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Credit Card Loophole?
    #10483101 -

I think I might have found a loophole with the credit card companies.  Years ago I survived on cc's.  I had 3 total.  One is a capital one card with $3500 limit that a month ago took me to court for a default judgment but I have yet to receive any court papers on bank account freezing, etc..

The thing is that the capital one card is only 3 years old and I defaulted on it a year ago.  Capital One was quick to take me to court.  But the other 2 cards (MBNA, Chase) I have are 8 and 10yrs old with probably hundred of transactions a piece.  Both 2 cards total over $40,000.  I defaulted on both about 3-4 years ago.  However, I have never been taken to court over  either card despite the huge debt.  My theory is that I have had the cards so long with so many transactions that Chase and MBNA do not have the entire record of transactions, which they must have to prove to court your debt.  Think about it, it costs money for the companies to store records,...think about how many cc transactions are made every day,...and the CEO's would be greedy enough to foolishly cut costs and not keep records past say 5-7years old.

So perhaps I am immune from judgment by them.  Don't get me wrong, my phone still rings 4-5x a day from them trying to get their cash, and its annoying.  Anyone a CPA out there that might know more about this?


--------------------
Evolution is Lamarckism in disguise.  Adaptation never creates a new species or trait, but rather the new species/trait always existed within the parent DNA until circumstances allowed it to be activated.  For instance, every wolf has the DNA for poodles, but that DNA would never be revealed without man selectively breeding for it.

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Re: Credit Card Loophole? [Re: Buckeye Oysters]
    #10483116 -

I would think that CEOs would instead be greedy and KEEP records so that they get all the money...


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"Its moving of its own accord...and I like that in a shirt!" - Me, tripping.

deCypher said:
Schizophrenia beats dining alone, you know.

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Re: Credit Card Loophole? [Re: Buckeye Oysters]
    #10483119 -

Looks to me like your in major debt....... Hope your loopholes work.

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Re: Credit Card Loophole? [Re: thelaughingman]
    #10483181 -

I had a conversation about debt with credit cards as well as cell phones with a buddy of mine who just finished law school.

He said for example with cell phone contracts, a certain amount of time (like 2-5 years) after being cancelled the contract and history of, no longer exists. 

Same with credit cards.  Chances are they flagged you a number of years ago, and I bet after about 8-10 years the record does not even exist.  So you owe them no money.  Though unfourtunatly their way of protection is by threatening your credit score, which is probably fucked.

So you wont go to court, but good luck getting a mortgage.

correct me if I am waaaaay off


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Sink or Swim

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Re: Credit Card Loophole? [Re: Primefied]
    #10483302 -

I used to work for a large financial company, and we had warehouses dedicated to storing the paper files and backup tapes.  They were labeled to be stored "indefinitely" .

I can't say anything about the legal aspect of it all since that wasn't my department, but the fact that they were keeping their records that long would worry me.

In the mean time, you're fucking your credit.  Good luck ever getting a decent interest rate on a home or car loan.


--------------------
  • When we built temples to view the stars, we knew about all 2000 of them.

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Re: Credit Card Loophole? [Re: Buckeye Oysters]
    #10483419 -

Buckeye Oysters said:
I think I might have found a loophole with the credit card companies.  Years ago I survived on cc's.  I had 3 total.  One is a capital one card with $3500 limit that a month ago took me to court for a default judgment but I have yet to receive any court papers on bank account freezing, etc..

The thing is that the capital one card is only 3 years old and I defaulted on it a year ago.  Capital One was quick to take me to court.  But the other 2 cards (MBNA, Chase) I have are 8 and 10yrs old with probably hundred of transactions a piece.  Both 2 cards total over $40,000.  I defaulted on both about 3-4 years ago.  However, I have never been taken to court over  either card despite the huge debt.  My theory is that I have had the cards so long with so many transactions that Chase and MBNA do not have the entire record of transactions, which they must have to prove to court your debt.  Think about it, it costs money for the companies to store records,...think about how many cc transactions are made every day,...and the CEO's would be greedy enough to foolishly cut costs and not keep records past say 5-7years old.

