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Help! In over my head

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Joined: 08 Feb 2009
Inn2deep's page
Posts: 1

133 Magic Points

Subject: Help! In over my head
Posted on Sun Feb 08, 2009 4:49 am  

Ok, here's the scoop.

Im a 23 year old college student. I took a summer internship a few years ago that made me travel all over the country on my own dime, which should have been a clue right there. Anyway, since then I managed to wrack up almost 25k in credit card debt. I feel so lost, I don't know what to do. Most of the debt has been charged off I believe as it's been almost a year since I paid last.

Creditor calls come in waves it seems. I'll get 5-6 a day for a few weeks and then nothing for a month. Then, what do you know, they are back. I rarely talk to them or answer.

1. I have no money to pay any of these people and I'm barely able to pay rent or buy food even. What are my options?

2. They call my parents house as often as they call me, and they are sick of it. They have helped me as much as they can, but can't give anymore. Is there any way I can get them to leave my parents alone and just place the stress on me? I haven't lived with them for almost 4 years and feel terrible about putting this kind of pressure on them.

3. I have received letters from lawyers saying that they haven't looked over the debt yet, but I should either remit payment or dispute the validity. What should I do?

My main thing is that I would love to pay them back, as I feel so bad about this happening and wish I wouldn't have taken that job in the first place. Having no money or chance of making anything worthwhile for a few years at least, I have no way of paying them back anytime soon. What can I do?

My main thing is to get them to stop calling my parents, and just deal with me, is that possible?

Also, in case it helps, I live in North Dakota where the SOL is 6 years, so I am by far not near that date.

Thank you all for any insight or relief you may be able to give me. I'm so stressed and feel like I will just shut down soon. ANY help would be much appreciate. Thanks and God bless.


Joined: 28 Jan 2009
fatherbride's page
Posts: 9

381 Magic Points

Posted on Sun Feb 08, 2009 3:11 pm  

Find a job. Plenty of college students have jobs. Some are part-time, some are full-time.

Then, you really have to find out where you are debt-wise. You're guessing about whether the debts have been charged off. Sounds like they really haven't been. And--while I'm not a lawyer--it sounds like the advice you've gotten about making payment or disputing the validity is good.

Problem is, you're over your head. Worse, you're kind of in denial. You know you have a problem, but you're not taking steps to correct it. You're not determining how much you currently owe. You're avoiding phone calls. You're guessing at your status. You aren't taking steps to repay whatever debts you still owe.

You have to get it together. Determine financially exactly where you are. Exactly what you owe, and to whom. In some cases, the amounts can be negotiated down. For instance, it's not unusual for a creditor to settle for 50 cents on the dollar...but you have to negotiate with them, and then you have to follow through on your payments. But, as you've seen, the problem isn't going to go away by ignoring it.

And, to repeat, get a job. If you can balance college with it, fine. If not, delay graduation a year.

Hope that helps.
Financial analysts and personal financial advisors

Posted on Sun Feb 08, 2009 6:19 pm  

I do have a job, but most of that money goes to paying rent, buying food, car payment, utilities, insurance, etc.


Joined: 28 Jun 2006
scott's page
Posts: 446

10890 Magic Points

Posted on Mon Feb 09, 2009 11:23 am  

Charge off does not mean that you are no more required to pay off the debt. If you do not pay off the debt now, the creditors can bring judgment against you to recover the charged off debt by garnishing your wage. As per the Federal Law, there can be a total garnishment of 25% of your wage and this process may continue so long as the judgment amount is paid in full. Now, this judgment will get reflected in your report and will lower your score. So it is better that you budget your income and pay off your debts slowly by coming to a repayment agreement with the creditors.

Use your credit account responsibly and enjoy a debt free life.


Joined: 06 Jul 2006
Mary's page
Posts: 684

17426 Magic Points

Posted on Mon Feb 09, 2009 11:34 am  

First pull out your credit report and check whether the debt is still with the OC or has been sold off to a collection agency. If it is sold off to a CA, you can ask for debt validation from the CA first by certified mail. If the CA fails to validate the debt, you need not worry because the creditor cannot bring judgment until he validates the debt. Now, since you cannot pay off the debt there is no other option but to wait for the CA or the OC to take the first action, if they can validate the debt.
Where there's a will, there's a way !!

Subject: awardspace
Posted on Thu Feb 12, 2009 12:23 pm  

fascinating and educational, but would be suffering with something more on this topic?

