I Need some direction
Date: Tue, 04/06/2010 - 17:10
I'm a 25 yr old single man.
I signed up for a credit card with a 8k credit limit (RBC Visa gold)about 2yrs ago. At this time I was currently self employed making decent money. About 8 months ago my small business went under. Since then I have been unemployed with no income and looking for a job. During these last 8 months I have used up all of my savings and currently am broke, and I tacked on 3000 worth onto my credit card. Now living with my twin brother(hes giving me a free place to live until i get back on my feet)
About 6 months ago i missed 2 months in payments($200 min) and my credit card would not work anymore, they took my account off of my online banking and stopped giving me statements on it. I recieved a couple letters in the mail telling me to contact them. So I called them up in January and asked them why i cant pay my payments through online banking. (this was the most convient way of paying my min payments). They said it had to be re-accitvated and in order to do that i had to make a min payment of 320$ over the phone. Well I agreed and made this min payment, and they never reactivated my cc account or could i access it through online banking. So I have missed every payment since Jan 1st. and now have NO funds anywhere to pay even the min payment.
This month they have been calling my cell phone 6 times a day leaving messages to call them back but am NOT ready nor know how to deal with this. I cant access online banking to view the account balances etc.
and have recieved a letter today in the mail from RBC asking me to contact them regarding my account. it also says i owe $4400 and something called arrears:$195? when i made that payment in Jan the amount owed was $3200.
This is unreal and I am clueless in the matter, $1200 extra in 3 months is a real bummer.
I have never asked my mother for money but am serious considering it now.
but is there any way to lower what i would owe? I have been trying to find a job so I could pay my min payments but have been unsuccessful so far.
I stumbled upon this website and have been reading the DIY part of the site. and am wondering if i should settle, ps i dont want to ask my mother for 4400.
Please help me out and provide me with a little guidance.
any help is greatly appreciated, thanks
I signed up for a credit card with a 8k credit limit (RBC Visa gold)about 2yrs ago. At this time I was currently self employed making decent money. About 8 months ago my small business went under. Since then I have been unemployed with no income and looking for a job. During these last 8 months I have used up all of my savings and currently am broke, and I tacked on 3000 worth onto my credit card. Now living with my twin brother(hes giving me a free place to live until i get back on my feet)
About 6 months ago i missed 2 months in payments($200 min) and my credit card would not work anymore, they took my account off of my online banking and stopped giving me statements on it. I recieved a couple letters in the mail telling me to contact them. So I called them up in January and asked them why i cant pay my payments through online banking. (this was the most convient way of paying my min payments). They said it had to be re-accitvated and in order to do that i had to make a min payment of 320$ over the phone. Well I agreed and made this min payment, and they never reactivated my cc account or could i access it through online banking. So I have missed every payment since Jan 1st. and now have NO funds anywhere to pay even the min payment.
This month they have been calling my cell phone 6 times a day leaving messages to call them back but am NOT ready nor know how to deal with this. I cant access online banking to view the account balances etc.
and have recieved a letter today in the mail from RBC asking me to contact them regarding my account. it also says i owe $4400 and something called arrears:$195? when i made that payment in Jan the amount owed was $3200.
This is unreal and I am clueless in the matter, $1200 extra in 3 months is a real bummer.
I have never asked my mother for money but am serious considering it now.
but is there any way to lower what i would owe? I have been trying to find a job so I could pay my min payments but have been unsuccessful so far.
I stumbled upon this website and have been reading the DIY part of the site. and am wondering if i should settle, ps i dont want to ask my mother for 4400.
Please help me out and provide me with a little guidance.
any help is greatly appreciated, thanks
they are Royal Bank, a big banking chain in Canada
they are Royal Bank, a big banking chain in Canada
I see, so this is a letter from the original creditor? Have you
I see, so this is a letter from the original creditor? Have you thought about getting the debt reduced by offering making a settlement offer? You can look at the sample settlement letters here at the forum, that will give you an idea of how to word it, I would make a settlement offer of about 30%, start low. Send the letter certified, return receipt requested, they may be willing to negotiate, it doesn't hurt to try. Try browsing through some of the sample letters at the link below:
http://www.debtconsolidationcare.com/letters/