I lost my small business due to unpaid orders last September, I am trying to pay one credit card at a time, but I am getting collection agency letters threatening law suits.. right now I am trying to get a job... should I call them and let them know my situation? I was with Credit Solutions and they have just made my debt worse.. they told me never to answser any letters or the phone if the companies are calling, now my charges are bigger than they were.. please help.. I do want to pay them off, I just don't have the funds right now..

It is my experience that ignoring creditors is the worst thing you can do. So if you don't have someone representing you with your creditors, do contact them and tell them your situation and ask what can be worked out.

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Originally Posted by ScottGem

It is my experience that ignoring creditors is the worst thing you can do. So if you don't have someone representing you with your creditors, do contact them and tell them your situation and ask what can be worked out.

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Can't rate it, but it is 100% true.

As a professional debt collector and recovery specialist, it is the people who avoid and ignore my attempts to speak to them that go to the head of the line for legal action.

As long as I can have an open dialog, and there is some effort on the debtors part to resolve the situation, I will go out of my way to try to assist them as best I can.

If you ignore me, you are not going to be happy with the results.

Call them.

Yeah he is right, try to keep them from filing a lawsuit and play dumb at least until they sell the account to a collection agency, if you plan to eventually pay the whole thing off then make some payments to try to keep the bank running but if realistically you know that there is no way you can pay then don't pay anything not even a dollar, every time you make a payment you are extending the period inside they can file suit. In that second case the sooner they charge it off and sell it the better for you

Probably they are going to sue you anyway paying or not unless you pay on their terms, so it would be a good idea for you to start getting an education on this matter, if you are interested here is a whole lot of good info available for free Debt Consolidation Credit Counseling Free Credit Reports Increase Your Credit Score and CreditBoards.com - Credit Help, Credit Repair Tips, News, Forums

Carl.-