Creditors- why are they so cruel (long)

[Muppity]

Alibaby- It probably is worth it but I don't think I have it in me, have just spoken to DF who is alot more laid back about it than I am, which has made me eve more upset because I feel like he is ignoring the fact that it is going to take us 5 years to pay this off and these people won't be happy till the debt is gone...

Hun if you are in a position to agree to repaying a certain amount every week/fortnight and they agree to it and you stick with your repayment schedule they shouldn't continue to hound you or come chasing you. So long as you stick to your side of the bargain they should be happy.

[Just Me]

How completely horrible! I don't have any advice, but what an awful thing for you to have to go through. You're right, you should not be treated like that. Sorry, I don't have any other advice, just wanted to show my support.

[Ella]

Thanks everyone for your responses, I'm feeling a little better now after giving DS a big cuddle. I have has some nice people that I've spoken to but this was just horrible. You're right we WILL get through this sometimes it just seems a long way away and I jsut want to be able to enjoy our lives, not worry about some stupid loan we got when we were being naive and stupid 2 years ago!

[Lulu]

Don't expect them to be very professional - Muppity is right about how they are. However NO ONE has the right to speak to you that way. Give them heaps back and tell them what you can pay and to stop the threats xoxoxo

[Mummato2]

The way Debt Collection agencies work is they buy the debt from the original company at a lower rate and then attempt to get you to pay the whole thing (which is where they earn their money).

You've bought yourself 4 weeks by agreeing to a payment plan.

What you now need to do is put in writing your income and outgoings as well as what you can realistically afford to repay on a regular basis.

In the letter let them know that you are happy to agree to a 6 monthly review to see if you can afford to increase those payments should your situation change and you will be happy to include any lump sums should they become available (tax etc).

No company wants to see you go bankrupt purely because it means that they lose money in a big way.

Your other option is to wait until they send a sheriff (which is the next step if you ignore it) and go into a Court Ordered Payment Arrangement. Very similar to you going into a direct arrangement with the Debt Collector EXCEPT if you default, the court can order repossession of goods to the value of the debt.

PLUS - dealing with the Debt Collector, if you pay your loan for say 6 months they may offer you a reduced settlement amount in a few months time. If you and your DF are in a better position then, you may be able to afford a lump sum (personal loan, consolidation loan etc) to get rid of it for a lower cost than the original debt.

Also, ask if they have frozen the interest. They should do that if they've bought the debt - in which case even if it takes you 5 years of a payment plan, you may find that after 2 years you can offer a lump sum to completely finalise the debt.

I hope that's helped - don't stress hun - you just got a mega ***** the other day and she had no business speaking to you the way she did and threatening you with things that are not right. It'll get better mate - I promise. Money problems are evil but it does go away and with time, planning and a STRICT budget you'll be smiling back on this in a few years time

[squidipa]

oh sweet i am sorry for you, i cant make it better and i wish i could. vent away that person sounded very disrespectful and rude. BTW hubbie didn't get that job but maybe your hubbie might get some over time ? i dunno but one can hope. Mind you he can only do so much hey. maybe you need to cut back some where where i dunno from our convo's your cutting it very slim. can u cut back on meat? we eat red meat not that often to save money mind u neither of us are big meat fans but im craving loads of beef recently. Do you have energy efficient globes? when we went through a real tough bit i served backed beans 3 times a week and porridge everyday.

[Ella]

Squidipa- yeah I thought about cutting back meat, but I get anaemic if I don't eat meat 6 out of 7 days a week- it sucks! Really sorry to hear that he didn't get he job, is there anything else coming up on the horizon for him?

Mummato2- thanks darl, it feels really good to have someone be so constructive the way you were, jsut hearing 'it will be ok' sometimes makes all the difference!

Waiting till DF gets home from work tonight and we're going to have a big talk about it cause it's getting me down alot.

Thank you all again for your support don't know what I would do without all the BB girls!

[Kazbah]

Awww hun, that just sux. It really is worth finding someone to help you budget, the Salvos I think are able to assist with this else I think I know someone who can.

Are all your other debts consolidated?

Good luck *hugs* and definately call them back, it makes things easier.

[didispunk]

Ella, I am sorry love, HUGS!!

Filling Bankrupsy is not as bad as what you think it is! Have a look online.. Its sometimes the best way out!!

ONly affects you for 5 years but 3 on borrowing monies etc.. and during that time you can save money to do what you choose in 5 years if you want to borrow money then.. youwill have a bigger deposit.

Hang in there darling!