I have had a situation in my life happen that has cause me to lose my job and I have not paid my cc bills for about 6 months now. I had about 12 thousand that i owed and i had it at an intrest rate of around 10%. I am sure that that is not that case now but what happens now? My credit was also very good before this situation but is it totally screwed up now and what will need to be done to get it back to a good credit score again? I found out that I have bipolar and have had a lot of trouble with many things in my life lately and I am even scared to answer the phone when the credit card company%26#039;s call me. Please help give me some kind of idea how bad this financial situation is for me.
What exactly happens when you don%26#039;t pay anything to credit cards for several months?
Your account will be charged off (or already has been) and then sold to a collection agency, or referred to the creditor%26#039;s collection group.
Right now, however, you have an income crisis. Don%26#039;t worry about the credit card bills right now. You need to first work on getting some work to start bringing in income. Once that is taken care of then you can focus your attention on paying off your debt.
Now the collection group will call and whine and complain, and possibly make threats of legal action, but until they get a judgment against you they really can%26#039;t do anything. So don%26#039;t let them get you emotional when they call. If you feel yourself getting upset simply hang up. They will be fine.
What exactly happens when you don%26#039;t pay anything to credit cards for several months?
bipolar? you poor thing. my mum has had it for ever, and is locke din mental institutions on and off blah blah... you MAY be able to do something about that, because you cant help it..?? ask until you get the answer you want coz from mental illness you can be excused for a lot of things... apart fromt hat, i did that too, with credit cards... basically, until its paid you will have a bad credit rating, you will now have a HUGE bill you will need to get on top of (go to a doctor, preferably psychiatrist, tell them and ask for them to help yoou, maybe aletter to the credit card company to let you off the extra interest??? it will work if you dont take no for an answer and push, because it was absolutely not your fault). the credit card company will call and call to get their money, and if they dont they will either try to repossess some of your assets in one form or another.... bugger.... i reckon go the letter from the doctor... you have a diagnosis, it shouldnt be too hard. i feel for you, and good luck :)
What exactly happens when you don%26#039;t pay anything to credit cards for several months?
Right now your credit score is probably really bad. What you need to do is call all of your credit card companies and let them know what is going on. See if you can set up payment plans with them. More than likely they have sent you to collections so see if you can work with the credit card company not the collection company.
What exactly happens when you don%26#039;t pay anything to credit cards for several months?
First off, I am sorry to hear that you are going thru this.
Is there any chance that you can get professional help with your bipolar disorder?
If you get help (It could be medicine or talk therapy), you can see the other things more clearly.
To calm you, there is no debtor%26#039;s prison. By that I mean that you are not going to have to face going to jail for not paying your bills.
What they will do eventually is either take you to court or they will charge it off.
Either way your credit score as you know willl take a nose dive but you should not worry about that when a much more pressing matter is on the horizon.
YOU MUST GET TO A DOCTOR.
Most often depression does NOT get treated on its own...it only gets worse
get the help and then you can worry about the finances after that.
Can you file for unemployment?
Where you fired in a manner that you think might be worthy of a lawsuit?
You are going to have to get some income not so much to pay these bills but the make sure you dont spiral downward to homelessness etc.
What exactly happens when you don%26#039;t pay anything to credit cards for several months?
They only accept money... they don%26#039;t accept EXCUSES... so your credit score will drop out of sight and you will never be able to get credit again.
Mental Illness.. that is what BIPOLAR is called.. MENTAL ILLNESS... is not an excuse.
It will take you YEARS to build your credit back.. and WHY DON%26#039;T YOU HAVE A JOB?... you will need a JOB to start building your credit back.
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