Stop Making Payment

by Menchie
(colorado spring co.)

i got a summon fron a debt collector(from credit card) but i called them and make an arragement to pay them 50$ a month coz i dont have a job (owed 2500).They sent me paper then i sign it to make payment every month,but i dont think i can still do it. Can i have any problems if i stop making a payment?

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May 26, 2011
Stop Making Payment

Unfortunately, if you agreed to pay the debt collector $50/month and don't live up to the terms of the agreement, the debt collector may decide to pursue its lawsuit in an effort to get a judgment against you. If it did get a judgment, it would be entitled to collect on it by taking money from your bank account, getting permission from the court to garnish your wages (even if you don't have a job now, your future wages could be garnished), putting a lien on an asset you own, etc.

I recommend that you figure out what you truly can afford to pay the debt collector and then to try to get the collector to agree to accept that amount of money each month rather than the $50/month you initially agreed to. However, since you already have a deal, the collector may not want to take less money from you and may prefer to take you to court. Or, the collector may decide that getting something from you every month, even if it's less than $50, is better than the cost and hassle of going to court.

If you want help trying to get the collector to agree to what you are asking for, contact a consumer law attorney in your area who helps people resolve their debt collection problems. Your first appointment should be free. Good luck!

May 26, 2011
thanks for the help
by: menchie sawyer

thank you you so much. It's really helpful! More power to your website!!

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