So perhaps I am immune from judgment by them.  Don't get me wrong, my phone still rings 4-5x a day from them trying to get their cash, and its annoying.  Anyone a CPA out there that might know more about this?


So you're content being a thief?

Karma. I'll be laughing the day it comes and bites you on the ass.


--------------------
You cannot legislate the poor into prosperity by legislating the wealthy out of prosperity. What one person receives without working for another person must work for without receiving. The government cannot give to anybody anything that the government does not first take from somebody else. When half of the people get the idea that they do not have to work because the other half is going to take care of them and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for that my dear friend is the beginning of the end of any nation. You cannot multiply wealth by dividing it. ~ Adrian Rogers

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Re: Credit Card Loophole? [Re: Buckeye Oysters]
    #10483432 -

have fun with that


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ga ga ga eets eets how you gone be mad on vacation?
MONICA COULDN'T TELL TIME UNTIL SHE WAS 13

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Re: Credit Card Loophole? [Re: luvdemshrooms]
    #10483547 -

Quote:
So you're content being a thief?

Karma. I'll be laughing the day it comes and bites you on the ass.


You like to pass judgment awful fast there luvdem.  I certainly plan on paying back my debts when I am able to.  I have medical reasons that keep me from unemployment and I was never able to get on SSI.  I eventually grew pot to pay bills and use as meds.  I had opportunities to pay off my credit cards years ago when I had money, but then I got robbed over and over.

God has been good to me, I'm not worried about karma.


--------------------
Evolution is Lamarckism in disguise.  Adaptation never creates a new species or trait, but rather the new species/trait always existed within the parent DNA until circumstances allowed it to be activated.  For instance, every wolf has the DNA for poodles, but that DNA would never be revealed without man selectively breeding for it.

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Re: Credit Card Loophole? [Re: Buckeye Oysters]
    #10483564 -

Buckeye Oysters said:
God has been good to me


Stealing over $40,000 with no incarceration?  I'd say so...


--------------------
:stoneowl:                                                                                                :watchingyou:                                                                                                :stoneowl:

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Re: Credit Card Loophole? [Re: Primefied]
    #10483571 -

Primefied said:
I had a conversation about debt with credit cards as well as cell phones with a buddy of mine who just finished law school.

He said for example with cell phone contracts, a certain amount of time (like 2-5 years) after being cancelled the contract and history of, no longer exists. 

Same with credit cards.  Chances are they flagged you a number of years ago, and I bet after about 8-10 years the record does not even exist.  So you owe them no money.  Though unfourtunatly their way of protection is by threatening your credit score, which is probably fucked.

So you wont go to court, but good luck getting a mortgage.

correct me if I am waaaaay off



Yeah its called statute of limitations, which for OH is 7years after the debt defaulted (longest in country).  Which means the cc companies have about 3 more years to bring a judgment against me or the unsecured debt is dropped.

Believe me, I don't plan on being able to get any kind of loan for a while, probably even if I paid everything back today.


--------------------
Evolution is Lamarckism in disguise.  Adaptation never creates a new species or trait, but rather the new species/trait always existed within the parent DNA until circumstances allowed it to be activated.  For instance, every wolf has the DNA for poodles, but that DNA would never be revealed without man selectively breeding for it.

Extras: Filter Print Post Top
Re: Credit Card Loophole? [Re: Buckeye Oysters]
    #10483589 -

Quote:
Stealing over $40,000 with no incarceration?  I'd say so...


Ahem... being in debt is not a criminal act.  Otherwise well over half the country would be jailed.  I am doing nothing illegal.  Now if I tried to launder money that should be used to pay back debt, that would be illegal.  But believe me, I am broke at the moment.


--------------------
Evolution is Lamarckism in disguise.  Adaptation never creates a new species or trait, but rather the new species/trait always existed within the parent DNA until circumstances allowed it to be activated.  For instance, every wolf has the DNA for poodles, but that DNA would never be revealed without man selectively breeding for it.

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Re: Credit Card Loophole? [Re: Buckeye Oysters]
    #10483590 -

Fuck the banks, it's not stealing.

The banks didn't have that $40,000 they lent him, they just created out of thin air and put a few 0's in his digital bank account.

