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Negotiating for a closed account/repay


DustyLady
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I got in some trouble with credit cards and I'm on a fixed income of $890 a month. I went to a credit counselor immediately and what we came up with was that I'd stop payments on the cards which enables me to get out of two monthly PayDay Loans. Then, after 60 days I try to negotiate with them to close the account, and cancel some fees and/or percentage points. But, she warned me, it would be hard. Has anyone ever tried this and did it work?  I have $172 month credit cards and only a balance of $2400. Not enough for bankruptcy. 

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It will be tough. The CCs may negotiate, but I'd expect the Payday loans to get nasty.

If your income is from SSI or similar, you may be "judgment proof"...which means you can just stop paying, let them all sue, and they'll get nothing. Of course, you'll never have credit again...

I got the PayDay loans paid off immediately the first month that I stopped the credit card payments. I am keeping and paying 2 of them if I possibly can, if they don't find out what I'm doing from my credit reports. I'm toward the end of my life so I don't really care if I have credit or not again. Yes I'm judgement proof. 

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If I may ask...wouldn't it be easier for you to tell the payday people to go jump in a lake? Send them FOAD letters. Even if you still owe them money, they CANNOT contact you then.

 

On less than $900/month, you should be doing whatever you can to enjoy what's left of your life, not paying those scum sucking criminals.

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