Have you tried contacting the redemption department?

We have a cc with Chase and I find them to be the least willing to work with us. Have you tried contacting the redemption department? Even if you opened a new account in your name companies won’t let you switch balances. I would agree that putting things in writing would be the best course of action.

Have you called your state rep or senator and told them about your situation? My child is disabilied and sometimes when I run across a problem they are helpful at helping me find agencies within the government to help.

I think that you would be better off trying to get a payment arrangment with a lower interest rate then paying off but I’ve only been able to lower interest rates with my companies.

I wish you the best of luck. Because of your husbands illness I would contact the company in writing. I would ask them to cease and desist their harassing phone calls. There isn’t anything that’s going to change so you should not be subject to that. Someone on this list posted a sample letter I think you could find it within the last couple weeks.

Big hugs and I wish you luck

I have been lurking for quite a while

I have been lurking for quite a while, and hope to get some information to help us. (Sorry for the length of this post.) We have accumulated over $50,000 credit card debt. And, no, I have nothing to show for it all.

  1. A. $18k belongs to an LLC my husband started 5 years ago with a credit card – stupid yes, we know. The business is only seasonal, and we were unable to make a dent in the balance. We tried to settle earlier this year for half, but they (Chase) wouldn’t accept our offer. This year my husband, who has MS, has suffered severe symptoms and was mostly unable to do this physically demanding work. We stopped paying Chase in May when our money ran out, and although we have made some $ this summer, not nearly enough to either pay the then monthly $350 – now $1700 payment, or make a sizable settlement offer. Chase calls everyday, multiple times a day. He’s only spoken with them a couple of times and explained he has health issues and no money. He doesn’t agree, but I think we should send a letter explaining this, and make an offer – we only have about $4000 right now, but may be able to get a couple more in a month or so- which I’m sure they won’t accept, but may come back with another one. We are now 120 days late. It’s now affecting our other credit accounts (even though we are current on them) – well mostly his as the card is in his name, not mine. I’m only affected on the accounts that bear both of our names.
  2. B. Much of the remaining debt is due to his other business. However, we are current on everything. Not sure exactly how, but somewhere I find the money every month to pay at least the minimum.
  3. C. Additionally, I have a $13k student loan that I took out three years ago in hopes of learning a new skill that would bring in a good paycheck. It didn’t work out for several reasons and now I’m stuck paying that – without any additional income. I’m current on it, but am contemplating asking for a deferment or forbearance – even though it’s only for 6 months.

I’ve been trying to come up with a budget, but finding it very difficult as my husband does not draw a paycheck; we just take what we need to pay certain bills as needed. I work part time, mostly for the health insurance (the co I work for pays 70%) and only take home about $800 month, which of course goes to gas, food and whatever bills I can pay out of it. I’ve been looking for another additional job as well. I do work with my husband, but, again, do not draw a paycheck.

We should probably file bankruptcy, but would like to dig our way out. The big thing, of course, is the 18k we owe Chase.

So, my questions…do we have a chance at settling with Chase? Any suggestions on how to handle it ourselves? How do you prepare a budget when you have no clue when or how much money is coming in?

The really sad part in all this??? We are in our mid-50s, our kids are in college (thanks much to federal & state grants/scholarships and loans – in their names). I’m so depressed about this it brings tears to my eyes everyday. I know all the things we did wrong – now…but that doesn’t help pay the bills.

And here’s the killer in it all…Chase keeps send ME offers of 0% interest on the two cards I have with them!!! And, while we have gotten letters from Amex, Citi, and BoA either closing or adjusting the limits on our cards, Chase only closed the card with the 18k on it – and did not close or limit the avail. balance on the other card in my husband’s name. Oh, and one more thing, our mortgage is with Chase!

Thanks for any advice you can give.

The program I use for tracking my debt

I tried but I guess we don’t have excel on our computer. The program I use for tracking my debt worked great up until now. I made a mistake bounced a check (virtually) then my credit card with my bank “saved” me depending how you look at it by taking a 100 cash advance. So my little credit card with about 2000 on it at 6.99 which was acceptable to put off paying anything but the minimum has now changed. Now there is a hundred dollars with a 20% daily interest tacked onto the end of it. Darn! So now I guess I need to pay this off before my “big” cc with the huge balance and the 9.24 % interest rate. Does anyone know where there is any type of calculator where you can use it to see what the best way to use your payment money is for these type of issues?


As you live in Ontario you can opt for online payday loans in Canada offered by CashForCanadians company. This is a very good way to obtain quick cash. And if you open a google account, you can use their docs to run excel programs for ‘free’. My favorite! Just save the excel program to your desktop, then upload it to google docs and run it from there. As for calculators, there is probably one that will work for you at www.bankrate.com They have a calculator for just about everything under the sun!

Did your son have this account by himself?

Did your son have this account by himself? Are you sure that HE was the one that took out the money? If his father did the overdraft that would change things. I would contact your local mental health office and see if there is anything they can help you with.

It depends on what state you’re in. When I was a senior in high school (17 years old) my dad didn’t pay some medical bills from when I sprained my ankle. 3 years later, during college, I had debt collectors calling me, a judgment was placed against me and my bank account was seized. In Pennsylvania, when it came to debt there was no recognition of a minor. So even though I was a minor at the time of the medical bills, and even though I had clearly stated in the paperwork at the doctor’s office that my dad was the responsible party, I ended up with a judgement against me.

