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 Credit debt help
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Posted on 08-04-15 12:07 PM     [Snapshot: 18]     Reply [Subscribe]
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Since its been that long and its collection agency, so no worries so far. But some of the banks will take you to court namely Bank of America, depending on the amount of debt.
Posted on 08-04-15 12:10 PM     [Snapshot: 33]     Reply [Subscribe]
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Better pay off that debt if he doesn't want to spend a long time in Jail.
Posted on 08-04-15 12:11 PM     [Snapshot: 35]     Reply [Subscribe]
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takes eight years for the credit to fall of the records from the last payment. If he acknowledges the debt, the cycle will start again. But if he wants to get a credit card or some loan he will be SOL because the credit will be messed up
Posted on 08-04-15 12:13 PM     [Snapshot: 37]     Reply [Subscribe]
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I don't think banks can put you in jail just because you don't pay our debt. But his credit score will be trashed. That means he won't get any decent job, loan, mortgage, cellphone and list goes on.
In short his life will be miserable!
Posted on 08-04-15 12:15 PM     [Snapshot: 28]     Reply [Subscribe]
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"Your Friend" has couple of options
1. If you can show them you were out of the country because of hardship or other circumstances they might be able to work something out with you
2. Since its already with collection agency, "your friend" can negotiate the balance and pay it off
3. File bankruptcy
Hope this will help "your friend"

Posted on 08-04-15 12:21 PM     [Snapshot: 68]     Reply [Subscribe]
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you should be able to negotiate with the collectors for 1/10th of the amount,
if they don't agree wait a few months and negotiate again until you can come up to an amount what will consolidate the account.
-Source a friend
Posted on 08-04-15 1:32 PM     [Snapshot: 139]     Reply [Subscribe]
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Since your friend intentionally did this, option here is to keep quiet and just keep track of the letters from the collection agency. If he gets court order to appear in court, then he should contact the lawyer representing the bank and negotiate with them. Keep in mind they will be very stern in this negotiation.
Posted on 08-04-15 1:59 PM     [Snapshot: 183]     Reply [Subscribe]
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Jahbless. You typed my response verbatim (including, "your friend.")
Posted on 08-04-15 2:56 PM     [Snapshot: 264]     Reply [Subscribe]
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Also if paying the collection agency , get it in writing that the derogatory remarks will be taken of credit report completely. No payment before that.
Posted on 08-04-15 4:37 PM     [Snapshot: 335]     Reply [Subscribe]
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Best way is to directly deal with the Bank rather than collection agency. First, fix things with Bank, and then call collection agency and let them know that you have fixed your problems through the bank. His credit history is gone (dead) for 7,8 years. If he can, he should negotiate and pay all the debt.
Posted on 08-05-15 7:14 AM     [Snapshot: 483]     Reply [Subscribe]
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Thank you all for your valuable suggestions. I think negotiate and pay the debt will be best solution. Thank ya all once again.

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