I was working and was paying my credit cards on time then i feel to an illness of spinal and neck surgery i'm unable to work and no living on disablity, what will happen to me and the credit card company since i can't pay them any more the credit card are low most are about 300.00 in total limits should i cancel the cards since i cannot pay it and if i do will they sue me??
2007-01-01 17:06:02 · 8 answers · asked by friendsrgood42 1 in Business & Finance ➔ Credit
Call them before they call you. Some places will even right some of it off... Even if you make a $5 a month payment to each it shows that you are making an effort. It just became much more difficult to file bankruptcy... I would try to avoid too much debt.
2007-01-01 17:15:18 · answer #1 · answered by Nunya M 4 · 0⤊ 0⤋
As the others mentioned, you have to make contact with them and explain your situation. If you have a well documented file about your financial hardship, the credit card company will be less pushy. Do you have a relative or friend that can help you out at this time that could look after this for you? This would at least keep your credit rating good. Also, some credit cards have an insurance that you may of signed on for and are just not aware of. It would work for your situation right now if you had. Just give them a call. They will respect your integrity and honesty.
2007-01-02 06:40:24 · answer #2 · answered by Kim B 3 · 0⤊ 0⤋
You need to call them and tell them what is going on. The same thing happened to me. I got behind and owened a minimum payment of over $600.00 on one card. I finally called them and told them what was going on (I had a sick child) and they referred me to their hardship department. Call the company and ask for the hardship department. See if they can work with you on making small payments. It will be worth it if you do this. If you just stop paying them all together, they will charge off your accounts (which is very bad for your credit) and sell your accounts to a collection agency. The collection agency will then take up the pursuit of you and will file a lawsuit on you in court. If they get a judgment (which is even worse for your credit), you could then be responsible for their attorneys fees.
2007-01-02 01:13:33 · answer #3 · answered by Deborah 3 · 0⤊ 0⤋
What you do is contact the company and be honest about your situation. You'll be put on a hard luck plan with a lower minimum payment each month that the two of you can settle on.
Don't wait for them to pursue you. Own up to your responsibilities.
2007-01-02 01:09:30 · answer #4 · answered by ??? LadyBoyd ??? 3 · 2⤊ 0⤋
Depend on what state your in. You need to see if they will allow you to close them first and then talk to them. changes are they will not be very cooperative and if that is the case please feel free to contact me I will tell you what the laws are in your state and point you in a direction, no stings attached, I hate to see people in a difficult position and not know where to turn and get into bigger mess.
Kourtnie Donihoo
Debt analyst
The E.D.A. Group
2007-01-02 08:05:40 · answer #5 · answered by Kourtnie D 4 · 0⤊ 0⤋
they will wait like 60 days before they get aggressive and call or mail you letters.
what you oughta do is call them immediately and tell them your problem. usually, they will work with you and may even suggest installments to pay your balances off.
if you ignore the problem, however, you are in for a lot of b.s. that is really avoidable. they may go the collection agency route. it's no fun dealing with those vultures.................
2007-01-02 01:11:07 · answer #6 · answered by Pat B 3 · 1⤊ 0⤋
I would call them and set up a payment arangement. Even if you only pay a dollar a month it shows that you are making the effort.
2007-01-02 01:09:55 · answer #7 · answered by Anonymous · 2⤊ 0⤋
Doesn't matter if you call and cancel the cards; you are still responsible for the debt that you accrued...there's really no way to get around it.
2007-01-02 01:08:53 · answer #8 · answered by Moxie Crimefighter 6 · 1⤊ 0⤋