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  #1  
Old 05-26-2009, 12:13 PM
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Can I stop paying on a credit cards?

What is the name of your state (only U.S. law)? PA
I have been unemployed now for 8 months. I have been told by my credit card company that I do not have sufficient income to qualify for a program that would reduce my monthly payments from $260 at 29% to $149 at 6%. (If they don't think I can afford the $149, what makes them think I can keep paying th $260?) Is there a way I can notify them that I am going to suspend all payments until I find a job, without filing for bankruptcy and without incurring a National Debt-sized accumulation of finance charges and late fees?
  #2  
Old 05-26-2009, 12:32 PM
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Quote:
Originally Posted by DMcJaded View Post
What is the name of your state (only U.S. law)? PA
I have been unemployed now for 8 months. I have been told by my credit card company that I do not have sufficient income to qualify for a program that would reduce my monthly payments from $260 at 29% to $149 at 6%. (If they don't think I can afford the $149, what makes them think I can keep paying th $260?) Is there a way I can notify them that I am going to suspend all payments until I find a job, without filing for bankruptcy and without incurring a National Debt-sized accumulation of finance charges and late fees?
In a word: No.
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  #3  
Old 05-26-2009, 05:12 PM
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Quote:
Originally Posted by Zigner View Post
In a word: No.
good answer...good answer (OMG ~ for a moment there, I felt like I was on Family Feud).
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  #4  
Old 05-27-2009, 01:00 AM
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OMG ~ for a moment there, I felt like I was on Family Feud
Survey says... pay your debt!
  #5  
Old 05-29-2009, 01:19 AM
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Originally Posted by wyett717 View Post
Survey says... pay your debt!
It's clear that his credit card company knows he can't pay and is trying to push him into bankruptcy. They know more than you do.
  #6  
Old 05-29-2009, 01:20 AM
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Quote:
Originally Posted by DMcJaded View Post
What is the name of your state (only U.S. law)? PA
I have been unemployed now for 8 months. I have been told by my credit card company that I do not have sufficient income to qualify for a program that would reduce my monthly payments from $260 at 29% to $149 at 6%. (If they don't think I can afford the $149, what makes them think I can keep paying th $260?) Is there a way I can notify them that I am going to suspend all payments until I find a job, without filing for bankruptcy and without incurring a National Debt-sized accumulation of finance charges and late fees?
Why are you trying to avoid bankruptcy? Do you have more assets than bankruptcy would protect?
  #7  
Old 05-29-2009, 01:31 AM
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Originally Posted by cosine View Post
It's clear that his credit card company knows he can't pay and is trying to push him into bankruptcy. They know more than you do.
Oh yes cosine - it is clear as day . It is also crystal clear that he shouldn't have been whipping out the plastic.

And when the heck did you become the FA crystal ball
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Dang the Persephone for eating those pomegranate seeds. It is because of her urge to snack that we must suffer through the winter that will soon be upon us.
  #8  
Old 05-29-2009, 04:44 PM
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It's clear that his credit card company knows he can't pay and is trying to push him into bankruptcy. They know more than you do.
Glad you picked up on the sense of humor...

If OP can't pay, he shouldn't have spent the money. OP asked if he can tell the company that he is going to put payments on hold; the answer is no, he can't.
  #9  
Old 05-29-2009, 04:47 PM
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Quote:
Originally Posted by wyett717 View Post
Glad you picked up on the sense of humor...

If OP can't pay, he shouldn't have spent the money. OP asked if he can tell the company that he is going to put payments on hold; the answer is no, he can't.
Of course he can tell them that! It won't relieve him of any of his responsibilities to pay though
__________________
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*
The information I gave is based on my 7 seconds of research on Google. Review the information yourself to make an informed decision.

Communication is KEY - 10 mins of talking now can save you months of headaches later!

Masterfully stating the obvious to the oblivious! (Thanks SP!)

Tell it like it is! When all else fails, make up a statistic!

Gender references shall apply equally to the other gender. I will not correct gender mistakes (unless I want to)
  #10  
Old 05-29-2009, 05:10 PM
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Quote:
Of course he can tell them that! It won't relieve him of any of his responsibilities to pay though
Exactly. I was going to add that to my post, but I figured it was understood.
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