Please keep us updated on your fight. It looks like more and more of us will have to endure this in the near future and any information on tactics others use could be very helpful. Good luck man!

I agree with what youre doing. Interest rates on a dollar that is diminishing is absolutely ridiculous.

But You have to understand, unfortunately you have to conform to the world you live in if you want to be happy. What you are doing is:
-Preventing yourself from ever getting secret or top secret clearance if the opportunity presents itself.
-Alerted your employer that you are unreliable and not trustworthy. Most companies do credit checks before hiring or giving promotions.
-When you do wise up and start a payment plan your balance will be substantially higher.
-Raised your insurance rates. Most insurance agencies generate your rates based on your credit score.
-Prevented yourself from being able to rent an apmt if you ever need to do so.
-Given them the opportunity to garnish your wages. You entered a contract with your creditor and said you would uphold your end of the agreement by making payments on your account as set forth in the agreement. If you choose to breach the contract by not paying, the creditor has the right to sue you in civil court to recover the money it is owed. This includes liens on assets and attaching your wages through a process called garnishment. The latter is not a plus with your employer either.

Please make the right decision before its too late. Most will let you pay next to nothing a month.

Same story here. Lost job through no fault of my own. Called and wrote creditors three months in a row. Got no written response. Phone calls ended with, "you must be so many days past due before we can talk to you about, "helping you". Ran out of money. Made no more payments and that was in December 2003. Right up to the end I made all payments until I was broke. I drove my car to the bank only after bank agreed to add gas money to my checking account. I was broke, no money for gas. That was the only help ever offered, period. After several missed payments plus added late fees my accounts became overlimit as was charged overlimit fees. The amounts swelled until they decided to close accounts and charge off, but not before raising intrest rate to 29.99%.
We are told, "call your creditor and explain what is going on and keep them updated", that is a load of pure horse manure. I was broke and could not afford a Debt Consolidation Service. Why should we be forced to join a Debt Service Org. I called creditors and kept them updated right till the end. Is'nt that what the service does. Why can't we call our creditors and on our own do the same ?

Phone calls all the time from them even at the Men's Homeless Shelter where I ended up staying. The phone is answered as, "Men's Homeless Shelter. Even so they were relentless. I would explain over and over and still got the same response, "can you will you make some kind of payment today on the phone ?

I lost my job, everything I owned, lived in a homeless shelter with violent and dangerous chronic street people, not all were violent and dangerous, most were just like me.

I did everything that Society says I should do, I follwed the rules, I broke no laws, I was average Joe America.

For me, it was all a lie. And yes I find it odd the Bankruptcy laws were changed before the collaspe.

For now I believe with my heart and soul that Corporate America owns the United States and the Treasury. Fidel Castro said many years ago in a interview with Barbra Walters that Corporate America controls the United States, it is not a country Of-for-by the people. I laughed at his remarks. He went on to ask, "if the will and the vote of the people demanded a change that would hurt Corporate America's income, do you really think the will or the vote would matter, it would not."

I did not file for bankruptcy, last crdit payment was made in 12-2003.

I am terminally ill and on Social Security Disability, and did not have to fight to get it either, their Doctors stated unlikely to ever improve. Under Federal Law I am judgement proof as no one can get a judgement that can be collected from SSDI income, except for another Federal Agenci such as the Irs, VA, etc.

So when I get a collections notice I send them a letter pointing out Federal Credit laws, never call me on a telephone or send a fax and I send them copies of my current Status with Social Security Disability Income, pointing to the Law that explains I am judgement proof.

What do they do ? These collection agencies eat each other. They realize I am protected by Federal Law, they can not collect. So they sell the debt knowing this is uncollectible to another debt collection agency. So it is never ending.

Credit Statue of Limitations means nothing to these debt collectors. Still they try to collect hoping you do not know. When you mention that the Limitation has expired they respond with, " So sir, you are acknowling this debt as your's. This can reset the time limit once you acknowledge the debt is yours. So carefully point out that you are not, you are just pointing out that your aware of Credit collection Federal and State Laws and that if you were the owner of this debt, it is no longer a collectible debt as the time limit has expired. Never, Ever say this debt is yours. Never agree that the debt is yours . I have a clean conscience with GOD and myself about this. I did what I was supposed to do, I did nothing

Originally posted by PhoenixDemon
I'm with the debt revolter's ...I too have a large amount of debt that was all due to medical expenses incurred when I was shot in Iraq...The company I was there with left me hanging with the bills. I arrived at the point where I simply can not pay the outrageous bills. I have gone over 5 years without a bank account and can say I'm getting along just fine.

