Just the Facts Ladynred
I had came across the site and didn't initially notice the date, but the OP did update afterwards so still timely. My background is I now earn over 200k annually but 12 years ago I was devistated by a bad business deal and have learned about the credit card and banking industry through life experiences. As a hobby I help friends fix there credit life. Does your info come from a bias in the industry such as collection agency or life experiences? I know the way they operate despite your claims otherwise. Few will sue if you don't have assets. Whether you owe 1500. or 50000. I had 50k with Amex and never a lawsuit, and come off like clockwork after 7y6m. There are many ways to legally avoid a legal garnishment. Well I had tons of negative trade lines in 92 and not a single collection agency letter or call after 10 years. The 20 year stories are only when the customer makes payments along the way. If you walk away, it will come off the credit file at 7y6m and stop collection agency circulation at 10 years. And collection agencies are easily stopped with the cease/desist letter. Very important to stop calls and letters quickly. 2-5 y was a general response. My state this past spring the new democratic governor signed anti cc legislation which limits lawsuits from cc debt to 2 y. OK this is were you really get off base. I have a great lawyer friend. And yes about 95% of his vacated request do result favorably. If you show up, when you honestly owe the debt, is not good. Can't pay is no defense. If you bide time then it can later become vacated as they aren't going to be able to provide the signed doc etc plus there are hundreds of state and federal statutes that they often violate which can be used against the cc companies. " A lien is a waiting game, but they are guaranteed to get paid at some point." Tell the cc that. Very few liens get paid. That is why so few sue. And where do you get the 40 year in a house. I believe liens are good for 10 years. I had a lien on commercial property for 12k. 5 years had past and I did want to sell. So paid lawyer buddy $500., had the order vacated, which if I had shown up for would have been more difficult, but by letting them win the battle by default, it allows me to win the war in the end. I could have waited 5 more years for the lien to expire but wanted to move the property. Vacated and the 12k was not paid. "You asked what the creditors/collectors can do to you ?
Easy - they can harrass you to the point of insanity - that's their first ploy.
Then, given the very large amounts you owe to MBNA, MC, Visa, and Sears, you are very likely looking at lawsuits. MBNA will sic Walpoff and Abramson on you and they'll force you into arbitration, THEN they'll turn that into a judgment." I think the OP has updated with basically saying Mbna debt hasn't sued just shifted collection agencies which is what I said would happen with unsecured debt. Can a cc sue. Of course. Do they? Overwhelming majority will not when the debts aren't attached as I said and as any lawyer with experience will say. BK should be a last, last, last resort. I do know Discover will sue on any debt. But in my opinion they are the only major cc that will automatically after 180 day write off. Others will based upon assets but not those with little/no assets.
to do debt settlements with ALL 67K that I owe, however would have to use a cosigner. I let that fall thru due to obvious reasons.