is threatining to take me to court or else I have to pay it by Friday. I have no money to pay it. WIth my credit and not owning anything I can't find a place to give me a loan. What do you suggest? Should I file bankruptcy or what should I do?
2007-01-23 06:01:00 · 6 answers · asked by garber_jamie 1 in Business & Finance ➔ Credit
They are saying I have until Friday to pay before they take me to court and I cant make payments. I have to come up with it all by Friday.
2007-01-23 06:39:50 · update #1
I think a collection agency already has the card too Im not sure if this is the first or second one.
2007-01-23 06:40:49 · update #2
Bad credit is one of the worst problems to have... however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-consolidation.htm
if it helps kindly remember me in your voting!.. cheers!
2007-01-25 17:38:37 · answer #1 · answered by gabriel jones 4 · 0⤊ 0⤋
First thing is don't ignore it. If this is a collection agency contact them via certified mail and inform them of your position and your intent to pay. Communication is key. You can also negotiate a settlement. The reason an outside bill collector has this debt is because they bought it from your CC company. If they eventually get a quarter of what is owed they will be lucky. But usually they do not collect and wind up selling it again to another collection firm. The more it is sold the less value it has. That's why debt counseling comapnies always say "we can reduce your debt", that's because they negotiate a settlement. Something is better than nothing.
Don't panic over this. It's rare when a collection company actually goes to court. This is an intimidation tactic, these companies are quite sleazy when it comes to collection tactics. There are laws governing what they can and cannot do. They have to disclose your rights on any communication, look for it on the back. But do communicate with them and try to work out a fair compromise. Usually they will be willing to go for that.
2007-01-23 06:57:15 · answer #2 · answered by douglas l 5 · 0⤊ 0⤋
That type of threat is common among bill collectors. You CAN enter a payment agreement with them, believe me. If you'd rather not speak with them via phone then you can draft a letter to the company acknowledging the debt and stating you'd like to begin making payments, but cannot pay the full amount. Submit with the letter a Postal Money Order for whatever amount you can afford. Be sure to put the account number on the money order. Then be SURE to send a payment each and every month.
Remember what makes your credit WORSE is NO payment being received. When you make regular payments, no matter how small you show you are responsible.
2007-01-23 06:14:10 · answer #3 · answered by sage seeker 7 · 0⤊ 0⤋
They are threatening you, but they probably won't do anything except send you to collections. Eventually, they could take you to court, but they usually don't. They usually write off the debt and then sell it to a collection agency which will try to collect and then if they don't they will sell it to another agency. It is harder to file for bankruptcy now. Contact the credit card company and try to make pmt arrangements. Paying something is better than nothing.
2007-01-23 06:29:17 · answer #4 · answered by Kristy M 2 · 0⤊ 0⤋
It would be very expensive for you to be taken to court right now. Maybe you could find help through a credit counseling company before filing for bankruptcy. Filing for bankruptcy should be the last resort; you will not get any credit for 10 years. Bad credit is going to affect your chances at getting apartments, cars, and jobs in the future, so do what you can to fix it now!
2007-01-23 06:06:22 · answer #5 · answered by clion71 3 · 0⤊ 1⤋
bankruptcy should be a last option, bill collectors are just playing hard ball they wont take you to court as they know they cant get much from you that you, suing someone who is broke doesnt make sense obviously, go see a financial planner and look into a credit counseling service, they will stop the calls and give you a plan to right the ship, hope that helps!
2007-01-23 06:07:16 · answer #6 · answered by Scott K 2 · 0⤊ 0⤋