Mr. Rolex,

While I agree some creditors, mostly in the US, have perfected the practice of issuing credit to unworthy clients to keep them in debt (aka predatory lending), that really doesn’t sound like you. You sound young and I assume may not have totally understood the true cost of just making minimum payments and 24% interest, but you knew that you borrowed money. It just sounds like you want to “rip off” your creditors.

Let me ask you this. Does it feel good when your clients don’t pay for your refurbished Rolexes? I doubt it, but the difference is you probably still have the watch to sell. Credit cards are unsecured… so you can’t be totally surprised the interest rate is that high.

Do the right thing here and sell your "exotic", some of your watches and use that money to pay off the debts you created.

FYI - that 15 year old car isn't of any interest to a creditor. It's highly unlikely that you need to hide it. They look for income to garnishee or a piece of property to lien. Not paying will just trash your credit rating and make it really expensive to borrow money in the future, IF they decide to do business with you again.

Why is it that when people get themselves into debt they first blame the people who lent them the money and then they start to have issues fiat money. You had no issues when you were borrowing the funds. You can try to rationalize it all you want but in the end you are just a deadbeat who doesn't honor his obligations.

The way you’re talking you must be a kid and feel you were punked by the creditor. If you signed on the dotted line you knew what the interest rate was. All I am hearing from you is excuses. If you want to live like a deadbeat that’s your business but if you want to be real man or woman then sell that pile of junk of yours and settle your debt.

Lots of self-righteous people who talk about doing the right thing. I got fed up trying to pay people who are charging me 24% interest on my debt. Once I realised that the system is set up to hook people into debt, and to keep them that way, I decided I would never attempt to pay them back, particularly since they created debt out of thin air, and don't back any of the worthless paper currency with gold or silver any more. The whole thing is a big scam designed to transfer real assets to the lenders, while they keep the rest of us running on a treadmill until we die. #@$@#$ Them, I say!

I'm not sure why you are thanking me. I didn't jump the gun. Your car is exactly what I though it was -- old and not worth very much. To call it an exotic is a little delusional.

I agree with Average_Joe. There is no excuse to not pay your debts when you have an asset that you can dispose of and especially when you are not even using. You are exactly the kind of person that makes me argue for long SoL periods and draconian powers for lenders.

That you love the car is not really relevant. If you love it that much get a minimum wage second job and pay your debts. Servicing $40,000 means you need to come up with an extra $100/week. Two days at any PT job will get you where you need to be. If you are not willing to do that then the car isn't that important to you.

The right thing to do is be a man or a woman and sell your assets and settle or pay your debt. If you do not intend to pay your creditor back that shows you have no character. If you came on here for members to feel pity for you; then you came to the wrong place. I guess you’re going to realize how precious credit is in the next six years..

Thank you, Millie. At least someone here has the common sense to admit that she was jumping the gun. I asked a sincere question, and I got a bunch of assholes telling me things that they should have kept quiet about. The car is not for sale, and it will never be used to pay the debt down because I love it and will hide it on the moon if I have to to keep it away from the usurers. My question was asked because I wanted to know if these bastards have teeth behind any of their threats or if I have the upper hand. I don't take their collection threats seriously. My business was badly affected by the Oct. 2008 New York City tanking of the economy, and since I sell vintage Rolexes, an item that nobody really needs, even the rich were scared and started behaving tight with their cash. Hence, no payments on the cards, and that snowballed, so I gave up. And now I have decided that I don't intend to pay the bastards. I was just trying to find out how safe my car is if I am determined enough to avoid paying them back.

Well he PMed me so I figured I would update the topic.

The car is a POS like I called it. Won't give specifics but it is twenty years old and has a resale value of $10-15k.

He actually has $40k in debt. The $10k is just one card that he is worried about being sued over.

I believe a few members on here like to pretend that have it going on. The people that usually brag about having things are the people that have nothing, another words pipedreams.

Maybe the term 'exotic' refers to the birthplace or cultural leanings of the car.

Could be a Trabant, no?