Credit issue/Credit Card/ Is it worth paying?

[importdistributors]

I have a Bank of America credit card with a 30,000 dollar limit. The card was stolen, and racked up charges of over 30k, I now owe 32k on the card, I filed a fraud claim, and they found out that the person who stole it was a family member. I did not want to press charges, so I am liable.

Now...
They racked on about $2,047 dollars extra in finance charges and overdraft fees.

Here are my options.
1. Make payments of $1,047 a month where almost $900 goes to intrest alone. (27.99% APR)
2. I can do a payment plan of $610 a month (4.75% APR) But they close my account, and it shows on my credit report that I am under financial difficulties, and affects my credit score.
3. F them dont pay a penny and let it affect my credit.

I guess the issue here is how much worse is it to my credit to do #3 to #2, and how long will it take to recover?

Cliffs:
-Owe money on card
-3 options to choose from (keep in mind my credit score over time)

Please advise.

 

[OCGuy]

For that amount of money, they will most likely include you in a suit to earn a judgement. They wont just send it off to collections.....

Once you have a judgement, all bets are off as to how they are going to enforce it, unless you BK it.

 

[Crusty]

Fuck that man, even if they are family.... stealing your card and racking up > 30k in charges? Time to disown them for being a flaming retard.

 

[Lepard]

Should've pressed charges so then YOU would not be liable.

 

[Reckoner]

Which family member stole the card?

 

[apac]

I did not want to press charges, so I am liable.

Hahaha! Are you KIDDING ME? A family member steals your CC, racks up 30 THOUSAND DOLLARS in stolen merchandise, and you just let it slide?

That is simply unacceptable.

edit: shens?

 

[hanoverphist]

Originally posted by: Lepard
Should've pressed charges so then YOU would not be liable.

yup, family or not.

 

[LS21]

4/1/2009?

 

[rbV5]

Scam backfire?

 

[D1gger]

Originally posted by: Crusty
Fuck that man, even if they are family.... stealing your card and racking up > 30k in charges? Time for the OP to admit to being a flaming retard for letting them walk.

Fixed for you.

 

[Crusty]

Originally posted by: D1gger

Originally posted by: Crusty
Fuck that man, even if they are family.... stealing your card and racking up > 30k in charges? Time for the OP to admit to being a flaming retard for letting them walk.

Fixed for you.

:thumbsup:

 

[Muadib]

I gotta go with the crowd. WTF would you want to take the heat for someone who knowingly fvcked you over? It's time for some tough love.

 

[Elganja]

Originally posted by: Crusty
Fuck that man, even if they are family.... stealing your card and racking up > 30k in charges? Time to disown them for being a flaming retard.

this

 

[Darthvoy]

I would say say option two is your best choice. If you choose option 3 they will sue you and try to collect through garnishing your wages, directly taking money from your bank account...etc, unles you BK. option 2 affects your credit, but not as bad as written off debt, and a BK.

 

[DrawninwarD]

30000! And by a family member too!?

Wow man, just wow. Whatever option you take, not gonna end well...

 

[James Bond]

You seem pretty calm, I guess you got that going for ya.

 

[uhohs]

here's what everyone's wondering.

where is this family member now? are you going to beat the money out of them? what did they say/do when you confronted them about this? etc.

 

[lupi]

Originally posted by: OCguy
For that amount of money, they will most likely include you in a suit to earn a judgement. They wont just send it off to collections.....

Once you have a judgement, all bets are off as to how they are going to enforce it, unless you BK it.

this

 

[Capt Caveman]

If you're not going to press charges, make your damn family member pay for everything.

/thread

 

[KeithTalent]

OP watch and learn

KT

 

[importdistributors]

Family Member=Father with a severe gambling problem
He assumed full responsibility, he talked to the credit card company in person and assumed responsibility.

-I should add that this happened before and he ended up paying it off for a total of 7500 dollars. At that point, I cut up his card, and ordered a new one. I put extra security on the account, and they were supposed to remove him from the account, but their mistake of not noting it in the account is what I have to pay for apparently.

He offered to pay 500 a month.

My issue is if I am not able to afford it in the long run, I dont want to be throwing money away for all tha payments that I would be making until I can't pay anymore.

 

[nakedfrog]

Just take the hit on your credit report (option 2). If the payment is only $610 then, and your dad will pay $500, then you're only out the $110. Much better option than giving the CC company $10k in interest ALONE every year, and credit can be rebuilt. Is your good credit score really worth $10k x however many years it takes to pay it off at that rate?
Your dad should continue making payments to you for the difference once it's paid off. And any parent that would fuck their kid over like that really needs help for their problem.

Option 3 isn't really an option, I doubt they'll just sit on their hands and let you not pay. Having your paycheck garnished for whatever amount a judge sets will probably be the most painful result out of the choices listed.

 

[melchoir]

You're just screwed here bud. It wasn't even on anything tangible, it's just a straight debt with NOTHING to show for it. It's literally throwing money down the drain to clean up the $30k+++ mess your father made for you.

Your only reasonable option if you aren't smart enough to make him liable is to have the account closed and take the fixed percentage. If you try and save your credit by paying it down at their 28% rate, at the payments you're offering it will almost never happen. You'll be bound to that debt for life, or until you file BK anyway.

"Thanks Dad."

IMO, press charges, make him liable, and let him deal with the mess he got you guys in. It's harsh because it's a parent, but you have no real choices here. $32k + 28% interest to not ding your score is not a choice. As you know the other options will also financially impact you as well.

 

[RadiclDreamer]

Originally posted by: Crusty
Fuck that man, even if they are family.... stealing your card and racking up > 30k in charges? Time to disown them for being a flaming retard.

 

[Muadib]

Originally posted by: melchoir
You're just screwed here bud. It wasn't even on anything tangible, it's just a straight debt with NOTHING to show for it. It's literally throwing money down the drain to clean up the $30k+++ mess your father made for you.

Your only reasonable option if you aren't smart enough to make him liable is to have the account closed and take the fixed percentage. If you try and save your credit by paying it down at their 28% rate, at the payments you're offering it will almost never happen. You'll be bound to that debt for life, or until you file BK anyway.

"Thanks Dad."

IMO, press charges, make him liable, and let him deal with the mess he got you guys in. It's harsh because it's a parent, but you have no real choices here. $32k + 28% interest to not ding your score is not a choice. As you know the other options will also financially impact you as well.

Yes!!! The fact that this is the second time he's done something like this is unbelievable.