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a.d.r. | What is the best thing to do when you are in debt about $7,000, and you have creditors calling you everyday? |
Additional Details
I do have a job, and all my credit cards are cancelled already...have been for awhile...just impossible to come up with amount all at once!
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jannie
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just pay the amount of the payment
no one says you have to pay the whole thing at once |
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tryinthis2
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get a po box and forward all yoru mail there...then if you get a collection letter write "not at thsi address return to sender" and it goes back with them thinking you moved. change your number or give them a letter to cease and desist. they will threaten you with lawsuit but the chances are relatively low.
if you can get another credit card and balance transfer, try that. |
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Studly
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Debt agencies will only hurt you. You can do exactly the same thing they can!
First, contact your creditors and try to work out a payment plan. Sometimes they will work with you and even reduce the amount of the debt.
But as previously stated in another response, you only owe $7,000. You need to sit down and make a serious budget. No more dining out. Cut the cable tv and internet.
Between these two methods you should be able to work out a method to pay the debt off in a couple years.
There is no easy fix. You are not in debt enough to consider bankruptcy. Those credit repair companyes will end up charging you a few hundred dollars. |
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whatnoname?
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Change your name, move house and ignore them
though for $7k its hardly worthwhile, try getting a job |
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butterfly55freedom
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Ignore debt agencies they usually add to your debt go to the good old fashioned Citizen`s advice. They have legal experts who help them. Their advice is free and confidential go a.s.a.p. as it sounds urgent and the longer you leave it the more your debt will accrue. |
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gone
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Contact a credit counseling service. You see them advertising on TV all the time, there is not a fee to you. In the meantime: LAY OFF THE CREDIT CARDS, you are only digging yourself into a deeper hole. Don't shop just to be shopping. Think you "need" a particular item? Think again. And again. Put it down and walk away and think about it some more. Chances are, you'll realize you don't really need it after all. Don't spend all your money eating out, the money you spend on one meal at a fast food place will buy the ingredients for two or three days' worth of dinners (yes, that means leftovers, they won't kill you.) Get yourself a part-time job. Don't avoid speaking to the collectors, that will only make the situation worse than it already is. Let them know that you are trying your best to work your way out of your situation - and DO SO. |
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Finney
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$7,000 isn't really bad relatively in today's standards.
Cancel all credit cards - just keep your debit. That way, you can only take what you have. DO NOT GET INTO THE SNOWBALL ROLLING DOWN A SNOWY HILL.
Ask the creditors NICELY (after all, they LENT you the money in the first place) to not call for a couple of weeks while you get your finances all laid and planned out.
Get help from a debt agency (not the ones that remove them - those are fake, the ones that help you in the course). |
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xdavejx
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Tell 'em to jog on !!! hahaha no really just try and sort out weekly or monthly payments what you can both agree on and YOU can afford, and then at least they'll see you're making the effort to get the debts payed off. |
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Tim
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Depending on your income, 7K may or may not be bad. In any event, do NOT avoid the creditor. If you do, your credit will be shot, and the creditor will have no impetus to work with you. Besides...if you change your number, move etc they will still find you. Skip tracers have access to a TON of info...they will call you at work, call your neighbors, call the local supermarkets, run your licence plate, call your mom for your number etc. Not worth the hassle. CC's are set up like mortgages...the companies want you to pay them off in 30 years!!! If you cant afford to pay it all at once, then you have no choice but to make the payments like the rest of us! If you cant make the minimums, then ask your creditor to work with you. Most creditors will lower your payment and interest...they may even allow you to skip a payment or two. Bottom line...if you can afford the payments its not likely you will be able to file BK. But, if you're in over your head, BK may be your only option. If it is, get it over with...better to start on the 7 year recovery period ASAP! If you dont, you will just get more and more collection calls. Oh yeah...the IRS will get wind of your "income" as well and tax you accordingly. |
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GojiGirl
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I was in a lot more debt than that and was borrowing from Peter to pay Paul. I finally went to my bank and told them everything. They drew up a loan and paid all my creditors and cancelled all credit except a small amount using a visa card with the bank. Not only did it relieve all my stress, but it freed up a great deal of money every month because my payment wasn't that high! I was busy trying to give each creditor the minimum amount each month and getting nowhere quick due to the high interest rates. I found being completely honest with my bank, they found a way to help me commit to getting everything paid off!
I hope this helps you put your mind at ease....good luck! |
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