Advantages/disdavantages for letting credit card agency about your situation

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Advantages/disdavantages for letting credit card agency about your situation

Postby improvent363 » Fri May 24, 2013 11:39 pm

Suppose you are unemployed and you receive a threatening letter by credit card agency that they might take legal action against me and get an attorney to obtain a judgement against me for not paying my credit card debt.

And you tell them the reason is because you are unemployed for almost a year and cannot make any payment. And didn't even pay your ANY bill for this month and don't even have money to pay this month house rental or the next month. What do you think the advantages and disadvantages to let credit card agency know about this?

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Postby Sevenfeet » Sat May 25, 2013 9:15 am

Many of us (myself included) have been in similar circumstances in the past. The one thing I think we all can agree on is that communication about your situation is never unhelpful. The alternative is a judgement pushed through the legal system that won't do you even favors. And BTW, that may happen anyway. But you might be able to negotiate based upon your situation. You cannot get blood from a stone. But a creditor does want to know that you acknowledge their grievance and that you are willing to accept some sort of a plan. You won't get to a plan if you don't talk to them.
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Postby MemberSince99 » Sat May 25, 2013 12:28 pm

Um, I'm been in this situation. I hope never to be again but our economy is more unstable than Charles Manson despite the government propaganda machine constantly screaming how great things are, so who knows, it's possible I could be someday. I hope not though.

Anyway, the bottom line is they don't really care why you aren't paying them - you aren't paying them. In that situation you are truly in a dire situation, in danger of being homeless, and honestly that makes your credit card debt pale in comparison.

You honestly in my opinion have little to lose by flat out telling them that. So they sue you - can't get blood out of a turnip. I'm sure you'd love to get a job and get back on your feet but this economy is honestly the worst I have ever seen. I laugh when I read our propaganda pieces telling us how much "better" everything is - I know different. I looked for another job this year due to not much liking my current job (Yeah I know I'm lucky to have any job in this economy) and it's terrible. These people spouting off how great everything is obviously aren't the ones looking for a job, though in my view maybe they should be.

So go ahead and tell them the truth. You really can't pay right now. I see that you have little to lose. They will close your account, but they will anyway in the end, and that is going to be the least of your concerns if things don't get better.

I really hope you are able to find work soon I know it's tough hang in there you never know when your next break could come.

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Postby FastSRT8 » Sat May 25, 2013 1:18 pm

All points shared are valid.

My personal mantra is less is more.

There is no need to let them know of your personal situation. Just deal with them and the facts directly related to them.
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