For that amount they will probably sue you and win a judgment of around $14k with junk and slimy lawyer fees. That judgment will then earn 10%, against you and could be renewed for life. This debt could easily be $30-40k in ten or fifteen years and they will place a lien against any money you will have in the bank or in property. They may never get it....but for me it would not be worth it. Pay them the $250 a month or whatever it is.
Must be another democrat who thinks everyone else owes him a living, a home, gas, and obviously his credit card debt. Deadbeat!
If you are really going down this path, you should consider opening as many credit cards as you can, maxing them out with cash advances, and THEN stiffing them on the payments. $12k is totally not worth it. $120k and then you might have something!
I did that too back last year in June-August! Perfectly timed since pre-approved cards no longer exist now and wont ever again.. Roughly £10,000 and never even made 1repayment. And since i rent not own property, and trade for a living so dont have a paycheck each month, theres nothing the bank can do to get anything!
Come on. How much did Goldman Sachs Steal? How much did AIG steal? So thats not stealing? One person defaulting doesn't have much effect. What if ALL of us default? Then we are on to some thing. Each and every person against this bailout should give themself a bail out by borrowing as much as possible and then defaulting. Then what will happen? How will those asset backed securities sell? Will those banks ask for another 700 Billion?
Same here, A3, but I console myself with the thought that our sacrifice is helping prevent WWIII. We do it by bailing out the OP and the bank that he just saddled with a non-performing loan. I think the ability to get into (unsecured) debt is important. The only way to minimize your exposure is to match your assets to your expected liabilities. The only way to add to your liabilities is to strap on some debt. Ability to leverage is valuable and is worth more than $12k.
I'm not excusing them, but spanish89 admitted to doing it nearly a year ago, and seemed to imply that it was intentional (didn't make one repayment). It's interesting to see so many demonise Wall Street when it seems much of the public would have done the same.
being able to leverage within ones standards is everything....especially to a "trader"......whom should be able to recognize this above anyone. 10 yrs from now when your values & desires differ from today,you`ll recognize what i`m talking about.....you actually took the bait the bank dangled in front of you.....& they just bought you cheap & own you for near chump change.......they win & you lose in the long run......trust me.......remember this discussion 10 yrs from now.
First off, you stop missing payments, they'll just start calling you. Quite a bit too the longer you wait. After 6 months, it's written off. Credit takes a hit, but nothing ridiculous. Settlements may be offered as well along the way. Calls keep coming. More months pass. Settlements may be mailed depending on who buys off the account. Calls vary as the account keeps getting passed/sold on. This continues for a year plus easy, then maybe, MAYBE they file suit along the way to issue a deficiency judgment. Prove you can't pay (i.e. make less then what you owe?). Judgment most likely continues. And continues. And continues (just keep gong back to court!)..otherwise the above repeats ad nauseum. Maybe they can try to start seizing assets, maybe not. Varies. So. I owe a lot myself. Stopped paying because I missed a couple by accident and the rates jacked up to kingdom come (along with the payments). It has been 15 months since I stopped paying, everything written off, what have you. Here's what's happened: -Numerous calls (a given, but they go to my cell phone) -Numerous settlement offers (averaging $.50 on the dollar) -1, 1 deficiency judgment so far (out of a few accounts..more on that part in a bit). So today I was in court for the d.j. 75 people were there total. This is a small, district court for basic cases and the like. Collectively, all owed I'd probably say around $250K-$300K (conservative estimate). Most were returning visits. Spent 2+ hours there as they call you individually in, go over basic finances, etc. to see if you can pay anything. When left, still a dozen people remaining...so they were there until closing. Mine continues on right now...I'll settle it anyway before it gets completely out of control. Now, here's a good one. One of my acct.'s was AMEX. Wrote that off a while ago. I'm getting 2 settlement offers now; one from them directly, one from Northland Group, both for different amounts. So, who exactly has this account now...I think it's pass the potato around, first one to get the money wins, the others lose out (even though there are stories that people get calls later on as these accounts still get sold again). Even if it's the original account/card holder trying to make a bit extra coin. Right now I don't care, because a) I have nothing they can really seize. b) I intend to settle eventually anyway for $.50 or less on the dollar & c) I'll have things repaired and restored shortly thereafter. In the end, the rabbit hole goes so deep and so layered, no one knows what it's truly like.