HELP. Not sure where to post these questions or co
Date: Sat, 02/26/2011 - 13:14
HELP. Not sure where to post these questions or comments. Also I apolgize in advance for having a long explanation:
I am been a real estate agent since 2000 needless to say I am in a precurious financial distress. In 2006 I got in debt because I was use to paying off each month but the debt was to makes ends meet in an already declining market. I have not incurred any new credit card debt since 2007 but I have over 50k.
In early 2009 the credit card companies was notorious bumping up interest rates while lowering credit lines to what you owe. I had enough savings to draw each month to cover the mininum payments even though they where doing essential what i call predatory and making up for the lack of their short fall. However savings run out in may of 2009. In june of 2009 was late on 1 card by 2 days (have 5). next month that card went to default apr 29% from 9or12% not sure which. Even though all the other cards was on time they to defaulted to higher aprs. Reason financial risk debtor(really how does that help) Called all of them to reduced back to the apr before (you know where that went) we can look at that after 6 months of you paying. I stop paying because I did not have any way. Finally have the harrasing phone calls in september they finally mention the reduced payment plan which i enrolled in. For example amex default 1800 min to $650. I was trying to save my credit and wanted to take ownership of my debt. Pay them all every month ontime because really sacfriced by playing what i call the $25 game. Go to the grocery store to see what you can feed 2 for a week.
Luckily first half of 2010 i did better than the previous years so the extra money i paid on the debt even though someone suggested i settle for lump sums but I wanted to do the right thing pay only my debt(yes i am a sucker)
Anyway the last half of the year was financial challenging again b/c no income since july. However I insured that the creditors was getting on time payments. Even in october, We skipped our mortgage(i know dumb) to make sure the credit card companies where paid because i did not want to default but also new that the 1yr plan was coming to end but surely I thought it would be at interest rates 9 or 12% because I have been good. WRONG
November statements rolled in with 29.9% apr back to the default apr . Called them said the same same before pay 6 months. I HAVE NO MONEY and know we are behind on out mortgage because I did not want to have this conversation. I stop paying have no money. call after call gave them the same response i would love to pay you do you happen to know anyone that is buying or selling real estate.
Got the mortgage current in december. Amex in december scrapped up some money so they would not send to Zwicker. they send the account to them anyway. Got a letter first jan. got no where with conversation with them. I sent the dv letter within the 30 days they received it. it has been 30 days but no response. so i was going to send a nice follow up letter to point out maybe it was over sight. But know i furious I got home last night to check the mail to find solication from bankruptcy attorney reference public records indicating lawsuit. Looked it most certainly right. Now what?
I verbally offered a lump sum settlement back in the mid of january for 5k on 25k was going to borrow money from family. Obviously would not accept. they want 15k. well I do not have 15k. but wanted to prevent any ligatiion obviously they are mean. So still was unsure their role was with my account so i sent the dv letter but i already said that.
So what do i do next. They failed to respond to the dv, now i discover pending suit.
I am trying to avoid bankruptcy but it is apparent amex and zwicker rather have $zero than 5k
I can get some money from various family members to help but the creditors have to be willing to settle other wise it is putting a band aid on the issue that is never going to resolve and i will have to pay back the money to family when i get back on my feet and have something coming in.
It sucks for the some of the other creditors that are more willing to work with you and have not filed suit. but looks like Bankruptcy is the key.
Any advice on next steps? By the way state is GA
I am been a real estate agent since 2000 needless to say I am in a precurious financial distress. In 2006 I got in debt because I was use to paying off each month but the debt was to makes ends meet in an already declining market. I have not incurred any new credit card debt since 2007 but I have over 50k.
In early 2009 the credit card companies was notorious bumping up interest rates while lowering credit lines to what you owe. I had enough savings to draw each month to cover the mininum payments even though they where doing essential what i call predatory and making up for the lack of their short fall. However savings run out in may of 2009. In june of 2009 was late on 1 card by 2 days (have 5). next month that card went to default apr 29% from 9or12% not sure which. Even though all the other cards was on time they to defaulted to higher aprs. Reason financial risk debtor(really how does that help) Called all of them to reduced back to the apr before (you know where that went) we can look at that after 6 months of you paying. I stop paying because I did not have any way. Finally have the harrasing phone calls in september they finally mention the reduced payment plan which i enrolled in. For example amex default 1800 min to $650. I was trying to save my credit and wanted to take ownership of my debt. Pay them all every month ontime because really sacfriced by playing what i call the $25 game. Go to the grocery store to see what you can feed 2 for a week.
Luckily first half of 2010 i did better than the previous years so the extra money i paid on the debt even though someone suggested i settle for lump sums but I wanted to do the right thing pay only my debt(yes i am a sucker)
Anyway the last half of the year was financial challenging again b/c no income since july. However I insured that the creditors was getting on time payments. Even in october, We skipped our mortgage(i know dumb) to make sure the credit card companies where paid because i did not want to default but also new that the 1yr plan was coming to end but surely I thought it would be at interest rates 9 or 12% because I have been good. WRONG
November statements rolled in with 29.9% apr back to the default apr . Called them said the same same before pay 6 months. I HAVE NO MONEY and know we are behind on out mortgage because I did not want to have this conversation. I stop paying have no money. call after call gave them the same response i would love to pay you do you happen to know anyone that is buying or selling real estate.
Got the mortgage current in december. Amex in december scrapped up some money so they would not send to Zwicker. they send the account to them anyway. Got a letter first jan. got no where with conversation with them. I sent the dv letter within the 30 days they received it. it has been 30 days but no response. so i was going to send a nice follow up letter to point out maybe it was over sight. But know i furious I got home last night to check the mail to find solication from bankruptcy attorney reference public records indicating lawsuit. Looked it most certainly right. Now what?
I verbally offered a lump sum settlement back in the mid of january for 5k on 25k was going to borrow money from family. Obviously would not accept. they want 15k. well I do not have 15k. but wanted to prevent any ligatiion obviously they are mean. So still was unsure their role was with my account so i sent the dv letter but i already said that.
So what do i do next. They failed to respond to the dv, now i discover pending suit.
I am trying to avoid bankruptcy but it is apparent amex and zwicker rather have $zero than 5k
I can get some money from various family members to help but the creditors have to be willing to settle other wise it is putting a band aid on the issue that is never going to resolve and i will have to pay back the money to family when i get back on my feet and have something coming in.
It sucks for the some of the other creditors that are more willing to work with you and have not filed suit. but looks like Bankruptcy is the key.
Any advice on next steps? By the way state is GA
If they have not validated the debt, then you can send a cease a
If they have not validated the debt, then you can send a cease and desist letter to them. You can produce this document to court. Contact the court clerk office to find out whether any lawsuit has really been filed against you. If you have received summons, then you give reply to that. I think it will be better if you contact a lawyer and hear his/her opinion about this issue. The lawyer may also help you in negotiating settlement with them out of court.
