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| overdraft with my bank and I never paid it and its been almost a year later and they sent me letters earlier in the year telling me it was going to collections and I cant find the letters now so how ... |
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| I have no job and my only source of income is Social Security disability. I have 4 kids, too. Because of a credit card debt of about $1,500, a collection agency here in NJ is threatening to take my ... |
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| I did some grocery shopping for a lady I clean for and she reimbursed me with one of those checks. I told her it was a bad idea, but she doesn't have the money in her bank account to pay me back.... |
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| I live in the state of Wisconsin. This is my first time postdating a check. I didn't have money in my checking account due to me having to withdraw it to pay a hospital bill. I knew I got paid ... |
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| My boyfriend and I are talking about marriage. I have a good credit score. Never late on payments, usually always pay off loans early. His credit is not so good. He was in a car wreck and basically ... |
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| a company called "american shopping center" just called me telling me that i won a free camera and vacation, n that in order to get the package i would have to pay the shipping and ... |
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 What to do with bonus- pay the credit cards or make an investment? |
| we never live with credit cards before. and now we have 5000$ on our credit cards that we cant close . we are doing a min paymant every month and trying to pay more than that. we will have a bonuce 7... |
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 Does anyone know if there is a time limit on credit card companies demanding there money back? |
ex wife ran bill up, know i'm left to pay it but at time because i didn't know due to moving and thinking i had paid it off,
now 7 years after apparently defaulting i have been ... |
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vishal | I am having 2 credit cards with outstanding of 50000/- please suggest me to overcome from this debt.? |
I am having 2 credit cards SBI & City Bank with outstanding of 30000/- & 20000/-. Every month I m paying heavy minimum amount from last one year. Now i want to settle the outstanding. I can arrange only 30000/-. What to do to get discount? Is it possible to settle the above outstanding with the cash i can arrange. What action can the credit card company may take if I refuse to pay the whole amount? I m facing financial weakness. Please guide me how to overcome from this problem. |
 |
 
Tommy
 |
SBI and City Bank? Are you in India?
I am not sure about Indian law, but this is what I do if I am in USA.
I have to pay 50,000 to credit card company. If I call them for discount they will never give it to me if the account is current. That means if I am paying my monthly minimums then they will not discount the amount.
I will stop making payments. This will hurt my credit history for now. but I will do it.
Credit card company will start calling me.
I will not neglect the calls. I will start my offer at 25%.
That means I will offer 12500 for 50000.
I will not increase my offer for many days, then if 25% fails I will increase to 30%, then 35%.
Based on other people's experience they credit card companies accept anywhere from 25% to 40%.
Never go above 40%.
The worst case senario is to pay 40% which is 20000 for 50000 balanace.
This can go upto 6 months.
You said you have 30000.
You still left with 10000.
Use this 10000 to repair your credit plus you have to pay taxes on the difference (50000 - 20000) 30000 amount.
If you don't pay the credit card companies can call you every day, sometimes many times in a day, get judgement against you in the court, garnish your wages or bank account against the judgement, destroy your credit history.
Try not to get judgement from credit card companies. |
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sanjit kumar g
 |
You settle the due with City Bank first &then start paying the due of SBI gradually with rest of the money |
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amal
|
You have placed yourself in a tight corner by incurring debts.
It will not be easy to avoid the payments nor the agencies will allow you to go scot free.
Stop all purchases on your 2 existing cards. Settle SBI a/c with the Rs.30,000/- you have arranged. Hope it is not another form of borrowing or incurring debt. While disclosing your difficulties with SBI try to prevail upon SBI to compromise on the present outstanidngs by some wavier of Interest, etc.
On successful completion of SBI matter than concentrate on Citibank. Try and sell off your existing assets and raise cash from your own resources and than adopt the same system as suggested for SBI.
Act fast - to avoid interest burden. Or some friendly Loan free of interest can also work.
How did you come to incurr the expenses and how have you spent them to incurr the debt is a thought you have to evalute on your own and do not repeat such mistakes in future.
Be wise after the event. |
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sus
|
I don't know about your financial background
If you can pay 3000/-rs monthly then ask them to make it EMI.
If you can pay in three months, then ask then balance transfer settle one with another. |
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Rob
 |
I have heard some valuable inputs from this talk show host - Dave Ramsey, for financial security and debt reduction. Try visiting the following websites and may be you will find an appropriate answer or a solution:
http://nashville.about.com/cs/famousresidents/a/daveramsey_4.htm
http://www.debtadvicetrust.org/debt/debt-solutions.html |
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Francis P
|
I have a credit card in collection with a balance of over 7000 dollars. The credit card company can send it to a collectio agency for payment if they can't get payment from you. When in collection they will usually offer you a settlement deal for a balance that is less than what is owed on the card. If you can't pay the worst the can do is file a judgement against you which would stay on your credit report for like 7 years. |
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bill a
 |
Bankruptcy court. Look up a lawyer in your local newspaper classifieds. And never do it again. |
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anjana
|
Don't hesitate, just go and meet the top banking people of those banks to which you hold the cards. Talk to them heart to heart, they can guide you better than others and can arrange a plan to finish the payment accepting your concerns.
Try this first. If they are adamant then see a good lawyer and file a suit to get a stay to stop their harrasement in recovery first and later to establish that they have taken more of interest than the amount they loaned to get the court scrap the payment, to save you! |
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kja63
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Credit Card debt is unsecured debt. If you don't pay, there's nothing they can do except hound you day & night for the money. They can't garnish wages, or put a lien on your house, or reposses your car, etc...
With that said, you should make every effort to settle your debt. Call each credit card company and renegotiate the interest rate. It's in their best interest to lower your interest rates as opposed to you defaulting on the entire amount you owe them. However, you have to be 90 days in arrears before they will negotiate with you.
In the meantime, close both accounts so you aren't tempted to use the cards.
If you want to settle with them for a reduced amount paid in full, they will usually go as low as 40 cents on the dollar. So your $5,000 debt should be settled for around $2,000. But be aware that this write off will result in a 1099 that you must declare as income on next years tax return. |
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