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    hopperxoxo's Avatar
    hopperxoxo Posts: 2, Reputation: 1
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    #1

    Apr 21, 2006, 05:21 PM
    Credit card debt & a 3rd party collector
    To be honest my credit card debt to American Express has gotten up to about $12,000 because of all the interest. It has been sent to GC Services, a third party collector. I am in school and will be done for the summer in about a month and will be working full-time then but am only working part-time now. I have talked to citifinancial and another company about a loan to pay them but I can't get the loan until I am working full-time. I was told today that if I don't come up with 10% by Monday that I will be served with papers from the sherriff. I am trying to get a student loan to get them their 10% but I doubt that will happen by Monday. I don't have anyone who could be creditworthy cosigner for me either, and therefore also don't have anyone with this kind of money that I can borrow the 10% from. I am just wanting some advise, anything would be good. I am also concerned as to what is going to happen, or what could happen. I know I will probably have to go to court but what happens there (I have never been to court before), and what will happen after. Any advise please! Thank you!
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,302, Reputation: 7692
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    #2

    Apr 21, 2006, 06:57 PM
    First borrowning more money to pay a debt you can't pay is not what you want to do. And please don't drag anyone into this by getting a co-signer,if they are that rich, just let them pay your debt for you now and save a lot of trouble.

    And honestly what they want is a plan for you to start making payments to them. Have you made them any counter offers, so much a month and so on??

    And if they file, it will take a time before the sheriff ( or some server depending on where you live) merely comes to you and serves you a paper to appear in court. At court they show you owe the debt and say you are not paying? Yep you either show that you have paid them, or explain why you have not, and show them any offer you have made to try to settle or work out a deal.

    Most likely they could get a judgement and then go from there, garnishment of your wages
    fredg's Avatar
    fredg Posts: 4,928, Reputation: 674
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    #3

    Apr 22, 2006, 04:56 AM
    Hi,
    The answer before mine is very good.
    I would like to add that you are not alone. A major Network News organization has reported that credit card debt by graduating college students is the major issue with them nationwide.
    Your best bet is to call the "collection department", tell them how much you might can start paying when you get a full-time job, give them an approx. time this might happen, then you will have that to introduce to the Judge for your court appearance, and may help you.
    I see no way of getting out of going to court, short of paying off the debt.
    swalther's Avatar
    swalther Posts: 12, Reputation: 1
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    #4

    May 15, 2007, 04:05 PM
    Do what a buddy of mine did and just don't pay them. They won't sue you and they won't garnish your wages. You'll just have bad credit wich isn't the end of the world. I used to work in a collection agency. It would cost them 10 grand or more in legal fees to get their money back. All you have to do is to tell them never to call you again.

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