Since chapter 7 is out of the question,

[Deja Q]

when I run out of money, does that mean they'll come and take everything away?

(just accept chapter 7 won't fly... even those in the biz who assessed my situation have told me so. Not for how comparatively LITTLE I owe! :wow: )

[Mizmoon]

1. Depends

Do you have any meat on your bones? Then they may personally come to take things back.

If you are just bones, it will simply live on on your credit report for seven years.

Can you give me any deails? Is it credit cards?

[Deja Q]

3. If you mean phsyically stave off repo men, out of the question...

:D

I am not in the best of shape right now and from a new sensation I am feeling, I fear things are about to worsen.

It's all credit cards, but after talking to a bunch of people, I'm astounded by how comparatively little I owe (just over $12k, I KNOW people with $50k, $70k, even $180k.)

But I use my equipment to learn new things; I wish I had set myself up as a LLC way back when so I could have real protection, but I never knew much of anything either...

As I've also been a social pariah all my life (hardly by choice, wanna hear my life story? I thought not) I turned to DVDs/entertainment to cope with life's stresses. When I say I can't live without it, it's not just an addiction. It's reality.

[radwriter0555]

4. Creditors don't repossess your personal belongings. Nothing you own

will be touched; no one will come knocking on your door. You will however, be hounded relentlessly by the people who whom you owe the money, so you should do a couple of things before you cease making payments.

First, get a telephone number that is JUST for your personal use. Let the creditors have the other phone. Never answer it again and periodically clean out the messages. Don't list your new number, just keep it private.

You should consider perhaps a post office box for all their correspondence as well.

Apply for all credit and services you will need in the future, NOW before your credit report goes south.

Definitely keep up on their correspondence as the years go by. At some point they will attempt to sell your debt in which case it starts all over as new on your credit report. Check on the various laws in your state. Some debts can't be collected after 4 years, and if you start THEN by saying it's not your debt it won't start a new file which can perpetuate. Once you admit to a debt, you are obligated to pay on it. Once you've stopped paying on the debt, never admit it's yours.

You can also claim now that you're a victim of ID theft. You can use this in 6-8 years down the road and say that the debts are an error due to the ID theft.

And finally, $12,000 isn't a lot of money. If you can make the minimum payments until your situation resolves, it's in your best interest.

[Deja Q]

8. Oh, I want to make the payments - but my ability to will cease! ...

And not by my own accord.

I will have no money for rent. food. anything. 0.

I am hoping for even a temp job and explain to my counseling agency the situation (but they have it written down that if I miss a payment, I'm through.)

[youspeakmylanguage]

11. Are you comfortable sharing more of your circumstances?

Perhaps someone here can suggest an employer or a city more friendly to prospective employees.

I live in Charlotte, NC and can tell you that a person without a serious criminal record and a desire to work will not have a problem finding a decent job - not a great job, but a decent one. The cost of living here is also relatively low compared to other parts of the east coast - a one-bedroom apartment can be had for $375-$400 a month. And the populace, while generally conservative, aren't raving nuts like in some other southern states (or, to be honest, other parts of NC).

Of course, if you are unable to move or have become disabled or are caring for someone who has become disabled, that won't help.

[Deja Q]

12. Anything to live on and keep my bills paid, definitely!

I currently pay $700/mo; rent in the TC area right now is like $550 anyway.

I'd be able to move, but I will likely have to give upa lot of my belongings. Most of it is sentimental junk and entertainment anyway. :D

[Floogeldy]

2. Most states have laws . . .

. . . that protect you to an extent. Like, they can't take your primary residence (unless its an expensive mansion thingy). They will let you keep a vehicle not over a certain value, like $3K. You can keep your clothes, furniture, tools of your trade. Some states's statutes are old and say funny stuff like like you can keep six chickens, 2 horses, a milk cow, etc. . . . .

Check your state law to find out what items of property are exempt from judgment execution. Of course, a creditor is going to have to sue you and get a judgment first. Let's hope not.

B-)

[catmandu57]

6. I'd go with getting a new phone #

I'd go so far as to go wireless, I don't know if you need a phoneline for internet, but if nothing else get an answering machine and caller id and let them call and send all the mail they want.
A word of advice, don't get uptight and worried about bill collectors, turn it around and have some fun with them, write up some scripts for them.
When they called here for medical bills, before we went the bk route, I had all kinds of fun with them, I had a starter pistol one day when they called and asked to speak to my wife, I said hold on i'll get her, laid the receiver down, and after a little while I slammed the door and asked loudly who the fuck are you? what do you want? no, no wait, then bang bang bang with the starter and thud next to the phone.
In a little while I hear Sir?, Sir? are you there? is everything okay?

