irishfairyspirit Posted August 26, 2007 Report Share Posted August 26, 2007 I have a few tthings that are not in collections yet: a wamu cc ($1800), 2 medical bills (about$8000) & a Citi Financial loan ($3000). My thoughts are to start sending them $20 a month (that's all I can afford) so they don't end up in collections. I'm new here & don't know enough about this to know if that will make it better or worse. A friend at work said if you are sending a minimum of $5 a month they cannot collect on it. Is this true?My Chase card is w/Mann Bracken now & I am trying to avoid that scenario being played out again. My other question is that I have 2 Citi cc also that are in collections & I'm not sure with who b/c I think they got sold again recently but I have not recieved any letters yet. I'd like to negotiate directly w/Citi & thought maybe b/c the loan is still with them they would be willing to talk about the cc's too.I know I have to deal with this & I can't do a bankruptcy until May of next year. I did not deal with this stuff because I was unemployed for about 8 months after my fiance was killed. I used to cry when they would call because there wasn't anything I could do about it, no I did not answer the phone. Before he died my credit score was about 720 so I know nothing about this stuff.Thanks for your help & thanks for being here. I have so much less anxiety now that I have found this site!Lisa Link to comment Share on other sites More sharing options...
nascar Posted August 26, 2007 Report Share Posted August 26, 2007 A friend at work said if you are sending a minimum of $5 a month they cannot collect on it. Is this true?No, unfortunately that is not the case. Once you default on the terms of an agreement, simply making token payments does nothing to prohibit further collection on the account.What it does to is continually toll the statute of limitations on the account and provide substantial additional evidence that you acknowledge the account.Eventually, the account will go to collections, be charged off, etc., just like any other past due account. Either pay it or don't pay it; doing otherwise accomplishes little more than throwing your money away. Link to comment Share on other sites More sharing options...
Recommended Posts