Small Check to overdue cards

Discussion in 'Credit Talk' started by Mouse, Apr 16, 2001.

  1. Mouse

    Mouse Guest

    I am seriously behind on my credit cards and will not ever be able to pay them all off..They are mostly at the point of being charged off and I am dealing with Collection Agencies. I have been making a small token payment to each one each month of $1.00 each as I once heard that as long as you pay something you run less risk of legal action againest you. Is this a smart move? Should I continue to do this or am I only prolonging the whole procedure..any info would be helpful on this..thanks

  2. sam

    sam Well-Known Member

    Re: Small Check to overdue car

    If they are not charged off, you need to arrange a payment plan now to save yourself 7 years of hell. If they are charged off, quit paying, you're only prolonging your sentence by re-aging your debt.

    Once they are charge off's i'd say either BK (bad idea) or wait till you can offer then 50% of the total debt as settlement.
  3. LoFico

    LoFico Well-Known Member

    Re: Small Check to overdue car

    What about a debt consolidation loan since their not in charge off status yet?
  4. Shantel

    Shantel Well-Known Member

    Re: Small Check to overdue car

    I would NOT do a debt consolidation loan.

    Most debt consolidation loans are either secured (i.e. home) or personal. If you are behind, you can kiss a personal loan goodbye because these are difficult to get.

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