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Retired and cant pay credit cards. Should I wait for their

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Swen



Joined: 11 Jun 2010
Swen's page
Posts: 3
Location: Elgin, IL


74 Magic Points

Subject: Retired and cant pay credit cards. Should I wait for their
 
Posted on Sat Jun 12, 2010 9:40 pm  

Hi all,

I have been reading this forum for a while with keen interest. Its obvious you folks know your stuff and I appreciate you taking a look at my issues. A sincere thanks for any response. I sure appreciate it.

I am 67 and considered by SS to be retired. I was on SS disability (heart) since 2000. In 2007 I lost my Long Term Disability payment from my company because I reached 65. Now that is all I get. SS has kept my benefit the same as dis. was (take home $1950/mo, but lost $2500/mo additional from the company.

I have chatted with several lawyers and their overall opinion is to just not pay the three cards I have. I am living with my daughter/gkids and have agreed to pay for some food, cable, remodeled the basement ($8000 from 401k now empty) and other bills. I have had a serious heart condition for years. 5 heart attacks and 17 angioplasty's since 1985. Also several surgery's. I can't work.

These attorney's felt that if I wasn't concerned about my credit score (845) any more, other than telephone calls, nothing would happen. I only have the ss payment going into my debit account. They said filing bankruptcy would cost and nothing different would come of it.

Because $450 a month goes to cc, I am without money by the end of the month, and buy a little food with my cc. And that keeps getting me deeper in debt.

Card Balances
Chase Visa $11,000
Commerce Bank Visa $3150
Bank of America Visa $4897

One attorney told me I was foolish to have taken a loan on my small life insurance policy to pay some of the debt. Now I get interest charges from the life ins co that I can't pay either. So it just draws down the cash value/benefit left which will last for about 4 more years.

My questions are

Can I not send payments this month and just wait for the calls?
What can I say to the cc companys other than I can't pay?
I don't have to give any details, do I?
A judgment just means I owe the debt, but doesn't make me pay?
If I die, the debt goes away. My beneficiaries (kids) can't be attacked?
I was told that they can't take my ss benefit. Is that correct?

That's about it. Sorry to go in and on. Thought your opinions would help me reduce the stress that I feel now. I really mismanaged my money the last 10 years.

Thanks again,

Swen
Chicagoland





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Swen



Joined: 11 Jun 2010
Swen's page
Posts: 3
Location: Elgin, IL


74 Magic Points

Subject: Retired and cant pay credit cards. Should I wait for their
 
Posted on Sat Jun 12, 2010 9:45 pm  

Hi, where did that pic of the gal come from on my above post.
Aaron

Aaron

Joined: 08 Feb 2010
Aaron's page
Posts: 2632



48565 Magic Points

Subject: cant make payments on credit cards
 
Posted on Mon Jun 14, 2010 9:40 am  

Hi Swen,

Welcome to this community Smile

Last question first
Quote:
where did that pic of the gal come from on my above post.


This picture is called the avatar. Until you upload your own picture (anything that you like), this avatar changes each time you reload this page. The avatars are not gender specific. So, the picture of a girl had appeared on your above post. The next time you see it, it will change into some other avatar Smile

Well, now coming to your queries.

Quote:
Can I not send payments this month and just wait for the calls?


Can I know if you are talking about the collection calls? If you wait for the collection calls, then you are wrong. If you miss the payments, interest charges, and late fees will get added on to the existing balance. Then if the account gets handed over to a collection agency, you will be harassed by their calls. Thus, it is better to consolidate all your debts into one, and pay those off. In debt consolidation the interest rate is lowered, and you have to make a single monthly payment. It is much better to deal with your creditors than the collectors.

Quote:
What can I say to the cc companys other than I can't pay?
and
Quote:
I don't have to give any details, do I?


You need to send them letters, mentioning that you are willing to make payments, but is facing problem due to financial hardship. You will have to attach your monthly income and expenditure along with the letter.

Quote:
A judgment just means I owe the debt, but doesn't make me pay?


A judgment means you owe the debt, and you will have to pay off the debt, that is satisfy the judgment. If you don't pay the judgment amount, the judgment may get renewed.

Quote:
If I die, the debt goes away. My beneficiaries (kids) can't be attacked?


When you die, your children may not be directly held responsible for your debts. However, the creditors can go after any estate money or property. Now, if any of these are handed over to your children by you, they may have to deal with your creditors.

Quote:
I was told that they can't take my ss benefit. Is that correct?


Yes, this is true that they can't take your Social Security benefit. However, you will have to declare this to your bank that all your money comes from Social Security. You will also have to notify this to your creditors.

Thanks,

Aaron
_________________
Keep in touch Smile
Swen



Joined: 11 Jun 2010
Swen's page
Posts: 3
Location: Elgin, IL


74 Magic Points

Subject: Cant make payments on credit cards
 
Posted on Mon Jun 14, 2010 4:24 pm  

Thanks for the welcome Aaron. Appreciate your response. I have been reading all of your posts and the other folks in this community and am gaining insight into my situation. Thanks all.

I am 15 days from my first default with the 3 cards. So it is the original card companies. Live in Illinois.

I'd add that I really don't have anything left other than a bed, tv, 9mm, computer and a drawing table. I am fortunate to have a wonderful daughter and 2 gkids that let me live with them.

Looking forward to a judgment, other than publicly stating that I owe the money, what else can the judge do? SS is my only income and at my age, credit score means nothing.

Of course I fee bad that it has come to this, but I see no way to pay. I have to keep my health insurance and other needed expenses to live up to date.

Thanks again,

Swen
Aaron

Aaron

Joined: 08 Feb 2010
Aaron's page
Posts: 2632



48565 Magic Points

Subject: making payments
 
Posted on Tue Jun 15, 2010 11:49 am  

Hi Swen,

I understand the problem that you are in. Still, if possible you can try to consolidate your debts. As I have said, in debt consolidation all your debts are consolidated into a single account. Thus, you will have to make a single monthly payment. Thus, it becomes quite easy to pay off your debts.

Hope that this will help.

Regards,

Aaron
_________________
Keep in touch Smile
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