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Hi I owe $5000 on a cc and couldnt afford payments. I called cc co. and they agreed to a $50 per mon payment @ 10% interest for 6 mon. Of the $50 approx $8 came off the total amt.The problem now is 6 mon later I cant afford the payments, its a choice between shelter, food for kids. I noticed after the 6 mon the cc co. kept taking the auto deductions from my acct, so I stopped them. Now I haven't made a payment in 2 mon. What should I do? My mother in law said she would loan me $1200 for a settlement. Any help would be greatly appreciated.
credit card payment
Hi Emelo,
If your mother in law has decided to get you a loan, it' swell and good. You can pay off most of your debt using that loan. In the meantime try to save more money. Saving more money can be achieved through various measures like saving from daily utilities. For more details you can refer to http://www.creditmagic.org/money/save-utilities.html . Other than this you can also try to get a new job.
Hope this helps.
Regards,
Aaron
has the cc offered any settlement?
I honestly can not quite seeing the credit card compnay accepting the lower amount for a debt that is five thousand. Is the debt still this high or was that the amount before you started making the 50 dollars payments. Usually they want at least fifty percent of the value. Maybe you could put that amount down and continue to make some type of payment. One thing is for sure you will need to do something. Let us know if this is still the total and anything else you may feel is useful.
I don't think that they will settle for 1200. and I don't think it will be helpful to give the cc the money as you won't be able to pay your Mother in law back. I would not take her money if possible.