Hey everyone, im a full-time student and this past summer i received a Capitol One credit card with a $300 limit. Once i had reached my limit i started making payments. Everything was going smooth until I was a couple days late and i started getting these extra charges. well one thing led to another and now instead of owing like $300 i owe over $600. monthly payments have jumped up to $60 a month. Im cant and wont be able to make these payments at least while im in school, what is going to happen. And yes i do understand my credit is destroyed, i know that much.
-
-
anyone out there? just wanting to know what the outcome is going to be from me not making my payments. I live off my G.I.Bill ($650/month) which covers rent, food, gas, and other misc stuff. what is going to happen besides very bad credit scores? -
That debt could possibly turn into triple the amount after they charge interest/fees blah blah and it gets turned over to a CA.
Is that your only debt?
It isn't much and may be under the radar to sue you for, or they could sue you in small claims, but I doubt if for 600.00.
It will probably be charged off and sent to collections and ding your credit for 7 years.
Can you work something out with the CC company? See if you can send them 20.00/month.
You could collect cans from your college buddies beer habit and have that puppy paid off in no time.
For 600, it is not worth ruining your credit for, in my opinion.
What about a Summer job? Pick up a bussing job at a restaurant for the summer and just pay it off. And then don't apply for credit again until you graduate and have a job and savings account.
That is why I hate those CC companies that market to jobless college students, it is too easy yo get the credit and then whammo, the kids are in debt and in default before they graduate.Comment
-
First thing you do is cut that card up and throw it away.
Call the bank and explain your situation. They may waive the late fees for you. If you stop paying for a few months they may offer you a settlement.Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -RickComment
-
Originally posted by OhioFiler View Post
Yes, I haven't touched the card in months its my only credit card, not sure how i got approved, i didnt even have a job at the time! and still dont. Thank you for the reply!Comment
-
I forgot to mention an important thing in the matter, I believe the debt has been turned over to a collection agency from texas, i stoped making payments 4 months agoComment
-
Even better. They probably bought the debt for $25. Offer them $50.Originally posted by Brandon85 View PostWell, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -RickComment
-
Check out this site too for credit info: www.creditinfocenter.com
The entire site is devoted to handling collections and debt.Filed CH 7 9/30/2008
Discharged Jan 5, 2009! Closed Jan 18, 2009
I am not an attorney. None of my advice is legal advice in any way..Comment
-
Yes i could afford to make $20-40 payments but the last letter i received from the CA said something like my debt was $600.00 and not sure what the payments would be...hold on ill look at the letter they sent me...Originally posted by dingdong View PostComment
-
Originally posted by Brandon85 View Post
I'm serious. Tell the assclown you don't have a job and if they want ANYTHING, they'll take your offer. Let them know you are judgement proof, meaning you have no assets or wages to garnish.
Offer them $50 and they'll probably counter with $200. Then offer them $60.Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -RickComment
-
ohhh so thats what judgment proof means!! i had been reading the term on this forum all day and didn't really understand what it meant. Yes, then if being ridiculously poor means you are judgment proof then yes I am!Originally posted by OhioFiler View Post
A serious question though, how in the world did a CC company approve me in the first place. Seriously it took me less than 5 minutes to get approved for this card and i didnt have a job, how the heck does that happen?Comment
-
Another route you could go is just wait it out. After a few months at the CA, dispute the entry on your CR, and it may just go away.
It could pop back up and be resold. If you do make a settlement agreement , try and get a pay for deletion in the agreement and assurance that the remaining balance will not be further sold to any more CA down the line.
They as mentioned before will probably start sending you settlement offers, but beware, they will continue to add interest and penalties up the ying yang, so you can probably count on that 600.00 growing into a larger debt that is reported on your CRComment
-
If you negotiate on this with the CA, make sure you get everything in writing before you send them a dime!
Filed CH 7 9/30/2008
Discharged Jan 5, 2009! Closed Jan 18, 2009
I am not an attorney. None of my advice is legal advice in any way..Comment
-
These banks are betting you'll graduate from college still owing them some money and stay with them as a loyal customer until you die thus making hundreds of thousands of dollars off you.Originally posted by Brandon85 View PostWell, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -RickComment
Comment