Subject: DONT HAVE SS# AND CANNOT PAY MY CREDIT CARD DEBT
Tue Mar 02, 2010 4:33 am
I have a question about not paying credit cards. I just sign up for this forum and hopefully u guys can answer my questions. I have few credit cards some of them limit is 300$ some of them 2000$ . my total debt on all of them is not more than 6000$. I was paying my bills always on time-never late for-6years. lately my financial situation got very bad and im not able to pay anymore. I was plannig to do bankupcy but this cost money too which i obviously dont have. so my 2nd plan is to not pay at all because i dont have asets anyway. i just dont want collectors to bother me.
i guess i didnt mention that i dont even have ssn # and i got credit cards. i dont have status in usa yet. so i was wondering if they can be really after me if i dont legaly exist here??
I dont want to do that but at this point I dont have any options. I can bearly make it with energy and rent bills. I found some work for cash but its just enough to survive month? IM SINGLE MOM ITS SOOO HARD LATELY Pls help
You should first make a list of your monthly income and expenditure. If possible you can try to minimize your expenditure. Rather than not paying the debts and accumulating more dues, you can send a debt settlement letter to the creditors and collection agencies. In the letter mention that you are now going through a bad financial phase. As a proof attach a copy of your monthly income and expenditure.
The debt settlement lowers the outstanding debt amount by 40-60%. So, it becomes much easier to pay off the debts. Rather than getting nothing, the creditors generally agree to a settlement.
If you stop the payments entirely, the interests will increase, and the debt will start increasing too. Moreover, the creditors may charge off the debt to collection agencies. This will further affect your score negatively.
Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.