Jump to content

Need advice...90 days past due...No $$.....what to do?


boosoo
 Share

Recommended Posts

I'm sure this has been asked several times. I am needing some guidance. I am 90 past on 5 CC accounts. My total balance is 9500 between all of them. I am getting tons of letters and calls from the creditors. I lost my job a few months ago and just started working again last month. I looked into the DMP plans, however they wanted $300 to $400 immediately just to start them, to pay the first months payments. I am desperately needing to start some program before these get charged off, however I will not be able to make any payments for 3 weeks (being as I have to pay day to day living and rent). I don't believe you can start a DMP with nothing down. Any help would be greatly appreciated? Desperate and stressed.

Link to comment
Share on other sites

Have you talked with the CC companies and explained your situation? Maybe you can work something out with them. At the very worst, you can say you at least tried to work with them despite their response.

Some creditors are d!cks, so they may say "tough tacos" to a legitimate claim of hardship. But, you never know until you ask. The later a payment gets, the harder it is to deal with. 90 day lates are difficult, but not nearly as much as a chargeoff.

So, contact your creditors and be straight with them. If your payment history has been perfect until 90 days ago, say so! Mention anything positive about your account history to give them more incentive to work with you.

Link to comment
Share on other sites

Banks are required to chargeoff credit cards are 180 days past due with no payments. Chargeoff prior to that is not mandatory and is subject to their own internal policies.

Most, but not all, creditors will have a person higher up that understands the impact loosing a job can have upon personal finance. It is not necessary to make an up-front payment to arrange for a repayment plan with a creditor. That's the low-level collection agents that are talking as they get paid based on performance (ie how effective they are at wringing out payments). So ask to speak to a supervisor who has authority to enter into a payment plan. One warning. You cannot do this with Providian/WaMu. They recently changed the terms of their cardholder agreement so that only an officer of WaMu can authorize any sort of settlement or payment arrangement that is less than the full balance due.

So first sit down with your bills and set yourself a budget based on what you're bringing home now. Figure out how much you can pay without jeapordizing yourself and when you can pay it. Negotiate, but be firm that you cannot pay anything until such time as the funds are available. Record the call. You may need it later if there is some issue with the repayment plan (it does sometimes happen).

Lastly, once you have come to terms with your creditor, stick to the agreement. Like I said, there are people in the creditor's offices that understand problems happen, but if you fail to meet the terms of the plan you have worked out, you probably will not get a second chance at it...this is why you do your budget and plan before you call; so you don't agree to something that you will not be able to afford.

Link to comment
Share on other sites

Banks are required to chargeoff credit cards are 180 days past due with no payments. Chargeoff prior to that is not mandatory and is subject to their own internal policies.

Most, but not all, creditors will have a person higher up that understands the impact loosing a job can have upon personal finance. It is not necessary to make an up-front payment to arrange for a repayment plan with a creditor. That's the low-level collection agents that are talking as they get paid based on performance (ie how effective they are at wringing out payments). So ask to speak to a supervisor who has authority to enter into a payment plan. One warning. You cannot do this with Providian/WaMu. They recently changed the terms of their cardholder agreement so that only an officer of WaMu can authorize any sort of settlement or payment arrangement that is less than the full balance due.

So first sit down with your bills and set yourself a budget based on what you're bringing home now. Figure out how much you can pay without jeapordizing yourself and when you can pay it. Negotiate, but be firm that you cannot pay anything until such time as the funds are available. Record the call. You may need it later if there is some issue with the repayment plan (it does sometimes happen).

Lastly, once you have come to terms with your creditor, stick to the agreement. Like I said, there are people in the creditor's offices that understand problems happen, but if you fail to meet the terms of the plan you have worked out, you probably will not get a second chance at it...this is why you do your budget and plan before you call; so you don't agree to something that you will not be able to afford.

Good advice bro...

One more thing...

Don't freak out. This is not life or death. You health and life is more important! Remember you need not focus on the mole hill and make it a mountain while you are trying to get a New Job! You need to be as focused and calm as possible looking for a new job. Nobody wants to hire a nut-case. :shock::lol: jk... You will be ok... :wink:

God Bless,

Brad

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.