|
|
  Warmblood with Wings
Posts: 27846
    
Location: Florida.. | gunsmoke - 2014-02-05 6:30 PM I am a process server. 85% of my serves right now are credit card debt. So then a few months after I'm noticing I have serves I'm doing for garnishment and liens companies are putting. Make any payments that can be made. Stuff happens in life but a bill is still a responsibility.
AGREE |
|
| |
|
Location: Philly | Unfortunately there are the types that will do whatever it takes to pay the bills and then there are others that have no worries about walking away from the debt responsibility. Neighbor simply left their double wide and after about a year and a half (I guess) the bank came and got it. Bank stopped by one day asking where they were....then you hear about people building houses on credit cards and the. Filing for bankruptcy, debt gone but get to keep the house. Guess everyone has a different outlook on how to handle debt. |
|
| |
|
 MEOW!
Posts: 4477
Location: High heels in the air... | They will take a settlement if he proves he cannot pay...get it in writing before making the settlement payment and make sure copies are sent to all 3 credit bureaus...this happened to a friend of mine who had a major illness and had huge medical debts...the hospital did pro bono and wrote off most of it...she settled the rest due to her deteriorating health for pennies on the dollar... |
|
| |
|
 Elite Veteran
Posts: 1119
| CowboyUp!!! - 2014-02-05 7:52 PM They will take a settlement if he proves he cannot pay...get it in writing before making the settlement payment and make sure copies are sent to all 3 credit bureaus...this happened to a friend of mine who had a major illness and had huge medical debts...the hospital did pro bono and wrote off most of it...she settled the rest due to her deteriorating health for pennies on the dollar...
I agree with this. He could probably settle the debt for a few thousand dollars. Would it be better to pay the whole thing? Yes. But if he settles the debt, and gets it in writing, then he is done with it forever. I would not advise filing bankruptcy over $15k. That follows you for the rest of your life, regardless of whether it's on your credit report or not. I work for a staffing agency and some of our clients will not hire someone who has had a bankruptcy. The only way it will "go away" is if he pays it. He's already behind, so settling the debt will not hurt him and his credit will start to repair itself quicker. |
|
| |
|
 Queen Bee Cat Owner
Posts: 3629
Location: Way up North | My best suggestion would be for him to contact whomever has his debt now if it has been sold and see about working out a settlement; a lawyer could do this for him as well and would have more leverage but it will cost plenty.
I'm in A/R right now and do a fair amount of collections work. We make every effort we can to collect on a debt in full, including interest. When that doesn't pan out we either sell to an outside collection agency or, in some cases, we settle with the client for a lower amount just so we can collect something which would likely still be more than we would get selling it to an ouside agency. We also report to D&B and a lot more companies do than people think.
As someone who has worked very hard to have an excellent credit score and live with in my means, it irritates me when someone tries to schirk their responsibilities and dump it on the rest of us especially those that file one day and seem to go off buying again tomorrow only to repeat the process. I can understand someone drowning in medical bills needing help but I'm not okay with someone buying themselves too deep and wanting a life jacket. |
|
| |
|
 Always Off Topic
Posts: 6382
Location: ND | a responsible individual would deal with the debt instead of shirking it off and going to school......nothing but selfish and then dump on those that loaned him the money.....too bad he can't just be kicked out of school....
Edited by dhdqhllc 2014-02-05 9:33 PM
|
|
| |
|
Elite Veteran
Posts: 617
| dhdqhllc - 2014-02-05 9:32 PM
a responsible individual would deal with the debt instead of shirking it off and going to school......nothing but selfish and then dump on those that loaned him the money.....too bad he can't just be kicked out of school....
hmmm Im all about people bettering themselves. He is not a selfish person at all. He does a lot for our community and is overall an honest person. People make mistakes and when fed incorrect info how to fix things = you shouldnt go to school? I think with an RN salary he'd be able to pay his bills off a lot faster. I will happily agree to disagree. Not everyone is perfect or goes about everything correctly. Not to mention that is very quick to judge someone. Sad.
Edited by cn1705 2014-02-05 11:50 PM
|
|
| |
|
Elite Veteran
Posts: 617
| MissouriJen - 2014-02-05 8:18 PM
CowboyUp!!! - 2014-02-05 7:52 PM They will take a settlement if he proves he cannot pay...get it in writing before making the settlement payment and make sure copies are sent to all 3 credit bureaus...this happened to a friend of mine who had a major illness and had huge medical debts...the hospital did pro bono and wrote off most of it...she settled the rest due to her deteriorating health for pennies on the dollar...
I agree with this. He could probably settle the debt for a few thousand dollars. Would it be better to pay the whole thing? Yes. But if he settles the debt, and gets it in writing, then he is done with it forever. I would not advise filing bankruptcy over $15k. That follows you for the rest of your life, regardless of whether it's on your credit report or not. I work for a staffing agency and some of our clients will not hire someone who has had a bankruptcy. The only way it will "go away" is if he pays it. He's already behind, so settling the debt will not hurt him and his credit will start to repair itself quicker.
