Re: default

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Posted by Gwen on May 01, 2001 at 18:02:33:

In Reply to: default posted by Norma on May 01, 2001 at 16:12:51:

Contact all of the creditors. Communication is an essential element in keeping your good name. I too faced a similar situation a few years ago and did nothing and had to face the consequences. It took me several years, but my life is finally back on track.

The credit card which resulted in my downfall was a VISA I allowed to go to the limit. When the balance got to $7,000 I realized that I could not pay it. My lender tried on several occasions to contact me and to work an arrangement. I would always agree and default on the agreement. Finally they took me to court and received a judgement against me. The legal fees and the continual interest, raised the $7,000 balance to nearly $12,000. In order to keep them from garnishing my salary (which they can take 25%), I agreeded to make payments and if I missed 1 payment, they would begin garnishment proceedings. I was forced to keep my word and the account was paid in full and I got that shadow from over my head.

Please contact your creditor before they contact you (with a Warrant in Debt). They don't want you to take bankruptcy, so they will be willing to work with you. Hope this helps and good luck!!

Call your

: I have a 10,000 credit card debt. Because of financial hardships, I have not been able to give a payment in over a year. I contacted a credit counseling agency, but they couldn't help me. I wanted to take out a home equity loan, but I don't have enough equity. Before I had this problem paying this account, I had excellent credit. I didn't choose to stop paying. What legal action can be taken against me? I don't own any property, my house isn't even 1/4 paid for, and I don't have anybody to borrow the money from. How did I get this far in debt? I had one major credit card and about 5 department store credit card. I consolidated all so I could pay them off, but then I fell into this financial hardship. Whereas before, I was able to send 2-3 hundred dollars a month in payment, now I'm living paycheck to paycheck with a family of five, including a 6 month old infant. I need some advice. Please Help!

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: Contact all of the creditors. Communication is an essential element in keeping your good name. I too faced a similar situation a few years ago and did nothing and had to face the consequences. It took me several years, but my life is finally back on track. : The credit card which resulted in my downfall was a VISA I allowed to go to the limit. When the balance got to $7,000 I realized that I could not pay it. My lender tried on several occasions to contact me and to work an arrangement. I would always agree and default on the agreement. Finally they took me to court and received a judgement against me. The legal fees and the continual interest, raised the $7,000 balance to nearly $12,000. In order to keep them from garnishing my salary (which they can take 25%), I agreeded to make payments and if I missed 1 payment, they would begin garnishment proceedings. I was forced to keep my word and the account was paid in full and I got that shadow from over my head. : Please contact your creditor before they contact you (with a Warrant in Debt). They don't want you to take bankruptcy, so they will be willing to work with you. Hope this helps and good luck!! : Call your : : I have a 10,000 credit card debt. Because of financial hardships, I have not been able to give a payment in over a year. I contacted a credit counseling agency, but they couldn't help me. I wanted to take out a home equity loan, but I don't have enough equity. Before I had this problem paying this account, I had excellent credit. I didn't choose to stop paying. What legal action can be taken against me? I don't own any property, my house isn't even 1/4 paid for, and I don't have anybody to borrow the money from. How did I get this far in debt? I had one major credit card and about 5 department store credit card. I consolidated all so I could pay them off, but then I fell into this financial hardship. Whereas before, I was able to send 2-3 hundred dollars a month in payment, now I'm living paycheck to paycheck with a family of five, including a 6 month old infant. I need some advice. Please Help!

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