Then you probably live on the street..and wouldn't have a computer to comment on this thread.ig-88 said:
VERY unethical question
- Thread starter stinkynuts
- Start date
I already inquired about this,like a year ago
https://terb.cc/vbulletin/showthread.php?t=109824
My buddy tried to get me to do it too. But his mom ordered him not to get me into it also. Because then his mom would get my mom pissed and well, his mom didn`t want that.But I was this close to doing it. And to this day,I still wonder what if..I had done it and was sitting on 200,000 dollars, hidden somewhere, waiting for 7 years for my ruined credit to reset.
Its not like I use my credit cards anyways. So there is no question about it. I don`t need them at all. I never use them. Not even to buya mcdonald`s happy meal
https://terb.cc/vbulletin/showthread.php?t=109824
My buddy tried to get me to do it too. But his mom ordered him not to get me into it also. Because then his mom would get my mom pissed and well, his mom didn`t want that.But I was this close to doing it. And to this day,I still wonder what if..I had done it and was sitting on 200,000 dollars, hidden somewhere, waiting for 7 years for my ruined credit to reset.
Its not like I use my credit cards anyways. So there is no question about it. I don`t need them at all. I never use them. Not even to buya mcdonald`s happy meal
In the end, you are the only one that can answer this question. It is dishonest, and comes down to a question of morality. Some people will say "Yeah, fuck the system" and others might wonder about the type of person that would do this. It's your call...
To answer the question how any agency could find out your bank balance:
If a person or agency filed and won a judgement against you in small claims court the court could order a release of all your financial information including all account balances, credit cards, assets, record of employment or any other "official" information.
I do have a question however: If they won a judgement against you in small claims court, you would have had to receive a notice of the pending hearing. Why didn't you respond or go to the hearing?
The reason I ask is I was in trouble once with Canadian Tire Acceptance. I called them up and said that I could pay them $100.00 a month for 6 months but they wanted the full $500.00 right then and there. I told them I couldn't pay it off so they said they'd take me to court. They did.
I was given a date for a hearing in front of a justice of the peace. I went in and the justice asked if I had used the card, the balance and why didn't I pay them back. I said: I did offer to pay them back at $100.00 per month on such and such a date with such and such a person at CTA. The justice turned to the CTC attorny and said is this true: She said yes, but they wanted the amount in full. The justice then read through some papers, asked me again what I had offered them, I said $100.00 per month for 6 months, she said but you only owe them $500.00, I said I figured the $100.00 would cover the interest.
She thought for a minute then said: My judgement is for CTCA and the defendant is to pay $50.00 per month for 6 months....The ctca attorny said: But that's only $300.00?? The justice said: I guess you should have taken his initial offer instead of being so greedy...LOL. Then she smiled at me as I signed the papers...HA
If a person or agency filed and won a judgement against you in small claims court the court could order a release of all your financial information including all account balances, credit cards, assets, record of employment or any other "official" information.
I do have a question however: If they won a judgement against you in small claims court, you would have had to receive a notice of the pending hearing. Why didn't you respond or go to the hearing?
The reason I ask is I was in trouble once with Canadian Tire Acceptance. I called them up and said that I could pay them $100.00 a month for 6 months but they wanted the full $500.00 right then and there. I told them I couldn't pay it off so they said they'd take me to court. They did.
I was given a date for a hearing in front of a justice of the peace. I went in and the justice asked if I had used the card, the balance and why didn't I pay them back. I said: I did offer to pay them back at $100.00 per month on such and such a date with such and such a person at CTA. The justice turned to the CTC attorny and said is this true: She said yes, but they wanted the amount in full. The justice then read through some papers, asked me again what I had offered them, I said $100.00 per month for 6 months, she said but you only owe them $500.00, I said I figured the $100.00 would cover the interest.
She thought for a minute then said: My judgement is for CTCA and the defendant is to pay $50.00 per month for 6 months....The ctca attorny said: But that's only $300.00?? The justice said: I guess you should have taken his initial offer instead of being so greedy...LOL. Then she smiled at me as I signed the papers...HA
Well, you're just making things much, much worse for yourself by doing nothing about this. You want this process to end SOONER than later. It would have cost you nothing to show up at that judgement, you don't need a lawyer for SCC. You can just go in person, say, yeah I owe it, but I'm broke. The judgement would have likely been for LESS than the full amount. As a result of your not going they got a FULL judgemenet against you. Not good.Fabulous said:
It never crossed your mind to stop charging up your cards?????
They might be able to NOW that they have the judgement, but they wouldn't have been able to see it back then. They probably just sold off all their bad debts to a collector and that restarted the process.
You really should educate yourself about your situation and take a little more responsibility for your life. This will just keep messing up your life until you get it resolved.
Here are some things you should do/know:
1. The 7 years to clear credit doesn't start until AFTER you declare bankruptcy, which takes some time. So if you are just hoping you can wait this out, you can't. By doing nothing you are making this all last longer.
2. If you DO at some point approach the collectors they'll probably strike a deal with you. Rather than paying back $20k all at once you might be able to get them to accept small regular payments that add up to just half the total owing.
