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Question for you guys
#565515
01/19/10 08:21 PM
01/19/10 08:21 PM
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Joined: Feb 2003
Posts: 3,146 under there
bogey
OP
Underboss
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OP
Underboss
Joined: Feb 2003
Posts: 3,146
under there
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Got a couple questions for anyone who knows about this sort of thing I've got a couple credit cards that I've defaulted on. One of them just charged my account off on December 31st. Now they've got some company calling me offering me a settlement. I told them what I can afford, and they're saying I need to pay twice that. Or come up with $900 in the next couple weeks. He's told me I've got days (not weeks) to get back to him, and if I can't pay they'll take that as me "refusing to pay" and then he said they look into my assets and properties and give that information to Discover. (I took that as him basically saying they may garnish my wages or whatever, or seize my car) However, I make peanuts. $5 an hour, and barely scrape enough to pay my rent every month. Can they take more money out of my paycheck, even if I barely make enough to live? And can they seize my car if its in both mine and my dad's name? I'm not too worried about the bank account.. they can have the $5 I keep in there 
President of the long_lost_corleone Fan Club
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Re: Question for you guys
[Re: Lilo]
#565522
01/19/10 08:47 PM
01/19/10 08:47 PM
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Joined: Apr 2006
Posts: 11,797 Pennsylvania
klydon1
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Joined: Apr 2006
Posts: 11,797
Pennsylvania
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Bogey, Lilo is correct. Your tangible assets, like your car, is safe from unsecured creditors. It's not like a mortgage or a car loan.
I would still try to work with the guy as a sign of good faith. As Lilo indicated, look up your county bar association, and they will be able to steer you to a legal clinic that can offer advice and representation, free of charge.
Also, keep in mind that the you're not the only one in this predicament. In these times many people, especially the young, are experiencing these problems. Stay away from the companies that advertise on the radio that they can do a quick fix and get you out of debt. They're largely running a scam.
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Re: Question for you guys
[Re: klydon1]
#565534
01/19/10 09:55 PM
01/19/10 09:55 PM
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Joined: Feb 2003
Posts: 3,146 under there
bogey
OP
Underboss
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OP
Underboss
Joined: Feb 2003
Posts: 3,146
under there
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Thanks for the responses, guys. The main thing I was worried about was my car. I'm glad to hear they can't put their greedy paws on it.
Basically the guy gave me 3 options:
A) Come up with $900 (half my debt) B) Come up with two payments of $450 C) Agree to pay $50 a month, every month
C is obviously the most attractive option, but they're saying I have to give them my bank information for a direct debit. I am not a fan of direct debits, as I don't know that I'd be able to make sure I have $50 in my account every month. I'd rather just pay them on my own, but they won't let me do that.
I make about $225 per paycheck, twice a month. Sometimes a little more, sometimes a little less. Rent is $450. Car payment/insurance is $260. I do make tips (I'm a delivery driver), but most of what I make in tips goes towards groceries and gas. I told them all of this information, but they still don't understand that i literally CANNOT guarantee that I'll be able to pay them the $50 a month.
My mom told me to look into filing for bankruptcy, but I don't know that that's really an option for me.
President of the long_lost_corleone Fan Club
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