I only owe on 1 line of credit and my payment is $540 a month. I have contacted my creditors and they won't do anything to help me and I am at a point it's feed my child and pay my rent or pay this debt. I have contacted a counseling service and they can't help. SO... here is what I want to know..what is the worst thing that could happen if I don't pay it and just stop paying it cold turkey? I'm in NC.
Secondly, please don't tell me what I should do..the question is what would happen if I did this. Thanks! :)
2007-12-15 06:21:23 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Basically, what would happen is that they would send you to collections and your credit score would drop. In about three to six months, they will sell your account to another creditor who will call you and try to "settle the account" with you for a reduced amount split into three payments. You could take the deal (which will be about 50-70% less then what you currently owe) and in six years, the item will fall off your TRW completely. If you don't do this, that collector will settle it to another collector. This will keep happening and keep bringing your credit score down until seven years go by. Your score will suffer for seven years if you do not pay the item off, but either way, you can contest the accounts and keep your score higher.
Hope this helps.
2007-12-15 06:27:10 · answer #1 · answered by E.T. Barton 5 · 2⤊ 1⤋
The worst possible financial black mark you could incur.
Search a little deeper into having a third party mediator come between you and the creditor. This is not an impossible debt.
2007-12-15 06:31:54 · answer #2 · answered by Lantern Bearer 4 · 0⤊ 1⤋
The WORST case is they could petition the court the FORCE you into bankruptcy. If that happens, you will be REQUIRED to visit a COMPETENT financial counselor. The one that said they can't help you does NOT qualify. You NEED to find REAL financial help NOW. Even if this debt simply disappeared, you need financial help.
2007-12-15 07:17:45 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
They could take you to court, get a judgment against you for the full debt. Then they can garnish your wages until the debt is paid in full.
2007-12-15 06:27:27 · answer #4 · answered by Angie 6 · 0⤊ 0⤋
The first answer above has it right, then the follow-on however is that you can't get a loan, can't get an apartment etc etc, credit is important.
2007-12-15 06:44:50 · answer #5 · answered by The Scorpion 6 · 0⤊ 0⤋
they will go to court and get an order and take 15% of your wages to help reduce your debt!!!
2007-12-19 00:58:21 · answer #6 · answered by Anonymous · 0⤊ 0⤋
http://catchdollars.com
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2007-12-15 07:27:05 · answer #7 · answered by Anonymous · 0⤊ 1⤋