stroganoff100
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You certainly have a Big problem but you don;t need me to tell you that!
Please do not consolidate your credit - as it just means that some company gives you a massive loan that you will never be able to pay off!
Firstly you say that you can't pay the minimum payment required - Well they can't draw blood out of a stone! It is really positive that you are admitting that you have a problem!
Do not be tempted into a loan!
The first thing you should do is tear all the cards up and send them back to the companies! and tell them exactly what you can pay them per month ( Any payment is better than none) and if you show willigness to pay and don't just hope that the problem will go away then they may be sympathetic! - But you must get them to freze the interest! because that is the killer!
Don't forget one important thing here and that is these people are no better than Loan Sharks! They offer you Paradise for a few pounds a month! but the reality is bleak!
Now if you live in England get in touch with the Citizens Advice Bureau or elsewhere a Debt counselling service
I do know that in England at least there is now government legislation that if you are in employment you can actually cancel out most of your debt and then you would have a clean slate! and more importantly you will have learned from the past mistakes of the "Buy now and pay later" disease!
Also you could also declare yourself bankrupt. O.K. So it means that you would not be able to get credit for a couple of years! - But Yes mate! - Credit is what gets us into trouble in the first place - So what is wrong with paying cash and saving up for the things we want!
Years ago when my mother was young she never had a Bank account (She did not trust them!) and she hid her money under the mattress! No O.K. so we don't want to go to those extremes! but we should be able to strike a happy balance
I do hope that you can sort this out! but really you must contact someone really fast as it is all making you very unhappy and it must be a very big strain for your family!
Good Luck my friend!
I have been in your situation and it is not to be recommended!
Good Luck! |
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I got 2 points for this answer
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It's not good to be in credit, but they will not show up at your house. You should think about consolidating your 4-5 credit cards into one, that way you make one payment instead of four. You have to be careful to increase your payment so that you can pay down your balance. |
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Adeel
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if itt gets bad enough... theyll bypass that stage and go straight to the hired guns |
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Squiggs
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They would take legal action for the money. In all civil cases, meaning anything involved with money, they will use their attorneys to file a law suit against you. They can not legally come to you house and try to strong arm you into paying your debt. Talk to you in a civil manner, yes, they can do that if they have a representative in the area. These companies aren't even allowed to call you and use profanity or call you at certain restricted times. If they do this, they can be turned into the B.B.B.
Here is the thing. If you are making any attempt at all to pay your debt, there isn't much they can do to you. If you are completely ignoring the debt, then they will pursue you heavily. It is their job to get any money they can out of you since you maxed out the cards. If you send less than minimum, they have to accept that. Even though it isn't in the contract that you agreed to when recieving the credit card.
The absolute biggest problem you will have is the comapnies jacking up the APR to astronomical numbers like 30 percent or higher. This is what kills peoples credit. |
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genuine_destiny
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most likly no they will probably turn u into the credit bereu and then they will start calling u. it sucks i know i have 7 credit cards and they all equel up to at least 13k plus two phone bills that the amount is 1000 so i went to a credit counseling place to help me b/c the minimums wasnt paying the principal. so i wish u luck and if you would like the info i have to contact them email me at genuine_destiny@yahoo.com i will be more than willing to help |
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Linc S
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search the web for a credit card debt consolidator..they will negotiate with the cards to lower rates and make a single payment ...or they pay off the cards and make 1 payment for you |
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j c
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Start by cutting up all your cards. Pay them off ASAP so the interest doesn't kick you in the balls.
Even if you have to work a second job for a few months, it's worth it to climb out of that hole. |
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TracyTracer
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Call a nonprofit credit consolidation company to work with you. They'll call the card companies and lower the interest and all you have to do is make one monthly payment to them and they'll pay the companies. We had $10,000 3 years ago and only have $2000 left. It takes awhile, but we're finally getting our credit scores back up and we really learned our lesson. I guess if you have no money, you could talk to a bankrupcy lawyer. But that's pretty serious. Try to work it out first. Good luck.
Here's the website for the company we used:
http://www.consolidatedcredit.org/?PartnerID=1140 |
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Dan C
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If you are in default with the credit card companies, you can reach a settlement for the debt and pay less than you owe. Ask them if they will settle, get it in writing, and pay it off as you can. Work an extra job to get some extra money. Cut up the cards in the meantime. |
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Joey's Girl
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nah it will just go on ur credit report |
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Stuck in the middle of nowhere
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You need to get another job or something to pay these debts off, if you don't and soon it will destroy your credit rating even more thatn it is. |
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Succes
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You need to consolidate your credit card debts. Consolidation is the best solution available to the credit cardholders to improve their future credit. People go for debt consolidation for many reasons: prolonging the loan period from 5 - 15 years and reducing the interest rate. Consolidation allows you to go for a loan with lower interest rate than the one you are currently paying. Besides it simplifies the loan repayment as you are paying only one lender in place of various payments to different lenders. |
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