Screw them all. To echo the pleas of the unwashed masses, "where's my bailout?". I find myself quite comfortable with being nobody.
I'm two and a half years down the road with default. I got out of work, thought I would never need another job but I find that without a challenge life is a little boring. They called a zillion times, I informed them that calling like that is illegal, they all stopped calling, then they pass the debt off to the next guys and they do the illegal calls and bullshit stories. I was under the impression that they would not get a judgment if the amount was under $25k but somebody tried to serve me with papers at my old house, which is now a rental. The renters are friends and aren't going to tip them off where to find me... anyhow today, I had a job interview and it went well, if I go to work I'm not sure the address will be a public record or even the fact that I'm working, I hope not, just 18 months to statute of limitations... If they find that I'm working it's a slam dunk for them, they will attach my wages... I need to speed up the work on the automated system because it would be fun to give notice after they go to all the trouble of getting my wages attached... but then they can put a lien on the rental.. I suppose that eventually they will get to me one way of the other...
Be careful on settlements. If you borrow 10k and settle for 5k the IRS will expect you to pay taxes on the difference. To the IRS the settled amount is considered income.
In about three or four months chase will send you a letter offering you a deal to only pay half. See if you can get them to delete the lates from your credit report Otherwise tell them if they don't correct your credit you will wait for them to charge off the debt and you'll make a deal to pay off the debt at a cheaper level with the collection who will buy that bad debt from chase.
There are three reasons we pay debts: 1) There is a legal obligation to pay. But as others here have written, there aren't exactly sharp teeth attached to those laws. The Dickensian debtor prisons and such don't exist. So why do people keep paying? 2) To keep there FICO scores high and to MAINTAIN FUTURE CREDIT and... 2) There is a MORAL obligation to pay one's debts. This is a generally agreed upon principle held by most of society. It is the reason economic society functions to a large extant. that is, so long as most of society follows this. That they feel a sense of shame when they default. However.... I'm afraid with all this corporate malfeasance and bank bailouts for millionaires, the MORAL obligation is dying if not already dead. Bankers and Politicians have no idea what they have unleashed. Their naked arrogance will unglue society when many that CAN pay, STOP paying - after all, Joe 6Pak will eventually feel like a sucker for honoring debts when the wealthy get bailed out. This will become another system within the existing debt destruction feedback loop. Currently, it is from people that are unemployed or overextended/underemployed. Just wait until the masses join the bandwagon and decide to F' it. Then think of the broader consequences... Is Timmy's new Trillion really enough?
Really impressed by you and a few of the winners on this thread! How about this.....get off your lazy ass, get a job, make some bucks and pay your eff'n bills! BTW, most employers do a background check and credit check...and the fact that you are a loser will definately come up again.
Wow never knew so many deadbeats who could not manage their finances, spent more than what they took in and now had to default. Well the US is full of deadbeats anyhow. Shit rolls from the top.
Oh......so because someone else steals, or murders, or whatever, it's only fair that you get to do it? As for the bank bailout.....IT WAS A LOAN/Investment, that will be repaid, and the government will likely make money on the deal down the road.
If your new employer checks your credit, they will find out your credit score and they might pull the job offer. All my employers in the past checked my credit.
I used to correct credit for friends and family. Not all people are losers or lazy who fall behind on debts. As a matter of fact cc companies are a predatory bunch. If someone misses a due date twice even.by a day in a rolling 12 month period they get hit with a 30 percent default rate. In other words, since they are having a little trouble paying, why not rape them. Sure its in the fine print but it doesn't make it right.