Find me a bargain for Credit Card defaults

porkupine888 on 25/11/2019 - 15:54

Not necessarily a result of being an ozbargainer - but i've two credit card defaults with CITIBANK & HSBC respectively amounting to about 5 - 10 - 20 k in total.

Wondering if any of you delights know how to / where to / ideas of how to get a bargain / offer to repay a proportion of the debt: they have in the past outsourced to other agencies/companies to collect to no avail - so am thinking or planning of contacting them for a resolution so that the default can be removed from my credit file - please provide details thanks.

so if you have been in this situation before or know how any decent methods in which i could that would be most appreciated.

in anticipation of trollers and the typical ozbargain commentators out there- i was in massive financial hardship due to a nasty separation that led to this debt coupled with anxiety/panic attacks and depression so yes, no excuses there but i am owning up to the problems and issues of the past and trying to fix em for myself.

Thanks heaps in advance!

Financial

Comments

  • spackbace on 25/11/2019 - 15:59
    +7

    Bargain? No, organise a repayment plan

    • porkupine888 on 25/11/2019 - 16:19
      -5

      thanks for the compassion - you must be very well to do and don't believe in 2nd chances… perhaps if such misfortune were to befall on you - then there may or may not be such a similar thought

      but thanks for posting in a comment :)

      • spackbace on 25/11/2019 - 16:20
        +4

        Not perfect, have gone through a separation after 10yrs when 2 kids are in the picture, but I also know when to just deal with it.

        And yes, mine will take about 4yrs after separation to clear the debt the gold-digger put me in.

        Ooh, a neg vote for that! Gold-digger must be here somewhere lol

      • tsunamisurfer on 25/11/2019 - 17:15
        +6

        What is your problem? Spackbace is right there is no bargain like a fking Groupon 10% off plus a ShopBack rebate.

        If they have gone to debt collection then call them up to work out how much to repay and the instalments.

        You want help and when provided give attitude. Now I know why your partner left.

        • porkupine888 on 25/11/2019 - 20:34

          thanks! you put my head right back where it's supposed to be right at your family jewels! :) feels good! lets get together

  • Eeples on 25/11/2019 - 16:01
    +1

    "….amounting to about 5 - 10 - 20 k in total."

    What does this mean?

    EDIT: My sister's default is in the hands of a 3rd party. Every year they offer her to clean it up for about 40% of the actual debt. She ignores the offer.

    • porkupine888 on 25/11/2019 - 16:17

      e.g. the 40% of the actual debt = the bargain i'm looking for …

      • ozhunter on 25/11/2019 - 17:00

        He might be talking about a debt agreement, but doesn't seem worth it if the debt is under $20k imo.

        • porkupine888 on 25/11/2019 - 20:35

          ah - i must have misunderstood - ie. the fees they charge = 40% of the debt …. damn :(

  • Fergy1987 on 25/11/2019 - 16:26
    +1

    tell them you're going through financial hardship and pay on a payment plan.

  • bohn on 25/11/2019 - 17:42
    +2

    For some reason when I saw the title of this post I thought you wanted to buy up other people's debts ;)

  • orangetrain on 25/11/2019 - 17:58

    If the debt amount is small, you could haggle to pay small as they don't want to face costs.

    35k? They'll want the whole amount.

  • Typical16-bitEnjoyer on 25/11/2019 - 18:17
    +3

    so that the default can be removed from my credit file

    The default(s) will not be removed. Best case is they update it as "paid" or worst case "settled". You'll still have trouble getting credit from anyone.

    You'll just have to wait out the 5 years for it to disappear off your record.

    If the debt is 10-20k I can assure you that just because they aren't actively doing anything right now doesn't mean the debt has been "forgotten". They will wait ~4 years. This allows the interest to accrue and make the debt nearly double, if not more. Then they will slap you with Court documents to avoid the debt becoming statute barred. Then it gets expensive for you. If Judgment is entered against you then your chances of obtaining credit are shot for practically forever.

    Best to settle now and get it over with. I am fairly confident that if you offer 30-50% in one lump sum payment they'll accept it. They buy the debt for 10-40% of the original debt amount. Interest accrues on top. Start low and negotiate it out.

    If you need a repayment arrangement, just sort it out and pay enough a month so that the interest doesn't make it a 10 year arrangement with the debt tripling.

  • the Unforgiven on 26/11/2019 - 14:52

    get a consolidation loan,
    then u can get rid of your credit cards,
    just use a debit card

    ain't weird, they call it a credit card,
    but u don't have money in the bank.
    they call it a debit card,
    but you have money in the bank

    • spackbace on 26/11/2019 - 15:04
      +1

      get a consolidation loan

      OP needs capacity and credit rating to get a loan, even tho its consolidating. With defaults like that, no ones lending money to OP

    • Typical16-bitEnjoyer on 26/11/2019 - 17:10
      +1

      Wait, who's the other poster who posts like this? No punctuation and presses enter after every few words. Is this the same person?

      • Baysew on 26/11/2019 - 17:47
        +1

        IVI

        MISS'G is
        the (totally) crazy?!?
        formatting.
        + references
        to MOLTON
        salt reac'ors.

        • Typical16-bitEnjoyer on 26/11/2019 - 17:58

          Yep that's them
          Definitely
          found one
          of their alts posting'
          on here under
          different name

      • the Unforgiven on 26/11/2019 - 21:33

        I give up, who?

  • Love a bargain on 26/11/2019 - 21:36
    +1

    credit card debt is (one of) the most expensive form of debt

    for the future (or anyone else in a similar situation), get yourself a personal loan when you find yourself struggling to pay of your credit card balance in full

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