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Additional Details
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No name | Credit card debt already in collections...? |
I have about $5000 in credit card debt; it's been about 8 mths since I paid any on them. I was out of work due to an auto accident. I want to pay them so consolidation or bankruptcy is not an option for me. I just can't afford much. $50 extra a mth is all I can afford right now, but I don't know how to do this because I have 4 different credit cards & $50 doesn't split well. The agencies say they can't settle for less than $100 on each card....well I just can't do that as I am just now getting back to work.My question is this:since it's been so long since I paid on them anyways & they are already in collections do you think this woud be a good idea & if not then what would you suggest. I was thinking of listing all my credit cards with the balances & take the smallest balance & pay them $50 a month (more whenever possible) & once that one is paid off start with the next lowest one & repeat this untill they are all paid off. Will this work or is it a bad idea...what do you suggest?Thx |
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Studly
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Your first problem....lets assume these nice creditors agree not to add more interest and late fees and basically will freeze your balance. Yes, pretend you moved to the Land of Oz for a minute.......
If you pay $50 a month, it's going to take 100 months of payments, or over 8 years to pay! No way are these guys going to wait that long for payment. So we can forget this plan.
Next, lets pretend you are going to work with some caring and understanding collection agents. Yes, you are still in Oz...work with me here.......
They all agree to settle for 60% of the debt. Now you owe $3000. Again, if you only pay $50 a month it's going to take 5 years. Again, I don't think they are going to work with you. Some of them might, but you still have to deal with the rest, and their threats of taking you to court.
Now come back to Earth.
Courtney is totally ignorant on the law. Collection agents/creditors can refuse any payment you send if it is not up to their agreement.
Credit counseling is going to cost you more in fees (as OC pointed out), and there is no guarantee that the creditor will work with them. It only takes one creditor to refuse to opt-in and your whole plan goes down the drain.
BK is out....you don't do that for $5000 in debts.
My opinion? Right now they are reporting negative info to your credit report, and it's now trashed already.
The FACT is that creditors do not sue for debts under $500, and generally only begin to notice when they reach $2000. This is especially true if the collection agency is located in a different state. Yes, they can sue you, but the odds are in your favor.
I would ignore the payments. Put whatever money you can into savings, and if you do get hit with a lawsuit, pay that debt.
Yes, it's a gamble. But you only other alternative is to try to convince all of your creditors to wait for 10 years.
Your idea on paying off one card, them moving on? That's a reasonable alternative. But I would choose the creditor who is willing to work with you by settling for a lower amount, and agreeing to delete this from your credit history. Why reward a creditor who wants tp play hardball with you and isn't interested in helping you out in return? |
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Doc Hudson
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You need to talk to them, and be firm. Offer to make a payment that you can reasonably make for the first year, and offer to renegotiate at the end of the first year. Also discuss the possibility of an interest rate reduction. Remind them that they will be better off getting a small, regular payment with the possibility/probability of an increase in payments than they would bringing suit against you.
Pay regularly and if you have a few extra dollars, pay more than the agreed amount. This will show good faith. Cut up your credit cards and don't get another one.
Your idea of paying off the smallest balance first is a good idea. Pay what you can to the others, if you can, just to keep the bloodsuckers off your back. As you pay each card off, increase the amount you pay the others until you get them all paid off.
If you have things you can dispose of, sell them, and put the money on your credit card balances. It will be boring as hell, but don't waste money on frivolous things. Don't eat out, if necessary go on a beans and rice diet and get pure dee mad dog mean about paying your debts and determine that never again will you let these thieves into your life.
I suggest you go to your local library and check out copies of Dave Ramsey's book "Total Money Makeover." Dave has some really good ideas about managing money and getting out of debt. We are not his best students, but using even some of Dave's methods, my wife and I are almost out of debt. If it weren't for seven years of post-graduate school bills, we'd be sitting pretty right now. Even with that terrific drain, we are better off than we were five years ago.
Be mighty careful of debt consolidation loans, they can come back and bite you, hard! I speak from hard experience. And going to one of the debt counseling businesses is virtually the same as a bankruptcy on your credit report. These credit counselors claim to be non-profit businesses, but I don't much believe it. They are making money from somewhere or there would not be so many springing up overnight. You can do for yourself anything a credit counseling service can do and it won't hurt your credit report as much.
Good Luck and God Bless,
Doc |
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Bill C
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You can't force a creditor to take payments once the account is in default. Also, you have to consider the fact that in another couple of months, your creditors might tire of waiting for their money and they might file suit against you. If you really don't have the money to pay any of your debts, you might want to consider talking to a bankruptcy attorney.
