Lower CC payments

[percy]

My current minimum is 350 a month because of raising interest rates, keep in mind I have NEVER in 8 full years MISSED a single payment or been late for a single payment, not once, paid the full MIN every month on time but they keep raising the rates anyway.

So I cant do it anymore.

My question now is if I just send them 50 dollars a month for like say 7 months while I CONSIDER whether to go BK or just walk away since I have no assets and am collection proof, will they STILL sue me and get a judgement and proceed with collections if I only send them 50 instead of the 350?


Anyone know how CC companys respond to this type of thing?

Thanks in advance?

[DebtEnder]

Any payment under the min is considered to be a missed payment and allows them to proceed with suing you. Don't waste your money.

Some years ago I sent a check in where I forgot to add the 20 cents to the check and just did the whole dollar amount. They hit me with the 39 buck late fee. I was at least able to get them to rescind the rate increase however as I agreed to pay the 10 dollar convenience fee to pay by phone the late fee and missing 20 cents.

[percy]

Any payment under the min is considered to be a missed payment and allows them to proceed with suing you. Don't waste your money.

Some years ago I sent a check in where I forgot to add the 20 cents to the check and just did the whole dollar amount. They hit me with the 39 buck late fee. I was at least able to get them to rescind the rate increase however as I agreed to pay the 10 dollar convenience fee to pay by phone the late fee and missing 20 cents.

Thanks for the answer, I think youre right. Although it may make me look better to any judge that i was at least trying, in the long run it will make little difference since I will never pay this off.

At this point my options are to just walk away since I have nothing they can take, and then maybe 8 years down the road offer them a settlement for pennies on the dollar, OR go BK which at least ends it all and puts it all behind me.

I just wish someone would help answer my main question in all my threads, since I have 3 old vehicles that i would really like to keep since I can fix them myself, newer vehicles I cannot, and since I will never be able to buy a new car, id really like to keep these 3 old trucks and work on them as they break, they arent worth more than 1000 each if that and I am allowed 5000 exemption for ONE VEHICLE but since all 3 of mine do not equal 5000 I am wondering if the trustee would let me keep all 3 or would he/she really come and tow away 2 of of myt old 1970s beat up trucks.

Anyone have experience with the trustee letting people keep things on their asset list that was BEYOND exemption or do they actually come and take every little thing?

This is really the deciding point and any comments on this would really help me, I appreciate your time and comments.

[LimpDisc]

Two of the trucks do not run? I'm not even sure they consider it a vehicle if it doesn't run. I know the trucks might be worth something to you, but I would think a trustee would look at a non-running 1970 truck as junk. The trustee will be looking for assets that he can turn a quick sale on.

[DebtEnder]

I agree with LD if the assets are worth so little it would cost more to haul them off and sell them the trustee will likely abandon them back to you.

No one is going to want a 70's era pick up truck save you

[aljohnson007]

UNLESS, it has been restored to "collector" status. If you are collection proof, a creditor could still get a judgement and if you ever registered a vehicle, I believe they could take it. IMO, don't pay a cent more, file C7 and get on with your life.

[OhioFiler]

Your trucks are safe. Their only value is as scrap and I'm sure you can exempt that amount.

[percy]

Thanks much! They are definitely not collector or restored vehicles just old work trucks i use for things around the house, they need various work done to them that i havent been able to do so they really arent worth much as they are now, even running they are probably worth only 600 or so, more hassle for the trustee to deal with selling.

I dont like the idea of a judgement hanging over my head either so I thinik chap 7 is the best course of action.

[frogger]

I tried that with one of my accounts serviced by GEMB. Required payment was around 400, I sent in 125. Made no difference - calls started coming in hot and heavy. It did take 2 months of not paying anything for them to reduce my credit line.