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Creditor does not settle - What can I do?

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taylor
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Subject: Creditor does not settle - What can I do?
 
 Posted on Thu Jul 02, 2009 5:57 am  
I have too much of credit card debt and cannot afford to make payments as I been laid off from job recently. I am only 3 weeks late in making payments but have managed to remain current with my home loan. I called my creditor to settle the debts but he said it is not possible as I am only 3 weeks late on payments. I have enough savings to run the household but cannot afford to pay for my credit cards? Do I have any other option?
rachael



Joined: 11 May 2009
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Posts: 234



6581 Magic Points
 
 Posted on Thu Jul 02, 2009 8:23 am  
Hi taylor,

I would suggest that you use your savings account for all your household expenses, to stop accumulating any more debts on your credit cards . You can stop making payments for your credit card. You can just hope that eventually your creditor passes your accounts to a collection agency. I think it will be easier to settle the debts when it gets older. Meanwhile you can save as much cash as you can, which you can use to pay down your debts.
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Looking forward to a debt-free life.

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