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Could not pay bills for serious illness. what will happen now?

Date: Tue, 04/19/2005 - 02:19

Submitted by nkshirsagar
on Tue, 04/19/2005 - 02:19

Posts: 11 Credits: [Donate]

Total Replies: 16

Could not pay bills for serious illness. what will happen now?


Hello everyone,

I would really appreciate some advise. Here's my story.

I was an international student studying in Boston in 2002. In August 2002 I had about 6000 dollars debt shared between 3 credit cards (2000 on amex blue, 3000 on sony citibank and 1000 on a third one which i forget)

I meant to pay this debt off as soon as I began to work in the USA

But I had to fly back to my country of residence to take care of a spine illness which took 2 years to get better, in which time I was always in hospitals and was kinda fighting for my life, so I didnt really think much about the credit debts.

When I finally contacted the bank from here, they said that they have handed it over to a collection agency, after which I gave up trying to
contact anyone.

Now what do I do? Just let it be? Or keep trying to figure out how much the amount is and if possible pay it from here? I can't afford it of course.. since I didnt even have a job the past few years. But what are the consequences of just sitting tight, especially since I am not in the USA for a few years more at least. The last time I made a payment on the cards must have been about 2 years ago.

Advise needed! :)


Quote:

I meant to pay this debt off as soon as I began to work in the USA


Do you plan to return and try to again work inthe USA?

If so, letting something like this "fester" on your credit report could afect your ability to "re-Establish" yourself over here.

Now-a-days in the USA a lot of Employers, Housing/Rental agents, Insurance companies etc.. all check credit reports for various reasons.

I rememebr a couple of years ago being turned down for a part time job (a second job for Extra $$$) because of my credit, I also had a hard time moving because my credit was not so good and had to pay "extra" security deposits in order tomove in.

I would advise maybe signing up for a debt consolidation program and working this out and not to just ignore it.

Especially as crdrit worthiness seems to affect almost every aspect of your finiancial life today.

Jerry


lrhall41

Submitted by jtucker on Tue, 04/19/2005 - 03:53

( Posts: 114 | Credits: )


Thanks for your reply..

my question is.. is it gathering interest as we speak or is it an amount that I can take care of when i return to the usa, be it many years from now.
I do intend to pay it, but I cannot do it from here.. since it becomes exhorbitant when converted to my residential country's currency..

I figured I would do it when I return to the USA.. in which case, the debt (say 6000 $) isnt such a big amount of money, one month's salary would pretty much cover it. The problem is if it lies gathering interest and hits me with a 50,000 debt suddenly 10 years from now. Is that a possibility? Thats my main worry.


I do not plan to return to the USA for the next 3 years ... given that its been 2 years already since I stopped payments, is there any time period after which this debt becomes forgiven? I read about the statute of limitations for Massachussets and its 6 years for open loans.. (credit cards come under that?)

Another question.. isnt there any way I can negotiate of reduce this debt under any laws which exempt people who are medically ill for a long period of time ? I was in hospital for pretty much a year, and was still bedridden after that.. pretty hopeless situation it was..

Really appreciate your replies, and thanks! :)


lrhall41

Submitted by nkshirsagar on Tue, 04/19/2005 - 04:04

( Posts: 11 | Credits: )


Quote:

my question is.. is it gathering interest as we speak or is it an amount that I can take care of when i return to the usa, be it many years from now.


Yes! at first at the original interest that was agreed upon when it was first opened, if it has gone dilinquent, then the interest rate can be maxed to the allowable limit in the state it was opened in. Then, it handed over to collection, then collection cost, fees etc can alos be tacked onto it also, so a managable debt can become very "unmanagable" if ignored.

Quote:
I do not plan to return to the USA for the next 3 years ... given that its been 2 years already since I stopped payments, is there any time period after which this debt becomes forgiven? I read about the statute of limitations for Massachussets and its 6 years for open loans.. (credit cards come under that?)


That is true of the SOL of the original debt, but if taken to Court and default judgment is rendered, then the SOL of the judgment can and may be a LOT longer then that, and as it is a judgment it will also stay on the reports as so and be very detrimintal to re-establishing good credit.


Quote:
Another question.. isnt there any way I can negotiate of reduce this debt under any laws which exempt people who are medically ill for a long period of time ? I was in hospital for pretty much a year, and was still bedridden after that.. pretty hopeless situation it was..


There is no such "LAW" in a free market economy like the USA has, but through debt consolidation/Debt settlement this can be accomplished.


Jerry


lrhall41

Submitted by jtucker on Tue, 04/19/2005 - 06:08

( Posts: 114 | Credits: )


is there anyone I can write to to help me? I don't have much money to pay lawyers or fees. I don't even know which collection agency has it, so I dont know whom to write to.