3. You can almost certainly get them to take back some of the interest they've charged you, and you can get the several high interest debts consolidated into a single debt with a low rate. The longer you wait the more interest you are racking up at the high credit card rate.
4. You can get them to stop calling you, but letting it go without doing ANYTHING about it is just the wrong thing to do.
Do deal with your situation. Do take some responsibility. People do get into bad situations sometimes, and there are policies in place to help people out of those situations--but once you're in one, you have to work on getting out of it, and take SOME responsibility, or it'll just NEVER go away.
As others have stated, if you intend to do this then it's clearly fraud and that's Just Bad. So don't try this at home folks!
Having said that, I doubt you'd be able to get a cash advance for whatever your credit card limit is. Just as bank machines limit you to taking something like $1000 a day, I would think your credit card would have some sort of daily limit. Even if your cash advance limit was $10K, the alarm bells would start going off pretty quickly and I think you'd be stopped from taking more cash in fairly short order. Aside from the fraud aspect, any financial corporation would have transactions like this (series of large withdrawls) flagged for possible money laundering as well.
So if you can't get the cash, then you'd want some kind of portable fixed asset such as gold or diamonds. I guess it's possible to spend several tens of thousands at Tiffany's or Birks, but I always wonder if I buy a "certified" $1000 diamond then try to sell it back to them, will I actually get $1000? Somehow I think not.
So in the end, aside from the obviously fraudulent aspects of all this, I actually think it'd be rather difficult to charge your card(s) to the max and get some sort of valuable, portable wealth that can be hidden for 7+ years while you declare and emerge from bankruptcy. Frankly I think you'd be better off using a forklift to steal a bank machine and take the cash inside it. (Again, don't try this at home.)
Having said that, I doubt you'd be able to get a cash advance for whatever your credit card limit is. Just as bank machines limit you to taking something like $1000 a day, I would think your credit card would have some sort of daily limit. Even if your cash advance limit was $10K, the alarm bells would start going off pretty quickly and I think you'd be stopped from taking more cash in fairly short order. Aside from the fraud aspect, any financial corporation would have transactions like this (series of large withdrawls) flagged for possible money laundering as well.
So if you can't get the cash, then you'd want some kind of portable fixed asset such as gold or diamonds. I guess it's possible to spend several tens of thousands at Tiffany's or Birks, but I always wonder if I buy a "certified" $1000 diamond then try to sell it back to them, will I actually get $1000? Somehow I think not.
So in the end, aside from the obviously fraudulent aspects of all this, I actually think it'd be rather difficult to charge your card(s) to the max and get some sort of valuable, portable wealth that can be hidden for 7+ years while you declare and emerge from bankruptcy. Frankly I think you'd be better off using a forklift to steal a bank machine and take the cash inside it. (Again, don't try this at home.)
The banks are big, gigantic Asshats. Accordingly they'll find the street corner you live on and come and take the cardboard box you sleep in.ig-88 said:
Not true. RBC offered me one of those rip-off promotions where they sent me "visa cheques" with a 2.5% interest rate for 6 months. I had a higher rate bank loan so I wrote a cheque for my entire limit and put it against my loan, saving myself around 3-4% interest for 6 months on the amount (this was awhile back, rates are higher now, btw). I deposited the amount in a regular chequing account before moving it to the loan so I know it's possible. No-one called me. No alarm bells went off.xarir said:
The rip-off on the visa cheque promotion is that any additional charge on the card gets billed at the usual 18% rate, and any payment is applied to the lower rate fund. So if I had charged $100 on the card they'd have been charging 18% on that $100 until I paid the entire balance off. So, I didn't charge ANYTHING further to that card, at all, until the promotion expired. At that point I paid it off in full. RBC lost money on me, I saved money on my loan.
At any rate, it is possible to get the entire credit limit out in cash.
But you can only declare bankrupcy if you are bankrupt... i.e. no assets to cover debts. The banks will sue you to recover their loss... take any assets you have, with the exception of your house probably.stinkynuts said:
It sounds like a great plan in theory, but if you have cards totally $40K, I'm assuming you also have some stuff... Then there's the whole garnisheeing of your wages... which causes your employer reason to question your honesty/intergity...
If that means you've contacted your creditors and put a stop to the high interest rates, got the amount reduced, and are making payments, good for you. If you haven't done any of those things you aren't dealing with it. You do need cash to pay it back, but you'll need much more cash the longer you wait. You aren't the only one who owes money they don't have, there are ways for you to deal with this.Fabulous said:
Well. I don't know that you owe any duty to a corporation, ethically speaking. At the same time as a society we passed bankruptcy law to enable those who take risks to survive failure. Exploiting them ultimately will result in a retraction of some bankruptcy protections, and a loss to everyone in our society who benefits from the improvements in life brought by the risk takers.celest said:
Isn't the potential loss of a general benefit to others an ethical issue? It is at least under several theories of ethics--utilitarian, kantian. You're also setting an example that might lead others to commit similar fraud but against real individuals or small family businesses putting it at odds with more classical theories of ethics (virtue ethics).
If you want to view it in non-ethical terms then it's just a question of whether or not you'll get away with it.
