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credit card debt and social security
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Posted by qure (66.185.224.6) on April 30, 2002 at 23:57:17:
Back in 1989 I ran up $2500.00 on cash advances on a credit card, yes it was for drugs. Anyway, since 89 I haven't been able to work due to mental illness unrelated to drug use. I am bi-polar. My only source of income is Social Security Disability. The original debtor sold the debt and so on. Now the debt is listed as over $6000.00 and is with the 7'th collection agency. Every year I get a new letter and ususlly a follow up phone call from the new credit agency. Every year I tell them I am disabled with an income they can't garnish. Back when I got lots of phone calls from the collection agencies I consulted with a credit counselor who advised me not to file bankruptcy or to attempt to pay the loan. All of my monthly income, now over $1000.00 goes to living expenses. Any payment toward this debt wouldn't even begin to pay down the intrest on the debt. My question is, should I continue to basically ignore this debt? I've seen lots of abreviations in the posts I've read and am unsure of their meaning, ie: SOL. Statute of Limitations. I am unsure how it would apply in my case. Thanks for your time.
Mike
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