I think that if the father took out the money that it considered fraud. I would write a letter to this effect. Sign the document yourself as your name in care of ______ sons name ______ a minor disabilied child. Then see how they handle it. Overdraft fees are the worst! I’m going to have to switch around which cc I pay because I did an overdraft protection and now my cc of 6.99 has a hundred dollars at 20 percent tacked onto the end of it because I made a math error. Sigh.

No, my son never used this account. His dad was the only person to use it. I don’t get why I should contact mental health.

I would only contact mental health if your son used the account. If your son never used the account but your ex husband did in his name… then overdrafted… sorry but that’s fraud. It’s illegal to use someone else’s name. If this is the case I would contact the banks fraud department. It’s not your son’s bill.

It’s not fraud. It was a joint account in both names. He didn’t use my son’s name, he just used the account as his own.

Debt collectors & kids

I need advice badly. My ex had a savings account with our son. Ex went to jail and the account got overdrawn by over $400. Now debt collectors are coming after my son who is a minor child and has no income. I have informed the debt collector of this fact. Today’s mail had a fill in the blanks form threatening my son that if he doesn’t pay this debt it will be reported to credit agencies, affect cost of insurance, make it hard to find employment, etc.

My son has no job. He also has ADHD and is autistic impaired high functioning. He’s getting help so maybe in another year or two he might be ready for a part-time job but that doesn’t help now. And I can’t afford to pay the debt. I’m already trapped paying another debt of the ex’s because it comes from before our divorce. We have no spare money right now. Also my hours at work have been cut plus I now have to use the laundromat. Please don’t suggest a second job because that isn’t an option at this time. Not with being a single mom of three wonderful kids.

Is the bank in your area? Can you go have a sit-down with the bank manager (bring the child in question) and show them exactly what is going on? I think it is illegal to collect from minors, but don’t know the law that proves it… Either way – you don’t owe the debt. Your name was not on it.

Don’t worry about just letters …. remember these are the same brilliant people who send credit cards to dogs and dead people. There is no brain behind the collection letters. Make sure you have a budget and are feeding those kids first and foremost, ahead of any collection bills. And keep your head up – it will get better!!! Can you go to the bank and talk to someone there? If that doesn’t get you anywhere, I’d suggest a consultation with an attorney. Most do the first appointment free and they can tell you what you need to do to take care of it.

That can’t be legal. First off, children are never responsible for their parents’ debts. I honestly think they’re just trying to scare you into paying something you’re not responsible for… they sometimes use some pretty dirty tactics. I’d search around Dave Ramsey’s site to see if this issue has come up. I’m guessing it has–it can’t be that uncommon. Also, there might be something in the Fair Debt Collection Act so you could tell them they’re violating it.

They have no legal grounds to come after you and I can’t imagine an actual bank doing this, have they sent it to a collection agency? I would first recommend contacting a nearby branch of the bank and speak to the branch manager. Explain the situation and see if that does not clear it up.

If it does not and you have to deal with the collection agency, send them a certified label telling them that they cannot legally collect this debt from a minor and that you do not mind sharing their tactics with the State’s Attorney General, State’s Trade Commissions, and State’s Banking Regulators. Be sure to tell them “In Accordance with the Fair Debt Collection Practices Act” to stop contacting you. You must send it so that you have proof they signed for it. Then send all these agencies copies also.

Credit card company went under

Sorry in advance, I know I will probably tell everything and confuse some, like myself. :) I was wondering if anyone knows how your credit score is affected when your credit card company goes under. I have bad credit, sub prime mortgage, my own stupidity with credit in the past and on and on, but I am working on cleaning it up. I only had one active card because I didn’t want to repeat past mistakes. I received a letter telling me that my card was terminated effective immediately due to no problems of my own.

When I called the rep for the company told me that the company had folded and wasn’t bought out or declared bankrupt just closed their doors. I am working so hard to clear past debt as well as make some kind of leeway on my mortgage situation because right now I am basically paying rent to stay there, it is interest only. I want to refi but don’t know what this closure of my only active card will do to my credit score. Anyone know anything about it? Thanks in advance.

I don’t think it would negatively affect your credit score, but what you need to know is that someone could still buy the debt. It’s very unusual they’d just close their doors one day and not be required to sell parts of the business to pay THEIR debts. I worked in the mortgage industry (eek) for years, and even when companies just folded, there was still a process to sell their assets (usually meaning customer data) afterwards so their debtors wouldn’t come away empty handed.

It might not happen for months or even up to a year, but I wouldn’t count on this debt being erased.

Reasking a couple of questions

Maybe no one can provide me the answer to questions I’ve asked in the last couple of months, but I will try one more time:

  1. In July I mentioned that my mortgage company called before 8 am to find out where my payment (only a couple of days late) was.  I complained to the FTC but is there any other recourse?
  2. What constitutes Proof of Debt when you request it?  I asked for proof of debt and all they sent me was some phony bill that anyone could make up on their computer.

In response to your first question, it’s the FTC and the Better Business Bureau. That’s about it. Maybe your state’s attorney in case they’re abusing other customers as well.

As for the second, here’s a really good response I found online:

Thanks for that.  Well then I did all I could for the mortgage company calling early (now I think they’re getting back at me by calling even if I’m a day late). The link for the other question is great.  Now I know how to proceed.