Lock, my questions were answered

[clevereddie]

So two years ago*  i joined a gym, and had to sign a contract for a year.. at mad money a month right. so after a couple months, Chase changed my credit card from Mastercard to Visa and gave me a new card. 
so the gym couldn't charge my card anymore a month and instead of giving them my new card I just stopped going. 

a couple months later I get calls from a debt collection agency saying i owe 300$, i told them I stopped going so i dont wanna pay.

now my question is... how serious are these debt collection agencys? Will they be able to contact my bank and just take it out my bank account. or are the repo people forreal?

I mean 300 isn't even alot, but i stopped going so i dont want to pay, 

 

[clevereddie]

So two years ago*  i joined a gym, and had to sign a contract for a year.. at mad money a month right. so after a couple months, Chase changed my credit card from Mastercard to Visa and gave me a new card. 
so the gym couldn't charge my card anymore a month and instead of giving them my new card I just stopped going. 

a couple months later I get calls from a debt collection agency saying i owe 300$, i told them I stopped going so i dont wanna pay.

now my question is... how serious are these debt collection agencys? Will they be able to contact my bank and just take it out my bank account. or are the repo people forreal?

I mean 300 isn't even alot, but i stopped going so i dont want to pay, 

 

[in yo nostril]

if you signed a contract, they'll keep bothering you. they cant go in your account or anything crazy like that. most likely they will just keep bugging you. it will probably affect your credit score if you decide to not pay it.

 

[in yo nostril]

if you signed a contract, they'll keep bothering you. they cant go in your account or anything crazy like that. most likely they will just keep bugging you. it will probably affect your credit score if you decide to not pay it.

 

[jstunn197]

You signed a contract for a year but you stopped going to the gym so you don't want to pay anymore? Do I have that right?

 

[jstunn197]

You signed a contract for a year but you stopped going to the gym so you don't want to pay anymore? Do I have that right?

 

[clevereddie]

Originally Posted by JStunn197

You signed a contract for a year but you stopped going to the gym so you don't want to pay anymore? Do I have that right?

the contract said i had to be 18 to join or sign.. i was 17, my dob is on the contract so if anything that contract doesn't work

 

 

[clevereddie]

Originally Posted by JStunn197

You signed a contract for a year but you stopped going to the gym so you don't want to pay anymore? Do I have that right?

the contract said i had to be 18 to join or sign.. i was 17, my dob is on the contract so if anything that contract doesn't work

 

 

[queencitysneakerqueen]

Hurts your credit score I think

 

[queencitysneakerqueen]

Hurts your credit score I think

 

[jstunn197]

Bogus lol

In that case I've never heard of a debt collector being able to get your bank to pay your debts. I bet they wish it was that easy. They will harrass you to no end and it will screw up your credit. Since you're young you probably don't care about that now but you will later.

 

[jstunn197]

Bogus lol

In that case I've never heard of a debt collector being able to get your bank to pay your debts. I bet they wish it was that easy. They will harrass you to no end and it will screw up your credit. Since you're young you probably don't care about that now but you will later.

 

[clevereddie]

Originally Posted by JStunn197

Bogus lol

In that case I've never heard of a debt collector being able to get your bank to pay your debts. I bet they wish it was that easy. They will harrass you to no end and it will screw up your credit. Since you're young you probably don't care about that now but you will later.

at what point can I expect my credit to drop? my score is 740 right now ... by how much would it drop? over 300$

 

[clevereddie]

Originally Posted by JStunn197

Bogus lol

In that case I've never heard of a debt collector being able to get your bank to pay your debts. I bet they wish it was that easy. They will harrass you to no end and it will screw up your credit. Since you're young you probably don't care about that now but you will later.

at what point can I expect my credit to drop? my score is 740 right now ... by how much would it drop? over 300$

 

[dusted718]

Originally Posted by Clevereddie

Originally Posted by JStunn197

You signed a contract for a year but you stopped going to the gym so you don't want to pay anymore? Do I have that right?

the contract said i had to be 18 to join or sign.. i was 17, my dob is on the contract so if anything that contract doesn't work

 

Why even start a thread if you just answered your own question? Aside from that here are the consequences, 
Small claims court, time, effort and probably will not happen, but a possibility!

