My credit is on shaky ground as it is. My boyfriend thinks that I should just let it go into collections, but I feel like I should work something out with the creditor. I think he's worried that we won't be able to pay our other bills, like electricity, phone, and car insurence. His credit is worse than mine, so I feel like my idea is better than his. I currently have no income but I'm waiting on a disability claim to come through. I'm totaly broke and I don't know how I can fix this problem.
2006-09-14 14:50:06 · 11 answers · asked by ? 5 in Business & Finance ➔ Credit
All of your answers are great, but for those of you that tell me to ditch my boyfriend, I'm not going to. One financial flaw is no reason for me to get rid of the only person who's ever truly understood me. He's not a druggie, or an alcoholic, he's not abusive (in any way) and I love him with all of my heart, so just because he happens to have a little trouble with money, doesn't mean I'm going to dump him.
2006-09-14 15:22:22 · update #1
WORK SOMETHING OUT! If its just with your credit company, its not too bad yet. As soon as it goes to the agency, you are screwed for a good 10-15 years. YOu will never be able to buy a house, or a new car, or get a loan for school, or anything else. You will be red flagged.
I urge you to work something out. WATCH WHAT YOU SPEND! Live like you're homeless and have no money for a while until you get it under control.
2006-09-14 14:53:41 · answer #1 · answered by cruachanmusic 3 · 1⤊ 1⤋
Like everyone else said, best thing to do first is get with your creditor, most of them will allow you to pay small amounts on your debt. They will tell you that some money is better than none, and if they report to the credit agency it will show that you account is still active and not in default. It may show that it is past due, but the points will not be as much. The one good thing about letting it go to the credit agencies is that first you can wheel and deal and most of the creditors will settle on a smaller amount. You can dispute all your old creditors and you have a certain time to get it settled and if they don't get back with you, that debitor will be dropped of your credit. Now if it went to a collector, once you've paid it, it will come off your credit in 6 months.
2006-09-14 15:04:51 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Call the credit company and talk it over with them. Their attitude will likely change a lot if you do that. It costs them a lot of money to go through the hassle of collecting on an overdue debt - I bet they would be glad to know that you have a check coming, and plan to pay them then. Besides, it will look better on your credit report if you took the initiative to contact them. In the long run, that will be cheaper for you when you apply for a loan some day.
And ditch the lame boyfriend.
2006-09-14 14:59:44 · answer #3 · answered by Ralfcoder 7 · 0⤊ 1⤋
If you have a mortgage and at least $10,000 in other debt check out: http://www.NoDebt4U.org
This company gets rid of all your debt, including your mortgage in about 9 years. No upfront fees. Does not mess up your credit. You can get a free 6 page debt analysis to see how it will work for you before you get on the program.
If you don't have a mortgage or don't qualify for the program you can purchase their Money Mastery Kit. It is a do it yourself program.
2006-09-14 15:04:19 · answer #4 · answered by brendalutoo 2 · 0⤊ 0⤋
Call the company you owe the money to and work out a payment plan, they will ask you when you can start making the payments give yourself atleast 30 days by then the money from disability shoud kick in. Do not let it go into collections that will create bigger problems i know i ended up in court and now they are garnishing my wages. Do not take your boyfriends advise he couldn't even keep his credit good.
2006-09-14 14:57:27 · answer #5 · answered by mdboomskwad.mc4u 4 · 1⤊ 0⤋
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2016-09-30 23:28:43 · answer #6 · answered by lininger 4 · 0⤊ 0⤋
Go to credit counselling, they will contact all your creditors and at least help to stop the interest from accumulating, explain to them that you want to pay and your situation, you will have to show your income and what you owe, this service is usually free and usually every town has an office. This shows that you are at least trying to straighten out your credit. Good luck
2006-09-14 15:01:02 · answer #7 · answered by Neptune2bsure 6 · 1⤊ 0⤋
I believe you would be in a better situation if you would work with the company itself. Remember, all they want to do is get paid. If a collection company gets involved they tend to get uglier, meaner and will not give you a moments peace.
2006-09-14 17:02:54 · answer #8 · answered by I love the flipflops 5 · 1⤊ 0⤋
Work something out with the Creditor.
Get a Rich Boy Friend or a Rich Husband or hit the streets.
2006-09-14 14:54:33 · answer #9 · answered by fatsausage 7 · 0⤊ 1⤋
work it out with the credit company if you can to avoid getting a default against your name.
once it goes to a collection agency you are pretty much stuffed!
2006-09-14 14:52:45 · answer #10 · answered by bjvan2003 2 · 1⤊ 0⤋