Financial Challenges Support Group

This community is for people who are struggling to meet financial obligations of any kind. Financial challenges include everything from the day-to-day challenges of making ends meet to managing credit card debt to bankruptcy. Get support from others who are going through similar obstacles on the road back to financial stability.

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Personal Challenges
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STUCK WITH ANOTHER BILL

almab
almab
I co-signed for one of my sisters to get her some dentures and guess what? I am now stuck with the bill! She lost her job a few months ago and has not paid anything or made any kind of arrangements to do so. I received a letter from the company that they have reduced the bill from $4000+ to $2000+ and are waiting for my reply whether or not to accept it. I can't afford to pay anything right now. I am barely paying the bills that I already have. Can anyone give me any suggestions?
ScarletAngel
ScarletAngel
Have you talked to your sister about this? And another thing, NEVER co-sign for anyone!
almab
almab
Yes I have spoken with her and she said she can't pay it. Seems like I would have learned my lesson. I cosigned for her granddaughter to get car and got stuck with that bill a few years ago. I was just trying to help my family out. I know...STUPID is written across my forehead.
ScarletAngel
ScarletAngel
I tell my creditors to "take a number". I will pay you when I can pay you.
deleted_user
deleted_user
You don't have STUPID written across your forehead, you just loved your sister enough to try to help her.

Talk to the finance company, explain your situation and work out a payment plan at the absolute minimum. They will probably accept as little as $20 a month if you make those payments regularly. The main thing is to keep emotion out of it. They really don't give a shit what your situation is, they just want their money. When you talk to them, you should tell them that you cannot afford the interest and penalities, and lock them into a set amount.

They have already dropped the amount due by 50%, so I think you should take it. They sound like they are trying to help.

But remember, keep your emotions out of it. Not easy I know, the hardest thing in the world for me to keep my emotions out of is money.

Good luck, and PLEASE, don't co-sign every again.
almab
almab
I called the creditor and the account was closed and turned over to a collection agency. I called and was told the $2900 was only if I paid it off at once (of course I laughed). Otherwise it is going to be $4500. The guy that I spoke with was rude and told me "it was my fault and I should be more cautious the next time". Needless to say I didn't get anything accomplished with him and hung up the phone. I'll try again and set something up for the $4900 with no interest and penalty fees. There goes my plan to be debt free by 2012. Now it looks like 2013.