credit card

[jeffdm]

What is the name of your state? Fl.

I opened a company up several years ago. My SBA loan was severly underfunded from what I was initailly asking for, so to compensate I opened up a credit card and maxed it out $12,000. Any way I continued paying the credit card and was late a couple times usually by a week or two. Needless to say MBNA jacked up my interest rate from 7.99% to over 28%. after over two years of making payments and seeing the balance go up and not down I ceased paying the card.

Currently I have recieved a collections letter from a third party collections company. I am writing a letter in dispuite of the bill which now byt the way is in excess of $19,000.

My question is what is going to happen if I continue not to pay this unsecured credit card?

I have read about credit card companys breaching federal contract law by utilizing Debt to create assests for the credit card company. I have also read that that without a legal promissory note such as with a car loan or house loan they can not legally collect their money. Is there any truth in this and can I use this information to sue the credit card company.

MBNA is truley an evil company. My wife also had an MBNA account which was always paid perfectly until I stopped paying my account they then jacked up the interest rate on her account to 25.99% from 5.99% even though she never missed a payment or made a late payment.

Thank you.

 

[Who's Liable?]

Wait a minute here.... Let me see if I can get this straight...


You took out a credit card, maxed it out... Meaning you KNEW what you were doing, and NOBODY FORCED you to do this. You admit to making late payments by "a week or two," stopped making payments on it and now you are upset that they are trying to collect?

 

[jherentals]

I am no lawyer but the same happened to me. You may want to chk the Sat of Limitations for your state from a lawyer and not website rumors. You do owe the money and its their problem to collect it. Unless they sue you, they can't do anything legally. If they get a judgment then look out cuz they can force you into court to tell them where you bank work etc so they collect in full. I used Mail Boxes etc and cell phones and gave my evil creditors a big run for their money. It took them 3 years to catch me, and if I was smart, I would have moved so they could never have served me, which would have hindered the suit. I ran up about $300,000 in bad debt and walked on that myself. I am in the process of bankrupting, but as a KS resident will keep my property and burn off those evil stalker creditors once and for all. Best wishes for yourself. email me anytime jherentals@yahoo.com Jim

 

[caliber]

As crazy as it sounds the cc banks create appearances.

You applied for for credit and was issued your credit, not their money. If you knew this from the beginning and maxed out your credit only to then dispute and not pay than you can't claim they were fraudulent. However, if you genuinely realized later than sooner that the cc company bound you up in their agreement(contract of adhesion) then there are lawful remedies to extract yourself from their grip. One must learn exactly what is happening behind the transaction in order to be fully aware of how banks operate under Federal Reserve policy and procedure. While the flaw in the banking system is rooted in basic contract law the government is their partner. Together they create not only fiat money but inflation as well. The argument always raised is, "but who paid Wal-Mart for the baseball glove?" Answer: You assumed the cc company did with either its own assets or other depositor's assets during that billing cycle, but policy and procedure contradict this. Fact is you paid for the glove with your commercial paper, the cc voucher. To really get this you must understand how money is ceated within our system. As for your situation, you may also be able to dispute in good faith based on Truth in Lending. Banks typically violate Truth in Lending. MBNA has grown very quickly in a rather short period of time. They will send their atty collector after you to keep up the appearance that they are the good guys and you are the deadbeat. If you have a stomach and do some homework you may find it is just the opposite. I would not sue them based on the notion that they can't legally collect. They must, however, fulfill their side of the agreement by advancing their value(consideration) in order to legally own your promissory note(which they can then sell for cash). The issue is the agreement first, then the money. It's better to wait to see what they do and rebut in writing along the way.

Individual governance supersedes the above statement(s) and my posting(s) are for educational purposes, not to be construed as legal advice.