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I’m 71, Lost My Job, And Collectors Are Calling

Written by Steve Rhode

Question:

Dear Steve,

Have accumulated WAAAAY too much debt and lost my 6 figure income which I am unable to replace as I am now 71+ years old! Sad tale but all too common as I had no indication this was coming and had just begun paying things down. Too late…

I received a call from Weltman, Weinberg and Reis out of the clear blue about a Discover card debt in the 7,000 range demanding a payment. I agreed to a $150 payment but little did I know that I was agreeing to something “in perpetuity”! or so it seems. I want to find out how I can stop these now monthly payments and settle this thing if at all possible. I was never a fan of Discover and even less so now. We are saddled with over 50K in debt overall so any help is very much appreciated.

Brian

Answer:

Dear Brian,

If your financial situation has changed dramatically, have you considered utilizing bankruptcy to stop all the collectors in their tracks, discharge your debt, and preserve what little, if any income you have coming in?

It seems that considering you have lost your job, we have to prepare for a different future instead of trying to repair your past.

The danger in these situations is when people make promises to repay one or two debts yet when you look at the overall situation there is no sustainable way to satisfy all the debt. We need a bigger view than just focusing on Weltman.

Do you have a lot of assets?

Are you prepared for retirement and have enough saved?

Post your responses in the comments below.

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About the author

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.

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