$1 million in debt

[Joe]

What's the most you've ever been in debt?

....listened to this short clip today of someone in the US who says they are $1 million in debt.



Is it possible for this couple to get out of debt?

If not what are the consequences?

What options fo they have?

 

[Larry Loungelizard]

What's the most you've ever been in debt?

....listened to this short clip today of someone in the US who says they are $1 million in debt.



Is it possible for this couple to get out of debt?

If not what are the consequences?

What options fo they have?

One million?? They're in a little trouble if they only earn minimum wage.

 

[Admin.]

One million?? They're in a little trouble if they only earn minimum wage.

If they're pulling in well over 6 figures, it's going take a little time, if they're pulling 7 figures it's a minor hiccup.


They should just emulate our 45th President and file Trumprupty.

Run away!

 

[Skidromofo]

how about living on the streets with no choice at all? that's real debt. real hardship. something a nigger like this would never understand. fucking worthless piece of shit he is and anyone like him

 

[realgrimm]

I had some creditors chase me down to this day , my parents still say they get the phone calls but I haven't lived there in decades .. folks screen their calls so usaully don't answer but when they have they tell them I don't live there and have no contact info..

Now the only debts would be a 2 month phone bill (Bell)from the 90s but am certain since my mom's cosigned for that that's not the issue ..

Left after a split up in the early to mid 2000s and just taped the eviction to the front door and slide the keys threw the rental office mail slot and bounced only to find out they billed me an extra month rent after I left which I refuse to pay..

Or maybe some train fines , as a teen to early 20s I had a restraining order from Toronto which the Judge put that bail condition to keep me from tearing it up on the street, the train fines occurred since I still had court dates in Toronto so had to hop the train to make court, so most cops were sympathetic and told me to take it to court and they wouldn't show... but found out they still kept my fines.. Had to stop hopping the train when I acquired a trespass notice meaning no more fines but jail time.. Haven't hopped the GO Train since


But have no idea really an amount but would say maybe 3000 .. but what ever it is leaves me with no credit and a flag for any Credit Card.. I even tried for the Canadian Tire card since it's a quick credit booster if you make a purchase on it and pay it back once , credit card applications will flood your mailbox .. but to no avail

 

[Admin.]

I had some creditors chase me down to this day , my parents still say they get the phone calls but I haven't lived there in decades .. folks screen their calls so usaully don't answer but when they have they tell them I don't live there and have no contact info..

Now the only debts would be a 2 month phone bill (Bell)from the 90s but am certain since my mom's cosigned for that that's not the issue ..

Left after a split up in the early to mid 2000s and just taped the eviction to the front door and slide the keys threw the rental office mail slot and bounced only to find out they billed me an extra month rent after I left which I refuse to pay..

Or maybe some train fines , as a teen to early 20s I had a restraining order from Toronto which the Judge put that bail condition to keep me from tearing it up on the street, the train fines occurred since I still had court dates in Toronto so had to hop the train to make court, so most cops were sympathetic and told me to take it to court and they wouldn't show... but found out they still kept my fines.. Had to stop hopping the train when I acquired a trespass notice meaning no more fines but jail time.. Haven't hopped the GO Train since


But have no idea really an amount but would say maybe 3000 .. but what ever it is leaves me with no credit and a flag for any Credit Card.. I even tried for the Canadian Tire card since it's a quick credit booster if you make a purchase on it and pay it back once , credit card applications will flood your mailbox .. but to no avail

Credit laws must be stricter up in your Canada, in America bad debts drop from your known credit history after 7 years. It's a pia but you can get credit re-established reasonably quickly after having some financial fuck ups. I did "Special Finance" for a few years in the car biz, it is a bit easier to rebuild post BK, than after leaving things hanging however.

 

[realgrimm]

Credit laws must be stricter up in your Canada, in America bad debts drop from your known credit history after 7 years. It's a pia but you can get credit re-established reasonably quickly after having some financial fuck ups. I did "Special Finance" for a few years in the car biz, it is a bit easier to rebuild post BK, than after leaving things hanging however.

Ya not sure as I avoid these collection agencies.. I think it's the same here 7 years and it's cleared hence having no credit.. CC companies see that and know that at my age it's a red flag..

These collection agencies here get hired on after the company hasn't been able to collect and that 7 year statute expires and they are usaully hired for 60-70% of money recovered .. also here collection agencies call center isn't allowed to be in the same province.. I'm sure this came to tuition from trial and error

 

[Admin.]

Ya not sure as I avoid these collection agencies.. I think it's the same here 7 years and it's cleared hence having no credit.. CC companies see that and know that at my age it's a red flag..

These collection agencies here get hired on after the company hasn't been able to collect and that 7 year statute expires and they are usaully hired for 60-70% of money recovered .. also here collection agencies call center isn't allowed to be in the same province.. I'm sure this came to tuition from trial and error

That sounds fairly similar to here, one of my high school semi meat head bros after doing reasonably well in construction work, ended up buying a collection agency(After his father died) and he has done quite well for himself....

 

[realgrimm]

That sounds fairly similar to here, one of my high school semi meat head bros after doing reasonably well in construction work, ended up buying a collection agency(After his father died) and he has done quite well for himself....

Ya I had a friend who did the same but they were assholes they used a call center outta BC but only as a front as they worked local debt collection, they would harass peoples family and refuse to follow the no strong arming laws by using intimidation.. Using shell companies to dodge the law... guy was rich.. drove a supped up beamer.. He was a coke dealer on the sly so I would get him to bury my account

 

[Admin.]

Ya I had a friend who did the same but they were assholes they used a call center outta BC but only as a front as they worked local debt collection, they would harass peoples family and refuse to follow the no strong arming laws by using intimidation.. Using shell companies to dodge the law... guy was rich.. drove a supped up beamer.. He was a coke dealer on the sly so I would get him to bury my account

I hadn't had a face to face with Larry for a longtime, when we had lunch a couple years ago, after telling me about his new Ford Raptor PU and a couple hiccups he and Lori were having on the contractors with his new home being custom built, all he could do was bitch about how all the consumer credit laws were hobbling his efforts to recover debts, and grow his business, "I can't do this, I can't do that...I can't even drive by their residence!"