemike01 4 · 0⤊ 0⤋
If you don't pay your debts you are just asking for trouble and it will just continue to get worse.
2007-10-29 05:57:21 · answer #10 · answered by Herb W 4 · 0⤊ 1⤋