topic Re: letting 3k go to collections?.. in Credit Cards

letting 3k go to collections?..

Anonymous514 — Wed, 30 Mar 2016 10:24:41 GMT

Hi so I have 2796$ of debt on my Nasa Fcu card if I don't pay it and let it go to collections Will my other cards get closed to? Chase Freedom Unlimited. Discover. Wells Fargo Amex. Wal-Mart MasterCard PayPal extras? I am going to college in August and I just got my full-time status at work taken away and I can't afford to save for my dorm deposit and colleg supplies and pay that debt. And I will have no job because I'm moving to the college in August and quitting my job. I wanna say if I get fired though Nasa will cancel my debt per the insurance?

Re: letting 3k go to collections?..

Anonymous — Wed, 30 Mar 2016 15:46:52 GMT

Hi, please don't do that. If you are going to college call them and let them know you are going to be a FT student and see if you can do a repayment plan. I used to be in college and I have student loans; therefore the money owed back to me I would use to pay off CC debit. Why not do that? Putting that 3K into collections can hunt you and you already have good credit already. Most of us on this forums (including myself) had made stupid decisions when we are younger and do yourself a favor and do not make the same mistakes as we did. Sorry to be so harsh but it's the truth.

Re: letting 3k go to collections?..

ojefferyo — Wed, 30 Mar 2016 16:22:12 GMT

$3k in debt is not alot of money, call them and work out a payment plan. Letting it go into collection will almost certainly cause AA in most of your accounts.

Re: letting 3k go to collections?..

Anonymous — Wed, 30 Mar 2016 16:26:11 GMT

@bigalkescott514 wrote:
Hi so I have 2796$ of debt on my Nasa Fcu card if I don't pay it and let it go to collections Will my other cards get closed to? Chase Freedom Unlimited. Discover. Wells Fargo Amex. Wal-Mart MasterCard PayPal extras? I am going to college in August and I just got my full-time status at work taken away and I can't afford to save for my dorm deposit and colleg supplies and pay that debt. And I will have no job because I'm moving to the college in August and quitting my job. I wanna say if I get fired though Nasa will cancel my debt per the insurance?

What insurance are you talking about - can you give more detail?

If you are talking about credit card insurance, that makes minimum payments on your credit card in the event that you lose your job. It in no way pays for your entire debt - plus those types of policies are usually difficult to claim.

Re: letting 3k go to collections?..

Anonymous — Wed, 30 Mar 2016 16:40:19 GMT

Please refrain from doing that. Building a good credit history is really hard and collection stays in your credit history for 7 years. I understand it's easy to say not do it, but if you can avoid it, it will be really really good!! Do you know if any one of your existing cards are offering 0% apr balance transfer, so that you can atleast avoid mounting debt and pay minimum until you get back to good standing in your financial situation? Also try to avoid accumulating more debt on other credit cards for sometime. We all are been there, so we know, how it feels. Just be strong, think out of the box, you will definitely find a way! Just stay positive! I am sure other experts would give you better suggestions, so wait, stay away from the word called 'collection'! Best of luck for your studies!!

Re: letting 3k go to collections?..

CreditMagic7 — Wed, 30 Mar 2016 16:35:49 GMT

@ojefferyo wrote:
$3k in debt is not alot of money, call them and work out a payment plan. Letting it go into collection will almost certainly cause AA in most of your accounts.

^THIS!!

They are a Credit Union which unlike the major bank lenders very well can work with you in forming some sort of a restructure on that current debt/balance but if at all possible please avoid letting it go to collections.

I found CU's are very accommadating and kind of specialize in working out different terms especially when you find yourself in a pinch. Don't ignore them but get in touch as suggested above and EXPLAIN your issue.

Best of luck in getting this worked out to your favor.

Re: letting 3k go to collections?..

Anonymous514 — Wed, 30 Mar 2016 16:53:38 GMT

It is hard staying positive I can pay atleast 2k by then so I will only owe about 796 by August if I can get by until taxes! Thank you all!!!!!!!!!!

Re: letting 3k go to collections?..

ojefferyo — Wed, 30 Mar 2016 16:53:42 GMT

Best bet is to call them, we can't set up any payment arrangements on their behalf. I'm sure they are VERY willing to work with you.

Re: letting 3k go to collections?..

Anonymous — Wed, 30 Mar 2016 17:06:50 GMT

@bigalkescott514 wrote:
It is hard staying positive I can pay atleast 2k by then so I will only owe about 796 by August if I can get by until taxes! Thank you all!!!!!!!!!!

CALL THEM!

Re: letting 3k go to collections?..

