My roomate is an amazing story to me. He was in cc debt for well over 100k. After 9/11 he lost his job and legitamately could not pay. So he didn't. The collection agencies know where he lives and calls him from time to time. He never sends them c&d letters or validation letters. He never agrees to pay anything. He just says he cannot pay. If they threaten him, he just tells them he understands and they gotta do what they gotta do... He operates in cash only and with a rush card (which is where he direct deposits). He now has a job which the ca's know about but he tells them he works as a consultant (which isn't true). He has no assets. But what I find amazing is 1. to this day he has had zero judgements (only 1 levy on a bank account which had practically nothing in it worth taking). 2. This is the second time he is doing this. The first time was years ago and he went out of business. He has a year and a half left for SOL (NY), so they can still get judgements against him. But it amazes me that they haven't tried to get judgements on him thus far - at least for wage garnishment. He thinks they don't go after him because he has zero assets. He thinks they won't throw good money away after bad $$$. In part he may have a point but moreso, I just think he is extremely lucky. I ask him how this situation doesn't bother him. He says he just doesn't care. He never intends to own a home and therefoe doesn't give two craps about his fico score. They can't take his car. He is actually quite content. Mind blowing story but the more power to him....
Why didn't he file BK? They can still sue and it'll be a pain to go to court for all of them. Unless he plans not to go and have ton of judgements. It's hard to go all cash unless you make a lot of money. Eventually most of us need credit and being irresponsible about finances will catch up.
I have no idea why he didn't file BK....maybe he thought he got away with it once - he can do it again. I asked him what he would do if judgements were filed against him. He had no answer. Rough way to live.
