I have creditor that says I have to make at least a $300 payment a month or they are going to charge me off? Can they do this? I can only realistically afford $200 a month and thats stretching it. I am not sure what to do.
2007-06-26 03:06:24 · 6 answers · asked by kevotron 1 in Business & Finance ➔ Credit
Yes, creditors can and will turn your account over to collections if you do not make the payments they specify (even though you cannot afford it). Apparently, you borrowed money from them and now they want it back. They don't care if you have to eat bologna sandwiches and Ramen 3x per day, they will be stubborm about the $300. They can be jerks.
Have you tried to negotiate with them? Why are they asking for $300 payments? Did you already default and now you are catching up? (or) Did you initially borrow more than you could afford in the first place?
Whatever the case may be, I suggest that you contact your creditor and try to work something out. A collection is not something you want to show up on your report.
Good luck!
2007-06-26 04:16:05 · answer #1 · answered by YSIC 7 · 0⤊ 0⤋
Creditors can (and will) reduce the interest rates charged, and waive all late and past due fees accrued. You must then make at least the minimum payment to cover the monthly cost of the debt. If this is $300, then you must pay that or they will (eventually) write off the bad debt and report it to the credit agencies.
2007-06-26 10:10:30 · answer #2 · answered by kja63 7 · 0⤊ 0⤋
They can charge you off 90 days after you fall delinquent in most cases. Of course they can give you a choice of making a payment they require or charging you off.
Talk to a more reasonable manager
2007-06-26 10:18:58 · answer #3 · answered by wizjp 7 · 0⤊ 0⤋
They are just playing hard ball with you.
The worst case is they send it to a collection agency, who may be more lenient in terms.
Very worse case....if it goes to court you can ask the judge to order monthly payments of $200.
2007-06-26 14:55:53 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you cant afford to pay the 3% of your bill they want every month then you got yourself into a horrible situation...
2007-06-26 10:14:55 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Threaten to transer the debt to another bank or credit card company, and they may be more willing to negotiate.
2007-06-26 10:10:20 · answer #6 · answered by my brain hurts 5 · 0⤊ 0⤋