i have let my credit card go i now have triple amount owed any advice on what to do now want pay in full?

Question

i live in calif what i worried about is now thay all want me to pay full amount now but i have no money .advice appreciated

Answer 1

You don't ever have to be bullied about making payments. You contact the manager and talk to him about lowing your interest on the credit card. Set up a payment plan or you can consider finding another credit card with lower interest rate and transfer your balance, this will give you a fresh start. I would not advise going to a debt consolidation company because they charge you a fee for using them and that fee should go towards your bill. Some of them also do not pay your bills on time so be careful. The most important thing to remember is that when you get a plan on paying down your debt with these companies, you must pay on time. I repeat pay on time. If you don't your new interest rate can sometimes increase to 30%, and you will be in the same situation you are in now. The best way to pay on time is to set up your account so they companies that you are owe will be able to debit their money out of your bank account. This way you don't have to worry about it, and before you know it you will not only pay off your debt but you will improve your credit ratings. Finally if you don't have any money at all in your bank account to make sure these payments get out on time you might want to get a job, just for that purpose. If that is not possible then wait until it reaches a collection agency and borrow some money from a family member, friend, financial company and negotiate a deal of what you can afford to pay. Make sure the financial company has a low interest rate and pay off the debt. If you wait for a collection agency, don't negotiate with the first collection agency that calls you, they will want the most money, endure the calls from them and wait until it goes through at least 3 collection agencies, then tell them of your financial hardship and tell them what you have to pay, usually they will settle it with you because the company’s that you owe already written your debt off and the collection agency is looking to get what ever they can from you. This will destroy your credit, but my feelings is that it is already in bad shape so don't worry about it. The important thing is that you can always clean it up and fix it in 6 months to a year. I hope I was helpful.

Answer 2

it depends on what status the credit card is in. has it been charged off as a bad debt? has it been sold to someone other than the original creditor? how long ago was the charge off if applicable? these questions and more make a very big difference on the actions to take on this account. Most credit cards have what they call an acceleration clause inside. that means that the minute you go into default, the entire balance plus fees is due in full and immediately. they have been burned too many times by career debtors and so that is how they protect themselves. I have been in credit and collections for over 17 years and work for a collections law firm as well as my own company. below is a couple of links for you. one is the federal trade commission which governs everything we are talking about here and the other is my site and email if you want some help free of charge.

Answer 3

Get a job start making some money. Call the credit card company and offer to make monthly payments. Let them know that you can't afford to pay the full amount up front. If you have a bill send them $50 bucks. They won't say no or not cash it.

Answer 4

If you don't have the money don't pay it. You'll quickly find out that any money you pay them will be eaten with fees. Cancel the card so they can't continue to charge you monthly fees and talk to a rep (call again and again if you don't get the answer you need) tell them you are willing to pay the card off and want to pay the principle, they of course will say no that you owe them xyz etc. But don't accept that answer. They are willing to let you pay a portion of it though seemingly unwilling remember the rep isn't putting them money in their pocket them company is. don't start paying if off until you have enough available to pay them OFF. And make sure they don't try to bring it up later, IE note date and time who you spoke to and if possible record it because too often they'll say oh I don't know who you spoke to that could have been anyone, or you spoke tot he wrong department.

Look at the fees they charge you, wher ethey charged correctly, did you always receive a bill? Did they apply your previus payments correctly (too often the will claim your mailed payment arrived late, they'll even claim it arrived late if they cashed it before the due date, remember they make more money on you in fees than they ever did from your orgianl purchases) Banks are pulling this too! So be smart and don't pay the "stupid fees" ie your too stupid to know better so we'll charge you a fee.

It will take a lot of time on the phone but it can be done. They want you to give up so don't. And in the mean time don't be afraid to mail them a letter to the address they claim on the back of your bill for disputed balances.


OH and after you sort out the amount you are willing to pay them, let them know you have no money/ job they have something called financail hardship, I've never done it but that's what one operator told me for the Victoria Secret card. Inquire about it in a seperate phone call you odn't want to confuse the opertor (they are so easily confused and lead off the main point)

Answer 5

You should go to the bank or credit card manager and let them know all about your problems with the CC. Usually they'll come up with a win win solution, or you can ask them politely to stop the interest and assure them you would pay certain amount of money to them every week or month.

Answer 6

What did you think would happen? {OK. I won't be sarcastic..... assuming you have learned your lesson.} Most credit companies will settle with you if you have at least MOST of the money... If you don't have enough to settle, You must start making payments. They won't hassle you too much as long as you're making an effort. Otherwise, They can take your income tax refund, garnishee your wages, and, or, take you to court. Sucks huh? Bankruptcy is an option too, But you DON'T want to do that.. It will screw you up for years. Don't feel too bad... Millions of folks have learned this lesson the hard way.

Answer 7

Best to try to work something out. I am sure that the CC company will be more than happy to assist you in working out a plan.

If you are really desparate, you can declare personal bankrupcy.

Don't try ducking out of this. If you duck out, the companies can damage your credit forever. A colleague of mine tried not keeping up with his payments, and now his credit is shot to heck. He can only get a CC with a high monthly fee, and extremely high interest rates. He has also been denied a mortgage.

Answer 8

you do not have to pay the full amount of the credit card. you can work out a payment plan to gradually pay the amount off each month.

Answer 9

talk to them to set up a payment plan and STICK TO THE PLAN! Creditors are more than willing to work with you...that is, if you're trying to work with them. Face the fact that you did charge money on this card so they are entitled to expect payment. Best of luck to you!! :)

Answer 10

eventually they will offer you a settlement amount, but from my understanding if you make a small payment, wether its $5.00 to $50.00 your still making an attempt, or consider debt consolidation, good luck to you.