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a bit overwhelmed, need help


Daisy5dog
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I"m a bit overwhelmed.  I have too many debts right now and not sure what, if anything, I can do?

 

I am currently making payments on a citibank visa, arrangements with a debt collector.  I have 2 accounts and make monthly payments to both---not citibank, but the CA.

I received a call recently from the CA and they wanted to make a settlement offer which I'm unable to afford now.  The guy says to me "well you do realize that you are making payments, however your payments are doing nothing as the interest is increasing faster than the payments you make"  

I was near tears hearing this!!  I"m trying to do the right thing!

I also have a bunch of medical bills which are going to collections despite my paying on them.

Husband lost his job and is working on all commission.  I"m also all commission.

Its all I can do to make payments on monthly bills, it feels as if these debts are getting out of hand.

 

Aside from declaring bankruptcy, which isn't an option due to the industry I work in, do I have any options at the moment??

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First, stop paying these scumbags.  It's hindsight, but you should never agree to a payment plan with a debt collector for just the reasons you mentioned.  

 

Start taking the money from the payments and putting it aside until you have enough for a settlement.  Here's how to make a debt settlement with a collector:

 

http://www.creditinfocenter.com/debt/settle_debts.shtml

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If the payments are automated by the bank, call the bank and cancel it.

 

If the payments are automated by the CA, call the bank to block.  If they cannot block, move money to a new account.  If you stay at the same bank, be sure they will not cross over the payments to the new account.  If the bank cannot do things the way you ask (the big banks have trouble doing things right everywhere), go to a new bank (a local bank is better).

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I don't know the complete picture- but usually medical bills can be negotiated or reduced due to income...My husband and I have done this in the past when he had lost his job.   

 

 

We have also made payment arrangements on medical bills in the past as well- as long as had an agreement and paid on time every month, they agreed not to send us to collections. Have you discussed this with them? There was one time where we were making payments (like $25 a month) on a bill- although we never negotiated  this with them, We just sent that amount in each month when they billed us. Finally we got a letter stating they would send us to collections- so we called and set something up (should have done that officially from the beginning).

 

Hopefully, commissions will starting rolling in faster! :)

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