Good morning eveyone,
I have a cc debt of 4900.00 that I have been dragging my feet paying on. We are contemplating filing bankruptcy, but we have only 15,000.00 debt. So we have been trying to pay, and make arrangements to avoid it, but… now Im not sure if we can.
Have you all ever heard of a cc company selling your account to private investors? Apparently this is what happened to me. They want their money by Friday the 30th….lol…. I only work seasonally, Jan thru June we have a home and that is it. It is not worth the mortgage in the market today. We owe more than it is worth. My hubby is not on the cc account. I wanted to work with a debt elimination prgram but now I don’t know if they will work with us on this since its sold. do any of you have experience here???
Here is my experience:
I couldn’t pay the balance, so I made arrangements with the debt buyer to make monthly payments. I regret I didn’t get anything in writing. I was scared and they knew it and took advantage of me.
They kept me in the dark about interest they were charging. The whole amount they bought the account for was interest and fees but this co added more. I foolishly sent them $1700.00 over a period of months. When I started asking questions they were reluctant to answer. After I filed BK, I found out the $1700.00 I had sent them did not reduce the balance at all… they were increasing it. Some people have lost even more. Beware of these debt buyers!
They can “want” all they want, but they can’t force you. Call them, tell them what you can pay, and go from there
As has been written many times here, make not payments to a company like this without written proof of what is owed, what interest they are charging and how, any penalties etc. If you read back over several entries you will see people who were charged ungodly interest and never did any of the money go towards the principle.