I have made an offer to my credit card company to pay them out on a reduced amount to come out of my super under hardship. I am overdue in payments. I wish to pay them out about half what I owe if they would accept that.
They havent said no, but they want to know all my income and other debts and creditors details.
I presume so they can ascertain how much I can afford to pay them back. I have alot of other debt, so wonder if it will work for me, or against me if I give all other debt info? (eg: if they see I earn a good wage, they may not accept the offer, as they may not take into consideration other debts I have. Where as maybe if they see I have alot of other deb, they will see I cant afford to pay them their entire amount due?)
I am really seeking to know how the banks will view me making an offer when I have so much more debt other than just theirs.
Also, I want to know if they will contact my other creditors if I tell them about my other debts? Will they have the legal right to? Or even if they dont have legal right, will they anyway? And will they contact my employer?
My only other option is bankruptcy, which I dont want to do. However, I am not sure if they can legally get this info out of me? Or are they just calling my bluff?
Basically, I want them to have to accept my offer, without having to give any details about other debts. Am I legally obligated to tell them?
And does anyone have any advise / suggestions on how I can get them to acept an offer to be paid out at about half what I owe??
This is a genuine plea for genuine help, so please dont send any stupid / irrelevant answers like I see some people do on other posts.
Thanks in advance.
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Mon, May 10, 2010
Credit Card Debt Consolidation, Credit Card Debt Relief, Credit Card Debts, Questions, collection agencies, pay off debts
May 10th, 2010 at 11:01 am
I would be an open book to that credit card agency.
They will not contact your other creditors or your employer.
IF you get sued and they take you to court, then it will show up on your credit report (and other creditors will find out), and your employer will know when they do a wage garnishment.
You can get a book on
Debt and Credit repair – they will teach you all the tricks – like a pro
Or you can contact NFCC.org
THis is a non-profit government agency – no cost to you.
Call them and make an appointment with a local office.
They will put you on a DMP program and ask you to cut up all your credit cads in front of them.
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May 10th, 2010 at 11:01 am
You can’t make them accept anything. You are not legally obligated to tell them details of your other debts either. In the mean time while you are awaiting their decision the balance is still growing.
Keep in mind that you are asking a favor from them. I understand that it is fairly easy to get into debt that is difficult to manage. From their perspective, you borrowed money on terms that you agreed to and now you don’t want to pay it all back. If you can show that your offer is the most you can afford to pay then they may accept.
It is likely that they want this information to calculate their risks and to see how much you can actually afford to pay. They will try to get them most out of you that they can. Do you blame them? You may be able to negotiate them removing fees, interest and penalties.
May 10th, 2010 at 11:01 am
You can’t make them accept your offer. They may come back with a counter offer. But in order for them to consider your offer, you have to spill your guts out about your income and other debts. If you don’t tell them about your other debts, they will presume those debts don’t exist; they will interpret that your income is sufficient cover your credit card debt; they will deny your offer. They will check your credit profile to compare your debts with what is listed in your profile. Debts you have listed that don’t appear on your profile will have to be reconciled – explained.
Also note that if they accept your offer, your credit will be severely damaged because it will be listed as a settlement for less than owed.
May 10th, 2010 at 11:01 am
You cannot make them accept the offer. You do not have to provide the information, but if you do not, then they will not accept the offer.
May 10th, 2010 at 11:01 am
legally I don’t have any answers for you other than you can make an offer of settlement. They can then as they have ask you for lot’s of info about your income etc. They do have the right to request that. Get a lawyer and have him help you with it. Thats really the best way since he will know what you should or should not tell them and how it can affect you in the future. Good luck
May 10th, 2010 at 11:01 am
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