Can't Pay

[DWS101344]

What is the name of your state? Oregon I have bills I can't pay. They are one unsecured bank loan and some credit cards. I am retired and on SS and a very small pension. Would it be better to pay a little each month ($20) or just stop paying completely? Either way my credit is shot!

[Blueshirts]

Don't EVER just not pay any debt that you owe.

My recommendation would be to write a letter of hardship explaining the situation and work out a comfortable payment plan that you can stick with. Most lenders are willing to work with their customers versus sending the debts to collectors.

Just my opinion.

[JETX]

Just curious....
Why is it that people have absolutely NO problem deciding to fill out and submit an application for a credit account and then have NO problem using the creditors money to purchase things.... then whine and cry "I can't pay" when the creditor wants his money that you used to purchase that 'must have' crap????

[tanja53]

Originally Posted by JETX

Just curious....
Why is it that people have absolutely NO problem deciding to fill out and submit an application for a credit account and then have NO problem using the creditors money to purchase things.... then whine and cry "I can't pay" when the creditor wants his money that you used to purchase that 'must have' crap????

Maybe because things can change in life.

You can loose your job. Cause of down sizing.

Divorce.
And there could be an accident.

Things happen that you dont plan or want to happen.

[debtcollector`]

Originally Posted by tanja53

Things happen that you dont plan or want to happen.

Then you plan poorly. The purpose of a plan is to handle incidents and surprises.

DC

[nrknlknek]

I would offer that the purpose of this forum is to share thoughts, experience and wisdom---not for debt collectors and others to pontificate about people's motives, ethics or life skills. That said, the initial advice given to the OP is correct. If the financial situation has emerged from some kind of catastrophic event that is documented, some lenders will agree to what are known as work outs. However, because of the significant levels of distressed debt, lenders must be aggressive in collecting, so OP will need to have his/her ducks in a row.

[enjay]

Even the best plans can fail depending on the circumstances. Were I ever faced with a situation in which I had to choose between food, housing, or paying off debt, debt would be my last concern. In the grand scheme of things it just ain't that important.

Fortunately, I've never been in a situation in which I could not pay my bills and my credit is good; however, I'm not arrogant enough to think that situations don't change.

[tanja53]

Originally Posted by debtcollector`

Then you plan poorly. The purpose of a plan is to handle incidents and surprises.

DC

That was a really naive comment.

So do you really believe that you can plan an accident, that you get unemplyed, that you loose your partner and so on.

From what planet do you come from.

If we could plan all what is happening in our lives we would
At least most of us.

My partner broke is back in an diving accident 4 years ago.
The guy he worked with in a team, let go of a big block without checking with the diver.

So I suppose it was my partners fault that he didnt know that this guy was going to do this.

I am pretty sure that my partner would love to wake up at least one morning without the pain he has.

Yep bad planing from him he should have known.