I%26#039;m a 29 year old teacher. I%26#039;ve accumulated about $7900 in credit card debt since I was in college. I cut up my credit cards about three years ago %26amp; have been paying on the balances, but card I fell 9 months behind. The minimum payment was over 200 a month and on a teacher%26#039;s salary, I just could not make it. They%26#039;d send me settlement deals, but I didn%26#039;t even have money to settle. I%26#039;d send them periodic payments to try to show them I was at least trying. Now, they%26#039;ve sent my account to a Debt Collection Agency. The collection agency seems to want me to come up with the entire amount or file bankrupcy. Is there any way I can get a big debt collection company to work with me on small payments until I can get ahead? I recently took a part time job to give me extra income to work with. I don%26#039;t want file bankrupcy @ this age and it is the only marr on my credit report. How can I get them to give me repayment options in writing? They want me to do everything over the phone. Help!
Credit Card Debt and Collection Agencies?
You should see if you can get another credit card with an introductory rate of 0%. You will save so much money if you get out of the interest-payment vicious cycle.
The 0% may be able to give you a check to write to pay off the collection agency ($8000 is possible, but not necessarily likely).
Do yourself a favor and check out this book on Credit arbitrage: http://www.amazon.com/gp/redirect.html?i... - good stuff
Good luck!
Credit Card Debt and Collection Agencies?
Call the bank you do most of your business with, They can recommend a Dept consolidation company to work with. Almost all credit card companies will work with them. Also lay off the lame teachers salary excuse. I know several schoolteachers and there anything but hurting for money.
Credit Card Debt and Collection Agencies?
The aim behind debt consolidation is to reduce the payments or the interest rate. You make a single payment toward the loan instead many payments each month. This reduces your financial burden and you can have surplus cash left over. Credit counseling services offer debt consolidation loans.
http://debt-trap.com/category/Debt-Conso...
Credit Card Debt and Collection Agencies?
There are lots of options; you might consider a 3rd party company to work on your behalf to reach an accord. You might also try to tap a retirement plan or borrow some funds from a relative for the settlement. The problem is that right now , the collection agency feels it can walk all over you.
Credit Card Debt and Collection Agencies?
Hey, I know how you feel.
Fortunately I%26#039;ve had plenty experience with collections agencies growing up. See theres big money in debt and the credit card companies count on the fact you can%26#039;t pay them back. THEY WANT YOU TO FAIL! In business theres this little thing called cash flow that determines if you%26#039;ll still be around in the next 20 years. Now operational cashflow alone doesn%26#039;t help a business they need money coming in from loans, insurrance, stock..etc. Basically Businesses survive on debt; money owed to them over the years. Financial institutions have this little thing called the FDIC (federal deposit insurrance corporation) Basically it smoney drawn from the federal reserve when a financial institution comes up short. Now when you fail to pay on time your account gets charged off! They write it as a loss in the books and at the end of the year or sooner they get all that money back in insurrance
To make a long story short the credit card company should not be still adding charges after an account is charged off, its kinda like saying your car is stolen, getting reinbursed for it but still driving it around, its wrong! but they all do it anyway hoping that you wont catch on. What they do is just chalk it up to service fees and pray you dont communicate so they can nail you later. If you fail to keep in contact with them then its kinda your fault but fortunately you can get around it.
If I were you I%26#039;d force it into court. By going to court you can get a fixed amount owed and a payment plan chosen by the judge. After the judges ruling nobody can say you owe more or try to slide more expenses in. Of course if you do this that perticular credit card company wont want to play with you anymore and probably will stop doing business with you (highly unlikely lol). If you%26#039;re nervous about going to court because you fear some of your property might be taken, its kinda a catch 22. Get over your fear! By not going to court you%26#039;re gonna end up with a 10,000 credit card bill at some point and it%26#039;ll be hard to send your kids to college.
For more info on collection practices go to this helpful website:
www.consumerwatch.bravehost.com
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