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Newbie Here With Questions

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    Newbie Here With Questions

    I have about $15,000 in CC debt due to online gambling. Although the sites I played at call it gaming where I played games like Bejeweled, Big Money and Scrabble. Anyway I digress.

    I won't be filing for bk for several months although I have just retained an attorney. My question is this...I have a Paypal line of credit through GE Bank that I'm thinking about still paying on and maybe even paying off fully before I file.

    My reasoning is that I applied for this credit when I already knew I was in financial trouble so I feel a bit more obligated to it. Also it's only $25 a month minimum payment ($500 total) so if I kept up with this, it would be one less creditor off my back. Thoughts? Again I won't be filing for at least 4-5 months.

    I've already not been paying HSBC and they call 6+ times a day. I am in a payment plan with Citibank where they automatically debit my bank account. I will need to contact them about discontinung that. I suppose that brings me to question 2. I should contact them by certified mail to stop the automatic withdrawals right? Also should I include my attorney's info in the letter or just wait for when they call? My attorney did say I can give out her info to the creditors.

    A year ago I had a credit score well over 700 and never imagined myself in this position, but here I am. I have been doing lots of reading here over the last couple weeks and I already feel some comfort being here.

    Julie

    #2
    For all the reasons you state, go ahead and pay it off. You could even pay it off in a lump sum if you wanted.

    In your letter to stop the payments, state your intention to file and include your attorney information. That way they take things just that much more seriously and tend to follow through better.

    Also, be sure to keep that account open, with maybe $5 in it, so you can have access to the records later when you file. Sometimes people need to get statements and such. Plus it'll be handy for getting money orders for bills you pay right before filing.

    Good luck.

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