I've racked up quite a lot of debt due to internet gambling. I have quit gambling all together but now I'm stuck with paying off my bills. I'm a college student and have no money right now ~ I graduate in May. I paid on my cards as much as I could at first but the interest rates are so high that I haven't been able to pay on them. Most of my accounts have been turned over to collection agencies. What should I do here? I'll be able to pay when I graduate, but I'm worried about what will happen until then.
2007-01-23 09:54:00 · 6 answers · asked by ALW 1 in Business & Finance ➔ Credit
If you dont have it what can they get?Try and settle on somekind of payment plan with them and stop gaming it is very addicting.
2007-01-23 10:04:28 · answer #1 · answered by Jim C 6 · 0⤊ 0⤋
Glad to see you have figured out that the best way to get out of a hole is to stop digging! In regards to your bills, don't put good money after bad... you may want to consider your options:
Which are:
Pay your bills or don't pay your bills.
I would recommend not paying any bill that goes to a collection agency. Tell the credit collectors they are SOL and that they should take you to court if they need to collect. Paying a credit collector benefits few and is for the most part is not a way to spend wisely, given your current situation.
The bad debt problem is theirs to solve, they took a risk lending you money, you lost the money and as a result they also lose out. C'est la vie, thats business and life in a capitalist society!
You have figured out how to stop your losing money problem and now they need to figure out how to fix their lending problem. Note: It is their lending problem not your money problem! Next time they should learn how to get the money upfront - tell them to stop crying and move on becuase they are wasting their time and effort trying to convince you that they are doing a great job and they deserve your $:) and vote of confidence.
The above exercise will require that you find and use your backbone so that credit collectors soon figure out what you think of them trying to push you and direct YOUR money (which is in short supply) to them. Despite your being on the losing end of the gambling outcome, you still get to choose where your money goes, and you choose not to gamble with it! That last sentence is very important!
Live with your money and enjoy it. From now on be careful who you lend your money to becuase only a fool and their money shall part! - thats what the credit collectors are learning from you right now, if they think they are debt collectors they are not - they are credit collectors! - What a tail chasing career that must be!
If you need a credit card then get a secured visa or a secured mastercard, that's the most sensible way to deal with credit cards anyway, that way if you have a finacial meltdown no one gets hurt.
In the meantime you will have a position of power if you recognize credit ratings are only worth something to the bank , for you they are useless. Save the money you are thinking about paying towards your minimum balance and use it to get a secured credit card. Try Capital One MC or Home Trust VISA.
Also be sure to check out: www.stop-gambling.com and also www.money-school.com
All the best to you, hope this is helpful advice and direction!
Shawn
2007-01-26 07:59:00 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Well, now that they've sent them to collections, you'll have to deal with them, not the CC companies. They will call you. You should realize they are willing to settle for an amount below the total you actually owe, so ask them if they will settle for half, and let you make payments. I wouldn't worry about it until they actually contact you but start putting some money together in the meantime. Hate to see so many young people getting into gambling, and I'm glad you stopped.
2007-01-23 10:27:13 · answer #3 · answered by The Scorpion 6 · 0⤊ 1⤋
I found myself in a similar situation. The only way I could get them to reduce my interest rate was to go on a "long term repayment plan" where they cancel the credit accounts and convert it into a fixed rate loan. I now only have a debit card and three sets of monthly payments. But fixing the financial problems are only treating the symptom, not the disease.
2016-03-28 23:15:36 · answer #4 · answered by Kelly 4 · 0⤊ 0⤋
get with a credit counseling service and work out a payment plan that won't ruin your credit
I bet you won't do that again!
2007-01-23 10:06:58 · answer #5 · answered by mmmkay_us 5 · 0⤊ 0⤋
check out this site, it let's you shop for different debt elimination offers and select one that suits you perfectly!
2007-01-23 11:09:39 · answer #6 · answered by TINY b 1 · 0⤊ 1⤋