Debt is ruining my life! need to stop - chase texas
Date: Wed, 06/11/2008 - 17:58
I am a college student, and up until about a year ago, I had really good credit. I was using a card with a limit of $1,000 and making my payments on time. About this time last year, I was offered a card with a $6,000 limit and I accepted it. Turns out that was the biggest mistake of my life.
Shortly after I activated that card, I developed a drug addiction and started using the cash I made at my job to buy drugs and then using my two credit cards to pay for gas, food, and everything else I should have been using my wages for. Around Christmastime last year, my cards were turned off and I haven't used them since. However, I also stopped paying my cards altogether and it has been about 170 days since I last gave them any money. I probably owe about $7,000 now with all the interest and penalties (I only ran the $6k card up to around $4k before it was turned off). The good news is that I have quit drugs and been clean since January. I am also involved in an anti-drug group at my school which has been very helpful to me.
I really have no idea where to go from here. I am called between 15-30 times a day from unknown numbers. I never pick up because I've been told once you talk to a collector, they can add all kinds of interest and such to the account. I recently found a new job that will give me the ability to pay several hundred dollars toward my debt per month, but I'm not sure how to go about enrolling in a payment program, or whether to do a settlement.
I was hoping someone here might be able to pass on some information and help me get on the right path to being debt free.
I owe the debt to Chase and I am in Texas, if that helps any. I
I owe the debt to Chase and I am in Texas, if that helps any. I would prefer some kind of consolidation + repayment plan because I won't have enough money to settle for a few months.
Welcome, Sweetlou! That's great that you have turned your life
Welcome, Sweetlou! That's great that you have turned your life around!
Do you have any idea whether your accounts are still held by the original creditors, or whether they have been turned over to a collection agency? Do any of your unknown callers ever leave a message to call back? Have you received notices in the mail from any collection agencies?
Congrats on kicking your habit. Here is some good news. Texas is
Congrats on kicking your habit. Here is some good news. Texas is a non-garnishment state which means even if they sued you they have no way of making you pay. That will give you a lot of leverage when you negotiate a settlement. You should easily be able to settle you debt for around 20-30 % of what you owe. Hang in there and good luck :D
I haven't received any notices from collection agencies, but I d
I haven't received any notices from collection agencies, but I did receive a notice from Chase saying that my account would be charged off after 180 days of no payment. I believe that date has already passed, but I haven't yet received mail from a collection agency.
The collectors seldom leave me voice mail messages, and when they do they all identify themselves as calling from or on behalf of Chase. But the messages are rare. Most calls appear as "unknown" on my caller ID, the others are calling from a local call center (I can tell by the area code) but prior to that they were coming from a call center in Maryland I believe.
I certainly feel a lot better knowing I can settle the debt for much less. What's the best course of action for doing that since this is obviously unfamiliar territory for me. Is there a company you recommend or should I just hire a lawyer instead?
I appreciate the responses, guys. I can already tell I made a great decision by signing up for this forum.
I agree.This forum is awesome. I joined this forum to pass on th
I agree.This forum is awesome. I joined this forum to pass on the knowledge I have learned over the years working in the industry.
There are tons of people here to help. You could hire a company to settle your debts , but you could do this your self. I would suggest saving your money till you have 30-40 % of what you owe. Once you have that lump sum saved up contact them and haggle till you both agree on something you can both live with. Be sure they send you the settlement agreement to you in writing before you send them any money.
If you still ahve an account with the Creditor, and it hasn't be
If you still ahve an account with the Creditor, and it hasn't been charged off, there's at least one option available.
If its already in collection, that may be ok. keep posting here.
If you get a CALL, don't admit anything!!
If you get a LETTER, post here immediately, and we can give you some suggestions