If more of us people start refusing to pay these bloodthirsty banks eventually they will fail...Or like someone else has pointed out, the banks will go running back to the Fed's and cry for more money.

I can't help but think that one way or the other our "system" is failing here in the U.S. . Worse times are still to come.

I missed this reply somehow. Were you serving in the military or working as a contractor when you were shot?

Either way, how do you end up with debt for getting shot in a war? I've heard wounded soldiers have been getting a raw deal from the government but it seems like a lot of currently serving soldiers will come along and deny it. I'd appreciate hearing your side of the story on this.

Threaten bankruptcy if they dont accept minimal repayments - they'll accept quick enough lol

Originally posted by poedxsoldiervet

In the light of this I started to make phone calls to our debtors

Umm, un-stupid question, but don't you mean CREDITORS?

Debtor = someone who owes money.
Creditor = someone who is owed money.

So, you contacted your creditors (the ones who lent you money and to whom you now owe money). They lent you credit, and you are now indebted to them. They're the creditor, you're the debtor. Now you know, and knowing is half the battle.

Or are you calling people who owe you money in order to lower the rates you're changing them on the money they owe you (such a nice guy!)? Didn't think so...

Why would creditors actually lower their rates when they know you have no recourse to do anything? They raise your rates because you'vebecome a larger credit risk.

It's an idiotic catch-22 situation whereby they raise the rates on account of your inability to pay things back, thus making you a credit risk (IE, at risk of defaulting and paying nothing back). The idea is to encourage you to STOP SPENDING on account of the higher rate. However, it has the negative effect of making a difficult bill to pay nearly impossible to pay on account of the insanely high interest rates. Thus in essence your credit risk gets worse on account of the fact all your interest rates rise on bills you're already ill-equipped to pay, making you even more likely to default than you were to begin with and more likely to simply walk away from the debt.

Banks are insane. But then again, if they lowered people's interest rates, would the people actually pay off their cards, or simply buy more and carry a higher balance? So, honestly, what's a bank supposed to do?

If I were them in that situation, I'd assess the risk find it unmanageable and suspend the account, then work with the debtor on a payment plan.

That is to say, I'd lock out further purchases, lower the maximum amount of the credit line, and possibly lower or eradicate the interest rate and just say "pay it" (AKA, give us our money back, and then don't come back, you suck as a credit risk and we won't do business with you any more). That way, the customer can't add any $$ to their already unmanageable account, and the bank (hopefully) gets their lent money back over time, even if they don't make any more interest off it than they've already accrued. At least it's something...

But, banks are dumb and can't figure these things out. It's better to cut a customer off and try to get back what money is already owed, than to keep adding more and more to a debt and force the customer to walk away from it completely.

Just my opinion.

That and banks SHOULD NOT be allowed to retroactively change the APR on EXISTING balances. It's fine to raise the rate charged on FUTURE balances to discourage future purchases. But you can't change a CONTRACT after it's already been agreed to by both parties without both parties' consent. Only in the banking world is that kind of bad business nonsense allowed. It's ridiculous. Utterly and completely.

[edit on 6-10-2009 by mgmirkin]

I posted some advice on this thread and wanted to follow it up some some more advice.

This advice is better but it won't be popular.

If you want legal advice, go to a lawyer.
If you don't want legal advice, go to the internet.

Same for medical issues.

Remember this internet rule;
If she is totally hot and is looking for a date on the internet,
she's a dude. And *HE* probably sent *HIS* reply to you while he was naked. ew.

Here at ATS, how many people know a guy high up in military intelligence who leaks to our ATS friend like the Titanic? And of course, the "intelligence" information never pans out. Ever. Not even with the help of the laws of probability related to random chance.

So just be careful taking legal advice on the internet.

