Hello! I have a friend who has some unpaid credit card bills since 2003 until now. My friend lost his job and became sick with depression at the time. My friends family decided he should move to the Philippines so he can be taken care of. He maintained good credit for 14 years. Now when he decides to return to the U.S. in California what should he do? What will happen to him and his credit? Can he rebuild his credit? What has happened to his debt with the credit cards Company? He is still under medication and treatment. Thank you.
2007-08-15 10:48:57 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
Is your friend you?
2007-08-15 11:06:05 · answer #1 · answered by Maria2Blue 3 · 1⤊ 0⤋
I'm sorry but too many excuses. It doesn't matter how sick you are. You owed the debt. Credit card company doesn't make you to use the card. You should be more responsible and not running away from your debt. I think " your friend" just have to call the credit card company and ask for the collection agency name and number and start paying. No wonder why credit card interest rate is so high because we have people running away to another country.
I have a $30.000 credit line but I only have $300.00 balance on it. I don't know what will happen tomorrow and that's the reason why I don't go out and blow my money away.
2007-08-15 12:59:30 · answer #2 · answered by Prenn 3 · 0⤊ 0⤋
Sorry about your friend...when he returns to the US he could (option #1) contact the credit companies and explain his circumstances and/or try to negotiate a settlement or a reduced payment/balance. Or, for that matter he could contact them now and explain his circumstances (option #2.) Obviously, unless/until he cleans this up his credit will be negatively affected. Another option is to do nothing at all. In time the creditors will sell his debt to a collection agency who will call your friend and try to collect. He could avoid those calls by getting a simple phone answering machine and not return the calls from the collection people. Eventually his debt will be recognized as uncollectable and written off. He will need time to rebuild his credit if he follows this path. But, it is doable. Good luck.
2007-08-15 11:02:58 · answer #3 · answered by homerunhitter 4 · 0⤊ 1⤋
You must be confused. To "maintain good credit" you don't just walk away from unpaid bills. I am sorry about your friend's depression. Have him get a copy of his credit report so he or you can begin the process of making payments or filing bankruptcy on the unpaid accounts. What happened to the stuff he got from the credit cards? Did he give it back to them?
2007-08-15 11:01:41 · answer #4 · answered by mink 2 · 0⤊ 0⤋
he can start rebuilding his credit but paying off his debt .. contact the credit card companies and explain the situation
many times, they will take less than owned..that's a good start
2007-08-15 11:01:39 · answer #5 · answered by Anonymous · 0⤊ 0⤋
i understand slightly approximately civil, criminal and international regulation, and that i do no longer provide unlawful advice. And based on your statements, i understand which you will no longer pay your $60,000 unpaid charges. and you plan to go away the rustic devoid of plans to return. i could recommend which you detect ability to settle your charges in the previous you go away or a minimum of go away a forwarding handle on your lenders to tutor sturdy faith. in case you do no longer gain this, then the superb difficulty is that i'm hoping you prevail. The worst...
2016-10-02 09:53:38 · answer #6 · answered by ? 4 · 0⤊ 0⤋
he can rebuild his credit, but its going to take time
2007-08-15 11:01:29 · answer #7 · answered by cobots 4 · 0⤊ 0⤋
Debts need a payment plan.
2015-11-02 09:39:33 · answer #8 · answered by threeplusonedollarbills 1 · 0⤊ 0⤋