Debt problems?
vikkmathis asked:
I have a lot of credit cards that I’ve now fallen behind on. I placed most of them with a debt management program and those I could afford to pay I make the minum payment each month. Some of my credit cards are now with a collection agent and they’re the one I’m having a problem with. They won’t do a payment arrangement with me and act as if they’re the only one I owe money too. I’ve explain my problem to them but they don’t seem to care. I’ve come to the point where I don’t even want to talk to them and even got into a shouting match one day at work with one. For instant one of my credit cards that’s in collection has a balance of $1297.25, but when I offered to pay $25.00-30 a month on it I was told that it was not enough and that I needed to make the payment in full. Ya right like I have that kind of money lying around. They offer to settle for $800.00 and even said they would take two payment of $400.00 a month. I can’t pay it, so what happens now?
Rita
I have a lot of credit cards that I’ve now fallen behind on. I placed most of them with a debt management program and those I could afford to pay I make the minum payment each month. Some of my credit cards are now with a collection agent and they’re the one I’m having a problem with. They won’t do a payment arrangement with me and act as if they’re the only one I owe money too. I’ve explain my problem to them but they don’t seem to care. I’ve come to the point where I don’t even want to talk to them and even got into a shouting match one day at work with one. For instant one of my credit cards that’s in collection has a balance of $1297.25, but when I offered to pay $25.00-30 a month on it I was told that it was not enough and that I needed to make the payment in full. Ya right like I have that kind of money lying around. They offer to settle for $800.00 and even said they would take two payment of $400.00 a month. I can’t pay it, so what happens now?
Rita
Virginia
Pay them the $25 per month. They are prohibited from harassing you if you are paying something. You are doing the right thing to get your bills current. You are to be congratulated.
-MM
Donald
Remember that your problems and other debts are not the collection agent’s concern. He doesn’t know if you have other debts, or if you’re lying about having other debts, and it’s not his fault you have other debts. All he knows is that you owe his company money, and it’s his job to make sure you pay all of it as soon as possible. It’s his duty to be kinda a hardass towards you – complaining that your collection agent is tough on you is like complaining that prison is so unpleasant – that’s kinda the whole point.
It’s a good sign that they are willing to lower the payment, and you should be eager to accept any reasonable payment arrangement they offer, even if it’s inconvenient to you. Tell him you’re grateful to accept the reduced payment, but you can only afford to pay $75 dollars a month – offer to detail for him your other expenses so he knows you’re making the best effort you can. Consider it a negotiation – neither party will end up getting all they want, and both sides with have to make sacrifices, but you can still end up with a solution that works.
Sandra
You should have managed them all yourself but that’s hind-sight, I know. Get on a plan to pay them off. Your plan, not theirs. Be fair but pay for food and shelter first. Then stick to the plan!! Mail the amount you said every month…early. And call them on a regular basis. That’s right, call them! If you don’t have anything to say except, “I promised a $30 payment next week. I’m still planning to pay on time.” Calling them screws up their system and they usually stop calling. Calling you at work can be stopped by you telling them they can’t call you at work. After you inform them, if they call…it’s ILLEGAL. They will usually accept whatever you say you’re going to pay. Legally, they can sue you but most often don’t because of the cost, especially if you are paying something. For more help, go to daveramsey.com.
Danny
I agree with the above poster. You should inform them that you are at work and the number you are being called at is your place of employment. They cannot harass you there. Also, once you begin to pay off the debt, they should stop calling as often. These collection agencies get paid on commission and just want something. If you cannot pay in full, tell them that you can only pay the $800, but you need a full year to pay it off (which is about $66/month). If they agree, get it in writing. That way, once you’ve paid off the $800, they can’t harass you for anything more.
Thelma
do like the others say stand by you guns and just pay what you can pay each and every month — do not let some on talk you in to a loan with higher interest to combine and pay the off — bu on top of all this try to downsize your life style as much as possible because you are paying through the nose on interest fees!!!