Prosper Marketplace

Time to pay up in full before they turn it over to their crack collections department.

Hey Anita...don't sweat it. Everyone it seems is having financial difficulties. You are human. Now, is the letter from them (as in the original company who provided the loans) or is it from a collection agency?

If it is from a collection agency then send them a DV letter in response, asking for proper validation. Even if you recognize the account, this is a good practice because it is a fact that there are unscrupulous and illegal collectors out there who abuse people right and left. Protect yourself at all times. Now, if they properly validate it then you can write letters and work out a payment arrangement that is good for the both of you. Don't let them bully you into any payment you can't afford! If they refuse to work with you you have 2 options:

1. Send what payments you can and keep track of your credit reports.....if you are making payments, they have to reflect these payments and update your credit information. They will get mighty tired of monthly credit report disputes and may be more willing to work with you. The con to this is that this account will be in SOL the whole time..but since it is only a year old anyway and in SOL it may not matter.

2. If they refuse to accept a payment arrangement you are comfortable with, keep all the correspondence and just save your money until you can pay them off. Keeping everything is in case you get sued. You can show the judge that you made every attempt to work with them but that you could not pay what you did not have, plus if it does go to court, you can take the money you were saving and put it all in a money order, to further show the judge that you have been saving and that the money order is the total you have saved thus far and really helps to show that you were trying your best to take care of the matter.

The same options basically apply to the original creditor as well, except you can't DV them. Just keep writing letters working on some sort of payment arrangement like I outlined above.

Whatever you do, don't let them bully you into anything you can't do.

Thank you so much for the shoulder. This past year has been over-whelming with the Surprise Divorce. I appreciate your clear head thinking.