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LDG Financial/HSBC/How to pay debt?


tnt
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I am wondering if anyone has any ideas/recommendation on a situation I am in.

I had a loan with HSBC, orginally this was an installment loan then turned into a credit card loan, once that happened the interest rate went sky high and then they raised the minimum monthly payment in Feb of this year.

I could not pay the the higher payment, (almost 200.00 more a month.)

Last payment I made was Jan. I could not afford the Feb. Payment.

I was fine with the monthly payments until it was raised.

I called HSBC at that time and asked if there was anything I could do, they told me not until I was past due. Then I called back after a few months and they referred me to Debt. Management (NFCC)

Now HSBC sent this to a collection agency but I still have a current statement from HSBC but when I call HSBC it says it is being handled by the other agancy and tells me to call them.

I call them and they want to settle, they will let 20% of the debt go.

Or I can pay 3 monthly payments for the full amount.

I cannot afford to do either of these options.

The collector says they will have no problem if they take legal action to obtain the money which is almost 14,000.

I want to pay this debt but I have no idea what to do, I tried to get a loan and cannot becasue of this on my CR.

I am suppose to call the collector back on Friday and have no idea what to say to him.

Anyone have any ideas?

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