I am a senior citizen paying over $1000.00 in interest fees on a $180,00.00 line of credit. The interest exceeds my income. What can I do?
By filomena from Canada
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I would stay away from the hucksters that advertise on the radio and television. They promise to help but I am afraid they may take what money you have and be of no help.
You could try to negotiate with the credit card company your self. Here in the US there is a service called Consumer Credit Counseling Services that is non profit and offers credit counseling. Also here in the US I would call our state attorney general and ask for help.maybe you have somethig like that in Canada. You may have to declare bankruptcy. Sorry I could not be of more help.
I don't know about your laws in Canada but there must be some type of State/Province free legal assistance for you? In my situation I became disabled 16 months ago and called a State legal assistance agency for debt help and was able to get relief because of their advice.
One thing here in the states: debt is bought by collection companies for pennies on the debt. Example: Owed $10,000, they buy it for $2000. Their goal is to get as much of the money for their company, using many means. They will not give to the place you owe any more than what they initially paid. So if you think you are still paying on a hospital bill, forget it. Your name is still mud on the hospital listings.
They use all forms of what I would call deceitful conversation, mental torture, etc. In MN, there are lawyers now SUING these companies for the harassment they are doing. I presume eventually more laws will be in place to protect the consumer.
So if you can, get the free help from the state in sorting out our matters. File for bankruptcy, or what ever.
Did you get this debt yourself or from fixing other's issues? You don't say. It is right to pay the bills you have made, but it is not right not to have help in deciding how to make a plan workable and still be able to live.
I would begin by contacting the company you owe and asking them to reduce your interest rate to something you can afford. If the first person you speak to can not help you, ask for the supervisor. Tell them what your income is and explain that if they do not work with you, you will have to file bankruptcy and they won't get paid at all.
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