2 replies to this topic

[Ian's Mom]

DH and I live in NC.

From what I understand it has a 3 year SOL and they do not garnish wages for credit card judgements.

We each defaulted on 2 indiviual accounts in May. ( 4 accounts total)


The most damage we are each looking at is:

2 charge off accounts
2 judgements ( if obtained within the SOL)

is that right??

once someone gets a judgement on us....they can't sell the debt and go after us again??

the charge offs last 7 years from last date of activity
the judgements last 10 years from granted day.


Oviously, we will try to settle and fight judgements but that's worse case sceniero right????


AM I MISSING ANYTHING????????

[radi8]

Well, most likely 2 negative accounts for each card- one from the OC and a second from whatever CA they assign. If a judgment is granted, that'll be a third negative for that account.
The OC and CA accounts will fall off at 7 years (or perhaps earlier), the judgments are the larger problem as they can usually be renewed several times.
Once the account is reduced to judgment, you may have a parade of CA's attempting to collect the judgment.

I suspect that at some point the OC will offer you fractional settlements on the accounts. If you can arrange to do so, paying them off at that point would be far less damaging than letting them proceed to a judgment. (assuming they sue, which isn't in any way a certainty. 50/50 at best)

[Ian's Mom]

so how many times can the debt be shown as a collection account:

Charge off with OC

Can I have multiple collection companies saying I owe it to them too???

I didn't know that......and I thought judgments were non-renewable in NC.
If it got to that point---would I be notified beforehand??

We want to settle...that has always been the plan. We are saving money now.....

DH still thinks BK should be an option ( only because at first I thought that was the only way) but I just think that's a bad idea --the total amount is 30k for all 4 cards.