Can I afford not to pay a debt?

Date: Fri, 01/29/2010 - 23:29

Submitted by anonymous
on Fri, 01/29/2010 - 23:29

Posts: 202330 Credits: [Donate]

Total Replies: 4

I have a debt of $20, 000 with Amex. I have defaulted on it two months back after they jacked up my interest rate. Amex is now calling me day and night. However, my idea is to avoid paying them as long as I can since I have other pressing issues to take care of (buying medicine for my ailing child). So, I am avoiding their calls. My question is, can I afford avoiding this debt?

What would happen to me if I don't pay?

Thanks,
Megan

AMEX will sue you...they are notorious for that. Have you look

AMEX will sue you...they are notorious for that.

Have you looked into assistance for your child? medicare, free drug programs etc?

lrhall41

Submitted by SOAPLADY on Sat, 01/30/2010 - 05:14

( Posts: 17315 | Credits: )

Megan, After 2 months of non payment you will likely be able to

Megan,
After 2 months of non payment you will likely be able to pick up the phone on one of the calls and a hardship/reduced monthly payment will be offered (or you can provoke one to be offered).
If the figure is one you can manage based on your current budget, it may make sense to take them up on it.

Mileage may vary

lrhall41

Submitted by on Sat, 01/30/2010 - 11:22

( Posts: | Credits: )

Normally, what they offer in their hardship program? Would they

Normally, what they offer in their hardship program? Would they reduce my debt amount?

Soaplady, I can't afford a lawyer if I'm sued. What are my chances not to pay the creditor if I'm sued?

lrhall41

Submitted by on Sun, 01/31/2010 - 23:02

( Posts: | Credits: )

Am Ex is agressive..hard to say but they tend to want their poun

Am Ex is agressive..hard to say but they tend to want their pound of flesh.

Hardship program wont reduce your debt...it will reduce your payment and your interest.

lrhall41

Submitted by SOAPLADY on Mon, 02/01/2010 - 01:22

( Posts: 17315 | Credits: )