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Credit card companies

I was wondering if anyone would know if a credit card has been sent to collections and has been there for about a year if they would still be willing to work with payments? I don't make much only $7.25 an hour and 25 hours a week. But am willing to pay what I can. I am almost tempted to send at least $10 every pay period.

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Asked by Anonymous at 10:50 AM on Dec. 6, 2008 in Money & Work

Answers (4)
  • It depends on the balance...they should be willing to work with you because they just want their money and they may offer a settlement deal with you just answer the phone. :) Good Luck...I would save what you can pay and just send money once a month to them.

    Answer by Anonymous at 11:01 AM on Dec. 6, 2008

  • I have heard of instances where they will put you on a payment plan, even with no or low interest, but they will close out your account so that you can no longer charge. Which sounds like a good idea anyways. Call them up, explain the situation and see if you can work something out.

    Answer by slw123 at 12:03 PM on Dec. 6, 2008

  • I would talk to a credit counselor and have them work it out for you.

    Answer by blackcat66 at 1:08 PM on Dec. 6, 2008

  • I used to work for a collections firm, we actually bought the bad debt from the credit card company for 3 cents on the dollar. So if you owed 1000 bucks we just bought your debt for 30 dollars, but we wouldn't tell you that because we would bill you for the thousand. We were supposed to act like hard a**es but I always let them pay me what and when they could. When they reached the purchase price I filed it as "paid".
    Needless to say I don't do that job any more - I left because I didn't have the stomach for it.

    Answer by plylerjones at 5:01 PM on Dec. 6, 2008

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