Hello can anyone give me some advice.?

Question

I am being harrassed by creditors...I was paying them and was in good standing with them from 2004 to 2005 but after in 2006 i was going through alot. and was in and out of jobs, i was then unable to make payments and well i became " deliquent in payments" i have two cards. one is maxed out, i owe 3,000 and on another card i owe 2,000. Its a night mare. I literally have nothing to give them. collections agency call me like 3 x a day! I am afraid of getting sued. But i cant do nothing because i have nothing. I am literally past broke and is poor. I have no checking account because i owe my bank 78 dollars and cant even pay that. I am currently looking for a permenant job but its taking longer than i expected. i was considering going back to school but because of all this financial problems i dont think i can pay for it. I am scared and highly stressed. What will the creditors do to Me? take me to court. they wont get much. I dont have anything for them to take except my life. advice?

Answer 1

Call them now! You have to let them know your circumstances exactly the way you wrote it here. If they know there's nothing to gain in calling you constantly and they can't get any money right now they will work with you to set up a payment plan when you can pay. I would suggest you get a full-time job for your regular expenses and also a part-time job and use that income just to pay off the cards. Do NOT get a consolidation loan or a payday loan EVER. They are just rip-offs. The only way to solve this problem is to talk to them and explain that you are looking for work and will pay them something as soon as you can. Then keep to your word and don't ever get into this situation again. Bad credit can ruin your whole life. Good luck to you. Don't be too proud in your job search. Take anything that's offered and get those bills paid. You'll learn a very valuable lesson.

Answer 2

I get calls from creditors 3x's a day, too. I just don't answer the phone and I give them what little I can when I can. Credit cards are a messy, tricky business. Given the amount of money you owe, it's not likely that they'll sue you. The worst that could happen is they could send Collections to your door and start taking things from your house as collateral. But again, you only owe 5,000 which seems like a lot but they save Collections for people who owe tens of thousands of dollars.

I can sympathize with your plight. I'm in pretty much the same situation, only I owe a little less. My advice to you is to give them what you can. Maybe pick up the phone and explain your situation to them, perhaps they can work out an arrangement for you. Also, an option is to go to a credit union and talk to someone about debt consolidation. They'll lump both of your credit cards together, pay them off completely (so the creditors will shut up) and then work out one LOW monthly payment that you'll owe to the credit union that is more manageable.

Hang in there. I know money troubles can make life absolutely miserable. But the fact is we all go through it at some point and there are services that can help you get a handle on things.

Good luck! :)

Answer 3

First thing's first: relax. One of the great things about America (depending on your point of view), is that you're not going to be thrown in jail or sued or beat-up or anything really scary for not being able to pay some debts. It's the job of collections to make you think they can hurt you, and scare you into paying, but beyond obnoxious phone calls, their pretty harmless (except for your credit report, but that's another issue).

Second: find a job. Anything. Just to get some cash rolling in. It doesn't have to be long term for now. Get something quick so you can pay the bills while you look for something more permanent. People waste too much time waiting for the right job, when it's perfectly feasible to look for a job while working.

Third: Call a credit counselor. Plenty of good-hearted people who have experienced your predicament have created agencies to help you out, if only for advise. Find one in your area (check your library, job placement service, or yellow pages for local organizations).

Finally: Don't get into more debt. Pay as you go.

Answer 4

obviously you have a computer and a phone, sell your computer and disconnect your phone. they can take your car, everything in your house. if you have a house, they'll take that too. they'll take everything except you, literally.