What do you say to the credit card company?

[Skipper]

The first time they call because you did not make your payment?

This is where I am... I will most likely have to speak to them next week, and I have no idea what to expect.

Does anyone have any advice or experience with this?

Thanks,

Skipper

[Moe Bedard]

I wrote about this last week and I wil just post it here.

http://www.loansafe.org/can-i-be-sue...dit-card-bills

You can try and negotiate with the credit card companies to lower your rates and come up with a plan or even a settlement. I have seen settlement at 5-10 cents on the dollar.If you choose to negotiate your self with these debt collectors, make sure you document all conversations and keep all correspondence in case you are sued and they didn’t play by the rules.

Or you can file bankruptcy. The latest changes to the bankruptcy law make it a bit harder for some consumers and businesses to file. It is important that you get educated about the various laws and issues that surround a BK filing.

* Consumers with higher incomes will be allowed to use Chapter 7, but will instead have to repay some of their debt under Chapter 13.
* All debtors will have to get credit counseling before they can file a bankruptcy case.
* And, because the law imposes new requirements on lawyers, it may be tougher to find a bankruptcy attorney.
You are protected by a federal law called the Fair Debt Collection
Practices Act (FDCPA):

Fair Debt Collection Practices Act

http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm

What Debt Collectors Are Covered By The Act

http://www.expertlaw.com/library/consumer/fair_debt_collection.html#3

The FDCPA clearly states that debt collectors may only contact third
parties to verify your location and/or telephone number, and they may
only contact a given third party ONCE.