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We Can’t Afford Our Furniture Payments or Payment Plans They’ve Offered. – Jason

“Dear Steve,

My wife lost her job we became 7 month’s behind on our furniture payments the debt was bought out by a third party they called with an offer we couldn’t afford 300$ a month for 5 months I asked if we could do 150$ because we couldn’t afford what They were asking they said no and then came up with 500 now and 50 a month till we get income tax and pay a balloon payment then the gentleman I spoke with came up with many more option that were not affordable.

what can we do I want to pay off our debt that we are responsible for but we can’t afford what they will accept and I certainly don’t want to pay there court cost or have my wages garnished like the man stated on the phone after he also stated I could give him my debit card number and he wouldn’t charge it till the following Monday


Dear Jason,

When you can’t afford the contract payments the next option is to come to a mutually agreeable payment plan you can afford through negotiations with the lender.

Otherwise the lender can exercise the default options they have under the contract. This might be repossessing the furniture and chasing you for a balance still due.

The mistake many make in situations like this is agreeing to a repayment plan that is not affordable or sustainable. It just kicks the problems down the road and has a ripple effect on your other finances.

Depending on the furniture seller you are faced with two options. The first is that you can stand your ground politely, make the collector your friend, explain the situation and come to a mutually agreeable solution.

The second is this might be one of those furniture places that quickly repossess the furniture and then resells it again.

From what you’ve described the first possibility sounds more likely here.

But do you have other consumer debt that is dragging you down as well? Is this just part of a larger issue brewing?

I would urge you to NOT give him your debit card number. A debit card is the same as an electronic check and giving him access into your bank account might result in a debit at the wrong time or the wrong amount when money is so tight.

There is a positive outcome here, it’s just going to take some more negotiations on your part. Keep at it and draw your affordable boundaries.

Please post your responses and follow-up messages to me on this in the comments section below.

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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.

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