Internet's first get-out-of-debt community - 123,000 members

I've recently gotten into some huge and overwhelming financial trouble and began looking for information online on how I can find a way out of it. I found this site and while I haven't been able yet to speak with a debt counselor it has helped at least to know that I'm not alone and that others have had the same type of problems.

Briefly, what happened is that I had 3 credit cards with large balances as well as a gas card with a small balance. I was unexpectedly hospitalized and off of work (therefore unable to make payments on credit debt) for several months. Now every account has been turned over to collection agencies or lawfirms (for collection) and the correspondance with threats of lawsuits is scaring me extremely badly. On top of all of this I had no insurance at the time I was hospitalized and have a huge hospital bill to add into the mess.

I sincerely want to handle my debt responsibly (regardless of what the collection agencies seem to think) but I'm afraid to even talk to them anymore. I dealt with one that is handling a debt from one of my credit cards and they were just horrible and completely unreasonable. Basically they want the balance in full immediately. I understand that my credit cards have every right to do this...but that doesn't change the fact that I simply don't have (nor do I have any way of getting) the money to pay off all my debt at once. I'm desperate and don't know what else to do. I'm waiting for a debt counselor to contact me, just wondering if I'm on the right track checking into debt consolidation. Also I'm wondering where I can find out more about collection agencies or lawfirm suing me for debt and how I can prevent that, though I assume this is something I can find out more about from the debt counselor when they contact me.

Any advice, support, or even just a similar story of financial problems (as far as what happened, what I can expect, etc.) would be greatly appreciated.

Posted: Wed May 24, 2006 11:31 am Subject:

lady, you'll find stories all over this site. Most of us have been there, and will be happy to walk with you through the struggles.

Debt consolidation will help you greatly. And the support you'll get from us here in the forum will help as well.

Don't be afraid to ask questions, whine, or vent with us. Smile

We've got your back.

Posted: Wed May 24, 2006 1:33 pm Subject:

Hi

Don't get scared of the collection agencies. Your creditor might have hired a collection agency for recovering the past debt accounts. Since they are collectors, they seem to be pretty harsh at times. There are FDCPA laws that can prevent you from such rude collection agencies. Be aware of your legal rights and don't get intimidated by them. Meanwhile, you can try to arrange some payment plans with your original creditors. They are much easier to work with.

Posted: Wed May 24, 2006 2:49 pm Subject:

Hang in there and talk to someone from this site,they will contact you a give you all kinds of advice about consolidating your debt.Also you may want to check and make sure that you were not paying for out of work insurance on any of your credit cards,I know that I did have one card that had that added into the fee.I joined a consolidation program last November,and its been a real blessing.
Good luck. Smile

Posted: Wed May 24, 2006 6:49 pm Subject:

In answer to your subject question---You are most definitely doing the right thing! You are taking steps to get the upper hand with your money. You are recognizing that your debt amounts are not going to decrease unless you do something like consolidate. Good for you---listen to the debt counseling professionals and take their advice and stick with it. Good Luck!

Posted: Wed May 24, 2006 6:51 pm Subject:

Thanks all, at least I know I've found where to start trying to fix things. And that's good to know I can still call the original creditors. I wasn't sure if that was even an option once they hired a collection agency. I'd feel much more comfortable talking with them and getting my payments back on track. Smile

Posted: Sat May 27, 2006 8:06 pm Subject:

Come back and give us an update on your progress. The forum is a great way to interact with others that are going through the same experience.

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