I owe $5,500 to Capital one. I have not paid in 8 months and it went to collection. They said they are going to sue me. I dont have the money to pay on this for another few months. What do I do?
Hi, I am 24 and I have a credit card with Capital one which I have not paid on for 8 months now. I just dont have the extra money to pay on the card. I have been barely keeping my head above water with the bills I already have.
Today I received a call from a Collection agency. They were yelling at me and telling me I was young and don’t know what I am doing. They told me that Cap one is going to sue me for the $5500 I owe. They also started calling my family members and leaving messages on their home phones. They even went as far as to ask for my Father.
I dont even live with my parents. I told the collection agency that they can not call my family and they told me that they are going to keep calling in order to get in touch with me. She kept yelling at me and saying what are you going to do about this. I couldn’t even get a word in so I hung up. I read that you should never admit to a debt to a collector so I just told them that I would call capital one. They continued to tell me that I cant call cap one because they dont want to talk to me and they wont take my calls. Which i know cant be true.
I am actually really scared right now because I dont want to get sued and I dont know what to do. I am going into a debt management program and it starts in January. Now i am afraid that cap one wont accept the program. What should I do and what are my next steps. I can use all the advice I can get.
Thanks so much!
My bet is Capital One charged off your debt and sold it to the collection agency. The tactics you describe would not be authorized by Capital One but would be the type of pressure tactic used by a bad debt buyer.
Since you are barely keeping your head above water with the bills you currently have, I really don’t think a debt management program is going to be enough to solve this problem for you. It sure sounds like the last thing you need is another payment for this Cap One debt on top of debts you can barely make.
I honestly don’t see a logical exit from this without bankruptcy. You should click here to find a local bankruptcy attorney you like. Make an appointment to go in and see the attorney and discuss your situation.
Bankruptcy will give you protection from the collection company, terminate your debts, and give you a fresh start.
Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.
P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.