Fell behind on CC payments

[Gracie3787]

What is the name of your state (only U.S. law)? Georgia

Due to husband's loss of income through a partial lay off, I have fallen behind in my CC payments. So far only one Co. is giving me a problem, Citicard.

Last month for the first time, I couldn't make the payment. Even though I have always paid in full and on time, they more than tripled my interest and added so many fees that I am now $345.00 over my credit limit even though I am only 17 days past due. They have offered to make an agreement with me to close the card and set up a payment plan to have the balance paid off within 1 year. This would stop the late fees but the interest will remain very high.

My question is this- if I agree to pay a certain amount, and then find that I can't pay that amount what kind of legal problems might I run into? The problem is that I just don't know what our income will be from week to week, and I'm afraid if I agree to pay a certain amount and then can't, I worry that it would be easier for them to take me to court and recieve a judgement quickly. I appreciate any advice anyone can give, I'm not used to not paying my bills, and I just don't know what the best steps to take will be.

 

[Antigone*]

What is the name of your state (only U.S. law)? Georgia

Due to husband's loss of income through a partial lay off, I have fallen behind in my CC payments. So far only one Co. is giving me a problem, Citicard.

Last month for the first time, I couldn't make the payment. Even though I have always paid in full and on time, they more than tripled my interest and added so many fees that I am now $345.00 over my credit limit even though I am only 17 days past due. They have offered to make an agreement with me to close the card and set up a payment plan to have the balance paid off within 1 year. This would stop the late fees but the interest will remain very high.

My question is this- if I agree to pay a certain amount, and then find that I can't pay that amount what kind of legal problems might I run into? The problem is that I just don't know what our income will be from week to week, and I'm afraid if I agree to pay a certain amount and then can't, I worry that it would be easier for them to take me to court and recieve a judgement quickly. I appreciate any advice anyone can give, I'm not used to not paying my bills, and I just don't know what the best steps to take will be.

Having them take you to court and receive & enforce a judgement is really not the way you want to go. Making an agreement and not sticking to it is not the way to go either - that may bring on a lawsuit.

You might want to consider calling a non-profit consumer credit counseling service. Stay away from anyone who is going to consolidate your bills or is in the business to make money. Look for a community-based service.

I'm hoping that DC or another member might be able to point you in the right direction. Whatever you do please keep an open dialouge with your creditors - it will hopefully afford you the most positive outcome.

take care, ana

 

[TigerD]

My question is this- if I agree to pay a certain amount, and then find that I can't pay that amount what kind of legal problems might I run into? The problem is that I just don't know what our income will be from week to week, and I'm afraid if I agree to pay a certain amount and then can't, I worry that it would be easier for them to take me to court and recieve a judgement quickly. I appreciate any advice anyone can give, I'm not used to not paying my bills, and I just don't know what the best steps to take will be.

If you make an agreement with the in house collector and break it, they will place the account with an outside agency after a short period of time. The CA is much less willing to work with you.

DC