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Thread: Debt Advice.

  1. #1

    Default Debt Advice.

    Well, I'm $1300 in debt obviously and my other bank sent me a letter of demand asking for $80.

    I'm just curious with my first debt, It's been a year and I haven't heard anything from a debt collector, is it possible it was written off as bad debt.

    With the $80 wtf do I do with that, I'm some how supposed to pay it off in 3 days, stupid bank sent out the letter a week ago and it just reached me.

    Although I haven't been contacted I checked my credit rating and it appears to be "very good" so wtf is happening here? or hasn't it been sent off yet.

  2. #2

    Default

    It is unlikely that it has been written off by a debt collector, frequently collection agencies will wait 1-2 years before they "seriously" try to call in your debt.

    This allows them to gain more interest on the money you owe.

    With the $80 amount, you need to pay the money to the bank, if you cannot, you need to let them know and close the account so that you are not fined additional money.

    Your best option, is talking to these companies and attempting to work out a solution or payment plan with them, some payment plans for debt can be as little as 20 dollars a month if that is all you can afford.


    Do NOT ignore this issue. it will not go away.

  3. #3

    Default

    Completely seconded. Do not ignore your debt, it will only get worse. Contact who you owe and work out a payment plan. If you were contacted by a third party stating you have to pay $80, then find out if who you originally owed has sold your debt to them. Contact that third party and work out your payments with them. You do not have to accept $80 per month either.

  4. #4

    Default

    As the others have said, don't ignore it. But at the same time, don't let it stress you out either. It's not really a huge amount. Just be responsive and you can probably work something out. That amount of money just isn't a big deal to them, they only need to know that you're not bilking them.

  5. #5

    Default

    I work for a public body and see many situations where people have ignored debt or simply been unaware of how to deal with it. The impression I get from your post is you may be starting to 'drift away' from your debts and are thinking or hoping they will disappear over time. The fact you are asking about whether the company has forgotten or written it off is worrying to me. It is the kind of conversation I have day in and day out with young people who have debts bigger than their incomes. As others have said dealing with the issue head on is the best way, just waiting it out and hoping for the best will get you nowhere.

    Companies will eventually write debt off but it will take a long time and you will have to avoid them for some time. Check what the statute of limitation is in your part of the world and that will give you some idea. Preserving your credit file seems important to you as well and the best way to keep the credit score high is by making regular payments, even if they are small. $1,300 is not a lot of money in the grand scheme of things but it will get worse if you do not deal with it quickly. Call them up and have am honest and grown up discussion about a possible, reasonable payment plan.

    In regards to the smaller debt, maybe a family member could lend it you or failing that ask the bank for a payment plan on that debt as well. I also suggest looking to a more dedicated forum for financial advice. Not that everyone here has not provided brilliant input, it is just that you may get some solid advice from those with more knowledge by spreading your resources. I found this one with a quick search.

    http://www.money-talk.org/forum4.html

  6. #6

  7. #7

    Default

    As above, don't ignore it, even if you think you can't pay the $80 in time.

    What creditors want is some kind of assurance that you're managing the debt responsibly. In my experience (admittedly a long time ago, and in the UK), if you draw up a list of your incoming and outgoing money, work out what you have spare, and show this to your bank, with an agreement that you will regularly pay a much smaller amount than they're asking (even if it's $25 a month), they'll often be willing to accept. (Of course they'll probably withdraw future credit until you are in a better position.)

    By being honest with your creditors about what you can afford, they will see it as a kind of "take it or leave it" situation. If they can see that you haven't got any money, there's no point taking you to court to get something you don't even have. They might as well get what little they can off you.

    If you just ignore them, or fail to pay anything because you can't afford it (without explaining this to them first), they will fear that there's no chance of getting anything back off you unless they drag you through the courts and strip your assets... so to speak.

    When you make a list of your incomings and outgoings, you'll also have to demonstrate that, once you've paid for the essentials, you're paying off any debts as a priority. So, if you have the most expensive cable/satellite TV subscription, you'll be expected to downgrade (as soon as the contract allows), etc.

    Judging by your other threads, I think you also need to draw up a legally binding contract with your mother if she's demanding money off you. At least if everything is in black-and-white you know where you stand and you have the law on your side.

    Good luck. I hope you can sort it all out quickly. You'll feel much better once you have :-)

  8. #8
    mikejames

    Default



    Quote Originally Posted by Binary View Post
    Well, I'm $1300 in debt obviously and my other bank sent me a letter of demand asking for $80.

    I'm just curious with my first debt, It's been a year and I haven't heard anything from a debt collector, is it possible it was written off as bad debt.

    With the $80 wtf do I do with that, I'm some how supposed to pay it off in 3 days, stupid bank sent out the letter a week ago and it just reached me.

    Although I haven't been contacted I checked my credit rating and it appears to be "very good" so wtf is happening here? or hasn't it been sent off yet.
    Why is the bank "stupid" for demanding you repay the money you promised to repay? Your lack on integrity isn't the bank's fault.

    No, it was not written off, very unlikely. Pay your debt.

  9. #9
    MarchinBunny

    Default

    Everyone's advice is to not ignore it XD. Even though I have a debt and totally did exactly just that. Although in my defense there isn't any way I can pay it, so don't have a whole lot of choice. o.o

  10. #10

    Default

    I had more debt than that and I am currently paying off the biggest one $50 a month because that's all I can afford. If you have several different amounts of debt make sure you pay off the biggest one first and make sure you're making a payment on the principal because if you're not more interest could add up.

    Edit: I might add that these were from a credit card company that had turned them over to a collection agency who let me choose how much I could afford to pay. Try to compromise with them.
    Last edited by AceAlienBabe; 01-Feb-2017 at 22:14.

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