And the debt has been there for 2 years, any idea what it could be right now? I have absolutely no clue..

Thanks for your help, please let me know if you know anyone I could write to for debt consolidation or looking at my case.

Thanks.


lrhall41

Submitted by nkshirsagar on Tue, 04/19/2005 - 07:09

( Posts: 11 | Credits: )


Hi nkshirsagar

I read your complete post and prey for your good health. I wish that you can come out of this whole dilemma as soon as possible. Now that you wish to go in for consolidating your debts, you can visit this site and have a thorough idea of this whole thing. You need to make yourself aware of the pros and cons of debt consolidation program and then choose the right option for you. However, just have a look at this site http://www.debtconsolidationcare.com which will provide you an inside study.

Once you get registered here for free, the counselor will get in touch with you within one working day and then you can explain the whole thing in front of him. I think sitting face to face in front of the counselor will help you in finding out the solutions.


lrhall41

Submitted by roxette on Tue, 04/19/2005 - 11:46

( Posts: 4009 | Credits: )


[quote=nkshirsagar]the problem is.. i am not in the usa..[/quote]

First off, you should not allow this debt to fester into something unmanageable. You should take care of this before the fees rack up. I feel that your best bet is to contact a lawyer. There are lawyers that work for reduced fee or free basis. I am sure of this in the US. There are law school clinics, and public interest lawyers that would be able to handle this situation for you. So maybe you should make a trip back to the US in order to confront this issue head on.


The lawyer can explain your situation to the collection agency. And as a resolution, the lawyer can negotiate a settlement of your debt.

If you are not able to do this, you can try to negotiate a settlement of your debt by yourself. This website has information on how you can do it yourself. But personally, I believe that it is best to get a third party involved such as a credit counselor or a lawyer. Just so you wont get exploited or mislead by collection agency tactics.

Any reasonable company would realize that if they want to receive their money from you, their best bet would be to settle.


lrhall41

Submitted by benjaminz6 on Tue, 04/19/2005 - 23:57

( Posts: 256 | Credits: )


yes i would like to clear this and at least find out what the debt has become.. so i dont know whom to write to, i dont know any lawyers or law firms who would do this for me.

does anyone have any references? I really cannot afford to pay any more fees for a lawyer, whom can I write to to take up my case?


lrhall41

Submitted by nkshirsagar on Wed, 04/20/2005 - 00:08

( Posts: 11 | Credits: )


[quote=nkshirsagar]yes i would like to clear this and at least find out what the debt has become.. so i dont know whom to write to, i dont know any lawyers or law firms who would do this for me.

does anyone have any references? I really cannot afford to pay any more fees for a lawyer, whom can I write to to take up my case?[/quote]

If you decide to take the legal route, here is the contact information for the Harvard law school legal clinic (Since you said you are familiar with the Boston area). If they can't handle your case then I am sure that they can refer you to someone that can.

I think that your issue would fall under consumer protection/credit practices.

law.harvard.edu/academics/clinical/lsc/contact.htm


[color=red][size=2][URL made inactive - Vikas][/size][/color]


lrhall41

Submitted by benjaminz6 on Wed, 04/20/2005 - 23:48

( Posts: 256 | Credits: )


i wrote to them, have no received any respose as yet..


lrhall41

Submitted by nkshirsagar on Thu, 04/21/2005 - 23:28

( Posts: 11 | Credits: )


In all probability you should be hearing from them soon. So don't be tensed but keep your fingers crossed.
:?

Cheers,
Jason


lrhall41

Submitted by Jason on Fri, 04/22/2005 - 02:59

( Posts: 2430 | Credits: )


[quote=nkshirsagar]i wrote to them, have no received any respose as yet..[/quote]

They also have a telephone number listed on the site. If you want the quickest response.

I believe that there are 2 or 3 that specialize in consumer protection. You probably should get in contact with the others if one doesn't respond.


lrhall41

Submitted by benjaminz6 on Sat, 04/23/2005 - 00:09

( Posts: 256 | Credits: )


Hi,

a friend of mine tracked one of the accounts, and was told that they are willing to settle at an amount that is about 1/3rd of the original debt.

I want to know what that means.. do they write off the account ? or does anyone have any experience of them settling like this? Do they really write off the account or will it still create problems later?

Advise much appreciated.


lrhall41

Submitted by nkshirsagar on Wed, 06/01/2005 - 03:15

( Posts: 11 | Credits: )


Hi nkshirsagar

It is nice to have you in the forums yet again. I hope that everything must be fine at your end. Regarding your query, I have posted the reply at this thread. Please have a look

http://www.debtconsolidationcare.com/forums/about360.html

Please do let us know if we can assist you further.

Regards
Roxette


lrhall41

Submitted by roxette on Wed, 06/01/2005 - 11:48

( Posts: 4009 | Credits: )