Credit cards

Chesterwyo · Apr 2, 2008

Here is my situation. I have a credit card that I let get out of control,(very dumb and irresponsible I know) I simply quit paying the monthly balance hopeing it would magically disapear (again dumb and irresponsible) Now they are saying they are going to sue me. Just wondering if an of you have ever been in this situation and if you might have some advice for me??

BLooDTRaCKeR · Apr 2, 2008

Find another card at 0% intrest for a year and do a balance transfer to that card and close out your account with the company you've been screwing and then......PAY YOUR BILLS!!! and be a little more resposible.
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S.A.F.!

woodruffhunter · Apr 2, 2008

I have had family members in similiar situations. If your credit is still fair to good, I would rob Peter to pay Paul. In other words, apply for a new card and transfer the balance. Tell the existing company you will do this as long as they agree not to sue. I am sure they would comply.

Then, without fail, make sure you pay off the new card. Its not a good idea to transfer balances. However, in this situation, it might save you a lot of hassle.

Good credit is definately an asset. Its sounds like you now care about resolving the issue, good luck.

bobcatbess · Apr 2, 2008

HEY chester!!!

NOW YOU KNOW I LIKE THE HELL OUT OF YA!!!

BUT DAMN MAN!!!

YA GOTTA QUIT FINANCING THAT MORNING MT. DEW!!!

I CAN SEE THE PEOPLE OF THIS WORLD DIGGING DEEPER & DEEPER!!!

ITS HARD NOT TO DO!!!

ESPECIALLY WHEN OUR GOVERNMENT IS DOING IT TO!!!

IS THAT ANY WAY TO SET AN EXAMPLE???

JUDAS FRICKEN PRIEST!!!

CREDIT CARDS ARE A NECESSARY EVIL!!!

BUT FRICK!!!

I LIKE MY MT. DEW!!!

BUT I'M NOT FINANCING IT!!!

WELL NOT YET ANYWAY!!!

HELL YA,MIGHT AS WELL ROB PETER TO PAY PAUL!!!

EVERYBODY ELSE DOES IT SO IT MUST BE O.K.!!!

I WAS HOPEING YOU'D FOUND A WAY TO SCAM A CREDIT CARD!!!

JUST KIDDING!!!

THIS IS MY NEW GUN,YOU MAY NOT LIKE IT,YOU'LL LIKE IT A HELL OF A LOT LESS WHEN IT HITS ITS DESTINATION!!!

THE ONLY bobcat THAT KNOWS ALOT OF YOU HAVE HAD THIS IMAGE IN YOUR PEA BRAIN BUT DUE TO POOR SHOOTING TACTICS I'M STILL KICKIN!!!

driftersifter · Apr 3, 2008

The lowest interest may come from a bank and try to get it done with payroll deductions I try to do that with every loan I have had and i don't ever miss a payment I might miss a beer or two but not my payments, it will improve your credit rating as well. I don't own any credit cards and No credit cards own me.
Driftersifter

CAelknuts · Apr 3, 2008

Realize that you probably will have difficulty in getting a new card at any kind of decent terms with your current problems. You probably can get a card with a low limit, but it'll likely be expensive.

I'd suggest you talk to the current credit card company and try to negotiate an agreement where they will suspend the interest charges, including accruing any new interest; in exchange for you making regular payments to pay down the principal until paid off. You might even be able to get them to agree to not report any derogatory credit if you make regular payments until the account is paid off and closed with a zero balance. Get whatever agreement you're able to make in writing. If they will go along with this, you will not likely be able to maintain any charging privileges, but will just have it function like a loan with regular monthly payments. This is probably the approach to take first and will be in your best interest to get them to work with you rather than get into a fight with them. Remember that what they report on your credit will be seen by anyone you ever apply for new credit with, for at least the next seven years.

If you need any addtional advice, feel free to email me. I've worked in the mortgage lending business for 15 years, so I deal with credit issues every day.

Wiszard · Apr 3, 2008

CAelknuts hit it on the head. If you are honest with the CC company, they will work with you. They don't want to sue. If they sue they pay lawyer fees and still may not get their money out of you. That is not the route they want to go. Work out a payment plan that is suitable for YOU....not for them because what is good for them is probaly not going to work for you. Make it affordable and make it right. Good luck.

Steve

Chesterwyo · Apr 3, 2008

Thanks for all the advice. I tried to reach an agreement on payment with them yesterday. I told them what I could afford to pay every month and they told me that was completely unacceptable and they were taking me to court. I guess I will call again and try to come up with somthing else. Thanks again.

Bambistew · Apr 3, 2008

Don't answer the door, and don't respond when they ask are you Mr. so and so... Tell them he's not home.

Good luck

gb22 · Apr 3, 2008

Wizard and Elknuts said it well. I AM the banker and they told you the truth. There is a way out...not fun, but you get there...if you talk to the company.

Foreman4x4 · Apr 3, 2008

LAST EDITED ON Apr-03-08 AT 06:32PM (MST)[p]Don't pay it and don't show up in court, they'll eventually forget about you and go away. I'd also find a job that pays under the table so they can't garnish your wages when a judgment is made against you. Another benefit to that is you don't have to pay taxes. Heck, while you're at it, send in for a couple more of those card offers you get in the mail and go on a shopping spree. It'll be like Christmas in April! If you need a few bucks to get by until the new cards come in, hit a couple of those pay day type loan places, maybe borrow against the title of your rig too.

MortgageMan · Apr 3, 2008

LAST EDITED ON Apr-03-08 AT 07:12PM (MST)[p]Chester - Don't take no for an answer. Call back and talk to a different customer service person until you find the right person. Be upfront and honest with them and let them know that you can't make the full payment. Most credit vendors don't like to go to court and they don't like "charge offs". These all add costs to the amount they are already owed. But they will win a judgment in court if they have to. Check your local bank or credit union and see what they can do on a balance transfer. They might be able to help.

Secondly, I would take a hard look at your finances and see why you aren't able to pay the bill any longer. Put yourself on a strict budget that will allow you to pay your bills and stick to it. If you have come across a job loss or different type of hardship, definitely let the credit company know and try to come up with a repayment plan. Don't sit and do nothing or it will cost you a fortune in the long run and the creditor will make your life miserable. They will eventually get their money one way or another.

Like CAelknuts, I have been in the lending industry for almost 10 years now. If I can help out, shoot me an email. Don't feel like you are alone. There are alot of people in your same shoes for one reason or another.

CAelknuts · Apr 3, 2008

A couple of additional thoughts are in order. First, docuement every conversation, who you talked to, date and time, what you offered and they rejected. If you do get sued, at least you've got records to show the judge that you tried to work this out. I'd also highly recommend you send them a letter, by certified mail with return receipt, making a payment offer you can afford in writing. Explain your hardship as part of that letter. Keep good records because you may need them.

I don't know if they're trying to be funny or not, but please ignore anything that bambistew and especially Foreman said. That is bad advice, especially what Foreman said. That will lead you to nothing but long term problems that'll haunt you for a long time.

As always, thanks for contributing Mortgageman. Glad to have additional good advice being dispenced.