djvcpa
|
Tell your father. Explain your story. Then get him to sign a contract with you where you agree to pay him back plus interest in exchange for him helping pay your interest debt now. He'll be impressed with your honesty, and your integrity - assuming you make the payments you're promising to make in the contract. You may get lucky and he'll save that money and once you've paid off his debt, he'll give you it all back to help jump start your life in the right direction! |
|
ADAM K
 |
Get a part time job in the meantime and start paying your debts. Then when you look for a career job, you are not forced to take the first crappy job offered to silence your creditors.
Don't tell your parents. You are a college grad now. You can handle this on your own.
Good luck! |
|
Howie H
|
I have worked in collections for a decade. You need to tell your Dad as soon as possible. Once the CC co. obtains judgment against you they will tack on even more interest to your balance, along with court costs and various fees. If someone is a co-signer on the card they can be garnished, have a lien placed on their property and their credit rating ruined as well. Your credit will also be negatively affected by legal action taken against you. All 3 major credit bureaus scan legal sites and action, because it is open to public view. You need to contact that credit card co. and see if they will be willing to settle the balance. You may be able to get most of the interest and fees waved off if you or your Dad can pay them a lump sum. Tell him. He didn't spend all his time and money to send you to school so you can file bankruptcy on graduation day. Once you pay off the cards don't get anymore. If you can't afford to pay cash for something you don't need it!!!! Credit Card Co's do not care about you, me or anybody they take advantage of people every day and are the biggest crooks out there next to lenders who push variable rates on people. |
|
missy
|
First of all talk to you father the worst answer to expect is a "No".do you have any friends or family that can help you.Have you tried to talk to customer service of this card.
and between now and the court date make payment and have a record /copy of the payment to show in court as a proof that you are trying to pay it off.see an attorney,but first make sure what is their charge per hour in person or by phone . put your resume` out on the websites for employers to view. |
|
Standing in Line
 |
well... you have to ask the same question to your dignity. are you a man that is going to live up to your own foolishness or are you going to ask daddy to take care of things for you.
you got yourself into this mess, you find a way out. be a man. |
|
oskeewow13
|
Here is what may happen if you try to pay off by yourself.
1. It may take several years to pay off the debt.
2. Interest on your debt will be outrageously high.
3. Your credit rating may be lowered. This may make it diffilcult for you to get a job, an apartment, and a lower interest rate on home/auto mortage. |
|
Dr. Deth
 |
well, you may not be alive to have to worry about going to court once your father finds out. What the hell does a college student have to spend $16,000 on ? There's no guarantee he'll want to help you. He may say "you got yourself in this mess, deal with it" |
|
Joe L
|
Contact your bank and apply for hardship deferment on your payments.
PS - Looks like you're screwed whatever happens! |
|
kchungqc
|
You should probably lay it out to your father. You're way too young to have bad credit and yes it will definitely hurt you in the future. Lay it out to him gently and make sure you have a plan on how you're going to pay him back (installments of how much a month or week) That way he won't feel like you were THAT irresponsible like spending another $16k =x Good luck! |
|
b
|
=)..im going thru the same, only with less money.....
just dont forget that the more you delay, the higher the interest rate=the more you pay.....the more phonecalls....the more headaches....
if you want to maintain your opinion from your dad, get a job NOW!...
then call your credit people and beg them to agree that you will pay at least 200 everytime the bill is due....
.....you can also consider getting a bartending license....
300 bucks a night?....why not,?..... |
|
mmelasso
|
I would especially in your case call Suzie Ormond and ask her for advise, or find her web site and e-mail her. |
|
Mustbe
|
I think you should talk to your Father...
Good Luck |
|
******
 |
tell your father it would be better..i would like to go to court.. |
|
Amanda F
|
Honesty is best. My husband and I are trying to buy our first house and his past credit problems -- owing money on old credit card debt -- almost put a stop to our plans. It is truly best to take care of this now while you still can. You may want to get legal advice on the whole court issue -- you might be surprised as to what your rights are. Talk to your dad, tell him you messed up, but you need his help. |
|
Michael S
|
Take any help you can get, and that includes talking to your father. A credit problem like a $16,000 collection will follow you around for a LONG time, and anything you can do to end it quickly (and by paying the debt in full) is something you should pursue. Yes, your father will likely be angry, but as a former financial professional I would STRONGLY recommend against trying to tackle this on your own with no capital...the credit card company is looking to make more money from you by backing you into a collections/high interest corner. Your father's help may help you stop them from doing that. |
|
| |
|
Homepage 
Financial
Forum 
Personal Finance 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
