CC debt & savings
Date: Mon, 08/14/2006 - 10:26
Due to losing my "real" job, for the past 6 months I have only been able to pay housing / etc bills. While seeking another job in my field, I have been going to school / etc. off of savings and unemployment. Now, unemployment is soon to be gone, and I made too much money last year to qualify for student aid.
Recently I received a letter from one of my cards saying that in a couple of days my account will be written off as bad debt, and that one of 3 options will be pursued. One of which is litigation.
Is it possible for them to garnish what's left of my nest egg?
If so, is this letter fair warning that as of the charge off date, something adverse is going to happen to me?
I plan on setting up some type of repayment plan eventually. It's just that I'm barely paying for my essentials now, and I don't have much chance of being able to pay everything back without some kind of retraining.
The amount of debt in question with this card is $ 3,000.
Thanks for the help!!
- Guestolini
Hey there, My suggestion is to find a job, any kind of job. Ca
Hey there,
My suggestion is to find a job, any kind of job. Call that credit card company before they get a judgement to either garnishee wages or attack your bank account. You don't want that kind of thing on your credit reports.
Try to set up some sort of repayment plan that's suitable for you. The "eventually" will only end up in a bad situation for you...
You could also register here for some free debt counseling and check out some other options.
Very good advice above, erzeke1 Guestolini, it is very neces
Very good advice above, erzeke1
Guestolini, it is very necessary that you should have an increase in your monthly income so that you can make your payments to the credit accounts. Chances of garnishing your wages will become very slim if the accounts are brought back to the current state. Remember, if they can take the matter to the court and prove your failure to pay the debt, things will become harder for you and you will come under legal pressure while making the payments in the future.