Report it negatively to the three major credit bureaus.

If they do take it to small claims and win a judgement they can, levy your bank, lien property, debtor's exam etc 

I would just ignore it for now if you have no intentions on paying it, wait until the statute of limitations runs out and then just dispute 

it with the credit bureaus! 

 

[dusted718]

Originally Posted by Clevereddie

Originally Posted by JStunn197

You signed a contract for a year but you stopped going to the gym so you don't want to pay anymore? Do I have that right?

the contract said i had to be 18 to join or sign.. i was 17, my dob is on the contract so if anything that contract doesn't work

 

Why even start a thread if you just answered your own question? Aside from that here are the consequences, 
Small claims court, time, effort and probably will not happen, but a possibility!

Report it negatively to the three major credit bureaus.

If they do take it to small claims and win a judgement they can, levy your bank, lien property, debtor's exam etc 

I would just ignore it for now if you have no intentions on paying it, wait until the statute of limitations runs out and then just dispute 

it with the credit bureaus! 

 

[mojodmonky1]

Originally Posted by Clevereddie

Originally Posted by JStunn197

Bogus lol

In that case I've never heard of a debt collector being able to get your bank to pay your debts. I bet they wish it was that easy. They will harrass you to no end and it will screw up your credit. Since you're young you probably don't care about that now but you will later.

at what point can I expect my credit to drop? my score is 740 right now ... by how much would it drop? over 300$

say goodbye to that 700 credit score, not that it meant much now anyways.  It will drop once the collections company reports it to the bureaus.

since youre young, you probably have very few tradelines, and the ones you have, have not been opened for that long.  That 740 score is borderline worthless to be honest.  Just from my own personal experience (I'm an underwriter/credit manager for a finance company) I would much rather prefer to give money to a customer that had a 620 score with deep credit history, than an 18 yr old kid with 2 $500 credit cards and a 740 score.

If you have minimal tradelines and an unpaid collection (even for $300) expect that 740 to turn into a 540 with the quickness.  Honestly man, dont mess with that kinda stuff.  I know you're young and it seems inconsequential, but you're gonna be kickin yourself later.  My wife had an old collection on her credit from before we met.  It was a $400 collection account that they listed as unpaid (even though she disputed it countless times).  It took FOREVER to get her credit score back up from that 1 stupid collection.  Even then, her credit is not perfect.  That stupid collection account caused us to pay an extra 1/8th of a point when we got our mortgage since her score was just a shade under 720.  1/8th of a point is real money when you are talking about a $400K loan, all over a stupid collection account.  

 

[mojodmonky1]

Originally Posted by Clevereddie

Originally Posted by JStunn197

Bogus lol

In that case I've never heard of a debt collector being able to get your bank to pay your debts. I bet they wish it was that easy. They will harrass you to no end and it will screw up your credit. Since you're young you probably don't care about that now but you will later.

at what point can I expect my credit to drop? my score is 740 right now ... by how much would it drop? over 300$

say goodbye to that 700 credit score, not that it meant much now anyways.  It will drop once the collections company reports it to the bureaus.

since youre young, you probably have very few tradelines, and the ones you have, have not been opened for that long.  That 740 score is borderline worthless to be honest.  Just from my own personal experience (I'm an underwriter/credit manager for a finance company) I would much rather prefer to give money to a customer that had a 620 score with deep credit history, than an 18 yr old kid with 2 $500 credit cards and a 740 score.

If you have minimal tradelines and an unpaid collection (even for $300) expect that 740 to turn into a 540 with the quickness.  Honestly man, dont mess with that kinda stuff.  I know you're young and it seems inconsequential, but you're gonna be kickin yourself later.  My wife had an old collection on her credit from before we met.  It was a $400 collection account that they listed as unpaid (even though she disputed it countless times).  It took FOREVER to get her credit score back up from that 1 stupid collection.  Even then, her credit is not perfect.  That stupid collection account caused us to pay an extra 1/8th of a point when we got our mortgage since her score was just a shade under 720.  1/8th of a point is real money when you are talking about a $400K loan, all over a stupid collection account.  

