How To Get Out Of Debt Without Paying

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How To Get Out Of Debt Without Paying

How to get out of credit card debt without paying? Can I legally walk away from my debt without paying?

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In short, you have three credit card debt relief programs to choose from if you can’t pay off your debt or make the monthly minimum payments. And of course there is the option to stop payments on all your cards and do nothing.

If you can’t pay off your credit cards in full, there are strategies to get out of debt without paying. These strategies can help you settle your debt for less than the total amount owed and result in the debt being removed from your credit reports.

The following credit card resolution strategies are ideal for anyone struggling to pay their dues. We’ll also explain the pros and cons of each option and warn you about the dangers of walking away from credit cards without paying.

Debt settlement programs allow you to stop paying monthly credit card payments and pay off balances in a debt reduction plan. Thanks to this, you can be debt free within three to five years. To get an estimate of how much you could save by paying off your debt, try this free online calculator.

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However, a credit card settlement program is a process that includes pros and cons. This process will not magically make your debt disappear. On the next page, you can compare the pros and cons of individual debt relief programs.

Credit card accounts are written off and sold to third-party collection agencies after the individual stops making monthly payments, which occurs within 4-6 months (ie the debt settlement plan phase).

You may receive a credit card notice after your monthly payments are late. However, in our experience over the past two decades, credit providers do not make calls after consumers stop paying their monthly credit card payments more than 90% of the time.

Some lenders are more likely to file a lawsuit, such as Discover. After falling behind on Discover credit card accounts, in most cases they will issue a summons to the customer.

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Being sued can seem scary, but if you work with a reputable debt settlement company, they can cover the defense in court and settle the lawsuit and settle the debt for less than you owe. A judge in Brooklyn noted that more than 90% of credit card applications can be denied if contested due to inaccurate and incomplete records.

Credit card companies recover 100% of the money owed on credit card debt through tax credits, bank insurance, and by selling delinquent credit card accounts to third-party collection agencies. As a result, third-party collection agencies can pay as little as 5% to 10% of the balance due to purchasing credit card debt.

Michelle Black of CreditCardInsider.com explains, “When you pay off your debt, you can sometimes pay 50% of the original balance or less. However, you may have to pay taxes on the amount that is forgiven.

Unfortunately, the potential tax implications are just one of the many disadvantages of debt counseling programs. Another big problem with debt settlement is that delinquencies and collections are left on your credit reports.

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Interested in applying for debt relief? Then choose a BBB highly rated debt settlement company to increase your chance of success with the program.

Debt consolidation programs offer you less expensive credit card debt relief than settlement plans because you get out of debt without paying anything except company fees.

At Golden Financial Services, we recommend an attorney-based debt relief program. This credit card settlement option fights the debt by first challenging the collection agency to prove that they are legally authorized to collect the debt by forcing them to provide complete and accurate records.

In many cases, this first line of attack is a debt that is legally uncollectible and unpaid.

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If the account is verified, the second level of attack is to use debt negotiation. A law firm negotiates a debt reduction plan that allows the client to pay less than the total debt.

A third benefit of a debt settlement program is that attorneys dispute invalid accounts from all three credit bureaus to remove the debt and associated negative scores from consumer credit reports.

If there is a lawsuit at any point, the attorney will fight the challenge, resulting in a dismissal or settlement for the client.

Chapter 7 bankruptcy allows a person to get out of credit card debt without paying it back. You can clear credit card balances within six months.

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Bankruptcy can make financial recovery more difficult and ruin your credit for up to seven years. For example, repairing your credit score requires a positive payment history on both unsecured and secured credit accounts.

With a bankruptcy on your credit report, lenders can deny you credit, even credit for car loans and mortgages.

You can get a secured credit card even with a bankruptcy on your credit report, use the card fully and pay it off each month, and re-establish a positive payment history. However, it is a longer road to financial recovery than using a debt relief program.

Chapter 13 bankruptcy can help you restructure your debt into a 3 to 5 year payment plan and is best if you have assets you want to keep. Plus, it can stay on your credit report for 7 to 10 years, even though your credit score is likely to change in the months after filing. However, some debts, such as student loans and tax debts, are generally not discharged in bankruptcy.

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If you stop paying your credit card bill, it turns into collections and your credit score. But most states have statutes of limitations on how long a creditor can sue you for credit card debt, ranging from 3 to 10 years. So you can skip payments, but you may be responsible for them later. Even then, if you file a lawsuit to pay the delinquent debt, you will most likely not win the dispute.

There is a good chance that you will be sued for an unpaid credit card balance before the statute of limitations expires.

Once you enroll in a debt settlement program, you can still file a lawsuit, but at least you’ll have the protection of going to court to settle the dispute and save money.

Another benefit of a verification program is that once an account is disputed, all collection activity must stop.

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As a result, some accounts can sit in the settlement program for two years and no action is taken to resolve the issue.

However, if you join an attorney-based debt settlement program and they contact your creditors after you join, let them know that an attorney represents you. Your creditors can only call your attorney from that point.

The process of seeking compensation through the court system takes time and resources, which means the likelihood of being sued increases with the size of your arrears.

No, don’t do that. A wage garnishment is not the end of the world, but you should try to avoid garnishment at all costs.

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Get approved for a program to help you pay less than the total amount owed on your credit card accounts:

You can speak with a debt counselor at Golden Financial Services (GFS) for a free consultation at (866) 376-9846.

Enroll in a debt relief program to help you deal with high credit card bills. GFS is an A+ rated Better Business Bureau, TX licensed debt management company and has been in business since 2004.

Consider taking a snowball approach to debt if you can afford to pay at least the minimum credit card payments. You can also use Golden Financial’s free Snowball Calculator to help you make this choice.

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The original creditor will call and send letters over the next three to six months after you stop making your credit card payments. Late fees and interest continue to accrue each month, so your balance continues to drop. The original lender (i.e. the credit card company) writes off the loan in about six months.

Once you stop paying with credit cards, there is a possibility that the creditor will issue a credit card call. Go to court and explain your predicament to the judge. Credit card claims may be declined.

Check out this article about Midland Credit, the largest debt collection agency in the country. You will see how they have deceived and illegally collected debts from millions of consumers over the years.

Credit card companies can forgive some of your credit card debt, but you’ll get a very substantial discount when you sell your account to a third-party collection agency.

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Yes, that’s right, double the guilt! And that’s even after you walk away from outstanding credit card debt.

Second, lenders have bank insurance. Creditors

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