Minimum payments on loans, is $10 an option

[jack81]

Ok so I'm trying to hold off on filing BK right now. However, all accounts are current. Is it an option to send $10 for minimum payment say if the actual is $100? Atleast this shows I'm trying to pay. I don't have a job, no health insurance and my last paycheck is lost in the mail. Please advise.

[Andyman]

The CC companies don't want the $10...they want the $100. You'll most likely get charged some fees like being late or whatnot and before you know it, your minimum payment will be $200 and that's not taking in the fact that they will probably raise your interest rate to the max.

[ready2puke]

I owed AX a whopping 550 or so and I missed a payment actually by mistake. They called, I answered.. this is before I really stopped paying. The guy was a jerk..wanted me to commit to pay about 150 I said I would commit to something..I paid them 15. they closed my accounts on both my cards. I was current on the other one. Any is right if you dont pay their min. then save your money... I wish I still had that 15. Boogers..!!!!

[jack81]

I think as long as you stay in contact with the creditor, let them know what's going on and that your trying to make the pmts it should work out. My backing is lending and I should have known better not to get into this mess.

[GreenInkOnPaper]

Unless you have an agreement with the lender, they will report you as delinquent on your credit reports. If you intend to discharge the debt, I would stop paying, unless you need it for your means...

[jack81]

no i do not need it. i don't care if it reports delinquent either. just don't want the harrassing calls for a few months.

[GreenInkOnPaper]

Yeah, I hear you. They will call if you don't make the minimum without consent. You might try calling them and say, "Hey, I'm going through tough times, blah blah blah...Can I go ahead and send you $10?"

[jack81]

yea i hear you. i made a promise to myself and that is i won't do this again. crazy the more money you make the more you spend.

[HHM]

Don't waste money sending less than the amount owed unless you have an agreement with the lender to accept less than what is owed. Voluntarily sending less than the minimum is still a default and won't stop anything.

[Doghouse]

I paid $20 to all my CC accounts the last day before I stopped paying just to make it appear I was not favoring any of them. Most CC's didn't bother me until after next billing period when I was officially 30 days late.

[TEW]

I think as long as you stay in contact with the creditor, let them know what's going on and that your trying to make the pmts it should work out. My backing is lending and I should have known better not to get into this mess.

If you are going to file don't pay them and don't talk to them. I don't think there is such a thing as working with your creditor.

[epiphany]

Don't waste money sending less than the amount owed unless you have an agreement with the lender to accept less than what is owed. Voluntarily sending less than the minimum is still a default and won't stop anything.

True. Don't waste the money.

ep

[rockyroad]

Don't pay...I paid AMEX $500 and they closed my account within a week and the CA started calling. Granted it was a $48k balance!!!

[StartingOver08]

I have a little story. Well, this is going to sound a little weird. But before I filed I closed one of my accounts that had a $10k balance on it - I was current on the account and had been since the beginning - for about 8 yrs. One of those accounts you payoff then use again and pay off again. In July I sent a letter CMRRR closing the account even though the balance was $10k. I knew I was going to file in the next couple of months. I filed BK CH 7 on 9/30/08. Just got a copy of my credit report and that particular trade line is showing IIB - but there is a notation that the account is closed by ME rather than the credit grantor. I mention this, because I would, if I were you, send the letter closing the accounts rather than the $10. It may or may not make a difference in the credit scoring model, but I think it will make a difference if someone actually ever looks at the body of the credit. The $10 will not help you at all - either with the creditor or the BK, it really is wasted money - better for you to keep it.