H1B Approved need suggestions


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Hello All, I left US 5 years back with lot of Credit Card debt (around $12,000 - 16,000) while I was on F1 visa. Now I have got H1B visa and planning to come back. all the cards and accounts have been transferred to the collection departments and I can only pay those amounts once I am there and working. so, can you please tell me if it is okay to be like that or do I need to do anything specific before coming. Is there any chance of me getting in trouble for all this?


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It is very likely that you will run into troubles with it - trust me, it is not fun to be at the receiving end with a collector (I know this because when I got a work cell phone issued, number used to belong to someone who did what you just explained - it took me 4 years of convincing the different collections agencies to take me off their call lists and I was told that they have other means to find the original target and I better be not that when they do so)


Honest advise - PAY them off ASAP at any cost. take a loan or re-patriate money from India  if you have to get that out of the way. I am sure that debt would have grown significantly in size by now, but man up and take responsibility for your actions. Dont do this again, since unlike India, the SSN ties everything together and your irresponsible actions will come back and haunt you for many years to come. At least, your credit history will be ruined, making it tough for you to get any line of credit - if you end up with a bad credit history, your common needs like credit cards, car loans, home loans becomes too costly or very hard to get. Also, credit history dates back years.


If you can't pay all out at once, talk with the collectors into going on a payment plan. Sometimes they will even negotiate it down to principal - you can hire qualified attorneys specializing in this if you prefer, but you would need to pay them too. In any case, it would probably better if you call the banks up and apologize to start with. Most cases, they will be very happy to assist as long as you convince them that you are sorry and is willing to wipe the slate clean. Ask them what can be done and STICK to a better financial plan.

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