Don't have money for what we owe apartment

Hi Indiana

Welcome to the forums. There are two aspects which need to be considered in your case. Firstly, you should try your best not to let it go to the collection agency. If this account is turned on to the collection agency, it will appear in your credit report and your lenders will get an impression that you have faced financial difficulties in the recent past and were unable to pay your debt in time.

Secondly, as you are willing to pay this debt off and are not having plenty of cash, you can easily use the services of the [URL="http://www.debtconsolidationcare.com/program.html"]debt consolidation program[/URL] as it will provide you easy monthly payments at lower rate of interest. Debt consolidation program has the potential to work with your creditors and reduce the amount of the total debt by cutting all the financial and the late fees.

Your creditor, if not getting the original amount will be willing to receive the reduced amount of the debt from you as it will show your responsibility to pay off your past debt and retain your credit worthiness.

Moreover, the debt consolidation program will save your credit from getting hampered as it will save the risk of turning it to collections and clearing your past debt with ease and time in hand.

As you said that you have good standing in your credit, you should look for the ways to retain it or improve it further other than spoiling it. I wish to save your account from turning to collection as I believe it has worst effects.

Regards
Roxette

[quote=IndyErhardt@aol.com]Hello,

My boyfriend and lived in California for a while than moved back to Florida because we could not afford it. We had to break our lease because we didn't have money to pay the rent. Well they have now sent a notice that we owe them money and they will be sending to collections agency if we don't pay. I would love to pay this off, but I don't have the money. I have good standing credit right now, and because of this will it go down a lot? How long will the collection agency be after me and on my credit? I don't know what to do. Thanks!

Indiana Erhardt[/quote]

You should try your best to pay this back. Try to see if you can work out a deal with the lessor.


because, if this creditor decides to seek a judgment against you, he would be in the legally stronger position. i don't think that you would want to this to evolve into something that it doesn't have to evolve into.


Also, you should try to pay it off because of the
possibility that this would ruin your credit score. If he hasn't reported to a credit bureau yet, then you may be in luck.


You should try to work something out like a payment plan with the lessor. Because, missed payments, delinquent accounts all hurt your credit. this sort of negative information gets reported on your credit report and it stays on for 7 years.



This would wreak substantial problems on your credit score and your ability to obtain more credit in the future. So I would suggest that you try to nip it in the bud and take care of it right away.