Personal Finance

Locked: In debt. What to do now...

  • Last Updated:
  • Aug 15th, 2017 1:01 pm
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[OP]
Banned
Aug 8, 2017
3 posts

In debt. What to do now...

Hello. Okay first of all I'm an idiot. I racked up a CC debt of about $4500. I keep getting harassed everyday by the debt collectors but every time they call I'm at work. I've heard things and am worried about how I'm going to pay this off. I've heard it's bad to give hem your banking info because they can then access your account which I do not want.

How can I go about paying this off without giving them my banking or work info? Should I open an account at another bank and only put money in it specifically for debt or what should I do, what are my other options to pay this without them finding my real bank acc? Also, I do not wanting them know where I work.

Thank you.
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34 replies
Deal Addict
Sep 5, 2009
2583 posts
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theforgottenone99 wrote:
Aug 9th, 2017 7:31 pm
Hello. Okay first of all I'm an idiot. I racked up a CC debt of about $4500. I keep getting harassed everyday by the debt collectors but every time they call I'm at work. I've heard things and am worried about how I'm going to pay this off. I've heard it's bad to give hem your banking info because they can then access your account which I do not want.

How can I go about paying this off without giving them my banking or work info? Should I open an account at another bank and only put money in it specifically for debt or what should I do, what are my other options to pay this without them finding my real bank acc? Also, I do not wanting them know where I work.

Thank you.
Your total debt is $4500? Isn't the minimum monthly payment for something like this under $100?

How long have you gone without making a payment?
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Deal Fanatic
Jul 1, 2007
7900 posts
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Is $4500 worth of debt really that hard to pay off for an adult? I mean, even if you split that up into 12 months it's $375 + interest. Is that difficult to manage?
Money Smarts Blog wrote:
Nov 29th, 2010 11:18 am
I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.
Deal Addict
Dec 6, 2006
3818 posts
712 upvotes
Toronto
Collector asking for bank info?

Is OP getting scammed by load sharks or are we getting scammed by new troll here?
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Oct 19, 2016
411 posts
136 upvotes
Toronto
Negotiate a settlement with them.. for eg - tell them u will pay $3000... and they should cancel the debt.
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Nov 26, 2011
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How old is the debt?
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Deal Addict
Mar 11, 2007
2918 posts
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QC
I tought that I was going to see another 100K+ CC debt. 4500$ is manageable.
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Dec 16, 2005
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Rockdaddy22 wrote:
Aug 10th, 2017 7:43 am
How old is the debt?
if collectors are calling everyday, it is definitely over 90 days.
As someone suggested, negotiate. You can pay less than $4500 and still be considered "paid off". Once you negotiate a number, ask for a reasonable payment plan like $300 a month or whatever you can afford.

Your credit score will take a hit but who cares, it's already F'd since you are at least 90 days over. Better to clear it and start rebuilding your credit.
Sr. Member
Oct 11, 2010
907 posts
271 upvotes
Charlottetown
ruin your credit over 4,500 that's a shame. What I don't understand is that you appear to have a job, it should not be very difficult to manage the minimum payment on a 4,500 cc debt
Sr. Member
Sep 14, 2010
905 posts
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Toronto
1 post ranger indeed.
Budget and cut down your expensive lifestyle,
Last edited by GurungBoi on Aug 10th, 2017 10:05 am, edited 1 time in total.
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Dec 17, 2008
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RFD is so judgemental (cue the down votes for an the cowards too afraid to reply to the thread)

Just cause all of you are millionaires doesn't mean that for some people that $4500 in debt is like 100k to all of you.

If you have no job... Or a part time or even a full time minimum wage job and you rent and have other expenses... Yes even $20 extra might be impossible.

Instead of mocking this person over $4500 why not keep scrolling or provide some compassion and advice.

Good luck OP.
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Deal Addict
Nov 21, 2009
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Shawguy wrote:
Aug 10th, 2017 6:42 pm
RFD is so judgemental (cue the down votes for an the cowards too afraid to reply to the thread)

Just cause all of you are millionaires doesn't mean that for some people that $4500 in debt is like 100k to all of you.

If you have no job... Or a part time or even a full time minimum wage job and you rent and have other expenses... Yes even $20 extra might be impossible.

Instead of mocking this person over $4500 why not keep scrolling or provide some compassion and advice.

Good luck OP.

To be fair, its no so judgemental when he is asking about how to pay off debt on a site where you save money by spending money...
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Mar 23, 2008
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theforgottenone99 wrote:
Aug 9th, 2017 7:31 pm
Hello. Okay first of all I'm an idiot. I racked up a CC debt of about $4500. I keep getting harassed everyday by the debt collectors but every time they call I'm at work. I've heard things and am worried about how I'm going to pay this off. I've heard it's bad to give hem your banking info because they can then access your account which I do not want.

How can I go about paying this off without giving them my banking or work info? Should I open an account at another bank and only put money in it specifically for debt or what should I do, what are my other options to pay this without them finding my real bank acc? Also, I do not wanting them know where I work.

Thank you.
If they pull your credit report, they may very well see your last and/or current employer. There's nothing you can do about that.

As far as paying them without them knowing your bank info, go purchase a wire transfer for whatever amount you want to send them, and pay them with that. You could open up another account just for sending them money, but you'll likely have delays in transferring money around.

Take a look at the Collections and Collection Agency thread. See if there's anything in there that might help you. Whether it's a good idea to talk to the collection agency, whether you should talk to the CC company, if you should pay... Figure out what's best for you, and how to go about doing it. If you decide you need to pay them, then talk to them. If you make payment arrangements and stick to them, then they should leave you alone. You can also talk to them and instruct them to only communicate with you in writing.

It's not the end of the world.

C
Deal Addict
Sep 23, 2009
3990 posts
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Who would have thought that the credit card company (bank) wanted to be repaid?

Are you guys suggesting that there is no free $5k (adjusted from $200 with inflation) when I pass GO in the real life Monopoly game?

Milton Bradley lied to us.
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Mar 23, 2004
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theforgottenone99 wrote:
Aug 9th, 2017 7:31 pm
Hello. Okay first of all I'm an idiot. I racked up a CC debt of about $4500. I keep getting harassed everyday by the debt collectors but every time they call I'm at work. I've heard things and am worried about how I'm going to pay this off. I've heard it's bad to give hem your banking info because they can then access your account which I do not want.
Giving them your bank info will not let them access your bank account. It will only allow them to setup a transfer of an agreed amount of funds from your account to their account on a monthly/weekly or whatever schedule basis you allow them to.

$4500 is a manageable debt and you should start paying it off asap (consider you have a job too). Getting your credit ruined over that amount is not worth it.
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