Preso for not paying CREDIT CARD?

[MrCheap]

DISKARTE (Guidelines on Credit Cards Paranoia): Get Out Of Debt Free Pt.3.

What happens if I don’t pay my credit card debts?
When you default on your payment, the bank will flag you as a delinquent card member. They will call you to remind you to pay.
If you continue your non-payment, the calls will be more frequent until you reach a pre-determined number of missed payments. After which the bank will dismiss your case and turn your account over to a collection agency.
The collection agency is not a part of the bank. They are a third-party business who buys the delinquent accounts. The collection agency will now take over the responsibility of convincing you to pay your credit card debt. Whatever they collect from you becomes their profit.
You said collection agencies BUY the delinquent accounts?
Yes, the bank sells the accounts to them. This will minimize the bank’s loss. The costs (legal and otherwise) that will incur if the bank continues to pursue the delinquent account can be expensive. Asides, it’s not worth their time anymore – that’s a simple way to explain it.
Furthermore, the bank cannot just freeze and take the money in your savings account to pay for those debts. They would need to have a court judgment against you to make it legal for them to do that. And that will again, cost them money and can take a long time.
So what happens when your account is turned over to a collection agency?
Then it just remains there. The collection agency will do their best to convince you to pay because that’s how they will make money.
I know there are a lot of horror stories when it comes to credit card debt collection. That’s a sad reality that many people around the world actually experience. The best thing to remember is that all those are just empty threats so stay calm and don’t worry.


Will I really go to jail if I don’t pay my credit card debt?
No. That’s the most honest answer I can give you.
To my knowledge, nobody has ever gone to jail for not paying their credit card debts. Why? Because incurring debt is not considered a criminal act. Of course, this is assuming that you just simply failed to pay your credit card debts for whatever reason.
It’s important to know that circumstances will be different if you have issued a check or has signed a contract because a bouncing check or a breach of contract can be turned into a criminal case such as estafa.
That’s why some collection agencies will try to make you issue checks or sign a payment agreement because that could give them legal grounds to file a real case against you.
How about my credit history?
Not paying your credit card debt will reflect badly on your credit history. Which means it will be difficult for you to get a personal loan when you need one.
Aside from that, some companies do check the credit history of their job applicants so a bad credit history may affect you if you’re looking for employment.
Honestly, there’s no definite list of ways how a bad credit standing can affect you negatively but trust me, it can and it will.
There is some good news though. Your bad credit history will actually not remain in your record forever.
It will be erased after several years BUT NOT because you’ve been “forgiven” but because the computer database is close to full already and it needs to purge some old data.
And with higher capacity computers becoming more available nowadays, the time it will take for your bad credit history to disappear can and will become longer.
So what is the worst case scenario if I don’t pay my credit card debts?
The worst case scenario is that first, you would have to live by cash for the rest of your life. Thinking of buying a house or a car someday? Then start saving for it now because chances are, you won’t be able to get a loan from any bank.
Secondly, you would have to deal with calls, letters and threats from credit card collection agencies for a very long time. Sure you can just ignore them but they do find ways to involve your family and friends in the situation.
I think personally, that’s the worst part of not paying your credit card debts – having to deal with the worry and unnecessary burden that collection agencies can possibly bring your loved ones. That is personally something that my conscience can’t take.


Thank you for your time, any advice to my readers?
Always be conscious of your credit card spending and be smart with your finances.
But if unfortunately, circumstances work against you and you find yourself deep in credit card debt – then my advise is really not to worry.
Be honest and tell your family and friends regarding your situation so they can offer a support system. And lastly, consider the option of getting a financial planner to help you fix everything.

[medwarc]

@MrCheap thanks for sharing.

[m_a_r_k_u_z]

ako lng ni tigumon ning gikan daw sa ilang law ofis, nag w8 rapud ko warrant kung naa...

[rockrhyan1982]

I didnt pay my hsbc card worth 18k 7 yrs ago..reason is wala koy kwarta ikabayad.hehe until naabot ko sa US.bought a lot under bank financing,scared basin dili maaproved tungod ato..pero naaproved man.

[diablo85]

so far sa akong nahibaw an wala pa...hehehehehe...
kai ako sa una gihangyo nako...den gitingub nakog bayad...
basin puhon masangit nia ko kung magpabank financing...

[MrCheap]

@medwarc your always welcome

[james_ezril]

ask lng ko ang cc sa ako mom nya supplemenatary sd ko niya karon retired na cya naa na sa US.. den wla nsad mi kbayad sa debt namo sa CC nya cge na padala ug letter ang collection agency.. my question: Pede rba ako mo settle ana? like mo apply kog amnesty? ang amnesty sa collection agency bna or sa bank? TIA

[redzki]

oo ana jud na cla, dli ka undangan mao na ang ubangan dli na motobag og tawag n job interview kay nagtuo tga hsbc or citibank lols

[prettymeh]

Just received lng jud today a letter from a collection agency. Akong kalagutan ky ingon among helper dili jud daw muhawa sa gawas sa balay kung dili mangayu sa akong number so gihatagan sa among helper, then aside from asking my number nga the same ra mn sa nka register unta sa bank, gikuha pd ang number sa among helper! Gosh!!! ingon ani ang harrassment ba ga email ko ganiha sa wala pko nkabalo nga naa diay ming adto sa balay namo, ga email ko nla nga i will pay the 5 thousand pesos this november 5 next week pra lng mabalik ang standing sa akong cc kay unsaon ta man nga dha pa maabot akng kwarta, tinarung akong email ganiha...now pag abot nko sa among balay pgka gabii, giingnan ko sa among helper, nainit jud akng ulo! ingon among helper nga dili jud daw muhawa sa balay.. Tungod sa akong kalagot, akong gi emailan kron lng jud ang katong CA nga if utrohon pa nla basin cla akong ma filan og case, trespassing! naa xa sa tugkaran sa among balay though wa xa ming sulod pero naa jpon xa sa area sa among balay..

Sakto ba akong gibuhat nga ga email ko nga kung utruhon pa nla og harrass, ako na cla isumbong sa bank! kalagot kaau oi!

please advise istoryans

[raboy50]

Unsay basehan mo bro nga moingon man ka walay na priso sa middle east,
please read below.

Filipinos in UAE caught in credit card trap
Philippine Daily Inquirer
2:04 am | Monday, August 22nd, 2011
848 21 0 2925 49

Abu Dhabi, United Arab Emirates—Before she arrived in this mecca of migrant labor at age 48, Evelyn Naces, a Filipino nurse, had never owned a credit card. Soon she had 14 credit cards—and like thousands of other foreign workers here, a trip to debtors’ prison.

The Philippine Embassy held a financial literacy program in June. Some workers borrowed at rates of 50 percent or more.

“When they put me in shackles, that was the worst,” said Naces, who had $27,000 in unpaid bills, mostly from helping her grown son start a business back in the Philippines that later failed. “I felt so degraded.”

For years, banks all but threw credit cards at the foreigners who come here in droves to work the malls and fill the office towers. The workers, many of them raised in poor countries and new to easy credit, spent beyond their means.

Staggering losses followed, with jail terms common for those who could not pay.

Whether cast as reckless lending or heedless borrowing, the stories of these foreign workers offer an unusual glimpse of the hidden emotions—webs of pride, guilt and family obligation—that follow millions of migrants across the globe.

Paki search nalang bro sa continuation sa internet kay taas na kau kung ato pa
i publish ang whole news diri.

Bunalan ra ba ang ma preso didto kada Friday