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Expert: Creditwrench - 8/19/2009


Question
I have a credit card which was issued in 2002 at a limit of $12000.  I had never been late, but was at the max limit.  I paid the mim each month on time.  The credit card issuer cancelled my card so now I am paying the mim with no active card.  I would like to not pay them any more because they cancelled with no reason I can accept. I am retired, on social security, live in Arizona and own no property ( except for a 2003 model car.  What would happen if I just stopped paying them?

Answer
They would charge it off and then in about 6 months sell it to a debt collector and they will hound you for a while and then turn it over to an attorney who will file a lawsuit against you. They will get a judgment and later try for a garnishment. That's where they would hit a stone wall because you are on a pension and they can't garnish that. There is a lot more that I can tell you but its late and I'm off to bed. I'll do a followup on this tomorrow.  

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Creditwrench

Expertise

Debt Collections law, Fair Debt Collection Practices Act (FDCPA), Fair Credit Reporting Act (FCRA), federal law, how to properly answer court summons for collection cases, how to prepare federal cases against debt collectors, how to deal with debt collection phone calls.

Experience

I've been an active consumer advocate for more than 40 years and have helped hundreds of people win cases against debt collectors as well as helping them defeat demands for summary judgment lodged against them by banks, debt collectors and defeat mortgage foreclosures and keep their homes.

Education/Credentials
Paralegal courses for the most part.
I have been teaching people how to deal with judgments, mortgage foreclosures and other such problems both on and off the internet for many, many years. I am a Richard Cornforth information provider ever since 2000 and worked with many other organizations and causes since 1980. I was Oklahoma State Chairman for the nationwide drive to defeat the Constitutional Convention which was proposed by various factions within our federal government such as the Council of State Governments and the National Organization of State Governors who were working hard to organize a Constitutional Convention to be held in 1995 for the purpose of rewriting our American Constitution to be more acceptable to the United Nations. I worked with Senator Charles Duke of Colorado and Senator Don Rogers of California and many others across the nation to keep them from getting the number of delegate states required to lawfully hold a Con-Con and we were successful. I have worked with many other legislative issues in Oklahoma and have always been very successful.

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