 

[clevereddie]

Originally Posted by Mojodmonky1

Originally Posted by Clevereddie

Originally Posted by JStunn197

Bogus lol

In that case I've never heard of a debt collector being able to get your bank to pay your debts. I bet they wish it was that easy. They will harrass you to no end and it will screw up your credit. Since you're young you probably don't care about that now but you will later.

at what point can I expect my credit to drop? my score is 740 right now ... by how much would it drop? over 300$

say goodbye to that 700 credit score, not that it meant much now anyways.  It will drop once the collections company reports it to the bureaus.

since youre young, you probably have very few tradelines, and the ones you have, have not been opened for that long.  That 740 score is borderline worthless to be honest.  Just from my own personal experience (I'm an underwriter/credit manager for a finance company) I would much rather prefer to give money to a customer that had a 620 score with deep credit history, than an 18 yr old kid with 2 $500 credit cards and a 740 score.

If you have minimal tradelines and an unpaid collection (even for $300) expect that 740 to turn into a 540 with the quickness.  Honestly man, dont mess with that kinda stuff.  I know you're young and it seems inconsequential, but you're gonna be kickin yourself later.  My wife had an old collection on her credit from before we met.  It was a $400 collection account that they listed as unpaid (even though she disputed it countless times).  It took FOREVER to get her credit score back up from that 1 stupid collection.  Even then, her credit is not perfect.  That stupid collection account caused us to pay an extra 1/8th of a point when we got our mortgage since her score was just a shade under 720.  1/8th of a point is real money when you are talking about a $400K loan, all over a stupid collection account.  

thats kind of why i want to ignore this debt, since all my tradelines are over the average 2 year minimum. My AA platinum is 150k and my chase and wells fargo are both high too, and then i have a camera store credit card thats like 3,500 lol. so i was hoping this would be so small that it wouldn't even affect my credit. but I guess i should pay it off right? *sigh* stupid gym 

 

[clevereddie]

Originally Posted by Mojodmonky1

Originally Posted by Clevereddie

Originally Posted by JStunn197

Bogus lol

In that case I've never heard of a debt collector being able to get your bank to pay your debts. I bet they wish it was that easy. They will harrass you to no end and it will screw up your credit. Since you're young you probably don't care about that now but you will later.

at what point can I expect my credit to drop? my score is 740 right now ... by how much would it drop? over 300$

say goodbye to that 700 credit score, not that it meant much now anyways.  It will drop once the collections company reports it to the bureaus.

since youre young, you probably have very few tradelines, and the ones you have, have not been opened for that long.  That 740 score is borderline worthless to be honest.  Just from my own personal experience (I'm an underwriter/credit manager for a finance company) I would much rather prefer to give money to a customer that had a 620 score with deep credit history, than an 18 yr old kid with 2 $500 credit cards and a 740 score.

If you have minimal tradelines and an unpaid collection (even for $300) expect that 740 to turn into a 540 with the quickness.  Honestly man, dont mess with that kinda stuff.  I know you're young and it seems inconsequential, but you're gonna be kickin yourself later.  My wife had an old collection on her credit from before we met.  It was a $400 collection account that they listed as unpaid (even though she disputed it countless times).  It took FOREVER to get her credit score back up from that 1 stupid collection.  Even then, her credit is not perfect.  That stupid collection account caused us to pay an extra 1/8th of a point when we got our mortgage since her score was just a shade under 720.  1/8th of a point is real money when you are talking about a $400K loan, all over a stupid collection account.  

thats kind of why i want to ignore this debt, since all my tradelines are over the average 2 year minimum. My AA platinum is 150k and my chase and wells fargo are both high too, and then i have a camera store credit card thats like 3,500 lol. so i was hoping this would be so small that it wouldn't even affect my credit. but I guess i should pay it off right? *sigh* stupid gym 

 

[mojodmonky1]

Originally Posted by Clevereddie

Originally Posted by Mojodmonky1

Originally Posted by Clevereddie

at what point can I expect my credit to drop? my score is 740 right now ... by how much would it drop? over 300$

say goodbye to that 700 credit score, not that it meant much now anyways.  It will drop once the collections company reports it to the bureaus.

since youre young, you probably have very few tradelines, and the ones you have, have not been opened for that long.  That 740 score is borderline worthless to be honest.  Just from my own personal experience (I'm an underwriter/credit manager for a finance company) I would much rather prefer to give money to a customer that had a 620 score with deep credit history, than an 18 yr old kid with 2 $500 credit cards and a 740 score.

