Help~~ deal with creditors?

Question

I need your advices. Please.

I called the creditors today becaue I had problems to pay debts for past three years. I finally got a stable and good job and really wanted to paid off my debts month by month.

But the creditors told me that they are going to sue me if I don't pay everything today. I told them I can't pay $30,000 debts today if I have lots money today I will. The creditor cuts half of my debt $15,000 and asked me to paid off for next five days; otherwise, they are going to sue me. I don't understand..Can they really do this?

After hours conversation, I gave them my checking account information, and I have to find $15,000 in five days. What did I do?
I am scare and really don't konw what I should do.....

If I really can't find $15,000 for next five day, what I should do? I really need your advices.

I really really want to pay off my debts, but right now I think maybe I shouldn't......

What shuold I do? Thank you very very much for your advices.

Thanks for your advice.
I live in California. I really don't want any laysuit involved on this. I just want to pay my "out-control" debt beginning now.

Answer 1

NEVER EVER give your account info to a creditor. Don't panic ether. Although California is a aggressive state what can they do to you. Do u have any assets? If you get summoned to court go appear before the judge and talk to him show him your intention and ask for him to intervene on your behalf. What ever you do go to court. Creditors don't expect you to show up so they win if you don't appear. Look your best bet may just be talking to the judge. I would change my account number and fast. There is no such thing as debtor prison. If you don't have an assets they cant do a thing except garnish and at that they can only do a limited amount.. If they offered you a 15,000 deal make sure before you pay them to get it in writing and also demand they take off any derogatory rating, I don't know who your dealing with but mbna and citifinancial is notorious for saying one thing doing another. Once again change your banking account number because even if you tell them no they will still with drawl out of your account I have seen it time after time. I am glad your doing the right thing and making an effort to pay your debt but stop panicking creditors say all kinds of stuff most of the time border line illegal. Let them sue if they must after all how much can they get?
Kourtnie Donihoo
Debt Advisor
The E.D.A. Group

Answer 2

with this amount of money and with some threats here, i would defiantly get an attorney involved her, it will be well worth the 500 bucks or so. Get one that specializes in bankruptcy/personal finances. They will directly be in contact with these jerks and do all of the paper work. With you getting an attorney it will do a couple of things
1) it will get them to cool off and behave---
2) It will defiantly prevent you from getting screwed over, they will more than likely play a fast one after you pay 15k.

i would change your checking account, you should never gave them that account. The reason why they are asking for that in 5 days someone is going to get a nice commission check.

Again i could not stress more get an attorney! I could see you getting screwed by these people.

good luck

Answer 3

It all depends on the State in which you live and the laws of that particular State. Most states put a ceiling of 3 to 4 years on the statute of limitations for credit card debt. I know in the State of Texas your creditors (with the exception of the IRS and the US Gov. student loans) cannot touch you.

Here is a link of a table by State with the limitations on debt collection:

http://www.cardreport.com/laws/statute-of-limitations.html

Answer 4

There may be one more option. Get a service that will help you with consolidation. They may write you a loan for your immediate needs which will allow you to pay monthly on the new loan. These companies deal with bad credit so don't let that scare you. Go get a no obligation quote and see if they can help you. Good Luck

Answer 5

How did you get them to lower it? My son owes $30,000 but he did it with idenity theft. He wants to pay monthly but they want it in his fathers name because thats who he got the card made into his name. We don't want to be responsible for him. We cannot find a proper solution to this problem. He also has other credit card debts in his own name. I was told to go to police and make a record. Well wonderful now he goes to prison and cannot get a decent job when he gets out. Is this anyway to solve a problem. You have any answers?

Answer 6

If you already gave them your checking information, your best bet at this point is to hire a lawyer. That way you can figure out exactly what your rights are.