Answers
What are the consequences after 6 years? am not planning on getting another card or anyting so shud i just wait it out? am on the sixth year anyway so is it better to let it be written off? what wont i able to do ifafter 6 years my credit card debt is written off?
wrong they stay with you till it is paid off!!!
This is a short edited version of the Panorama episode "Can't Pay Won't Pay" broadcast on the 10th November 2008. It tells of ...
In England credit card debt is written off file after 6 years, does that mean they will stop charging the extra costs like intrest? when do they stop intrest if they even can? thanks.
Charge off is only an accounting term. The lender is saying that they don't expect to collect the debt and are not willing to claim it as an asset of the company any longer. That's all it means, the debit is still valid and owed. Interest will continue to be charged until you pay off the bill.
My sister-in-law died yesterday as she had cancer but we expected her to live longer. I have just heard that she has spent around £20,000 on credit cards since been diagonised with cancer in September. She has no money or assests but the house is in joint names with her husband. Will the credit card companies write off the debt or chase the husband to pay it??? This is in the UK not USA as their laws maye different.
My gut feeling is that the husband is not liable as the spouse, but the credit card company may try to get their repayment from her share of the house. In practice, the widower may not wish to sell the house, and would have to pay debtors off to be able to keep it. I think he should take legal advice on this one.
There are companies on the internet that say they can get credit card debt written off legally due to changes in the consumer credit act, apparenty an individuals credit rating would not be effected. This would not be part of any debt management problem, a fully solvert indidual would be able to do this, sounds like a con to me, anyone know anyhting about it?
We should be so lucky!
If something looks too good to be true it is usually some sort of scam, or you end up paying more than you already owe.
Have to file bankruptcy. Been out of work for 6 months. Two credit cards have been written off but amount, I guess, has been turned over to a collection agency. When I file for bankruptcy do I just list the bank or just the collection agency? Can the collection agency garnish my wages if I obtain employment? Thanks.
List them both.
Filing for bankruptcy will stop any judgements to garnish your wages.
How to write off credit card debt FOR GOOD! IN A MATTER OF SECONDS ...
How to write off credit card debt FOR GOOD! IN A MATTER OF SECONDS!
In order to get rid of your credit card debt , there are two ways you can do it. Both are perfectly legal and there’s no doubt about it. Both can be done by one person and you can to do it yourself, or with the help of a qualified professional debt expert, such as a lawyer or an insolvency practitioner.
What follows is related to credit cards, but in fact also applies to any form of agreement, such as a loan, car loan, department store cards, and most other types of financing used by the average consumer. But it is not related to mobile phone contracts or other agreements. So you will have to stick to the list mentioned above.
...News
"Start Over, Finish Rich", David Bach's 10 Steps For Getting Out Of DebtHuffington Post (blog) - Dec 23, 2009
Credit.com News"Start Over, Finish Rich", David Bach's 10 Steps For Getting Out Of DebtIf you've gotten really behind on your credit card payments, the credit card company may write off the debt as a loss and sell it to a collection agency. The 4 best and worst things about credit cardsall 150 news articles »
Daily Press - Dec 24, 2009
And credit card debt is smothering many consumers. But as the year comes to a close, I wanted to address questions from readers who are fine financially yet and more »Credit Card Guide News - Dec 23, 2009
a sharp increase in defaults, or charge-offs, ie credit card debt that is more than 60 days old and which card issuers has written off as uncollectable.Motley Fool - Dec 24, 2009
Earlier this month, Citigroup (NYSE: C) reported that its card division had written off its credit card loans at over a 10% annualized rate in November. and more »Telegraph.co.uk - Dec 01, 2009
facing a credit card timebomb were underlined as official figures showed that the amount of card debt banks have written off has unexpectedly doubled. The Worst Is Over For Credit Card Companies, Or Maybe Not (BAC)all 366 news articles »KIVI-TV - Dec 23, 2009
Take on extra work, sell possessions you do not need, and apply unexpected money like a raise, bonus or gift to paying off your credit-card bills. and more »Barron's (blog) - Dec 09, 2009
(Note: Dimon is including in this figure roughly $11 trillion of mortgage debt, on top of the usual $2.5 trillion or so of what is mostly credit card debt. and more »