“Dear Steve,
I am retired with no assets and only SS income. All of my creditors have set up a hardship program with reduced interest, no fees and lower payments. Capital 1 has refused to do this. I have 3 Capital One accounts totaling about $11,000. I have been trying to make partial payments but the interest and extra fees added each month are more than I am paying. The only relief they offer is to pay amounts that I can not pay. They continue collection calls pretty much on a daily basis. Is there any way to negotiate with them with a long term lower payment reduced interest plan? Should I continue to pay them the partial payments?
Irv”
Dear Irv,
A partial payment to any credit card company is pretty much worthless. Partial payments do not save you from anything or prevent you from being sued. The only thing they do is slow the delinquency of the account which will reach the charge off stage anyway if you continue to make partial payments. That slowing of charge off just leaves you in collection longer and you know how much fun that is.
If you have no assets then you could stop paying the debts, let Capital One sue you and then you don’t have any assets for them to garnish once they get the judgment.
If the collection calls and pressure is more than you can handle your choice to legally shut them up is going to be bankruptcy. Click here to find a local bankruptcy attorney and discuss your situation with them.
Big Hug! 
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