I owe $17,000 in credit cards. I am going through financial hardhsip. I owe 17K to NFCU for credit card. I have spoken to their collections dept. several times. We have been unable to come up with a payment plan that fits my situation. They want 250.00. Can only afford 50 per mo. at this time. This is not acceptable to them. Have explained that I am 2 mo. behind on first and second mortg. as well as other cards. Now, one employee from collections threatened lawsuit and 1099, another after belittling me and my profession told me to go file for bankruptcy, then another to left message on voice mail at work and home phone that was going to call my supervisor. Are these all scare tactics? Can they call my boss?
No, they can’t call your boss and talk about your debt. But I do have to give them a prop for telling you the right thing to do, go look at bankruptcy.
A Chapter 13 bankruptcy will allow you to keep your house, will stop all the collectors in their tracks and may even reduce the amount of your second mortgage. Essentially it is a reasonable payment plan you can afford that gives you power and protection under the law.
Once you file the NFCU collectors can’t call you anymore. If they do call before you file, thank them for giving you some good advice about looking into bankruptcy.
One more thing, in case you are curious why debt collectors mention bankruptcy, generally it comes from collectors from the original creditor that just want to get your case off their desk. If you go bankrupt it isn’t their problem anymore and doesn’t count against the collector. It’s a weird and twisted system but it is what it is.