In short, I’ve made several mistakes. My credit card limit was increased to $18,500, and the minimum payments became too much for me to handle, with the card accumulating significant interest every month. Losing my job and being unable to find work in my field only made things worse. Now, I’m completely broke and can’t even secure a retail job. I do have a few job prospects that might make a settlement possible, but nothing is guaranteed.
The account was closed and charged off, and a lawsuit was filed in late June. I wasn’t personally served, but I did receive a summons in the mail. I need to respond by November 15. I’m currently enrolled with National Debt Relief and have about $1,000 in an account with them, though I’ve had to stop making payments. Before I approach them with this situation, is there anything else I can do? I have no income at the moment and very few assets—no house, and my car is financed. What should someone do in this situation? I’ve heard of people settling for 10 cents on the dollar, but would Bank of America agree to that with such a large debt?
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It sounds like you have little chance of repaying the debt, therefore filing for bankruptcy is definitely your best bet. Even if it’s terrible, it will end the legal matter and allow you to begin again.
Firstly, keep in mind that there is no debtors’ prison. You are in financial need, so bring evidence that you are unemployed and unable to make payments to the hearing. You already owe them money; they took a chance. When you’re able to pay this debt back, you should try to do it later. I left out the part about when you get hired. Before you can begin addressing your debt, you must take care of your basic needs.
Visit the website onestupidfuck.com. On his website, he has the 14th Amendment Congress record somewhere. I watched him say in one of his videos that you should submit those documents if you ever have a court case, and it should be dismissed. The debt is subject to debate. Make them show that the debt is yours. Get the general ledger by asking. People are fighting the same battles you are online and winning cases that are being thrown out. You’re capable of winning! They were already paid when you provided your social security number for the application, thus the debt is not genuine.
Request a lower interest payment plan over the phone with the bank.
If it had already paid off, was it too late? The debt was most likely sold by the bank to a collection agency.