Need help and information on collection agency!

cluelessbker started a blog post Need help and information on collection agency!
05-06-2008, 01:22 PM
Need help and information on collection agency!

I haven't made payments on my Capital One account for a few months. A debt recovery agent called and offered me payment options. He requested some personal information, recorded our phone conversation as an agreement for me to make a partial payment of $640 now and an auto monthly payment of $235 for 23 months. My current balance is about $6600. I also have other creditors I need to make payment to. Is this payment option a good idea or is it a mistake? I'm debating between filing BK or keep trying to make payments. I have about $70,000 debt. I don't own any real estate property nor a car. I only started my business 2 years ago under my name. I would like to keep running my business. I'm looking for a job to help me with the financial situation, but it takes time. Can someone give me some advise on what I should do in my situation? File BK or keep paying?

Thank you!
Tags: None
1 - 3

3 comments
- #1
  
  FirstChoice commented
  
  05-09-2008, 06:35 PM
  
  Editing a comment
  
  Before filing for bankruptcy Cluelessbker, their are alternative options...Check out www.firstchoicedebtrelief.com, we offer alternatives to bankruptcy and can guide you in the right direction.
  
  Call and ask for Kosh at 877-956-1500 ext 1037...we've helped thousands of people find an alternative to Bankruptcy. We might be able to help you. This program isn't for everyone and you would have to qualify, but its not based on good credit or home equity..
  
  Call to see if you can get prequalified!
  
  PS...This isn't a loan...
- #2
  
  newlawyergirl commented
  
  05-12-2008, 06:47 AM
  
  Editing a comment
  
  At least have a free consultation with a bankruptcy attorney so that you can make an educated decision about your options. There is no committment and you should be told everything you need to know in one hour. With that much unsecured debt, it may just be worthwhile in the long run to ruin your credit for a few years to be able to get your head above water again, if it doesn't significantly hurt your future business abilities and interests.
- #3
  
  JollyGG commented
  
  05-21-2008, 08:51 AM
  
  Editing a comment
  
  You would be better off putting your question in the forum part of this site instead of in the blogs. The blogs are a new feature and don't get much trafic at this time.
  
  There are very knowledgable people on the boards who can help you sort out some of your questions.
Previous template Next

You must be logged in to post a comment.

top Ad Widget

Announcement

Need help and information on collection agency!

bottom Ad Widget