A lawyer probably won't tell you what you want to hear, but at least you know his information will be reliable. Usually.

You can use banks and credit cards if you are responsible. I have used credit cards for the past 15 years, instead of cash. I have a budget and I stick to it and I pay it all with the cards. Come the 1st of the month I pay off each card in full resetting their balances to ZERO. I have earned many points, saved money through promotions, and even gotten a few free plane tickets. I help them make money from the cost of the transactions that the vendors pay to charge me via the card. The cards also offer membership incentives and even extend the warranties on electronics I purchase as well as offer me additional protection.

I don't make a lot, but I have been able to max out my Roth IRA every year, buy a car in cash, and I nearly have enough saved up to buy a decent house outright. But it takes realizing that you don't need anything except that which helps you survive, maintain health, and continue to obtain earnings in your day to day life. I takes a strong will to be minimalistic even spartan in your lifestyle. It also takes some research to buy things that give you the best value for your dollar and not necessarily just the cheapest.

Budget to save between 25-50% of your yearly net earnings. If that means you have to live at the bare minimums then so be it. If you do that for a while you can easily buy a house or car and pay cash while building up an adequate emergency fund.

I think it's time to stop nerd raging on the internet and it's time to pull a Fight Club.
Let's blow some stuff up.
Know what I mean?
Have ourselves a REAL revolution.
Go to WAR with these guys.
Send them to their fiery Hell NOW instead of letting them live out their days "enjoying" themselves.

Originally posted by DJM8507
You can use banks and credit cards if you are responsible. I have used credit cards for the past 15 years, instead of cash. I have a budget and I stick to it and I pay it all with the cards. Come the 1st of the month I pay off each card in full resetting their balances to ZERO. I have earned many points, saved money through promotions, and even gotten a few free plane tickets. I help them make money from the cost of the transactions that the vendors pay to charge me via the card. The cards also offer membership incentives and even extend the warranties on electronics I purchase as well as offer me additional protection.

I don't make a lot, but I have been able to max out my Roth IRA every year, buy a car in cash, and I nearly have enough saved up to buy a decent house outright. But it takes realizing that you don't need anything except that which helps you survive, maintain health, and continue to obtain earnings in your day to day life. I takes a strong will to be minimalistic even spartan in your lifestyle. It also takes some research to buy things that give you the best value for your dollar and not necessarily just the cheapest.

Budget to save between 25-50% of your yearly net earnings. If that means you have to live at the bare minimums then so be it. If you do that for a while you can easily buy a house or car and pay cash while building up an adequate emergency fund.

True.
But it's not that easy for some.
Some people come from circumstances.
Really what you want to do is have SOME kind of out standing debt (Not something huge like a grand or anything, just like.. maybe 50 bucks or so... basically, buy something for a certain amount, pay 3/4 of it, so basically... always have like... Look, just always be owing them about 50 bucks or so... I guess the numbers don't really matter, it's all about frequency...), especially for building credit. It's not about how much you pay, but the frequency of payment.
So when they look in their folder labeled "You", they'll have lots of interactions and will say "This fine man here uses and pays back on a regular basis, we have dealt with him successfully many many times, we recommend you let this man have a Hummer, A yacht, and a mansion, and maybe even a space ship. We enjoy his patronage."
See what I'm sayin'?

[edit on 8-10-2009 by Titus7]

I strongly ... very strongly, urge all of you hear to google "Mary Elizabeth Croft, How I clobbered every cash confiscatory agency...."

What you will read will surprise you, I'm sure.

Peace

I am proud over people like you, who fight back. Enough is enough. I think slowly but surely the polaritys are growing stronger in the world. Maybe there is hope after all

Handy Tip To Deal With Annoying Calls : Get one of the portable airhorns that people use at sporting events. When the annoying individual calls hold handset to airhorn and let loose.

I have one suggestion.

Record the day / time of every phone call you made and who you talked to. Save your telephone bill as proof of when you called and how long you were on for.

If you ever have to go to court, take that information with you and tell the judge that you tried, desperately, to get interest reductions and that the people were unwilling to work with you.

Having proof of the efforts on your part that show you were trying to be reasonable about your situation should help some.

I wish more people did stuff like this, congratulations!