I don't think a "credit counseling" or "debt consolidation" company is going to do you any good, especially if you don't have any money. Most of them require huge upfront payments and don't do very much to negotiate your debt. |
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Courtne{Y}
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First off, they cant not except payment....no matter the amount..so keeping paying them, even if its not the amount they are looking for, if its all you have its all you have!
Also pay off the high interest ones first!! I would do ten on each and then the extra ten on the high interest one! And dont forget to cut back! Would you rather watch tv or have collects at your door? things like that. Good luck! |
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Cherry Joe
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There are some articles on how How to Get Out of Debt , How to Stop Debt Collector, Free Credit Card Debt, if you are interest to get further information, you can take a look at http://debt-solution-reduction-relief.blogspot.com |
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Barbie
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Hello,
Are you making only the minimum payment due on your cards each month, and watching the amount you owe rise with each billing cycle? Do you use your credit cards to purchase everyday household items, like groceries, that you used to buy with cash? If you answered yes to either question, you’re probably dealing with mounting credit card debt.
Credit cards are extremely easy to use, but need a great deal of discipline to avoid getting into unmanageable debt. A credit card debt is an unsecured loan, because the credit card company does not hold or ‘secure’ any of your assets to cover the amount you owe the company if you are unable to pay your credit card bill. When you default on a credit card payment by stopping making payments altogether, the credit card company will try and recoup its losses by contacting you, typically through a collection agency.
The key to credit card debt consolidation is to avoid getting to the stage where you’re receiving notices and calls from a collection agency. You can do this by taking control of the situation and cutting unnecessary expenses so you have more money to put towards your monthly credit card payments. If the amount is too large, you could consider contacting the credit card company and negotiating a reduced interest rate, and a reduced or waived late fee, to help you pay the debt off. Another option may be to go through a debt consolidation company, which will negotiate on your behalf and take over all communications with the credit card company and collection agency. Remember that even if the credit card company agrees to an interest rate reduction and late fee waiver, information on the payments you didn’t make will still be reflected in your credit report. |
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.«♣».•´¯`•.«♣».• .«♣».•´¯James
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$5000 in debt is a lot! you NEED to get professional help. theres a good site I used for getting out of debt.
you can fill in a form on their website and they will give you a call back. Hope this sorts your problem out. |
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OC1999
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The suggestion on getting into Credit Counsling is a good one, however there are several companies only will deal with the original creditor and not a collection agency. So this may not be an option. Also you can be pretty sure that they will require more than a total of $50 a month to get you on a plan. If you check into this make sure that they are a member of the National Foundation of Credit Counsling http://www.nfcc.org.
If you want to take care of these on your own, since they are fairly new debts your plan is a good one on the surface. However, before you make even a single payment you need to do the following. Send the collection agency a certified letter. In the letter state the amount you are going to pay, and the amount of each payment. Include that the payments will be by a money order. This is so that they do not have access to your bank accounts. Do not sign this letter only type your name. DO NOT send any money until you have an agreement from them in writing.
If you can't get them to accept an offer then save the money just as you would if you were going to pay them each month. Then in a few months offer one of your cards a settlement offer(again through the mail).
Now, this won't keep the ones you are not paying from deciding to sue you, but there is really nothing you can do to keep them from doing this. The good news is that most will not sue you right away so you may have some time. |
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Bill S
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read this article working with collection agencies is worthless http://www.adviceontime.com/Credit%20Repair%20Company.htm |
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Sunshine
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You will never get out of debt paying $50 a month. Instead, put the $50 in an untouchable, interest earning savings account. When you have saved about 60-80% of what you owe on each credit card, make them an offer of that amount in writing. If they accept it, pay them that portion, make sure you get in writing that it is a settled account at that amount BEFORE you pay them. The credit card company is playing still by their terms and you are letting them. You owe them money so you have the power in this situation to dictate your terms of payment. Forget about late fees, overlimit fees, interest rates, etc. If you owe a company $500 + their crazy fees and you offer them $350 that you saved as a lump settlement, most of the time they will take it, sometimes you can even get it OFF your credit. |
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Net Advisor
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I would go to a professional non-profit credit counseling agency. They can negotiate with the companies for you and work out a plan you can afford.
Make sure they are a USA non-profit 501(c)(3) org.
Here are a few links to look into. Good Luck!
http://www.nfcc.org/
http://www.cccsatl.org/
http://www.non-profit-credit-counseling.org/ |
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