Help with credit card collection
Date: Thu, 04/01/2010 - 11:08
:confused:I have a large credit card debt that I've been unable to make a payment on since last July or so. I lost my job in February 2009 and didn't find a new one until late July at less than 50% of what I previously made. I purchased a home in 2008 after a divorce, and at the time all of my payments were affordable. Due to my dramatic decrease in income, my house payments went in arrears, so I cashed in some retirement savings to bring that current. Got a raise last month, but still only making about 54-55% of what I made previously and it's still just enough to cover house payment, utilities, etc., without food, gas etc. Just found out about federal Making Home Affordable Program and plan to file request with home lender to modify home mortgage (now is not the best market to sell the house--I live in Texas). In the meantime, I didn't take any calls from credit card company as I couldn't even offer to pay a bare minimum; got a letter from collection agency telling me to make full payment of debt to credit card company. I just sent DV letter to collection agency. What are my next steps and options?
Your next step will depend on what you want to do. If you can g
Your next step will depend on what you want to do. If you can get some money together you could try to settle the debts for less than what you currently owe. You also didn't mention how much debt you have. Could you possibly sell some stuff or borrow from family to come up with some settlement money?
