planetwalters said:
i guess i was hoping for more constructive advice. i've got four kids....i can't sell everything.
Okay, lets be a little more candid in our response.
You used THEIR money to buy whatever you bought. You promised to pay them back in a specific 'repayment plan'.... including interests and costs. You broke your promise. They expect to be repaid for THEIR money that YOU used. Pretty simple so far...
Now, you seem to use the excuse that you have four kids. How is that the credit card company's fault?? Of course, it isn't. YOU made the decision to have four kids... and presumably to support them. And the fact that you have four kids doesn't mean you can't have a garage sale or sell things that you no longer need... or use. Heck, you can even sell things you do need or use.... to repay them for allowing YOU to use THEIR money to buy YOU things. Getting the 'drift' now.....
i don't understand how they "can take everything". do i have any options?
They really can't take EVERYTHING... but they can certainly get a judgment against you for the full amount you owe, plus interest, plus costs, plus legal fees. Then, using that judgment seize any NON-EXEMPT assets you might have. Granted, Texas is a debtor-friendly state... but that judgment also can last forever (10 years, renewable)... and it continues to accrue interest and costs.
i wonder why they won't take $100 per month.
Let me explain why.... you admit to owing $8000 in debt. Since this is a credit card, it very likely continues to accrue interest at probably in excess of 20% per year (due to your default and breach).
20% of $8000 is $1600 per year. You are offering to pay them $1200 per year. At that rate, your entire annual payments are not even covering the interest!!!
do you think it is worth my time to offer a settlement of $2,000?
Hmmm.... so you admit to having $2000 to pay them!!!
Why not just pay them the $2000 you already admit to having... then you will only owe them $6000, plus interest.
Personally, I doubt that they will accept that... but they might accept $4000 or $6000. I suggest you try to borrow the difference... or put your kids to work.