Def. something to look into! Do you know anything about consolidation? I was wondering how that works. I'm thinking one big bill would be easier to pay monthly. We are both in school for nursing, so we both only work part time...which is more than most people in our class. lol |
|
| |
|
Industrial Srength Barrel Racer
Posts: 7268
| I have to wonder how he is "paying" for school. I went to school AND worked. I just don't have the kind of conscience to "walk away" from money I owe. I just couldn't live with myself over that. Guess I was just brought up differently. |
|
| |
|
Member
Posts: 14
| If you are in Wisconsin, there is an alternative to bankruptcy that also pays back the debts in full. Unfortunately in today's society, just talking to a creditor does nothing. They charge outrageous interest and fees and will pay those off before the debt accrued while they get bailouts and write-offs for taxes. Under Chapter 128 of the Wisconsin Statutes, a debtor files a petition to amortize the existing debt over three years. The local court approves the trustee and the consumer debt payments. The creditor cannot attempt collections or continue to charge fees once the court has approved the filing. The creditors are paid by the trustee every three months for three years. Because the creditors are paid in full at the conclusion of their term, the credit report will reflect balance paid in full under agreement. Debts will be paid in full, credit reports don't have a bankruptcy listed, and the debtor has 3 years to pay off the entire balance of the debts they accrued. I feel this is a WIN-WIN. Its a very unique opportunity for residents of Wisconsin and can be discussed with any attorney or looked up on the internet under Chapter 128 Wisconsin Statute. |
|
| |
|
Elite Veteran
Posts: 617
| Griz - 2014-02-06 5:40 AM
I have to wonder how he is "paying" for school. I went to school AND worked. I just don't have the kind of conscience to "walk away" from money I owe. I just couldn't live with myself over that. Guess I was just brought up differently.
Its a technical school so tuition is a lot cheaper. They have a payment plan you can do.
Its not right to walk away, but when he has people saying "O your credit is poop now, it goes away in x years, don't bother" I mean I can see where he would think that as an option because that's the direction dumb people have told him to go. For your sake I hope you were brought of differently, I sure was also. I am lucky to have a supportive family with ethical values, not everyone is that fortunate though. Although this is a crappy circumstance, I think people mistakes should not define then as a person. |
|
| |
|
Always Off Topic
Posts: 6382
Location: ND | Griz - 2014-02-06 5:40 AM I have to wonder how he is "paying" for school. I went to school AND worked. I just don't have the kind of conscience to "walk away" from money I owe. I just couldn't live with myself over that. Guess I was just brought up differently.
agreed.......a mentality that is becoming more and more common... |
|
| |
|
Elite Veteran
Posts: 617
| dhdqhllc - 2014-02-06 9:55 AM
Griz - 2014-02-06 5:40 AM I have to wonder how he is "paying" for school. I went to school AND worked. I just don't have the kind of conscience to "walk away" from money I owe. I just couldn't live with myself over that. Guess I was just brought up differently.
agreed.......a mentality that is becoming more and more common...
I do agree, hence why people think its the norm. How many bankruptcy commercials do you see on tv? I know a few people that have claimed bankruptcy.. Its nuts. Things DO happen though-I'm not saying its ok...but I have a friend who has cancer. Insurance only covers so much.
Morals of America have turned for the worst in all aspects. BUT lets just keep this on debt now... lol or we will have a 50 page thread and people who needs lots of popcorn!
Edited by cn1705 2014-02-06 10:29 AM
|
|
| |
|
 Fact Checker
Posts: 16575
Location: Displaced Iowegian | dhdqhllc - 2014-02-06 9:55 AM Griz - 2014-02-06 5:40 AM I have to wonder how he is "paying" for school. I went to school AND worked. I just don't have the kind of conscience to "walk away" from money I owe. I just couldn't live with myself over that. Guess I was just brought up differently. agreed.......a mentality that is becoming more and more common...
 You can sure tell the ones who are from the "old school" ethic that you TAKE responsibility for your actions.....It just makes me breathe fire when I see all these posts suggesting that he SKIP out on his obligations.......what about the people or companies that he OWES money to.....what should THEY do when they aren't paid? |
|
| |
|
Always Off Topic
Posts: 6382
Location: ND | NJJ - 2014-02-06 10:30 AM dhdqhllc - 2014-02-06 9:55 AM Griz - 2014-02-06 5:40 AM I have to wonder how he is "paying" for school. I went to school AND worked. I just don't have the kind of conscience to "walk away" from money I owe. I just couldn't live with myself over that. Guess I was just brought up differently. agreed.......a mentality that is becoming more and more common...
pass it on to the paying customers....... |
|
| |
|
 More bootie than waist!
