What can I do

A number of years ago I aquired a debt with a bank. A couple of years later a collection agency called about the matter. I set up a payment agrangment but was unable to follow through because of unemployment. I have yet to aquire a job and my spouse barley does enoughto make ends meet as well as pay her student loans. Earlier tis summer I made new arangements with the collection agency and even made one of 4 216 dollar payments. However, my income took a dive once agian and because of this I am unable to pay the 216. I can pay 50 or so and have sent an email stating this but have revieved no reply. I would call but every time I do i am treatened with law suit unless the debt is paid in full or i make huge mothly payments like the 216. Can they demand the higer payment or can i stop any suit by sending what i can.

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Oct 07, 2010
What Can I Do About A Bank Debt
by: Mary

Thanks for submitting your debt collection question on our Q&A page. .

I am sorry to hear about your financial troubles. Unfortunately, based on what you have told me, the debt collector is legally entitled to sue you for not making the payments you agreed to, and sending smaller payments won't stop the lawsuit if the collector decides to go that route. Whether or not it does will depend in large part on whether the collector determines that if it wins the lawsuit, there is a good likelihood that it will be able to collect the amount of the court's judgment against you. From what you have told me about your financial situation, collecting from you may be a problem, which might discourage a lawsuit right now. However, the collector might decide to wait until your finances improve.

My best advice to you is for you to schedule
a free consultation with a bankruptcy attorney. By giving you this advice, I am not telling you that you ought to file for bankruptcy, although it may turn out to be your best option. The reason I want you to meet with a bankruptcy attorney is so that he or she can assess your financial situation and advise you about your best course of action.

Please share what happens with your situation in the comments section for this question. We are very interested in hearing how this turns out for you, and your experience can help others who are struggling with debt collectors.

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