All CCs have been charged off and i'm unemployed. What now?
Date: Fri, 01/15/2010 - 11:17
All of my CCs have been charged off. I know my credit is completely screwed, but what happens now?
There were about 7 cards. The two biggest ones were with chase. One for about 2,400 the other for about 1800.
I am on unemployment because I was laid-off a year ago. I do not own anything. I am only able to make payments on my car loan for now.
Will the balances on these cards continue to grow? Will my credit score continue to drop until I pay the 3rd party collectors?
Thank You
There were about 7 cards. The two biggest ones were with chase. One for about 2,400 the other for about 1800.
I am on unemployment because I was laid-off a year ago. I do not own anything. I am only able to make payments on my car loan for now.
Will the balances on these cards continue to grow? Will my credit score continue to drop until I pay the 3rd party collectors?
Thank You
The accounts would continue acquiring charges till the creditor
The accounts would continue acquiring charges till the creditor charges it off to a third party collector.
In most cases the third party creditors are not allowed to add charges and collection fees to the account in collection but you need to check the contract paper that you have got from the creditor for clarification.
