Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Paying less than minimum each month

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  • Paying less than minimum each month

    I reached a breaking point and didn't pay on my cards and a personal loan for 2 consecutive months. This month I've sent in payments significantly lower than the minimum hoping to show some good faith as I'm not ready to file and probably won't be for quite some time. Trying to repel the calls and letters as long as possible knowing it's wasted money if I eventually do file. Has anyone experienced a similar situation? How bad is it going to get?

    Discover Personal Loan $12,000
    Discover Card $9000
    Target Red Card $4000
    Citi Bank $3500 & $1500
    Chase Visa $2000
    Express Store Card $1100

  • #2
    When I reached the conclusion that I could no longer afford to pay my debts and keep a roof over my head and food on the table, I quit paying--cold turkey. It was March of 2009, and I simply stopped paying all of my unsecured debts--including credit cards, medical bills, and cellphone contract--and let them go to collections and charge-off. At first, I got tons of robo-dialed collection calls, but those went away once the cellphone got disconnected for nonpayment. I replaced it with a landline with an unlisted number, and although I got TONS of collection calls for a lady who had the number before me, none of my creditors ever found it.

    All of my creditors, except for Discover Bank, wrote off my debt and sold the account to junk debt buyers. Discover sent my file to numerous law firms over a 3- year period, finally I was sued in September of 2012, hence why I declared bankruptcy.

    If you cannot pay at least the minimum monthly payment on all of your debts, and still afford to pay your living expenses going forward, then it's time to cut your losses and quit paying all of your unsecured debts. You do not gain anything by paying some creditors and leaving others unpaid, nor do you gain anything by paying any creditor less than the minimum. These tactics do nothing to delay or prevent collection calls/letters or the eventual lawsuit.


    • #3
      Wellgeeze, are you definitely going to file? If you are not filing you can call and get a reduced plan to pay the credit cards. I had done that with two cards before we planned on filing bankruptcy when I did it I DID NOT even consider bankruptcy as an option. They will ask you if you are planning to file, so if you are it's probably not the route to go. I stopped paying a few cards at a time because we didn't have enough money to go around. It did take a long time before any of them filed in court to sue us for nonpayment. They first sent letters trying to make a deal to pay back a lesser amount and when those were not answered they sent it collection agencies. Looking back I wish I was more educated about bankruptcy being a viable option. There is so much stigma I never even considered it until I hit our breaking point and we saw a lawyer who was not great, dragged our feet more then found a decent lawyer through a friend who I knew went through chapter 7 years ago.


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