If you have minimal tradelines and an unpaid collection (even for $300) expect that 740 to turn into a 540 with the quickness.  Honestly man, dont mess with that kinda stuff.  I know you're young and it seems inconsequential, but you're gonna be kickin yourself later.  My wife had an old collection on her credit from before we met.  It was a $400 collection account that they listed as unpaid (even though she disputed it countless times).  It took FOREVER to get her credit score back up from that 1 stupid collection.  Even then, her credit is not perfect.  That stupid collection account caused us to pay an extra 1/8th of a point when we got our mortgage since her score was just a shade under 720.  1/8th of a point is real money when you are talking about a $400K loan, all over a stupid collection account.  

thats kind of why i want to ignore this debt, since all my tradelines are over the average 2 year minimum. My AA platinum is 150k and my chase and wells fargo are both high too, and then i have a camera store credit card thats like 3,500 lol. so i was hoping this would be so small that it wouldn't even affect my credit. but I guess i should pay it off right? *sigh* stupid gym 

even if you pay it, its gonna hurt.  not has bad, but still hurt.  it will show up as a paid collection.

i guess just consider it a learning experience.  letting stuff get to collections is bad news.  collections companies dont care how they ruin peoples credit and their lives.  they act with reckless abandon and a "so what?" attitude.

how you got a $150K credit card line?  i cant imagine ANYONE handing out credit like that in todays climate unless you ballin.  if you ballin and are liquid, who really cares bout your credit score?  cash and carry!

  

 

[mojodmonky1]

Originally Posted by Clevereddie

Originally Posted by Mojodmonky1

Originally Posted by Clevereddie

at what point can I expect my credit to drop? my score is 740 right now ... by how much would it drop? over 300$

say goodbye to that 700 credit score, not that it meant much now anyways.  It will drop once the collections company reports it to the bureaus.

since youre young, you probably have very few tradelines, and the ones you have, have not been opened for that long.  That 740 score is borderline worthless to be honest.  Just from my own personal experience (I'm an underwriter/credit manager for a finance company) I would much rather prefer to give money to a customer that had a 620 score with deep credit history, than an 18 yr old kid with 2 $500 credit cards and a 740 score.

If you have minimal tradelines and an unpaid collection (even for $300) expect that 740 to turn into a 540 with the quickness.  Honestly man, dont mess with that kinda stuff.  I know you're young and it seems inconsequential, but you're gonna be kickin yourself later.  My wife had an old collection on her credit from before we met.  It was a $400 collection account that they listed as unpaid (even though she disputed it countless times).  It took FOREVER to get her credit score back up from that 1 stupid collection.  Even then, her credit is not perfect.  That stupid collection account caused us to pay an extra 1/8th of a point when we got our mortgage since her score was just a shade under 720.  1/8th of a point is real money when you are talking about a $400K loan, all over a stupid collection account.  

thats kind of why i want to ignore this debt, since all my tradelines are over the average 2 year minimum. My AA platinum is 150k and my chase and wells fargo are both high too, and then i have a camera store credit card thats like 3,500 lol. so i was hoping this would be so small that it wouldn't even affect my credit. but I guess i should pay it off right? *sigh* stupid gym 

even if you pay it, its gonna hurt.  not has bad, but still hurt.  it will show up as a paid collection.

i guess just consider it a learning experience.  letting stuff get to collections is bad news.  collections companies dont care how they ruin peoples credit and their lives.  they act with reckless abandon and a "so what?" attitude.

how you got a $150K credit card line?  i cant imagine ANYONE handing out credit like that in todays climate unless you ballin.  if you ballin and are liquid, who really cares bout your credit score?  cash and carry!

  

 

[2lipslegit]

If you went to the gym after turning 18 that contract might still be valid even though you were a minor when you signed it

 

[2lipslegit]

If you went to the gym after turning 18 that contract might still be valid even though you were a minor when you signed it

 

[clevereddie]

Yea I'm just going to pay it off to be on the safe side. Thanks man, you're the best person on NT