Please!, Some Information

What is the name of your state? Oklahoma

I received help on this website sometime ago, and I would like a little more Information if you folks don't mind.
I still have an account with the now Defunct NextCard Bank Credit card. My question is,
I have been able to sell what furniture we have and keep up with the payments, and I have been staying in touch with these folks and letting them know that I am disabled and am receiving assistance from the Veterans Admin. because I was in the Service during the Vietnam era. I have contacted them to let them know that I can no longer make the payments( And they have been nice to me), and tried to make some type of settlement which my Son said he would help if it wasn't too much money. However they refused to settle because I have always kept my payments up in the past. I apologized profusley that I was no longer able to continue making payments, they also said they were they sorry and that they hoped I could find a way to continue the payments. What should I do now and what will they do?, there is approx. 800,000 other people that also have accounts with them.

My Regards,
Norman25

[Ladynred]

Norman,

If you can't afford to pay them, then you can't pay them. Since you're on disability they can't garnish your income if they sued.
Even if you can make smaller payments, the account will be charged off in 6 months anyway (180 days of non or insufficient payment).

The rotten thing here is that they will NOT settle with you as long as the account is current. Once it starts to fall behind and gets to about 4 months past due, they will start to change their tune. Once it gets near charge-off, they will be more open to a settlement and you have some leverage. Once its charged-off and goes to a collection agency, your leverage for settlement is even better. The sad part is that in this process your credit will be trashed.

If you have to let it go, then let it go. I remember your posts from before and there's nothing much they can gain by suing you, so you should be relatively safe from that standpoint. Let it go.. they'll be willing to settle in a few months. Just make sure you make any settlement offers in writing and get the account reported as 'paid as agreed' or at the very least 'paid' on your credit report when you do. You also want a 1099-C so they can't resell any balance after settlement.

You're not dealing with NextBank or NextCard. You're dealing with NCO Financial systems. The bills/correspondence you get from them is printed with misleading information that it's from NextBank and that the address you're sending money to is "NextCard Payment Services."
I get the same letters. Ever notice how they changed colors from pretty to black-and-white?
Validate, validate, validate. They probably don't have the original contract you signed, or can't find it if they do. If they don't validat, you send a cease and desist claiming that you do not believe this debt is yours and you have no recollection of an account. You've been paying because of their scare tactics and harassment. That'll be the fastest way to be done with them.
If they do validate, send them a letter detailing that you are receiving money only from the VA, the money in your checking account is from that source only, and you have NO assets except those exempt under your state law. If you want to be really nice to them, send them a list of your assets and exemptions alreday pre-prepared:

[url]http://www.thebankruptcysite.com/exemptions/oklahoma.htm[/url]

Judgment siezure exemptions are the same as bankruptcy ones. Write up an affidavit that all of the money in your bank account(s) is money derived from VA benefits. Get it notarized and make sure it's filed with your bank. That's just protection in case NCO tries to get a default judgment against you and tries to sieze your account without your knowledge.
You send a cease and desist separate from that letter, but certified mail just the same.

They'll do the math and see that it's unwise for them to continue. If they do try to sue you, the judgment will hang over your head and you can possibly be hauled into debtor's examinations, where you'll have to tell them the same thing every time (that you don't have money and aren't hiding anything.)
Your options are to do this or declare bankruptcy, which you most certainly are. Either way, these scum will go away.

My God Bless each of you for this most helpful Information, I am so ashamed for not being able to make the payments, because I have never denied the fact that I have an obligation to repay these folks or anyone for that fact.
Again, thank you so much for your help

Norman

Don't feel ashamed. Lending is a risk-based business. Stuff happens. They TRY to make you feel ashamed so you'll pay up more quickly. The more feelings you involve in the matter, the less effective you'll be at dealing with it. Don't worry about ashamed or regretful.. just worry about you. You need money to take care of yourself, and you can't let these jerks try and take the money you need to live, now can you?