If I had 20 major credit cards with a total credit limit of $500,000 and a cash advance limit of $250,000. What if I wrote the cash advance checks for the $250,000 and put them in the bank and went on a spending spree with the rest of the $250,000 buying cars, furniture, clothes, etc. What would happen if I didn’t pay the credit card company when they billed me? Would I goto jail?
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Posted in cash advance payday loan - May 19th, 2010.
Tags: $250k, $500k, advance, buying cars, Cards, cash, Cash Advance, Credit, following, happen, spending spree
© Cash Advance Tips •
19 de May, 2010 at 10:52 pm
It is possible you could go to jail, but not likely. They would have to prove that you knowingly and willingly took the money and goods with no intention of paying them back.
They would get a judgement and suck out every dollar in your bank account and it would be more than you borrowed. They would also get your for their attorney’s fees. They would also attempt to repo your goods.
If you were to do something as incredibly stupid as you are describing, be prepared to live a miserable life until they get every cent back.
19 de May, 2010 at 11:25 pm
If you only owed them $2,000 most companies will write the debt off or sell it to a collection agency. However, no company wants to be screwed out of half a million dollars. What would probably happen is they would close all your accounts, file a judgement against you requiring liquidation of your assets (not just limited to the toys you bought on the cards but your house, family heirlooms, etc), sell those items for as much as they can and sue you for the remainder. Also if you have anything joint with a spouse or family member, and I do mean ANYTHING, they’ll go after their assets as well. I honestly don’t know if you’d go to jail but I’d be willing to put money on the chance that you would. I want to say that can be considered fraud because you willingly defied the agreement to repay. Also this thread could be considered evidence of your intention not to repay.
20 de May, 2010 at 12:09 am
If you charged the cards with no intention of paying them back, that would constitute fraud, and yes, you could go to jail for that.
Rather than going on a spending spree, why not find a way to make income with this available capital? Many businesses are willing to pay good, solid returns for small investments. I know, because I deal with them daily.
You could easily earn 18-24% annual rates of return for these types of loans, or you could start your own business with the money.
Whatever you decide, I wish you luck and good judgment.