Posted on 06/15/2014 12:50:54 AM PDT by pansgold
This advice is worth what you paid for it.
You see, after 90 days of not paying on a credit card, the bank charges it off and sells the debt along with hundreds or thousands of others to a collection agency for 1/100th of the value of the original debt. The debt buyer then tries to collect from the debtor and they keep all the money they can collect.
They will take you to court and try and garnish your wages for 6 to 8 or 12 years. That’s when you ask the court to force the new debt holder to show the court proof of ownership (paper documents) for the debt they are trying to collect for.
These creditors are buying debt with the click of a mouse over the internet and will have none of the original paperwork. The reason, it’s cost prohibitive and a filing nightmare. These creditors prefer to operate with only intimidation and threats. They gamble in getting a judgment by your failure to appear in court. SHOW UP IN COURT!
Just watch the debt purchaser drop the case and give up on collection.
Let alone the only way I can increase my credit score is to exponentially increase my debt...
(I write ‘I’ as I’m writing in the first-person of experience. But it’s true of everyone)
7. Thou shalt not steal*
*Social Security, Medicare, Medicaid, EBT cards, Obama phones, and State, Local and Federal Government Pensions not included.
Deadbeat advice.
He actually said, “what if you lose your job” referring to a generalization. I find this guy a hoot. The “woo is me factor” is out of orbit. He is a big time liberal. Fighting for the small guy......what a joke. Retired 25 years and is only 65. Yes he has a racket going on.
I was not aware I had drawn an analogy to anything. Pray, find the analogy for me. I am too dense to see it.
As to your charge of crony capitalism it is a misuse of the term to claim that debt in Medieval Europe was enforced by the courts as a result of a special relationship between the state and privileged business interests. In earlier times unpaid debt was treated as a crime and was punishable by imprisonment if the debtor appealed for such redress through the courts.
You have pointed the finger of extreme analogy toward the wrong person. Be sure you are not guilty of the charges you use to assault others.
So, let me get this right, there are those of you that somehow believe it is OK to defraud your creditors?
Every time you sign that little slip at the end of the transaction, you are agreeing to pay as per your agreement.
I don’t like deadbeats. They are scum.
I am sick of hearing folks gripe about what “the bank”, the loan company” the “Credit card company” did, or is doing to them. You made an agreement, you signed it. A wise man once told me he had never met a man whose signature was worth more than his word. I have learned he was right. Lie with your mouth, your hand and your heart. Neither your friends, your spouse or your God owe you any respect.
If you think it is OK to lie cheat and steal, enjoy your worthless life, but stay the hell away from me. I do not associate with your kind and I hope one day somebody you receive what you have earned.
That's not the way it works, at least if you consider debt to be long term. You increase your credit score by using credit and repaying it. If I pay my credit card off every month in full, then I can build up a credit score. No reason to carry debt or pay interest.
The banks in collusion with the FED and the FEDGOV are stealing taxpayer money EVERY DAY.
The FED Prints money (last I head 50 billion a month) then through a scheme they loan the money to banks at 0% interest who in turn purchase Federal Bonds in which the interest is paid by taxpayers.
So now again if I take that money back (which is being stolen from me via a legal loophole) by not repaying a credit card loan (Which those very same banks own) using a legal loophole, am I stealing?
Yep. The entire financial system is nothing but theft. Don’t forget, mortgages are the same thing: The fed creates money out of thin air, loans it to banks, who loan it to you. There was never any money in the first place.
What you are advocating is theft and I think it is extremely repugnant. Hope you are joking. People should pay their bills and not expect others to bail them out.
I am a tax preparer for the largest tax preparation company in the US. I have completed tax returns for many people with a 1099-C and have helped several clients COD (cancellation of debt) income due to insolvency. Most of these were related to forgiveness of credit card debt.
COD related to foreclosure of a primary residence can be excluded using the primary residence exclusion on Form 982.
The cancellation amount is considered income to you. You will receive a 1099-C (cancellation of debt) from the credit card company and you will have to include this on your 1040 Line 21 (Other Income).
You can exclude this cancellation of debt income on Form 982 though bankruptcy or by proving that you are insolvent by more than the cancellation of debt amount on the cancellation date. Insolvency means that your liabilities are greater than the Fair Market Value of your assets.
It’s good to see most FReepers do perceive this tactic as theft. Failing to pay one’s debtors is in fact stealing, and is contrary to Ps 37:21 “The wicked borrow and do not repay, but the righteous give generously...”.
I LIKE the way you operate, Sir. I thought I was good with cash/money/finances, but you got me beat, hands down. A tip of the hat to you.
So its a revolution and not theft?
Very well, declare your open act of revolt, as the Founders did. Then you will be morally covered.
And then you can start justifying armed robbery as well, with your “but they stole from me first” logic.
How about not putting more on the card than you can afford to pay?
Bizarre circular reasoning you have there. It stopped being stealing because people changed the law. They could change the law to make The Brinks Robbery legal, too, but it would still be armed theft.
If one loses their job and are unemployed, and they are carrying a burden on the card that cannot be paid down, that is a problem.
The problem here is the mindset that it is “free” money. And there are people in that situation who still must have cable television four cell phones in the family, high speed Internet access, a new car, and other such things.
If you are destitute, and have no more fat to trim in the lifestyle, no home, etc, then you have to to what you have to do. But to make this a first choice is immoral.
Mine?
Your words in post 150 "The answer is, retaking possession of my own property is not stealing."
Look at my post again. I stated a fact (Fed loan to banks scheme using taxpayer money to pay back) and then asked a question.
I declared no stance one way or the other. However your own words declare that taking back money which was stolen from you and not returned using a legal loophole is not theft.
Why are you so upset? It's your philosophy I employed in the example.
Credit, like money, is not inherently bad.
It is what you do with it that may be bad.
I kid about torturing and killing ALL the time.
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