It's funny how when a merchand has a dispute with you, you can argue and counter and negociate the charge of a service or whatever. But when it's the bank, they just take the money right out of your account! I just realized my credit card company has charged me $5 for each transaction that I made with my online sportsbook, treating them as "cash advances". Those are NOT cash advances, those are PURCHASES because there is a merchand involved.

"Oh but because of the kind of purchase you made Mr. XXXXX, we treat it as a cash advance, that's just the way it is"

No kidding! They WISH they can charge you for all the money that you have, all the money that you don't have and all the money that does not exist. I will contest this. No where in the customer agreement does it say that if it's a gambling transaction, it will be treated as a cash advance just so they can rob you for $5. Those $5 add up to a lot at the end of each month, it is ridiculous paying $5 for a $20 transaction.

What happens if you refuse to pay the bank once it's gotten to collections? Do they break your legs? Do they destroy your credit? Or will they negotiate?

I don't posess any assets to my name, I live with parents (so I don't have a property) and I don't have a job. My credit is pretty bad right now and I don't have much to lose. I am sure anyone in my position with as little to lose as I do, would even ever pay that $30k of debt, of which most comes from accumulated interests, abusive fees and service charges.

quoted for preservation, comments to follow in next post

KingSonic said:It's funny how when a merchand has a dispute with you, you can argue and counter and negociate the charge of a service or whatever. But when it's the bank, they just take the money right out of your account! I just realized my credit card company has charged me $5 for each transaction that I made with my online sportsbook, treating them as "cash advances". Those are NOT cash advances, those are PURCHASES because there is a merchand involved.

"Oh but because of the kind of purchase you made Mr. XXXXX, we treat it as a cash advance, that's just the way it is"

No kidding! They WISH they can charge you for all the money that you have, all the money that you don't have and all the money that does not exist. I will contest this. No where in the customer agreement does it say that if it's a gambling transaction, it will be treated as a cash advance just so they can rob you for $5. Those $5 add up to a lot at the end of each month, it is ridiculous paying $5 for a $20 transaction.

What happens if you refuse to pay the bank once it's gotten to collections? Do they break your legs? Do they destroy your credit? Or will they negotiate?

I don't posess any assets to my name, I live with parents (so I don't have a property) and I don't have a job. My credit is pretty bad right now and I don't have much to lose. I am sure anyone in my position with as little to lose as I do, would even ever pay that $30k of debt, of which most comes from accumulated interests, abusive fees and service charges.

Is there a question in there somewhere? Or was that just a nice rant?

This is Finance, how?

Edit:What luck, there were some questions.What happens if you refuse to pay the bank once it's gotten to collections? Do they break your legs? Do they destroy your credit? Or will they negotiate?If you refuse to pay what you agreed to pay, they may sue you in court. If you lose and a judgment is entered against you, the company can then attempt to collect on that judgment. That includes placing liens on your property, garnishing your wages, attaching your bank accounts, etc.

Yes, they will destroy your credit as well. And yes, they are always willing to negotiate.

Realistically? They will probably just ruin your credit and call it a day. But for 30k? They may come after you.

Now if you don't pay your bookie... well, that's another story. I hope you have good medical coverage.

Hard to make a "U" turn but you better try.

You live with your parents and have no job,Get a life or are you happy being a loser?