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July 11, 2007

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Good to see he made it through finnacial disaster

no bankruptcy for me.. back in 2000 i had about 30,000 worth of credit card debt that i didnt pay and was charged off..

it's all gone now- the CRAs didn't drop it at the 7 year mark, i had to write them and demand they take it off.

once they did, my score jumped through the roof.

What do you mean it "was charged off"?

If you went through bankruptcy, your rap sheet is forever.

when a credit card company assumes they can't expect to ever get back their money, they charge it off.

Those debts are on your permanent credit report. If you apply for a loan over 250k or a high level job that pays more than 150k those debts will be on the permanent report.

I made it to the 5 1/2 year mark and the charge off was finally sold to a DCA who rained a shit storm on me, threatend to garnish my wages, hassled my boss, the works.

I was hoping to make it to 7 years but it wasn't in the cards for me, sadly. When your debt is sold to a DCA in or near your town you best skeedaddle to that BK attorney and get filing, it's only a matter of time, and if you have a job, you best nip it quick, so your boss doesn't catch any heat.

So much wrong info in this thread, it's amazing.

It's illegal under the FCRA and the FDCPA for any collection agency or creditor to call you at work or threaten you in any way.

Also, to garnish your wages they need to get a judgment first. In most states, the statute of limitations is 4 years to sue you and get a judgment. So after 4 years the debt is uncollectable, after 7 years it drops off your report altogether. There is no such thing as a "permanent report" for loans over 250k. Whoever posted that is trolling x169.

Not a troll, dude, how I wish it were so.

I was finally sued by Winton and Strawn in Chicago Il. They did call my boss and threaten him, but what was I gonna do about it? I was sick and tired of trying to get the cops to procecute my ex for identity theft that I was fed up with the whole deal. Iwas not going to go after one of the largest DCAs in the country.

I was fucked nine ways to Sunday and just wanted it done.

Oh, I don't doubt that many collection agencies are abusive and don't follow the FDCPA, but the law is the law. It is absolutely, 100% illegal for them to call you at work or talk to anyone but you about your debt.

I don't know about IL, but in CA the statute of limitations to sue you is 4 years from the date of last activity on the account.

Look on wikipedia under "FDCPA" and "FCRA"

Never ever do anything that might restart the clock. Never agree to pay a cent or admit the debt in any way. That will immediately start the 7 year clock all over again, If you have gone a few years into the 7 years, just hang tight. At 7 years your credit is cleared.

"Never ever do anything that might restart the clock."

Absolutely da troof. No payments, no nothing. Don't even admit a debt is yours. Make a collection agency validate the debt by providing proof that you owe it. Once a collection is on your report, it doesn't help your score to pay it anyway. Let them sue you, otherwise send them a cease and desist letter and just wait for the debt to drop off. In the meantime, you can send letters to the credit reporting agencies demanding that the items be removed every 60 days or so, and hope it works.

Another way to hold them off is to get a landline phone with a machine or voice mail. Get a second number if you already have a LL, or get a cell. When they call, tell them you can only be reached at the new # and let them ring it off the wall. You can shut off the ringer and turn down the answering machine, that way you aren't bothered by the ringing phone. Plus, if they have a way of reaching you, they won't move as quickly with the collection efforts.

DCAs hire the most thuggish sumbags, BTW (big suprise, I know) I was amazed at the shit they would say. If you poke around some of the deadbeat mssg boards, some of these dudes are legends. I recognised some of them by they way they had been described in other people's posts

There's one dude who is a legend as far as abuse. I hope he's the one who recently made the news by telling a little girl her mother was going to prison and she would go to an orphanage. Takes a special kinda guy to sink that low.

At 5 1/2 years the statute of limitations would have kicked in on that debt, tell them to fuck off and provide you with proof it is within the limit or get lost.

If your credit was screwed anyway BK was probably a good move. Why not get rid of some unsecured debt?

Under the new BK law enacted in Oct. 2006 the BK will stay on your report for 10 years though. It's the only derogatory notation that doesn't drop off after 7 years.

Can a middle class tard still get filthy rich in America?

The elite are making bucketloads of money, starting at $1 MM yearly and going up from there. Is it still possible for a guy with brains but no connections to make it, or do you have to be born into the club?

Vice. It's the only way. Gambling, whores, drugs, tobacco, alcohol.

I think its still possible to make it as a poor to middle class tard, but the deck is stacked against you. Basically you have to be REALLY smart or REALLY lucky as one of the proletariat, whereas those born rich basically just have to avoid fucking up.

Come on, guys.

There are all kinds of rags-to-riches stories being written every day.

The last 20 years has seen lots of them.

Stories are just anecdotal. I want real evidence. I know the US has lower social mobility than every European country except GB; I want to know if rags to riches is even possible here anymore.


Caprinardo,

Total bullshit.

Most people born in every Euro country basically end up where they started. It is a fact that most start without as wide of a disparity, but class mobility is basically unheard of there.

Bill,

Wrong.

http://www.post-gazette.com/pg/05133/504149.stm

As rich-poor gap widens in U.S., class mobility stalls

Friday, May 13, 2005
By David Wessel, The Wall Street Journal

Despite the widespread belief that the U.S. remains a more mobile society than Europe, economists and sociologists say that in recent decades the typical child starting out in poverty in continental Europe (or in Canada) has had a better chance at prosperity. Miles Corak, an economist for Canada's national statistical agency who edited a recent Cambridge University Press book on mobility in Europe and North America, tweaked dozens of studies of the U.S., Canada and European countries to make them comparable. "The U.S. and Britain appear to stand out as the least mobile societies among the rich countries studied," he finds. France and Germany are somewhat more mobile than the U.S.; Canada and the Nordic countries are much more so.

One study by a socialist doesn't really make your case.

Sorry.

The WSJ doesn't push socialist stuff, Bill. Think about it.

You're welcome to research the study and point out flaws in the data or methodology.

Be sure to give details, please.

He gives himself away with the phrase "tweaked dozens of studies."

No serious scientist has to "tweak" anything.

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