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  1. #1
    Join Date
    Jun 2008
    Posts
    3

    Default Re: Will I Be Sued By Credit Card And Loan Companies If I Stop Paying Them?

    Thank you for all your replies guys. Phone calls I can handle, I will get a new prepaid card. My biggest concern is getting sued. I know after six months of not paying the creditors will sell my case to collection for pennies on the dollar.

    My big question is, is it worth it for these collection agencies to sue me when I have nothing under my name and own nothing? Do they give up after 2-3 years?

    I want to ride it out for 4 years till the SOL expires.

  2. #2
    Join Date
    Apr 2008
    Location
    Texas (Dallas area)
    Posts
    1,404

    Default Re: Will I Be Sued By Credit Card And Loan Companies If I Stop Paying Them?

    Quote Quoting morisr
    View Post
    Thank you for all your replies guys. Phone calls I can handle, I will get a new prepaid card. My biggest concern is getting sued. I know after six months of not paying the creditors will sell my case to collection for pennies on the dollar.

    My big question is, is it worth it for these collection agencies to sue me when I have nothing under my name and own nothing? Do they give up after 2-3 years?

    I want to ride it out for 4 years till the SOL expires.

    YES the banks will sue you. They have departments set up to handle things like this.

    And NO they dont give up after a few years and forget about it.

    It seems like you have your mind made up, so go with that and see what happens. You can always go another route down the line. You have nothing to lose either way based on what you disclosed on here.

  3. #3
    Join Date
    Jan 2008
    Location
    Alabama
    Posts
    114

    Default Re: Will I Be Sued By Credit Card And Loan Companies If I Stop Paying Them?

    Waiting it out is dangerous. Even if you think you have no assets that can be seized you have to consider that your wages can be garnished (in fact this is likely the first thing a creditor will go for once they obtain a judgment), or alternately your bank account can be attached. I have seen many clients suddenly have a garnishment attached to their bank account the day after they deposit their bank account, and then that money is frozen and they are left unable to pay their bills and with checks bouncing all over the place.

    Now there are people who we refer to as "garnishment proof" but these are people who either have zero income, or their only income is from Social Security. These people have zero assets meaning no house no car, no personal property of any value, and they have no open checking accounts. So basically with these people every creditor they owe could obtain a judgment against them, but will never be able to collect on it. Of course that does not stop the phone calls, letters, etc. or the embarassment of being served every time someone sues you. If you fall into this category and plan to stay there until the SOL runs out then maybe you are ok to wait it out, but if you have a job you would be seriously jeopardizing your family's well being by waiting it out only to have your wages garnished in the end.

  4. #4
    Join Date
    Apr 2008
    Location
    Texas (Dallas area)
    Posts
    1,404

    Default Re: Will I Be Sued By Credit Card And Loan Companies If I Stop Paying Them?

    [QUOTE=AmieRenee1980;215997]Waiting it out is dangerous. Even if you think you have no assets
    [QUOTE]

    I totally agree with this post. What if you win the lottery? someone passes on and leaves you money or property? The time to protect yourself is NOW. To wait can be very very very dangerous.

  5. #5
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: Will I Be Sued By Credit Card And Loan Companies If I Stop Paying Them?

    Agree, you might not want to chance waiting. If they get a judgment against you, as per my previous post, they are good for 10 years in Ca. & can be renewed. During that period of time, you may very well come into non-exempt assets/income that creditors can seize.

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