THE $40,000 DOES NOT EXIST, ITS NOT STEALING.

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Re: Credit Card Loophole? [Re: Buckeye Oysters]
    #10483620 -

Buckeye Oysters said:
Quote:
Stealing over $40,000 with no incarceration?  I'd say so...


Ahem... being in debt is not a criminal act.  Otherwise well over half the country would be jailed.  I am doing nothing illegal.  Now if I tried to launder money that should be used to pay back debt, that would be illegal.  But believe me, I am broke at the moment.


You wouldn't have made the original post if you weren't trying to get out of paying your debt, ie. stealing.


--------------------
:stoneowl:                                                                                                :watchingyou:                                                                                                :stoneowl:

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Re: Credit Card Loophole? [Re: Geomancer]
    #10483653 -

How can you steal something that never existed?

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Re: Credit Card Loophole? [Re: Chubba]
    #10483668 -

How is a loophole a criminal act eh?  It is well within the law.


--------------------
Evolution is Lamarckism in disguise.  Adaptation never creates a new species or trait, but rather the new species/trait always existed within the parent DNA until circumstances allowed it to be activated.  For instance, every wolf has the DNA for poodles, but that DNA would never be revealed without man selectively breeding for it.

Extras: Filter Print Post Top
Re: Credit Card Loophole? [Re: Buckeye Oysters]
    #10483714 -

I have a court case for a credit default this week, also capital one. Just over a thousand dollars. Can I ask what I can expect. I defaulted cuz I went to jail, and quite frankly I'm slightly worried about going back into court again.

Thanks for the info ahead of time.


--------------------
My advice is to find those things that give pleasure and do them often without too much attachment and relax and wait for the show to end.

-Icelander-

I like free markets and all. Truly I do, at least in general, but there needs to be some kind of oversight in recognition of sustainability. Life works the same way, on a bunch of sustainable systems. Why not honor what made us what we are and take some lessons? Nature FTW!

~dill705~

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Re: Credit Card Loophole? [Re: Buckeye Oysters]
    #10483731 -

Credit seems to me an idiotic practice.

People spend money they do not have, money that never was even substantiated. Trusting satellites and companies and people they've never met, to the results of their own hard work.


--------------------
The Mad Shroomer said:
People are always promising the apocalypse. They never deliver. :frown:

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Re: Credit Card Loophole? [Re: dill705]
    #10483751 -

It varies state to state.  In OH as long as your car is less that $3500 value, house less than $20,000 and no more than $400 in bank account they can't really do anything but wait till you get a job, which they can garnish wages, or put over $400 in your bank account.


--------------------
Evolution is Lamarckism in disguise.  Adaptation never creates a new species or trait, but rather the new species/trait always existed within the parent DNA until circumstances allowed it to be activated.  For instance, every wolf has the DNA for poodles, but that DNA would never be revealed without man selectively breeding for it.

Extras: Filter Print Post Top
Re: Credit Card Loophole? [Re: Buckeye Oysters]
    #10483766 -

Buckeye Oysters said:
How is a loophole a criminal act eh?  It is well within the law.


Thieves always try to justify their theft.

:shrug:


--------------------
:stoneowl:                                                                                                :watchingyou:                                                                                                :stoneowl:

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Re: Credit Card Loophole? [Re: Buckeye Oysters]
    #10483780 -

Buckeye Oysters said:
You like to pass judgment awful fast there luvdem.


You made it clear. There is no doubt you intend to never pay a dollar.

Quote:
I certainly plan on paying back my debts when I am able to.


:lol: Sure you do.

I mean what the fuck..... we all need a loophole when we intend to pay our debts. Thief.

Quote:
God has been good to me, I'm not worried about karma.


Maybe not. It'll remember you though.


--------------------
You cannot legislate the poor into prosperity by legislating the wealthy out of prosperity. What one person receives without working for another person must work for without receiving. The government cannot give to anybody anything that the government does not first take from somebody else. When half of the people get the idea that they do not have to work because the other half is going to take care of them and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for that my dear friend is the beginning of the end of any nation. You cannot multiply wealth by dividing it. ~ Adrian Rogers

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