How to reduce debt amount with CA?
Date: Sat, 07/09/2011 - 23:39
Last fall, I was served by a creditor I closed an account with, HSBC. I showed up to court in NYC where I live. The lawyer rep from the Collection Agency and I made an agreement outside of mediation. He said that HSBC won't pay them to take me to court so they are just looking to settle. At the time I owed 2,500 and our agreement was 2,000 (stupidly, I could have gone lower. I know that now.)
I wasn't able to make first few payments and then come this past April I was laid off of work and unemployed. I received a letter of Garnishment. This never happened since I was laid off and they couldn't take my unemployment.
A week ago I called the CA and asked to set up a payment plan for the debt because I am trying to take care of it now, at least in small payments. The amount they are asking for is now 2,949 at $50 a month as payment. $2949 is way more than I even owed!!!
I don't know what to do next, I want to lower this amount and settle this already. Not sure how I should go about this.
Should I call the original creditor and maybe ask them to take back the debt and I will settle for a certain percentage? Should I ask the CA after a few payments to lower the amount altogether so that I may pay it off?
HELP!!
I wasn't able to make first few payments and then come this past April I was laid off of work and unemployed. I received a letter of Garnishment. This never happened since I was laid off and they couldn't take my unemployment.
A week ago I called the CA and asked to set up a payment plan for the debt because I am trying to take care of it now, at least in small payments. The amount they are asking for is now 2,949 at $50 a month as payment. $2949 is way more than I even owed!!!
I don't know what to do next, I want to lower this amount and settle this already. Not sure how I should go about this.
Should I call the original creditor and maybe ask them to take back the debt and I will settle for a certain percentage? Should I ask the CA after a few payments to lower the amount altogether so that I may pay it off?
HELP!!
Go to the court and find out whether or not any judgment has bee
Go to the court and find out whether or not any judgment has been issued against you. They can't possibly garnish your unemployment benefits. Find a job asap. You can contact your original creditor regarding this issue and try to settle the debt.
