Now what? I work two jobs now and have been trying as hard as I can to keep my head above water. Single parent and the son just finished vocational school. I am guessing I have to get a lawyer and look into debit re-organization or bankruptcy now? Are these my only options now? Just mortified by all this.
2007-08-06 03:34:46 · 5 answers · asked by dede_mcm 3 in Business & Finance ➔ Personal Finance
There is no way I would choose bankruptcy if there is any way else out of this. Please do not assume so. I own my own business and have worked very, very hard for 20 years. I ran into some health problems and lost a very large account, add in the cost of secondary education of my son and a few unexpected major issues with vehicle repairs and need for furnace - simply a small run of bad luck and a few poor financial choices and now I am in trouble. I have tried talking to the credit card company and when the interest went from 9% to 18%, I continued to pay on time monthly. When the interest then went to 30% because I missed two payments in a row, I was immediately screwed. An expected $150 a month payment because $400 a month. Credit score has gone from 780 to 550 because I got behind trying to keep up w/ the higher interest. Please do not assume that my desire is to push my debt off on society. I will do everything in my power to not make that happen.
2007-08-06 03:50:51 · update #1
Call the credit card company and see if they are willing to settle the debt for some portion of the debt. I have seen people that owed $10,000 settle for $4000. It is a big black mark on your credit, but it sounds like your credit is bad anyway.
Many credit card companies realize that when you are about to default on their debt, you are on others also. If they can get any money out of you they will because they realize if you file bankruptcy, they will get nothing.
One final note. It is vitally IMPORTANT that you get the settlement agreement in writing before giving them the money. If you don't have the agreement, there is nothing to prevent them from claiming it is just a payment on the full debt not a settlement. That is wrong, but credit card companies and collectors are known for using illegal and immoral collection tactics...
2007-08-06 03:46:20 · answer #1 · answered by 5_for_fighting 4 · 1⤊ 0⤋
Some useful information about Debt Consolidation and How to recover from Debts. http://cash-available.com/DebtConsolidation
2007-08-06 10:38:41 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Go to court and tell the Judge what you told us. He/she may make the company accept payments you can afford.
Or go the easy route and just dump it off on the rest of society.
2007-08-06 10:38:07 · answer #3 · answered by Anonymous · 1⤊ 1⤋
Why don't you call the company on the phone and see if you can work something out?
2007-08-06 10:38:04 · answer #4 · answered by hottotrot1_usa 7 · 1⤊ 0⤋
most companies will work with you, they at least get some thing.. I have gone bankrupt no big deal,,
2007-08-06 10:45:14 · answer #5 · answered by Grand pa 7 · 0⤊ 0⤋