I am going through some rough times with a recent breakup and therefore loss of disposable income. As such I had been unable to maintain paying two credit cards so far. They are both in collections now, one from Chase at 10,000 and another with GE Money (Paypal) $4500. I have ignored calls from the credit card companies since I really didnt have any good answer for them. Now the collection agency is starting on me. I hear all sorts of advice on what to do but it's sometimes conflicting.
Right now I could probably pay about $75 on the one and $40 on the other. Should I call them back and make the offer, and also, I know that they settle for cents on the dollar but if I make an offer of a monthly payment, whats to stop them from making it last 10+ years so they get most of it back anyway? I hear that you should never talk to them on the phone, so do you just send letters back and forth?
As far as my assets go, I do have a house but it's only been two years so far at this one, and I doubt there is much equity in it at this point. Other than that, I have three cars but only two suitable to drive, and they arent worth much (1993 and 1994).
Message Edited by SeanAndrews on 07-14-200810:14 AM
Oh I am definitely within the SOL. I don't even know how an amount that high would get *out* of the SOL. So do you think they will definitely sue even if I make an offer as above? I just dont know what they consider "acceptable" on a 10 grand account. I defnitely cant pay a lump sum, it will have to be monthly.