Welcome to General Chat - GAW Community Area
This General Chat area started off as a place for people to talk about things that are off topic, however it has quickly evolved into a community and has become an integral part of the GAW experience for many of us.
Based on its evolving needs and plenty of user feedback, we are trying to bring some order and institute some rules. Please make sure you read these rules and participate in the spirit of this community.
Rules for General Chat
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Be respectful to each other. This is of utmost importance, and comments may be removed if deemed not respectful.
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Avoid long drawn out arguments. This should be a place to relax, not to waste your time needlessly.
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Personal anecdotes, puzzles, cute pics/clips - everything welcome
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Try keep things light. If you are bringing in deep stuff, try not to go overboard.
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Things that are clearly on-topic for this board should be posted as a separate post and not here (except if you are new and still getting the feel of this place)
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If you find people violating these rules, deport them rather than start a argument here.
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Feel free to give feedback as these rules are expected to keep evolving
In short, imagine this thread to be a local community hall where we all gather and chat daily. Please be respectful to others in the same way
They will threaten a lot of things, but ultimately the biggest threat (and the only real action) is "Charge Off"
When they declare Charge Off, they are putting an entry in your credit file that the debt is unlikely to be ever collected.
At this point, your credit history is pretty much ruined and you will have a very hard time getting another credit card, or, depending on the amount and previous history, even be able to rent or open a bank account.
OTOH, if you claim bankruptcy, you can easily get a credit card very soon after that.
Thank you for chiming in bubble_bursts. I am finding out that I should've filed for chapter 7 bankruptcy a long time ago. Do think if I start the bankruptcy proceedings after being in a "Charge Off" status that it will still help me clear up my credit rating eventually?
But remember that if you leave your credit rating alone - as in no inquries nothing for a few years, it will get reset automatically. Some one else mentioned 4-7 years which sounds right
They can probably fight you in the bankruptcy court. But really sure if it's worth their effort or if something like that would be their standard procedure.
Honestly, you gotta consult a good lawyer before taking that step.
Most states have 4 to 7 year statute of limitation where they roll off your credit report leaving you with new credit
I would love a world where everyone stopped paying, the banks would be crushed over night
I have several cards I stopped paying on during Covid. After Covid, they wanted to reinstate the payments, at that time we had the summer of love and Bank Of America and others donated billions to BLM. When I got the phone call, I asked them if I am being recorded, because they always do… And I said well listen up. If you want my payments for my credit card, you can contact BLM! Because your financial institutions donated billions of dollars. You will never see one dime from me ever again.
Since I’m on Social Security, they cannot attach my wages, also I still get text messages and letters in the mail, but they’re already from collection agencies. One has already charged off last year. I think there’s two more. I’m holding out. 🤷♀️
That being said… Credit is only worth what you need it for. My car is paid for, and our family home is in a trust. I pay cash for anything that I need.
When they had that breach of personal data recently, my mom looked my name up, and I was one of the people who was preached. We laughed out loud… I think my credit rating is 500. So if they try to apply for a credit card in my name, the answer would be. NO - request rejected.! 😂😂😂
Well played, Ma’am, well played 👏👏