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EMERGENCY! Debt Consulidation Advice Needed!

imaguitargod

imaguitargod

I just got sent a letter that says I have 5 days to respond or Capital One is taking me to court (eek!) (and it's only for an amount of $3,400). Anyone know of a good debt consolidation group I can call? Anyone have any experience in this area to give advice? :hell:
 
Call, em and see if they'll take some interest off, close the account, and settle on payments. The worst thing you can do is NOT talk to them.
 
Dude is it for delinquent payments on a credit line or what? If so hit up a big corp for a no interest for X months debt transfer. When that one is getting relatively close to being past the no interest period, find another to transfer the remaining balance to avoid accrued interest. Citi seems to be able to offer higher initial credit lines than just about anyone if you are having issues with your credit rating. I am by no means a credit advisor, but my wife deals with this everyday and seems to be what she advises in a lot of cases, especially with amounts under 10K.
 
DevilDuck said:
Call, em and see if they'll take some interest off, close the account, and settle on payments. The worst thing you can do is NOT talk to them.
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I know of a family member who had over 25K in debt on one credit line who called and said "look not-a-gonna-happen!" They cut the bill almost in half and made it work. They would rather get part of their money than have a complete loss in the event of filing chapter 11 or something. But for real consider my last post. If you get accepted for a no interest debt transfer just cut the cards to shreds when they come in the mail and start paying what you can. Will go away soon enough.
 
gardenkiller said:
Dude is it for delinquent payments on a credit line or what? If so hit up a big corp for a no interest for X months debt transfer. When that one is getting relatively close to being past the no interest period, find another to transfer the remaining balance to avoid accrued interest. Citi seems to be able to offer higher initial credit lines than just about anyone if you are having issues with your credit rating. I am by no means a credit advisor, but my wife deals with this everyday and seems to be what she advises in a lot of cases, especially with amounts under 10K.
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It's for deliquent payments on a closed account (which was originally for $2,000). It's been about a year or two since they put it in "collection agencies".

I just read the letter and it says they "may file for".... So maybe I have a little more time than I thought. But I still need to get this done ASAP.
 
IGG remember they cant get blood from a stone...they'll happily (see them jumping for joy) - happily accept you paying them off at $20/fn if it means keeping THEIR credit rating good (less defaults increases their rating). Like everyone already said, talk to them...let them know how much you can afford to pay them every week, fn or month...they have to settle for that.
If all else fails, stand on the street corner and chew Nagas for $10 a piece.
 
sounds like you've got some good advice so far.

i had a maxed out card that was still open ..actually i guess with interested it topped the limit a little. i wound up transferring my debt to a much better card with larger limit and better rates. now i'm just paying that down (hopefully) over the course of a year before the interest kicks in.

your other option would be try to work out a settlement. tell them you are having hardships and want to pay, but will have trouble eating if you pay them all this money upfront. get everything in writing! they basically can get something, or nothing. ultimately, they'd rather get something.
 
Do you own a house? They can put a lien on it if so. Also you can borrow money easier if you have a house. I can recommend some options.
 
Dude..forget the Fix Your Credit scams. Go direct with them and settle on a monthly payment and stick to it. Its painful at first but you have to do it. As stated earlier by some, they would rather get something rather than nothing. Good luck bro...
 
this may be long but a long time ago i was in bad bad shape. finaly i pulled my head out of my tail got another part time job.(kinda like what chuck said so i had more comming in than going out) i found a credit card i want to say it was citi?? anywho i got a offer in the mail that said consolidate everything into one payment for like 6 or 7 percent for the duration of how long it took to pay off. the monthly payment was a little higher but i forced more onto it every chance i got. all my credit cards are now payed off and i will never go back into the habit i got of...oh i would love a steak diner tonight.......well we can put it on the credit card cause i dont have any money....what the hey.. i got a lowes card (dont get one of those the intrest sucks) but i got it for like when last night when my hot water pipe busted and i needed something to fix the pipe.when the bill comes in i pay it off......no intrest....i know lowes hates me.
if like the refrig or stove or someting gose on the fritz...these lowes and home depos love to let you float a credit card balance with no intrest for like 12 months....just be sure to pay it off or they will take your left and right testicals in intrest.
dude cant say a thing to ya but ive been there and hope you can get straightened out. today i was getting my hair cut and the lady said something like.....you been on vaction this year....i had to say to her ....no in times past i vacationed on credit now we just either don't go or go somewhere we can afford.
my trip to texas this year may be in jepordy but i won't go in debt to go.ill just have to try and save.
ohhhhh last thing ........sorry so long.....have a major yard sale.
we made a ton one year on junk that laid around and put it on the card.
anywho i wish the best for you my superhero counterpart.
super bubba out
 
Well said Bubba. There is no magic cure.....well, except maybe bankruptcy. I hate to say it, but I have so many clients who have filed Bankruptcy and come through it smelling like a rose. 650 credit score 1 year after BK, it ought to be illegal!
 
bubbaschili said:
only magic cure it to match all 5 nubers and the powerball
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Mmmmyeah, I call that the South Carolina State Retirement Lottery, 'cause the way the legislature keeps playing with our benefits winning that is the only way I'll ever get to retire!
 
DevilDuck said:
Call, em and see if they'll take some interest off, close the account, and settle on payments. The worst thing you can do is NOT talk to them.
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you are 100% correct there DD. I have worked in finance for the last 18 years (albeit in a different country to yours) however I'm sure the principles are still the same.

once debts are handed to collection agencies they can do little to no work in trying to recover the debt but the outstanding balance will soar the longer it remains unpaid. if you can get a credit card to clear the debt, do that, or better yet, if you have a family member willing to give you an interest free loan, do it. at the very least, contact the agency and try to come to an arrangement.
 
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