Quote:
Originally Posted by Flypilot  Heres the deal..... Yes we owe the debt. However, When the credit card company proceeded to raise our rate from 3.9% to 32.9% when we were not more than 14 days past the due date and then close the account on us after we gave them hell, I gave them a choice....
1) you can lower our rate back down and show the account on our reports as open and active
OR
Simply, were done making payments....
Our payment went from $450.00/month to $1,050/month.
There was no way to keep making the pmts...
Now it is charged off and shows a zero balance on the reports.
Flypilot |
Yikes, that is a bad situation. You may find that teaching them a lesson will get you sued and add even more to the debt. It's possible for them to garnish wages if they get a judgment. This problem won't legally disappear until after the statute of limitations is up. That's usually 5 to 7 years. They can attempt to legally collect on it and even sue until that time period is over.
Hopefully they won't sue you. If they do, hopefully the judge won't make you pay them. If the judge makes you pay them, hopefully they don't garnish wages.