Latest Posts
Home > Ask The Get Out of Debt Experts > Where Are The “Eager to Help” Creditors? – Steve

Where Are The “Eager to Help” Creditors? – Steve

“Dear Steve,

I am nearly reached the end of long journey journey to enter a heathcare profession. Credit, damaged during the lean years of graduate school, was most rehabilitated. But then I had a job change (with pay cut) and adding insult to injury, I have stumbled at the last professional qualfying hurdle – the licensing exam. Once that is behind me, financial potential will be nearly limitless.

Presently, however, my employer has dropped my modest salary and is paying me only per session (a paltry sum due to the aforementioned licensing trouble.) We aren’t far behind with bills, but, as an example, the car finance company let us know they could offer us NO concessions unless I was fully employed. Paying the one overdue payment cannot be done by mail, phone, or their website because those will only accept total payment of both the current and past due payments. We must use a money transfer service. (I won’t mention their astronomical interest rate we swallowed purchasing this essential family transportation while still in my fresh from grad school credit slump).

We have a couple of other accounts where I’ve tried send explanatory EMails asking to make arrangements. All I get are the incessant “When can we expect payment?” calls.

Needless to say, the stress of all this doesn’t facilitate my being able to properly prepare for re-taking the licensing exam.

We just need a few months’ breathing room. Why doe it seem so diificult to get?

Where are the supposedly “eager to help” creditors?

Steve”

Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. – Click Here

The Answer

 

Dear Steve,

You silly goose. You fell for the public relations line that creditors tell government and the public and now you are learning what reality is.

I think the situation is what it is and you are just going to have to prioritize payments to retain the car and let the other stuff fall behind. You’ll be in collections but if at all possible, just mentally set is aside so you can focus on the exams. It can all be cleaned up and dealt with afterwards.

Bankruptcy could shut the creditors up but I don’t think you need to do that, all you really need is a brain break to get over this last hurdle. You might want to read “How to Hide From Debt Collection, the Debt Collector, and Creditors” and see if that isn’t exactly what you are looking for to solve this short term issue.

Big Hug!

Where Are The Eager to Help Creditors?   Steve
Get Out of Debt Guy – Twitter, G+, Facebook

Where Are The "Eager to Help" Creditors? - Steve by

Share This and Spread the Word

About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • K Lacy

    Steve, OK I saw you tell someone else they were silly for falling for claims of creditors willing to help you out. There are two commercials in particular airing now basically giving an example of someone who was at their wits end and creditors…Capital ONE, Discover, etc. worked with them. Are you saying this is an out and out lie. If so whats up. Your always told to try talking to creditors which has worked for me except for GM Card. They absolutely would not budge when ask for any kind of help, not trying to get out of paying them mind you,asked for lower int rate, lower monthly payment…. and they were EXTREMELY rude over the phone, even though they just had a bailout!!!!!!!!! and although i voted for Obama his credit card help seems to be a joke. Basically they will do whatever they have been doing as long as they notify us in advance were being screwed. Just wondering if you have any idea why there was NO help for credit card customers in this stimulus plan.
    thanks
    K Lacy

    • http://GetOutOfDebt.org Steve Rhode

      K Lacy,

      It’s a bit of a double edged sword. On one hand I am a but supporter of open communications with your creditors. On the other hand I have seen so many cases when the creditors would not offer meaningful help that I guess I’m skeptical.

      The debts that people are having the most trouble with are home loan modifications and modifications for auto financing. But both of these areas are traditionally areas where the lenders have not been very flexible to begin with.

      As far as Obama and credit card help goes, I think that there has been a lot of progress made to protect consumers from credit card companies. New legislation that will pass soon will increase consumer protection even more.

      And your observation is correct. There was no protection offered to consumers under the stimulus plan. In fact if you listen carefully, you will hear that the government wants consumers to start borrowing and banks to start lending to get the economy going again. Unfortunately it takes consumer consumption to drive our economy.

      Steve

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.

Close

I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.


  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.