Payment arrangement

by Julianna
(Sacramento,CA)

Hi

Can you give me some advice. I have a personal loan and the last couple of month have gotten harder. I have fell a couple of months behind on my loan payments. I have explained my situation to the company and let them know that I will catch up the loan asap. As you very well know once you get behind it is very hard to catch up. I talked to the company again to explain my situation and ask if I could put the loan on hold and make payment arrangemnts to catch my loan up so I can start making my payments on a regular basics. I was told that they could not help me that I need to come up with $150 within 24 hours or the deal they were offering me was void. I explained to them that I already had my 2nd electric bill notice that I has to pay the next day and I had rent due and I did not get paid for another week and all he told me was I wish I would have gotten ahold of you last week. I have tried to set up payment arrangement I have explained my situation and let them know that my intent is to pay back the bill I am just having a really hard time. They are now threating to sue and garnish my wages.


My Question: What can I do I am trying to pay this loan back I but they will not work with me to make payment arrangements to get my loan back on track.

Please help.

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Dec 18, 2011
 Payment arrangement
by: Debtcollectionanswers.com

Julianna:

We hear from many people in situations very much like yours -- people who want to pay their debts, but need a little break from their creditors to do so. These are difficult times.

I don't know all of the details of your financial situation, but I think you ought to consult with a consumer bankruptcy attorney. The attorney will look at your financial situation and tell you whether filing would be a good option for you or if there is another better way for you to resolve your debt problems. Depending on the kind of bankruptcy you file, you may be able to wipe out most if not all of your debts, making it a lot easier for you to keep up with your living expenses, or you will have an opportunity to pay all of most of what you owe on the debts you have fallen behind by making payments you can afford under the protection of the court. While you are under the protection of the court, you cannot be contacted by debt collectors or creditors and they cannot sue you for the money you owe. At the end of your bankruptcy, depending on the nature of the debts you are paying on any money you still owe on them would be erased.

For information about how bankruptcy works, read our series on the subject, declaring-personal-bankruptcy. Then, if you would like to schedule a free consultation with a bankruptcy attorney, go here: bankruptcy attorney.

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