Credit card settlement
Date: Mon, 02/22/2010 - 17:01
I have lost my job and have been out of work for the past four months. I owe $15,000 in cc debt to First Financial and can't pay the minimum balance anymore. I called them to tell them this and they offered a drop in interest from 29.9% down to 12% interest for 6 mos. and a $510 per month EFT. I can't pay this and they asked if I received unemployment. I spend it on rent, utilities, car insurance, and food. I told them their payment came form my savings and now it is all gone. I told them I could pay when I get a job but, I don't know when. What is in store for me when they don't get their payments?
See, many things can happen as it would depend on the creditor.
See, many things can happen as it would depend on the creditor. You can expect calls from the creditor when they wouldn't get their payments. Some creditors are prompt at suing defaulted borrowers, when some may offer settlement as well. But, on a normal course, the creditor would wait for a period of time before charging it off and selling the account to a collection agency.
Thanks, SC. I have made an appointment with a consumer credit c
Thanks, SC. I have made an appointment with a consumer credit counselor as well to discuss the situation and see what can be remedied.