Ah debt... its a terrible thing.
Date: Sun, 07/23/2006 - 02:05
I have defaulted on 2 credit cards and a cable bill.
I have defaulted on a private party loan (payday advance, but not through a PDL company), for which my previous employers have demanded payment or will send me to jail.
Right now, though, I'm only about $1100 in debt. Its quite a bit for me in my situation, but its not as bad as it was before. The most debt I've ever been in is about $5000.
I have 1 PDL through a company I don't have any complaints about, who has been extremely flexable and understanding.
I almost fell victim to Route 66 Funding, but I have called to cancel the loan after researching this site.
The rest of my debt is the aforementioned job debt and a bad-credit credit card I got trying to rebuild some decent credit. Its not overlimit, it just has a balance.
Its great to join the forum!
Hi! Welcome to the forums! I would say your first priority w
Hi!
Welcome to the forums!
I would say your first priority would be to pay off the payday advance through your old employer. They can file criminal charges against you, a court could consider that larceny, or, depending on the amount, embezzlement.
A counselor will be calling you soon to talk about debt consolidation and settlement. Good luck, keep us posted!
Are you working? Maybe a short term extra job could help you out
Are you working? Maybe a short term extra job could help you out with money? And definitely listen to the advice finsfan13 above gave you and good luck.
PDL-Route 66 Funding
I have an outstanding loan with route 66 funding and I do not have a website for them. If you know the website could you please let me know. Thanks
Stacie, It's just route66funding(dot)com. It's pretty generi
Stacie,
It's just route66funding(dot)com.
It's pretty generic though..I don't know that it'll help you a whole lot.
Re: previous employers They have sent me to a collection agen
Re: previous employers
They have sent me to a collection agency and I'm going to see a lawyer tomorrow.
My roommate's boyfriend told us that the collection agency actually has no legal standing on their demands, as they told me they would send me to jail for a class B misdemeanor for theft of products or services - where there is a) NO papertrail whatsoever and b) they didn't provide me with a product or service. The loan was strictly on the grounds of verbal agreement.
I'm willing to pay them back but the collection agency is demanding almost $200 more then the original loan, which I'm going to the lawyer about.
Yes, I got myself into this situation, but I refuse to be bullied by a company who HELD MY FINAL CHECK and is now demanding so much extra money.
I'm willing to pay them the original loan amount ($270) minus final check (roughly $70) plus the NSF fee their bank imposed on them ($35.50) but I'm pushing to not have to pay any additional.
We'll see what the lawyer says tomorrow - I'll keep you all posted.
Collection Agency Protocol
First off, take a DEEP breath. that's it, now relax. No matter what kind of debt you are in, priorities will always get the better of your financial plans. We all have debt (even collectors, folks). Your priorities are Rent, Electricity, Food. Past that, you should opt for a "Settlement Offer". If a past due debt in a collection agency is very old, you have a lot of negotiating leeway available. Don't get into your personal life structure-spouse left owing bills, house burned down, lost job, etc). Get yourself a standard Columnar Pad at the office supply store and list your debts by priority-Rent, electricity, car insurance, phone, etc. Then start negotiating with every creditor involved. The use of credit cards in this country has gotten so out of hand that debt is surely to follow. We tend to live past our means with plastic that it's hard to regroup. But credit defines the style of living you will someday hope to achieve so better to come to grips with it now. A collection agency is NOT allowed to threaten, harass or pursue you when you have given strict, written instructions to not do so. Put all correspondence in writing otherwise the sometimes shady collector will claim you have NEVER CONTACTED THEM REGARDING YOUR DEBT. collection agencies have different laws in that they are 3rd party, meaning not the original creditor. Unless they normally sue people and takethem to jail (as if) they are in violation of the Fair Debt and collection Practices Act and that IS grounds for a lawsuit. Agencies hate to pay on those, too. It hurts the bottom line. You want to write a letter to the collection agency manager, that starts out CEASE AND DESIST ORDER after the TO; Manger, Company name info.
like this ****CEASE AND DESIST ORDER *****
No further contact is permissable from your company to me, my relatives, employer, neighbors, dog, etc or you will be considered in violation of the fair Debt and collection Practices Act, for which I will seek legal retribution." That ought to do it. And make sure to hold onto any further correspondence you do receive. Note that there is one final letter they are authroized to send past that point and it would beto let you know they are intending to take legal action against you. They are required by law to let you know you are being sued. It's to your advantage to set up a payment plan to bring your credit scores back up to snuff. A little deligent effort can really payoff and you will feel morein control of your life for that effort. And your credit will be restored eventually.
Okay, so I decided, instead of seeing a lawyer first, I called t
Okay, so I decided, instead of seeing a lawyer first, I called the collection agency.
I told them I wanted my final check removed from my debt and offered to settle for the remainder.
At first they said they couldn't help me, so I said they would be hearing from my lawyer. That's when they decided to help me out and get that amount removed.
So I ended up getting $100 knocked off my debt.
What have I learned?
Threaten legal action and people get real helpful.
That, and don't get into loan situations with people. Reserve that for real banks. Even if you think they're your friends they can still be complete jerks.
michikade, It's a nice update and perhaps a strong one. I am
michikade,
It's a nice update and perhaps a strong one. I am happy that things worked well with you. As you are dealing with CAs, don't let loose. They will be always looking for an opportunity to intimidate you. Have everything in writing so that you have proof of your actions.
stupid
so basically u borrow money dont pay it back than threaten legal action thats rich people like you are debtors through and through the truth is this country is full of people like you and that is why my intrest rates on my credit cards keep going up if u actually read what u wrote u sound pretty lame " i got a bad credit credit card to rebuild my credit but i didnt pay it" i mean comon know your boundries what buisness do u have to threaten anything when u cant pay what u borrowed. i work for a collection atty i fill out suitn requests all day long people refuse to pay than when we sue they say i wasnt givin a chance to pay boo hoo. next time actually intend on paying back before u borrow your company loaned u money on good faith cause u were in a jam and u prolly didnt pay them back for several months and u want to whine about unfair and what u should get selfish debtor. people like you should be flagged as never give credit to this person they will steal ur money than whine about unfair