scrambling, scraping, and collectors (warning -- rant)

[Bertha Venation]

Due to circumstances beyond our control, our finances have become a shambles in the last year or so. "May you live in interesting times," while surely not meant to refer to such a situation, is definitely a curse.

My tax refund showed up this morning. Since I owed the IRS, but wasn't sure how much, I knew my $3,000+ would be whittled down. I got less than a sixth of that. (At least I don't owe them anymore.)

I am frustrated almost beyond tolerance with collectors' calls. We leave the phone unplugged most of the time because, even though we have caller ID, there's no way to turn off the ringer and the ring has become exceedingly shrill.

And I have yet to find a way to speak calmly with a collections agent. I start out calm and collected, and they way they escalate things by not understanding real life infuriates me.

Grr. :grr:

[GOPisEvil]

1. Gah...I was there a little over 5 years ago.

I was about 30 grand in the hole (out of sheer, unmitigated stupidity). I finally had to declare bankruptcy, but those calls just never let up, and the tone the collectors take just sends me over the edge.

I'm a little past 1/2 way through my credit hit, but I can get OK credit. I've been approved for mortgages and car notes, just at an increased rate. (I haven't actually purchased the new car or house yet, though.)

The collectors must get their training done by mafia leg-breakers. They truly don't give a crap in most cases.

[Bertha Venation]

8. LOL "mafia leg-breakers"

I was surprised to learn that some work on commission -- they get a percentage of whatever you pay when they call you. No wonder they're such assholes.

[terrya]

2. Oh, sweetie.

Man, can I relate to that. I'm in some financial problems myself (solely of my own making, I know that).

Collectors CAN be rude and infuriating. All they care about is getting their money NOW. Memo to those jerks: if I could get that money to you NOW, we wouldn't be having this conversation, now would we?

I wish I could help you, honey. Man, do I wish that.

:loveya:

Terry

[Bertha Venation]

7. sweet Terry,

your support is enough. :hug:
Thank you. :loveya:

[Another Bill C.]

3. Tell them not to call.

Become familiar with the Fair Debt Collection Act and Fair Credit Reporting Act. If you tell them (in writing) not to call, they have to stop.

http://www.ftc.gov/bcp/conline/pubs/credit/fdc.htm
http://www.ftc.gov/os/statutes/fcra.htm

[Bertha Venation]

6. Thank you. Excellent advice.

If the cc service doesn't stop the calls, I'll do this.

[Raven]

4. Hon, call a legit credit counselling agency!!!

Here is a true story: I had a friend whose mother died suddenly under very difficult circumstances. My friend's way of grieving was to spend money. None of us knew this at the time, but she just bought and bought and bought things on credit. She got herself in the hole by about $50,000 and had no way to pay the debts. She finally broke down and told me about it. I sent her to one of those agencies and they rearranged her finances and renegotiated her debts. It took a while but she was able to pay everything off and still have a life.

If you do this, be sure to go to a legit counselling service. There are alot of non-legit ones around. :hi:

[Bertha Venation]

5. Good advice. I made a start at that

a few months ago, but because Mrs. V. can't work (and so isn't earning) right now, I couldn't make their minimum payment. They said to call back when I had more money. Can you believe it?

Still, I'm tempted to call 'em back and lie. Do you know anything about Take Charge America? MBNA uses them -- it was MBNA who referred me to them. (I know MBNA is a major * contributor but the damage is done.)

[Raven]

9. I don't know that company but

call the Consumer Affairs division of your state government, they will know the good companies. If it ends up that you just can't make the payments under any budget plan, you could always declare bankruptcy...it won't be the end of the world. I have frineds who have done it and come out ok. And, look at Donald Trump! :-)

[Rowdyboy]

10. I have two good friends who have worked with CCC

Consumer Credit Counseling. Both said that it was a good company and they were legitimate. Some of the other companies have been taking your monthly payments and sitting on them, never sending them on to your creditors, and then going out of business.

Also, Dave Ramsey is a talk-radio financial adviser. He is very cautious about dealing with these agencies, but he also recommends CCC. Whatever you do, be very careful

Hope you know that most all of us have been in tough economic times at some point. I know how it feels and how maddening it can be. In the fifteen years I've been with my partner, we've never known tough times. It kinda scares me because our day is coming (my partner's income is about to dive).

It does get better, just be patient and smart.

[bratcatinok]

11. CCCS

Consumer Credit Counseling Service. They are the original. I have worked in the credit end in the financial industry up until I had to retire in 2000. In 1979 when I worked for Exxon I referred people to CCCS. They are not a fly by night company.

You might also consider Chapter 13 bankruptcy because it allows you to repay the debts you've incurred. It's a long row to hoe to repay everyone but it's also the best way to go and still feel good about the way you handled everything. You showed intent to repay.

Investigate both and also take the advice about reading up on what collectors can and can't do. You might also invest in the privacy manager addition to your phone where you can see/screen who's calling you. You don't need the stress the collector's put you under. Trust me, I know!

[Bertha Venation]

12. Good news.

I did it -- I went and signed up w/ TCA. My monthly payment will be more than I can afford, but I've been paying one thing one month and another thing the next for so long, I can juggle for a while longer.

Thank you, all, for your fine words of advice and comfort.

DU ROCKS!