topic Re: Burn Paypal in Rebuilding Your Credit

Burn Paypal

Anonymous — Tue, 06 Mar 2018 15:46:57 GMT

I am trying to pay off 30k in debt with my 36k a year job, and i pay $2400 in debt each month. So I am slowly trying to pay everything, however, i only have so much in savings and its running out. So I need to possibly burn a creditor which I don't want to but I have so much going on that I can't get a 2nd job because my current job schedule wouldn't work out with a 2nd job. Anyways, I owe $5600 to Paypal Credit and my min. payment is $170, which i need to end up letting go. I never had anything in collections, so i want to know what the process is and what to expect if i don't make the payment anymore on this account? I will eventually pay them i just need time to build up a savings.

Re: Burn Paypal

Anonymous — Tue, 06 Mar 2018 15:51:41 GMT

Have you tried selling things you don't need on ebay, craiglist or yard sale? watches, shoes, electronics etc. Have you tried to minimize your bills? lower cell plan? cancel cable and keep netflix, unnecessary subscriptions? Have you tried asking family for help? I wouldn't do that just yet IMO (but that's just me). Try everything you can to make extra $$ on the side even if it's not a 2nd job.

Re: Burn Paypal

Anonymous — Tue, 06 Mar 2018 17:27:51 GMT

Only thing I have is internet so no cable, and i dont pay for a cell phone because my work provides me with one.

Re: Burn Paypal

Anonymous — Tue, 06 Mar 2018 17:39:05 GMT

When is your next payment due? i would use that time to come up with something. It's easy to hurt your credit but harder to get it back to where it was. This should be your last resource. Some do ch7 only/if it is the last resource and they want to get rid of ALL credit debt and other debt to start fresh. I wouldn't recommend on your case. Good luck.

Re: Burn Paypal

Anonymous — Tue, 06 Mar 2018 17:55:56 GMT

What is the breakdown of the $2400/month you pay on debt?

That number is at least double what minimum payments would be on $30k worth of debt.

Re: Burn Paypal

beutiful5678 — Tue, 06 Mar 2018 20:06:10 GMT

I would give them a call and explain the situation. Some lenders are flexible and willing to work with you if you are proactive about it.

Re: Burn Paypal

CreditCuriosity — Tue, 06 Mar 2018 20:30:05 GMT

debt consolidation loan? Just being curious as you certainly don't need to respond, but how does one get that much into debt I assume you are talking about CC debt with only making 35k a year? Best of luck, although I highly suggest you dont default or you are going to be in another purgatory.

Re: Burn Paypal

beutiful5678 — Tue, 06 Mar 2018 21:45:59 GMT

Also, are any of these debts medical debts? Personally, I approach paying back medical debt different than I do other debts.

Re: Burn Paypal

Jnbmom — Tue, 06 Mar 2018 21:58:23 GMT

What are your current rates on your other other cards? If you stop paying PayPal be prepared for your other creditors to jack up your rates and slash your limits as your score will take a nosedive and they will pounce

Re: Burn Paypal

Anonymous — Wed, 07 Mar 2018 01:33:24 GMT

@Anonymouswrote:
I am trying to pay off 30k in debt with my 36k a year job, and i pay $2400 in debt each month. So I am slowly trying to pay everything, however, i only have so much in savings and its running out. So I need to possibly burn a creditor which I don't want to but I have so much going on that I can't get a 2nd job because my current job schedule wouldn't work out with a 2nd job. Anyways, I owe $5600 to Paypal Credit and my min. payment is $170, which i need to end up letting go. I never had anything in collections, so i want to know what the process is and what to expect if i don't make the payment anymore on this account? I will eventually pay them i just need time to build up a savings.

You make $36,000 per year or $3000 per month and have debt of $2400 a month. that only leaves $600 a month for living expense. I don't see any way to make this work, you need more income or some way to reduce that debt. I hate to suggest this but bankruprcy may be your only choice.

Re: Burn Paypal

howellco2 — Wed, 07 Mar 2018 03:02:24 GMT

If you stop paying Paypal your other card compaines will most likely drop your limits of close your account and raise your interest rate

In the past i had a BofA Card never late kept small balance i had a late carpayment by accident they closed my card said my score went down

Re: Burn Paypal

Anonymous — Wed, 07 Mar 2018 17:11:18 GMT

	Due	Min. Payment
Capital One	$3,005.34	$83
American Express PRG	$853.00
American Express OPEN	$8,718.00	$303
American Express	$7,620.00	$136
Walmart M/C	$6,440.00	$220
NFM	$1,589	$64
Paypal Credit Card	$5,695.00	$170

	$33,920.34	$976

House Bills	Due Next Month	Payment
Mortgage		$779
Elec.		$75
Water/Sewage		$63
Gas		$58.00
Car Insurance		$117

		$1,092

Cars	Due	Payment
Fiat	COSIGN	$99.00
Truck		$324

		$423.00

Total		$2,491.00

I lost my job in June making 55k a year, and now i make 36k a year.

Re: Burn Paypal

fishbjc — Wed, 07 Mar 2018 18:02:04 GMT

Before you go this route, call TakeCharge America and speak to a specialist. My payments were greatly reduced and the interest was brought down to 0-6%. This was about seven years ago that I paid them off, but my experience was very positive. Don't ruin your credit. They will eventually sue for that amount.

Re: Burn Paypal

fishbjc — Wed, 07 Mar 2018 18:07:46 GMT

your payment will, most likely, be around $600 for five years if all the creditors play nice, then there is a small monthly fee of about $25 for them to handle the payouts.

Re: Burn Paypal

Anonymous — Wed, 07 Mar 2018 18:30:13 GMT

What about the debt relief companies?

Re: Burn Paypal

beutiful5678 — Wed, 07 Mar 2018 20:44:17 GMT

I would call the credit card companies themselves and ask to be put on a debt management plan. I think it closes the accounts, but it will lower your interest rate and minimum payments. Doing somthing through a third party company will cost you more money because they will charge you a fee.

Is it possible for you to get a rommate?

It sucks to be in this position and I can certainly commiserate having been in a similar position before.

Re: Burn Paypal

Anonymous — Wed, 07 Mar 2018 21:17:13 GMT

Here is some good advice for you! I burned PP Credit for almost $15,000, and their sister company billmelater for $21,000 on a newegg charge account. This was over 3 years ago. Never showed up on any credit reports and never heard another thing about it. If you're going to charge-off something ,do it with these guys.

Re: Burn Paypal

fishbjc — Thu, 08 Mar 2018 02:55:16 GMT

PP came after my sister right before SOL ran out...for around $2,000.

Once the other cards see those negatives on PP.....they are going to start raising interest and slashing credit lines anyway. Might as well be proactive and start making phone calls.

Re: Burn Paypal

Anonymous — Mon, 12 Mar 2018 19:21:32 GMT

I have heard two different things. Some people said they dont and others say they do report, so i might have to take my chances on that one. I am hoping I can get some type of increased income to pay over because we are going to be having a kid soon too.

Re: Burn Paypal

Anonymous — Mon, 26 Mar 2018 00:54:04 GMT

Any other thoughts? I am having a hard time finding a second night job... so i need something to do in the presence, i might just have to let this account go until i can save up $5k to psy it off after it goes to collections.