collections?

Question

i try to work out a deal with my credit card company they did not want to hear it they turn me in to collections and they call me up day and night and at work harrassing me, what can i do , they want all the money it started out at $500.00 now its up to 1700.00, i dont have that kind of money i offer to give them 25.00 a month they refused

Answer 1

Tell them it is that or nothing , it has already been reported , so if you pay it or not , your credit is damaged. it is only 7 years , then you can start fresh , save cash , and forget credit , credit is nothing more than the dollar amount to how deep in the hole they will allow you to go . You can break up the payments but their fees will continue , credit cards never give you buying power, they give you borrowing power , anyone can build borrowing power to get a new house , I worked and saved ,and just used cash , and I saved money , last week I bought an acre of land that was listed for 20 grand , I talked to the owners , instead of 20 grand that they would have to pay tax on plus agent fees , I offered them 7 grand cash , and they signed it over , Had I borrowed on credit , I would have paid more than 30 grand , instead I used the buying power of cash and saved 13 grand , ...So tell the card company , the 25 dollars per month is all you can do , and they need to stop all of the fees , and interest at the present amount , or they can forget any payments what so ever , they need your payments more than you need them . seven years is not too long , My girlfriend was in this situation , they refused her payments , so I told them the old phrase " FK -U " seven years later her credit is spotless , that same company is begging her to take their card again , but now we have so much saved we do not need them ever again.

Answer 2

If it has gone from $500 t $1700 then it seems it has been there for awhile, since your credit is already burned and taken to a collection agency who has bought it penny's on the dollar, would sit back and wait. When they call and they will be nice, friendly and state hey do not have the money and it is well more than I owe, hey call me everyday if you like the answer will not change, hey I will even send you a Christmas card, and ask how your family is doing, but will not pay this tremendous rip off, SO we can either reach a reasonable deal, or wait till the statute of limitations has worn off. If they want to settle for the original amount due, plus a reasonable interest, and payments fine, if not so be it. Being nice and polite takes them off their high horse, and actually confuses them, because it is not the norm.

Answer 3

Go to a free consultation with a Bankruptcy attorney or two.
They should not be harassing you, but they will.
There are usually more than one person calling you, maybe you can speak to a supervisor who has the authority to make a better decision for you and them.
But, you'll have to try and make enough payments to cover the monthly late fee and finance charge if you plan on paying it down, otherwise, I'd just keep my money.

Do you only owe one credit card company?
Eventually they will write you off as a bad debt, but I'm not sure if you'll ever have to pay them back.
Your credit report will indicate "charge off".
ALWAYS write down the date, time, their name and telephone number and your conversation for future references in case you have to write a credit report letter, should as you tried to settle with them.
Also keep your original bill to show how much late fees and finance charges added up to, too get that balance so high.
Keep this information in a safe place, for 7 years in case you try to purchase a home or auto.

Answer 4

Ask them to waive the late fee. See $ 25 a month is not good. I have worked as a collector so you need to do a lot better. You say you owe $1700 ask them if they can lower that about to say any where 1000-1200. If you want monthly suggesting about $ 200 a month. The way you describe it seem like you easy for them to handle. Act like this is the best I can do and act like you don't care then they will run after you to make arrangement and lower some amount but don't push it too hard because legally they can take you to court. Ask them not to call you at work. Because if you ask them to not call you at work they will stop

Answer 5

One thing you can do is send a Cease Communications letter to them, or tell them on the phone to STOP calling you, as well as to stop calling you at your place of employment. They cannot continue to call you once you have told them this. The increase is probably interest and fees. Since its now with a collection department, see if you can talk to someone in the legal department, maybe an attorney for their company. They have more power to make payment arrangements. ALSO, if your persistant, you can get them to drop all the fees that have accumulated, or even settle for 1/2 the balance. But ask to talk to someone higher up than the collectors. KEEP TRACK of whom you speak to, times of day you talk to them, etc. Also, keep tract of who you tell to stop calling you. This will not stop the letters they will send unless you tell them to stop sending letters as well.
But be aware, they will continue to try to collect, including, but not limited to : Garnishment of your wages, your tax refund, or seizing your car to sell to pay the debt. :/

Answer 6

How old is this debt? You may no longer have a legal obligation to pay. Check your State's Statute of Limitation (SOL) on open accounts. Do not talke with them on the phone. Send them a "Debt Verification Letter" demand that they verify the debt. Do not pay or promise to pay anything before they respond. Most of the time they will most like just go away.

Answer 7

You are under no legal obligations to deal with 3rd-party collections agencies. The website below explains this and has a "cease-and-desist" form letter you can send the company to get them off your back.

Answer 8

Tell them, in writing, that you don't want to be contacted anymore. They have to stop. Next, call Money Management International at 866-889-9347. Their credit counselors were great and helped me get rid of $8500 in debt. They were great!

Answer 9

You may want to read the article below on settling past due credit card accounts.

Answer 10

first of all did you get the goods/services yes -- so you owe them the money -- now are you doing everything to up hold you part of the bargain no -- to do that downsize you life style and hock everything you own (even the computer) miss you on answers -- cable tv cells and try to get a second job -- every body wants to blame the cc company and or the collectors they are only do there job trying to collect what is do to them -- if you had stole these goods and services you would be in jail -- you sentence is the few phone calls which i think is way to light!!! just wait till they s attach 25% of your wages!!!