Credit Card companies forgive some debt...

**MRAHoffman** · 01-23-2009, 07:46 PM

http://abcnews.go.com/Business/Econo...6662160&page=1

This does work on ALL bills. I have a book that I got in the checkout line for $1.09 and used this technique for my son's fathers bills and it works. Also, it tells how to get old accounts removed simply by asking them to verify the account (companies have been bought and sold so many times, they lose track of the accounts)...this ALSO works...didn't have to pay any $ on 2 or 3 old accounts. The booklet is called "Beat those Bills" and is only 60 pages long. I'll see if it's available any more and post a link. Take care and God bless.

**Pianolady** · 01-23-2009, 08:36 PM

I'm wondering if they're encouraging people to do this by publicizing it so widely. I couldn't bear thinking of doing this, as I'd not want to take the credit score hit.

**TexasPeanut** · 01-23-2009, 09:02 PM

Be very careful when doing this. While nowdays many credit card companies are willing to forgive some debt, rest assured you will take a huge hit to your CR, as the account will then state "settled" on it which they know means you didn't pay in full for it. Also, you can guarantee yourself that account being closed immediately and being blackballed to not get another account with that company for several years.

As far as not paying on accounts 2-3 yrs old. In most states, that's bull to put it bluntly. You may escape the bottom feeders (debt collectors) for awhile but it won't be for long. Depending on your states statute of limitations for open and or revolving accounts (some are considered one or the other) you could have them after you for 10 years. Meaning you think you got away with it, until 8 years from that a sheriff knocks on your door to serve you, you have just been sued for that $2000 debt you thought you avoided only to then find out with all the interest and penalties it's now $12,000....good luck with that. Don't ever think you are getting away with this, you won't and it could be 2 days before the statute runs out when you get a phone call from a law office or a debt collector wanting the money you owed plus thousands more now. Depending on state laws, they can garnish wages, put a lien on your home, empty your bank accounts....etc. Again depending on your states laws.

Also most states have now gotten past that "verify the account" mess because of the loopholes and well, people doing what you are suggesting. They no longer have to provide verification of an account as long as the persons name is on it and that's the person they contacted. Again, that's for most states.

Morally speaking. It's completely wrong. You created the debt, don't skip out on it. If you have absolutely no means to pay for it at all, look into a non profit credit counseling agency or bankruptcy. You'd come out better on your credit report and financially doing either one of those instead of trying to skip out on a debt. That's just asking for a huge mess to rear it's ugly head when you least expect it. Not to mention it's slightly criminal let alone completely immoral. Skipping out on one's bills is not the smartest thing to do, just go file bankruptcy at that point.

.... FYI and a fair warning to people, I worked in a bankruptcy lawyers office, and people attempted this tactic and would end up in bankruptcy court anyway only by then they had twice as much debt as they did when they started due to penalties and fees accruing on those debts they thought they "beat" some also had couple of lawsuits and judgements from those accounts as well. JMHO...Don't try this it's a road you don't want to take really.

**annymoll** · 01-23-2009, 09:14 PM

We don't skip out on bills. We pay them. I like to sleep at night.

**homesteadmamma** · 01-23-2009, 10:17 PM

Morally speaking - this is completely wrong. When one gets into debt by themselves, they should not expect to have cc forgive their debt. I agree, you created it, you need to get out of it on your own.

**MRAHoffman** · 01-24-2009, 06:32 AM

to realize that what you post is so stupid. Hindsight, I agree with all of you. I did this 10 years ago (at a lower, stupider time in my life), but after reading all of your posts, I totally agree. I am extremely honest (I tried taking my own candy to the movies as I had heard others say they do, but after convincing my 8 year old son not to blab as he was asking why we couldn't buy any candy there, and reading the sign as we walked in "no outside food or drinks" my conscience kicked in and I confessed to him that what I did was wrong and that we won't do that again), just made some stupid, thoughtless mistakes when I was younger. Thanks for waking me up. Take care and God bless.

**mombottoo** · 01-24-2009, 10:25 AM

The one thing people fail to realize is that when a company forgives a debt, the part they forgive is considered income and must be claimed as such when it comes to taxes.

Encouraging people not to pay their debts, puts those of us who pay our bills in a bad spot...we end up paying for those who don't through higher interest rates and higher prices.

**Greebo** · 01-25-2009, 08:26 AM

I agree with those who say that morally, deliberately setting out to do this is completely wrong.

When you use debt, you make a promise. You promise to repay the lender. I don't care how scummy the lender is, YOU GAVE YOUR WORD.