Re: Sunkissed beach in dreamland

Posted by Drew (24.59.27.46) on January 04, 2004 at 00:13:32:

In Reply to: Re: Sunkissed beach in dreamland posted by SunkissedBeach on January 03, 2004 at 23:38:36:

Do you know what the minimum required payment on a balance with a credit card company is for an account of $2000? About $75. I have one account that is now $7000 and my minum payment is $160 approx.

If a Debtor defaulted on an account of $2000 and could not pay $75 a month to keep it current, then where do you think that they are going to come up with $200 or much less $300. Now who is living in the real world? Two hundred dollars might seem pittance to you but to that single mother who has just been dumped by her husband or to a person who is unemployed or just got hired at a little above minimum wage, $200 will pay for a couple weeks worth of groceries for a family of four.

This is why people don't pay their bills. When they get behind, repayment plans are not repayment plans. THey could not afford the minimums for the original creditors, they cannot afford your plan.

When you may only make $2000 a month, $200 represents ten percent of gross.

You offer generous settlement plans in your mind but your settlement offers, your repayment offers are not generous. THey are more burdensome than the original creditors.

You may think you are offering them a deal, but in reality you are offering them a way to hang themselves. For those that can come up with the money and settle, more power to them and great. It was great that you were in a position to go out and get the money to offer settlement offers. But many are not.

Follow Ups:

Post a Followup