Have some fun with them.

[Floogeldy]

7. LMAO!

B-)

[youspeakmylanguage]

5. I don't usually say this, but...

...what I've read so far in this thread is HORRIBLE advice.

Ignoring the creditors will not work in the long run and may result in financial and personal disaster. Depending on which agency absorbs your debt, they will most likely take you to court (again, depending on the agency and the state you live in that may be sooner rather than later) and they will eventually end up with most of your possessions and/or severely garnish your wages for a LONG time. Your credit score will be as bad as if you had filed for bankruptcy. It's a lose/lose situation.

Claiming it isn't your debt may work, but then it may not. And if it is your debt, claiming it isn't is a felony. Chances are they won't investigate it that far, but if they do, do you want to go to jail? Probably not...

I once worked in collections and if you can't or don't want to pay the minimum every month the best course of action is slow repayment. Pay the minimum balance when you can, and if you can't then let the account slide a month or so, but DO NOT let it get more than 60 days past due. Also, setting up a seperate line for the creditors apart from your personal lines is a good idea, as most card companies will call you after 30 days on a slow account.

[Deja Q]

9. Thanks for the advice!

I will do what I can; even with my status and desire to want to pay things back, I hope they will be lenient to an extent.

If not, I have another solution in mind. One that will benefit everybody. A win-win situation...

[youspeakmylanguage]

10. There is an invisible but rock solid line when it comes to creditors...

On one side of the line they will, for the most part, be friendly, helpful, and willing to work with you. On the other side of the line they will be nasty, hurtful (to your financial well-being), and unwilling to work with you. And that line is simply defined by you making substantial payments (either the minimum or more) within a reasonable amount of time (0-60 days past due). There really isn't any way around that, no matter what anyone tells you.

Some of the other posters here may be speaking from the experience of dealing with medical bill collectors. Comparing a creditor collecting on a medical bill with one collecting on a credit card or personal loan is like comparing a house cat stalking a bird to a lion bringing down a zebra.

The biggest fallacy that a lot of crooked credit counselors will try to sell you is that the creditors will be willing to work with you even if you aren't making payments. If you stop making payments then the creditor becomes your adversary and they will do anything they can to collect money from you involuntarily. Sometimes they will be willing to settle for less, but that comes with some of the same pitfalls as non-payment.

The best thing to remember is that the person on the other end of the line depends on you paying your bills. When you pay, they are either rewarded with commissions or allowed to keep their jobs for another month. Therefore many of them will act as though you owe the money to them personally. Most of them are reasonable and human (and a lot of them are personally in the same financial situation themselves!) but they aren't chumps.

I hope this helps!

[undeterred]

13. Hypno

I am in the same situation roughly, but I am still getting calls about work even though nothing has worked out yet. Do you have your resume on DICE, Monster, and all the smaller Technical sites? Are you on ELANCE or the other sites where you can pick up free lance work?

Everyone keeps telling me web skills are the way to go.

[Deja Q]

15. Yes.

My resume is out there and responses are sporadic at best; none now that I frigging need them.

I have web design graphics skills and some basic javascript (I'm better at implementing/fixing code than creating it from scratch for some reason), but with my financial situation and parents unwilling to help after a certain logistical point, I will not have the opportunity to improve myself - I will have to hope an employer will help. :rofl: (they just don't get it; my current employer only talks of training and doesn't follow through. They seem to have a pre-reagan mindset or some sort of tv-induced mindset that people help other people. Nope. And I've already started writing a letter to them blowing off some steam. They won't listen to me face-to-face or voice-to-voice... I see where they are trying to help and I even agree with them and the ifnancial guy that I want to keep things going, but there's a REAL chance I may run out of funds before then. )

[Mutley]

14. Don't pay ANYONE with a debit or credit card over the phone

My SO did this once and the guy took TWICE the amount he was supposed to. Heh, I only ate about 13 times that whole month.

[tjdee]

16. Can you ask them to only mail you? Credit consolidation?

I think I'm going the credit counseling route myself.

And I've heard somewhere (I think?) that if you request their only contact with you be in writing, they have to do that.

[Deja Q]

17. In already in counseling.

And I've come this far already, but it seems all for naught. One missed payment and they summarily close the program, and that would be catastrophic in of itself.

[tjdee]

18. I feel for you....I could be you a few months from now.

Anyone could.

I don't have any ideas for you (money talk makes me want to hide under my bed like a baby)...but hopefully you'll be able to get through this situation soon without too much anguish.

:hug: