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Christian | What are some of the options that I have in dealing with my debt problems (I'm on limited income)? |
This is the situation: I have a physical disability, and am on limited income (Social Security Disability). I had a friend (at least I thought he was my friend; he proved otherwise) who was supposedly helping me pay my bills, in reality, he wasn't, but I didn't know that until it was too late. As a result, I am now in debt with Niagara Mohawk.
I let this same "friend" (before I found out what he was capable of- when I still trusted him; I knew him for 15 years, and considered him to be my best friend) use a credit card that was in my name, for a business he was starting; we were going into the same business together, so I felt it was a financial investment. Anyways, to make a long story short, he maxed out the card, and left me with the debt. I've cut off all contact with him. Since I am on limited income, I am unable to pay off the debts or pay for legal advice. Any advice on how to deal with the debt problems (creditors) would be appreciated. Thank you. |
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Janet P
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Since your debt problem is just one credit card you might want to talk to them about just paying off the principal, no interest. Even though you do owe the debt, you did let someone use your card, they may cut you some slack.
Also, talk to your tax person. Since this was a bad business venture you should be able to right it off. I am not sure if you file though. |
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∞infiniti∞
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Since it was your card and you authorized him to use the card, you are liable for the debt as far as the credit card company is concerned.
Creditors cannot garnish your social security income. If you have very few assets you might be judgment proof. Different assets are exempt from garnishment depending on the state that you live in. If you believe that you are judgment proof, let the credit card company know.
You may have to take your friend to court to get a judgment against him. |
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David T
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I'm a collector so I will tell you the facts. You can either pay them a little at a time (the cards will charge off and stop accruing interest) and you can whittle them down, or you can file bankruptcy. You can't be garnished from your SSD so don't sweat that. However, were any payments EVER made on these cards? If not, then they can look at it as fraud. I don't know the full story behind your giving him access to the cards, but I would hope that you've learned your lesson. There is no debtors prison, so relax (unless they think you meant to defraud them). You didn't say how much he cheated you out of so I don't know if bankruptcy is your best option? Or whether you own a home? Many things play into this. See an attorney for a free consultation. Also, was your "friend" a co-signer or authorized user, on the card? If so, he is also responsible for the debt. Good luck. |
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Alwyn C
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The first thing to do is to talk with the bankcard people and try and come to some arrangements on how you can pay them back. Because you are on Social Security I think that they have to accept whatever you offer to pay per fortnight. The other thing is to try and take this so called friend to a small debts court and see if they can help you get some of the money owing on the bankcard back from him. I hope you have learned a lesson from all this. |
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SAK
 |
You have a few options:
1) Call the cops and report him for this.
2) Take him to small claims court.
3) Contact an attorney in your area for financial problems. Please, look in the phone book of your local area, look for either a low-income attorney clinic, or an attorney who will give a free half hour consultation.
4) Contact the State Bar Association in a city near where you live, see if you can talk with an attorney pro bono (free). And, if possible, that will help you pro bono with this whole credit matter.
Also, please, without letting them try to scare you, or get into your"business" of how your gonna pay it back, etc., you might try calling Niagara Mohawk, let them know that you are looking into this whole matter, and will get back with them when you can.
I truly wish you the best on this one. Please take care. |
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brettR
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You should really take this question to some debt experts - I am truely sorry to hear of your situation! The site below seems to have great advice- they certainly have enough information, maybe you will find some good advice there as well? Good luck! |
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LERROYY
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sue your ex-friend for the money? go to legal aid in your town to get help doing it. legal aid is free. talk to a credit counselor to see if you can get a loan to pay off all your debt and only have one bill? ask your family for help? sale something that has allot of value? if you have a second car sale it? make as big of payments you can with what you have to keep from ruining your credit. but do sue |
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Jeanne B
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Oh, Christian, you have learned a valuable lesson the very hard way. As far back as Shakespear (and I'm sure much longer) it was cliche not to mix friends and money. But don't dispair -there are solutions.
There is a free service in most communities which will talk to your creditors for you. They are usually much more effective at negotiating lower payments for you than you can do for yourself. Their names usually start with " Credit Counselors." When you call, just ask if their service is free. If they want any money, you have the wrong place. Don't get talked into paying for this service.
Also, begin watching the financial program "Suze Orman" on CNBC, on Saturdays. She also has a website: suzeorman.com. She is the best financial adviser on TV. And she is fun to watch as well. You can submit your question to her website and you might even wind up on her program. |
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Steve V
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I'm sorry that this so-called friend did this to you.
As for the immediate problems, I would contact Niagara Mohawk, explain the situation to them, and try to work out a payment plan with them. If you agree to pay a set amount every month without missing a single payment, then they should work with you. The same would go with whichever company you have the credit card.
Needless to say, I would never again allow anyone to use a credit card that was in your name. |
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Dudley L
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www.daveramsey.com it saved my financial life |
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anon in idaho
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Try a credit counseling agency locally or online.One such example is CareOneCredit.com. They work with both you and your credit companies.
Good Luck! |
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