lls. I got behind when I had to decide on paying the doctor treating me or my credit card bills, (I opted to pay the doc) so I could get good care. Once that happened, I got slammed with late fees, which took me over into over limit fees, and a whole bunch of other nonsense. I stopped paying, couldn't deal with it and the treatments. Now I am better, and while I have not returned to work, am hoping to soon. I have these bills from the credit card companies, but now they are so ridiculous, I can't hope to ever pay them back. I know I messed up, but I feel I really had no choice but to do what I did, and now I want to pay these off and move on with the rest of my life. Whats a good way to start? Should I try and negotiate these bills down to what I actually owed? Or am I stuck paying these ridiculous fees they have slapped all over it? 1 company turned a $250 debt into over $2000. Anyone who can help or been there and came out of it, please feel free to help! Thank you!
2006-10-03 06:38:59 · 6 answers · asked by Tippy's Mom 6 in Business & Finance ➔ Credit
call your credit card company and explain it to them, offer to make a settlement with monthly payments
2006-10-03 09:38:57 · answer #1 · answered by Anonymous · 0⤊ 0⤋
First, pat yourself ont he back for making hard choices and now knowing that you have to face consequences, and seeking advice on how to do so.
Second, don't "settle for less than full amount owed." AKA, dont make one lump payment for less than you owe, and have them "charge-off" the rest. .... this can really hurt. However, you DO have options. Call up each card and speak with them about how much you can afford to pay each month. I once had to do this with Discover when it went over the limit and snowballed. Normally the payment would have been like $40, but now they wanted hundreds and I couldnt afford that all at once. What I DID agree to do was pay $75-100 a month and set up autopays for a full six months-- what THEY did was cut my APR in half, and for every payment that went through, the also credited me a $35 late pay and a $35 overlimit fee- In all, i was getting almost DOUBLE my payments taken off the total.
NOt all companies will give you THAT good of a deal, but almost all will try and do what they can. I called dell a few days ago to ask if my APR was always that high (Guess I never noticed!) and they just credited me two months worth of interest without me asking.
If the customer service person isn't helping you, thank them and hang up, and then call back and get someone else and see if you can get any more help. Most of those peopel understand and feel bad and WANT to help you.
First, sit down with a spreadsheet, outline all your bills, and figure out how much you can put towards each one. Then just calll and give them that number (dont be suprised if they ask for another twenty or thirty bucks) and see what they can do. Be upfront and honest and tell them your story.
GOOD LUCK!!
2006-10-03 13:45:33 · answer #2 · answered by Anonymous · 0⤊ 0⤋
First let me say that I am happy to hear you have won your fight against cancer and I wish you much more healthy times!
I would contact each credit card company by phone first ~ when you call try to get a manager/supervisor ~ tell them the situation and see what they can do. I would also write them a letter stating the same. Most of the time, from my experience, they will work with you. If they don't want to work with you see if you can get a small personal loan to take care of your debt so you can quit receiving penalty charges. I had neck surgery in '03 and was out of work for three months. I had two credit card bills at the time and paid extra the first month just to be safe, didn't work, got charged all kinds of ridiculous fees anyway. So when I was on my feet again I called them, one of them worked with me and removed all penalty charges and brought my balance back down to my previous amount of $670 and I paid $100 month, (my choice). The second company was not as nice, so I ended up telling them to just charge me off then ~ about 2 weeks later I got a letter offering me a payment arrangement, they didn't remove the fees though. But if they wouldn't have come around, I would have got a personal loan or something to take care of it, I just wasn't going to tell them that. Good luck to you!
2006-10-03 13:46:41 · answer #3 · answered by GreeneyedCowgirl 5 · 0⤊ 0⤋
Offer them a settlement for the original debt. Ask to speak to a supervisor and tell them what happened. Then offer them the settlement for the original debt. I would think they would be happy to take what they could get.
2006-10-04 00:32:24 · answer #4 · answered by country girl 5 · 0⤊ 0⤋
Offer them a settlemtn of the original bill and call it clean - most of them will accept it
don't go to a consolidating firm, they'll charge you up the wazoo for what you can do for yourself.
2006-10-03 13:41:36 · answer #5 · answered by Anonymous · 0⤊ 0⤋
well if i were you i would first make sure what you owe is what you owe no more no less.
then make a list of things that are avalible to make some money then
once you got them go do em and go from their..........thats what i did and im doing just fine i was in the same situation so ican relate to you just keepp strong and youll get through it
GOOD LUCK!!!!!!!!!!!!!
2006-10-03 13:54:00 · answer #6 · answered by Mickey18 1 · 1⤊ 0⤋