I can understand the position you are in

What I would do since you are shy would be to write letters to each of your issuers stating the situation you are in. Make sure you make copies and send them to each of the credit reporting agencies so this way everyone has a copy. Right now your greatest goal is to keep a roof over your head and food on the table for your family. I would seek some legal advice to have the collectors get off your back. If you know anyone who is an attorney that will assist you with the calls from the collectors it will take alot of stress of your daily life. I don’t know the laws of Canada with regards to collection agency calls.

All I know, is that collection agencies make money when they receive money and they normally will do everything legally possible to get money from you so they can get paid. That is the basic jist of collection agencies. If you don’t currently have the money to pay them, then you can’t give them anything and they will just have to wait. Don’t buckle to them if you can’t afford to make payments. I hope this helps…Just remember, explore your legal options and if you have a friend that you can seek legal advice from…explore it.

Advice needed re. negotiating w/ credit card companies

I am looking to negotiate a settlement with four different Canadian credit cards and get them paid off in monthly installments. We owe about $14,000 total… $6000 + $4000 + $2000 + $2000. I’ve been paying on them for years, more than a decade, in two cases, and I am just sick of them. One card (the $4000 one) has sent my account to collections, and they have sent letters offering a settlement of 70% of the $4000. We have six children, and my husband is the sole earner, but he actually has a broken back and is struggling with depression and things are very, very tight for us right now.

I got behind in payments for a month or so and things just snowballed, and now I would be able to start regular payments again but the late fees and catch-up payments are insurmountable. Now they’ve cranked up the interest rates, and I am at a loss to know what to do. Can anyone give me some advice as to how to begin? Also, I am very shy, and I find it extremely difficult to talk to people over the phone because I wind up crying and hanging up, which is terribly embarrassing. I can write, though, so I’m wondering if it might be possible to do things in writing?