Posts: 18425
Location: Riding Crackhead. | Pay $5 every month until he gets his poop in a group. If he's eager to find a way out of paying it back then I'm not sure that's ever going to happen. Some people think its ok to skip out on tens of thousands owed, I for one am not one of those people.
You said your friend is in a vocational school which is usually a 2 year program but you said he quit paying in a couple years ago so isn't he about done with school so he can work more? $15,000 isn't that much money. Live on mac and cheese, ramen noodles and bologna sandwiches and start paying back the money owed. Don't always look for the easy way out.
As far as consolidation goes I have no idea how to go about it but I would imagine it would save tons of money in interest alone. Start checking around and asking questions at banks or social services. |
|
| |
|
 That's White "Man" to You
Posts: 5515
| Why would a bank or anybody else do a consolidation for someone who hostorically hasn't been very faithful in paying his obligations? Especially for someone who doen't have any assets? If he does have assets, they will be liquidated in bankruptsy court, so why not just sell them and pay off the debt? Even after bankruptsy, you can get loans, but you pay about 25% interest, and end up in exactly the same boat he is in now. THIS IS HIS ONE OPPORTUNITY TO SET HIS COURSE IN LIFE. If he doesn't pay, he will never get on top regardless. If he does pay it, however long it takes him, it demonstrates his character and people will see that and give him a second chance! It is up to him, but he needs to talk to the creditor and work out a plan. |
|
| |
|
Industrial Srength Barrel Racer
Posts: 7268
| NJJ - 2014-02-06 10:30 AM dhdqhllc - 2014-02-06 9:55 AM Griz - 2014-02-06 5:40 AM I have to wonder how he is "paying" for school. I went to school AND worked. I just don't have the kind of conscience to "walk away" from money I owe. I just couldn't live with myself over that. Guess I was just brought up differently. agreed.......a mentality that is becoming more and more common...
HA - YES, I am OLD!  |
|
| |
|
 Cute Little Imp
Posts: 2747
Location: N Texas | cn1705 - 2014-02-05 11:29 PM
MissouriJen - 2014-02-05 8:18 PM
CowboyUp!!! - 2014-02-05 7:52 PM They will take a settlement if he proves he cannot pay...get it in writing before making the settlement payment and make sure copies are sent to all 3 credit bureaus...this happened to a friend of mine who had a major illness and had huge medical debts...the hospital did pro bono and wrote off most of it...she settled the rest due to her deteriorating health for pennies on the dollar...
I agree with this. He could probably settle the debt for a few thousand dollars. Would it be better to pay the whole thing? Yes. But if he settles the debt, and gets it in writing, then he is done with it forever. I would not advise filing bankruptcy over $15k. That follows you for the rest of your life, regardless of whether it's on your credit report or not. I work for a staffing agency and some of our clients will not hire someone who has had a bankruptcy. The only way it will "go away" is if he pays it. He's already behind, so settling the debt will not hurt him and his credit will start to repair itself quicker.
Def. something to look into! Do you know anything about consolidation? I was wondering how that works. I'm thinking one big bill would be easier to pay monthly. We are both in school for nursing, so we both only work part time...which is more than most people in our class. lol
Do a google search for "credit consolidation" and "debt consolidation". There are lots of companies out there that can help him. And by help him, I mean make it to where he's paying one company for his whole debt, not "make it go away". I can't tell you what the process or interest is on those types of deals, but do know people who have used that type of service. When picking a company, be sure to look them up with the Better Business Bureau and make sure you're using a legit company.
I'm pretty sure you have to be a certain number of days delinquent, which he definitely fits that. He'd be wasting his time going to a traditional bank or credit union. I doubt they'd want to touch that, as far as consolidating into one loan goes. |
|
| |
|
 Friendly horse swapper
Posts: 4122
Location: Buffalo, TX | Whiteboy - 2014-02-06 11:16 AM Why would a bank or anybody else do a consolidation for someone who hostorically hasn't been very faithful in paying his obligations? Especially for someone who doen't have any assets? If he does have assets, they will be liquidated in bankruptsy court, so why not just sell them and pay off the debt? Even after bankruptsy, you can get loans, but you pay about 25% interest, and end up in exactly the same boat he is in now. THIS IS HIS ONE OPPORTUNITY TO SET HIS COURSE IN LIFE. If he doesn't pay, he will never get on top regardless. If he does pay it, however long it takes him, it demonstrates his character and people will see that and give him a second chance! It is up to him, but he needs to talk to the creditor and work out a plan.
Very well said!.......You are 100% right...this is his chance to set the course of his life in both having a good credit score so he CAN buy things...as well as starting a lifetime of having the good character to do the right thing....I know there are bumps in the road, but he's lucky to have someone like the OP who is actually asking how to help him...maybe she can get him going in the right direction, even if it's a little at a time.... |
|
| |
Folks on-line