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Don't Know if This Would Make Sense

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    #1

    Don't Know if This Would Make Sense

    I have drafted a letter to send out to my creditors explaining what has transpired to us financially over the last couple of years. I am very far behind on most debts and some debt is with collection firms, some still with OC, most at least 90 days past due. I want the creditors to see me as a cooperative debtor and willing to try and do something. My hope is that they will work with me on some kind of deal to settle the debt or at the very least slow down the collection process (filing suit, etc). I would like to avoid filing because of my job. I know I can't be fired, but it can hurt my career.

    I really need for some time to pass so I can get back on track. My income is down 40%, I just can't keep up, I have never felt so hopeless.
    Take $10 billion from the government and then sue me...nice
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    #2
    Remember, any information that you give them could be used against you at a later date. Every state is different but the statute of limitations could restart with any agreement. Particularly with Collection Agencies. Maybe you could seek the advice of an attorney before sending anything.

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      #3
      Originally posted by Bell30656 View Post
      Remember, any information that you give them could be used against you at a later date. Every state is different but the statute of limitations could restart with any agreement. Particularly with Collection Agencies. Maybe you could seek the advice of an attorney before sending anything.
      I understand...the statute of limitation is quite long, and there is no way I have what it takes to ride it out that long. I just want to try and get rid of what I can and delay what I can for a s long as possible.
      Take $10 billion from the government and then sue me...nice

      Comment

        #4
        People sometimes get caught up in wanting to do the "right" thing without realizing their idea of the right thing is not the law's idea of the right thing. As difficult as it can be, sometimes doing nothing is better than doing something that winds up hurting you.

        A good example of this is want your lenders to see you as "cooperative". Why? Why does that matter to you? Because you think that if you cooperate with them they are more likely to cooperate with you? Oh ha ha ha. What they want is your money. You might be able to string them along; you might not. Meanwhile, you may inadvertently give them information that they can use against you in the future.

        So no, I wouldn't send the letter based upon what you've written. The risk just isn't worth the reward.
        So the poor debtor, seeing naught around him
        Yet feels the narrow limits that impound him
        Grieves at his debt and studies to evade it
        And finds at last he might as well have paid it.

        Comment

          #5
          CC holders did not want to listen to my pleas (!) when I begged them to reconsider instead of tripling my minimum payments, raising interest rates, and cutting credit lines.... all, by the way, after NEVER in my life having missed a payment of any sort, and while not nearly being near any credit limits.... ALWAYS meeting my obligations... all did not matter, and they screwed with me anyhow, WITHOUT CAUSE...

          I therefore do not believe that trying to talk to any of the SOBs would make any difference... just more deaf (deft ? ) ears.

          But... who knows, maybe you are more persuasive than I....(?)

          Comment

            #6
            You've seen one too many of those "Your cc's will work with you in these tough times" commercials. (I think they were put out by a group of them a few months back, including BOA.) I think they will see you as easier prey (weak) and anything you promise them they will gladly use against you if you are not able to come through later on your promises. After all, things do change. Otherwise none of us would be here. I highly doubt that you can find anyone here with a positive story about the cc's helping them through their tough times. You and your debt are a number. Sure, some of them are now trained how to be nicer and more compassionate over the phone. Why? To get more money. Not one is a nonprofit company.
            1/15/10 Filed ch7 2/18/10 314 meeting
            2/22/10 Report of No Distribution
            4/20/10 Discharged 5/20/10 Closed!

            Comment

              #7
              OK, sounds like the verdict is in...
              Take $10 billion from the government and then sue me...nice

              Comment

                #8
                Originally posted by jwmc1 View Post
                OK, sounds like the verdict is in...
                The verdict is in. Don't give them anything of the sort. Every communication with them will be used in an attempt to collect the debt.

                The will work with you only as long as you're paying. When you don't pay, you will understand that they are not your friends......

                Good luck.
                All information contained in this post is for informational and amusement purposes only.
                Bankruptcy is a process, not an event.......

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