just stopped paying my credit cards

[Anonymous]

Hello MyFico,

Due to several circumstances i have to stop paying my credit cards. which i did by the end of last month. By the end of March i should be moving to a new house because i am selling my current one. i am in is there any way the money when it goes to my account gets frozen? 

i am in Miami Florida and its my only house.

Thank you for your input.

[Anonymous]

If you stopped paying just in January then there is no risk for account freezing due to credit cards. After chargeoff, and if you are sued and judgment obtained. Then your funds can be frozen if the creditor does a Bank levy. That is a long way away if it even happens.

[Anonymous]

As debtguy3939 stated, that's a while away. I just settled with my charge offs and that happened in 2014. Was never sued, no judgments etc. But NY SOL is 6 years so that's why I did it, they had 2 more years to try to sue me. So, if that were to happen to you, it's not happening any time soon.

[Anonymous]

Sorry to hear you are in that situation.  Best of luck to you.

[RobertEG]

Did you make any atttempt to contact your creditors and request grant of hardship reduction or deferral of payments?

You are likely to destroy your credit score as monthly delinquencies turn to charge-offs, collections, and possible civil suit seeking a judgment, followed by forced attachment of assets or garnishment.

[trusty]

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@Anonymouswrote:

Hello MyFico,

Due to several circumstances i have to stop paying my credit cards. which i did by the end of last month. By the end of March i should be moving to a new house because i am selling my current one. i am in is there any way the money when it goes to my account gets frozen? 

i am in Miami Florida and its my only house.

Thank you for your input.

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Any equity in the house you're selling?

Before you go 30 days late, you should consider transfering your balances... possibly to an equity product, considering that you are about to sell, and cash out. The title company would handle this accounting, and make the proper payouts, with aplomb.

Otherwise, if you're never planning on needing a mortgage, car loan, or auto insurance, again... than, just go ahead and apply for some more cards, why don't ya... and then go crazy. lol

[trusty]

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@RobertEGwrote:

Did you make any atttempt to contact your creditors and request grant of hardship reduction or deferral of payments?

You are likely to destroy your credit score as monthly delinquencies turn to charge-offs, collections, and possible civil suit seeking a judgment, followed by forced attachment of assets or garnishment.

Very sound advice this post. During the recession, the banks rolled out a lot of programs for debt deferment. Doesn't hurt to find out if they have any such programs, since it gives you a bit more time to find a sugar daddy, or sugar mama. Or, to otherwise get things back in order. lol

[cjane1]

I have asked c/c companies if I can miss a month without paying a late fee when I was behind on my bills. They all said ok since I always paid on time, it doesn't hurt to ask.

[Anonymous]

A late fee should be the least of the OPs worries.   A late fee is a one time drop in the bucket, compared to 7 years of credit score damage if you stop paying your CC bills.

[Cherekas]

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@Anonymouswrote:

Hello MyFico,

Due to several circumstances i have to stop paying my credit cards. which i did by the end of last month. By the end of March i should be moving to a new house because i am selling my current one. i am in is there any way the money when it goes to my account gets frozen? 

i am in Miami Florida and its my only house.

Thank you for your input.

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Judgements can come within 5-6 mos of no payment and then they will pursue your assets or garnishment. Best of luck getting through this hardship. It may be easier to talk to creditors than ignore them.