Joined: 08 Apr 2009
GarySnober's page
Posts: 66

9 Magic Points

Posted on Thu Apr 09, 2009 2:09 am  

HI, Im really sorry to hear about this. First thing is that you have a job. You need to get your finances in order first. As i can tell what your saying is that your barely getting by on what you make? Have you tried talking to any of the companies asking for a settlement if its not too late? At this point there is not too many roads to choose from to fix this. But always keep your head up its not over! you have come to the right place for the right advice.

Joined: 28 Apr 2009
Firang's page
Posts: 55

-37 Magic Points

Posted on Sat May 02, 2009 8:14 am  

This is really a terrible situation for anyone as most of the time the money won't goes into the savings part.
You said you have a job then at least you should show some inclination towards paying off the debt.

It is not that you can't pay off all the amount in one stretch but you can negotiate with those guys about the matter.I think they will agree with the part payment option.

Make sure you talk with the loan officer.


Joined: 11 Aug 2009
brokenmotion1's page
Posts: 5
Location: Seaside Heights, New Jersey

210 Magic Points

Posted on Tue Aug 11, 2009 6:44 pm  

I had this same problem at the same age. I'm 30 now and all of my charged off cards finally dropped off of my credit recently. I was hospitalized and unable to pay. Beyond my control. I kept trying to get back on track, but there is no way when they are piling on late fees and over limit fees every month when I'm having trouble paying the minimum paying. I realized that I was wasting my money trying to chip away at it because of the ridiculous fees so I just stopped paying them. I got calls and letters and it was definitely annoying, but it was also annoying that they wouldn't work with me given my situation. Life happens. Maybe you can research a good debt consolidation/consumer credit counseling company to help manage your debt and work with your creditors to get you caught up to date, lower your rate and on a manageable payment. Good luck. I feel your pain man. You aren't the only one or a bad person for not being able to pay. Especially since you actually have the desire, but cant.

Joined: 26 Feb 2008
fireyone's page
Posts: 4246

142 Magic Points

Posted on Wed Aug 12, 2009 12:00 am  

Hello Broke, Although this post is pretty old (date in corner) I can understand where you are coming from. I have said time and time again I believe there needs to be some new laws concerning credit. I do not think if you hit a bad time due to medical reasons or job loss, more or less conditions beyond your control, that they should be able to lay on the late fees, over the limit fess and such.
This same thing happened to me when my husband was diagnosed with kidney cancer and died. Not only did I have the stress of knowing I was losing him, dealing with family and the children but also the vultures that kept calling nonstop. I had a nervous breakdown over it all. I literally would be afraid of the mailbox...afraid of what was on it and how much more they added on. Just letting you know you are not alone.

Joined: 25 Aug 2009
Clive's page
Posts: 13

252 Magic Points

Posted on Tue Aug 25, 2009 10:15 am  

fireyone it is really shocking to know about what you went through.I have that experience of chase by the collection agency but not the emotional attack plus these people 's follow-up.
It really takes a big heart to take care of all the things and thus I must appreciate your efforts.

Joined: 10 Oct 2009
kim09's page
Posts: 22

59 Magic Points

Posted on Sat Oct 24, 2009 3:28 pm  

Well for starters, have the parents mail in a Cease and desist letter. They need to be sent CMRRR.

Only thing they can do is make money and pay or deal with the consequences. They may or may not be sued.

Joined: 27 Oct 2009
marcusandila's page
Posts: 133

3037 Magic Points

Posted on Tue Nov 03, 2009 4:54 am  

Another thing your parents could do: Have their number changed. It's your problem, not theirs. I understand that. However, an easy way to let the creditors deal with you & not them would be to make sure they have no way of contacting them.

The cease & desist letter is a great idea too. I haven't heard of that before, but I'm sure its probably the best idea to solve the contacting your parents issue. However, I do agree with everyone else's advice; as well.

Joined: 03 Nov 2007
goodnatured's page
Posts: 3931

623 Magic Points

Posted on Tue Nov 03, 2009 12:05 pm  

I would send the cease and desist immediately.

I don't believe that they are supposed to be calling your relatives, they may get contact information from them but that would be the extent of the conversation, they can not discuss any details with them, it is against the law.

Joined: 10 Oct 2009
debranewell2008's page
Posts: 591

111 Magic Points

Posted on Tue Nov 03, 2009 1:28 pm  

It is really strange the lengths that they take to contact you. I have been divorced for 14 years and a couple weeks ago I had one of my ex husbands creditors to call me saying he said he lived here. Knowing him he probably did. But they were trying to locate him. And when I wouldn't give them any information they wanted me to give them his mothers number. I just told him I got rid of that problem 14 years ago and now he's yours to worry about Good Luck. I was really shocked when they called me that goes to show you how sneaking they are.

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