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Honestly can't afford to pay

Date: Tue, 03/01/2011 - 07:06

Submitted by anonymous
on Tue, 03/01/2011 - 07:06

Posts: 202330 Credits: [Donate]

Total Replies: 4


I'm in debt to Capital One ($2,600), I tried to make payment arrangement with them, as much as I could since my husband lost his job and his unemployment ran out. I'm the only one paying everything, the biggest expense is the mortgage. After a month of not making any payments. Nelson & Watson called my job several times harrassing me, threatening to garnish my bank accounts if I didn't pay. They gave me on three options; pay it in full; pay $600 down and $175 per month or 4 payments of $650. Since my car payments were up-to-date, they suggested I stop making my car payments for a month or two and pay them. They also suggested I borrow money from my family or friends, wherever, they didn't care. Since I refused to do that and definitely couldn't afford their payment terms; they accused me of not wanting to pay. After harrassing me and stressing me out on my job, I was lucky that my brother came into some money and was able to loan me enough, so I made arrangements for them to take $216 on the 15th and 31st of January and another $216 on the 15th of February, then $176 per month after that. Now, I'm really strapped, I need brakes, I'm about to run out of oil for the boiler, my auto insurance renewal payment is due, etc. anyway... What is my best course of action. I absolutely can't afford to pay them right now and I'm not sure when I'll be able to pay them, since it depends on my husband finding a job. Should I call them; write them a letter or just tell my bank not to [SIZE=3]relinquish [/SIZE]funds to Nelson & Watson? Can they really garnish my bank account?


No, they can’t garnish your bank account without securing a judgment order from the court. Neither can they harass you by making repeated calls. You can take legal action against them for breaching the FDCPA laws. If you really owe the debt, then you are accountable for repaying it. You can get help from a debt relief company regarding this issue. They may be able to help you out. Alternatively, try to find out ways to make money. Otherwise, it will be very difficult for you to stay current on your payments.


lrhall41

Submitted by on Wed, 03/02/2011 - 19:24

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Close out your bank account and open a new one, else they very well could clean you out and banks are notorious for not keeping them out. You should NEVER give out your banking info...ever. Always pay by cashiers checks, money orders or open a prepay credit card for the payments to be taken out of.

Your life comes first, always. What the CA did to you was extremely unethical. Sure they can sue, but they didn't mention to you that the judge would take into account your financial situation and help you set up payment arrangements you can afford, regardless of how much the CA wants.

Send the CA a letter explaining that you were pressured and intimidated into the payment arrangement and you simply can't keep up. Further explain that you do intend to pay this obligation, but that you will do it on your terms as you have very little money. Inform them also that they have the right to sue, but that a judge will take into account your financial position and make a payment arrangement accordingly.

Then you start making monthly payments, in this case I would do cashier's checks and make photocopies of them. If they sue you, let them. Times are hard and the judge will take into account not only are you financially strapped, but that you did make an effort to pay this debt.


lrhall41

Submitted by goldenbast on Fri, 03/04/2011 - 17:25

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