Loquat — Wed, 30 Mar 2016 17:45:22 GMT

If you're not going to college until August...why not pick up another part time job now...or 2 additional part time jobs if you can? Don't let this ruin your credit...it's not worth it...and even a few hours a week at a local grocery store or even Walmart would help.

Re: letting 3k go to collections?..

Anonymous — Wed, 30 Mar 2016 21:10:15 GMT

CALL THEM

You ran up valid debts and you are being rather cavelier about just letting it go to collections. While I do take account of your future circumstance you basically knew college was coming and continued to rack up this card while being FT employed? I would have sympathy if you were attempting to pay it and struggling to do so. Instead you are just non-chalant and really only worried about your other cards?!?!?

(Mod Cut-a little over the top and not FSR)

Re: letting 3k go to collections?..

Anonymous — Wed, 30 Mar 2016 17:58:15 GMT

@Loquat wrote:
If you're not going to college until August...why not pick up another part time job now...or 2 additional part time jobs if you can? Don't let this ruin your credit...it's not worth it...and even a few hours a week at a local grocery store or even Walmart would help.

Lo and behold common sense has emerged here.

+10000000000000000000

Re: letting 3k go to collections?..

Aarvard — Wed, 30 Mar 2016 18:29:13 GMT

@bigalkescott514 wrote:
Hi so I have 2796$ of debt on my Nasa Fcu card if I don't pay it and let it go to collections Will my other cards get closed to? Chase Freedom Unlimited. Discover. Wells Fargo Amex. Wal-Mart MasterCard PayPal extras? I am going to college in August and I just got my full-time status at work taken away and I can't afford to save for my dorm deposit and colleg supplies and pay that debt. And I will have no job because I'm moving to the college in August and quitting my job. I wanna say if I get fired though Nasa will cancel my debt per the insurance?

Call and ask them.

You may want to ask Discover if it has any 0% APR for either purchase or balance transfer so you can make a plan paying off your debts.

Re: letting 3k go to collections?..

UncleB — Wed, 30 Mar 2016 18:44:16 GMT

Everyone else is chiming in with excellent advice (and I concur!) but just to address your AA question, I can say it is very likely any Synchrony cards you have will get AA'd, if not closed completely. I know this from past personal experience.

Unfortunately (or fortunately?) I don't have up-to-date information on any other specific lenders.

That amount of money isn't insurmountable... with a little ingenuity, you should be able to figure something out, even if it is using some of your financial aid "living expense" money to make minimum payments until something better is worked out.

Trust me... you really don't want to go down the collections/charge off road.

Re: letting 3k go to collections?..

Anonymous — Wed, 30 Mar 2016 18:57:02 GMT

Hi. Call them. Find any type of work. Just accept someone to pay you till college.

I had a charge off go to collections.

That was 2014.

it is 2016 and that collection is not dropping till 2020. I have JUST HIT FAIR CREDIT CATEGORY since that 2014 charge off.

Dont be like me. Call them. Sell things on Craigslist. eBay. Part time work. Downsize your current living, who needs cable? Your future self will thank you.

Re: letting 3k go to collections?..

myjourney — Wed, 30 Mar 2016 19:01:35 GMT

I'll also chime in

Any and all creditors when the account goes to collections and is posted on your CR's will see this and likely close your accounts

Not just the one lender

So you need as stated above to 1st call them and address the issue with them for a viable solution

Re: letting 3k go to collections?..

Anonymous514 — Wed, 30 Mar 2016 19:23:19 GMT

This is just a possibility most likely Momma will just pay this off for me I just talked to her when she got home!

Re: letting 3k go to collections?..

UncleB — Wed, 30 Mar 2016 19:42:23 GMT

@bigalkescott514 wrote:
This is just a possibility most likely Momma will just pay this off for me I just talked to her when she got home!

If your Momma is able to help you out with this one, I would certainly let her!

Let us know if everything's OK... I'm rooting for you!

Re: letting 3k go to collections?..

ojefferyo — Wed, 30 Mar 2016 19:49:38 GMT

@bigalkescott514 wrote:
This is just a possibility most likely Momma will just pay this off for me I just talked to her when she got home!

It's nice of your mom to pay your debts, but if it were me I would try to figure this out on my own. Mom isn't always gonna be there to bail you out. That's part of being an adult, I'm not rying to bash on you or anything just stating what I would do.

Re: letting 3k go to collections?..

Anonymous — Wed, 30 Mar 2016 22:28:57 GMT

@ojefferyo wrote:
$3k in debt is not alot of money, call them and work out a payment plan. Letting it go into collection will almost certainly cause AA in most of your accounts.