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There had been no income in my household since Aug / Sept of

Customer Question
last year. TOMORROW finally,paychecks begin...
There had been no income in my household since Aug / Sept of last year. TOMORROW finally,paychecks begin to roll in every 2 weeks. Meanwhile, I got all of my other debts under management / monthly pmt out of my SS check. But one bill has not gotten paid - Red Brick Financial - which is now in collections w/ NSB Inc. at $11211.22. I had asked Red Brick to capitalize the unpaid interest and re-write the loan at a higher pmt, that I told them we could start paying on the 28th of July, but they turned it over to collection.I want to pay the bill under reasonable repayment plan. Any way you can assist??
JA: Was this discussed with a manager, HR, or an attorney?
Customer: no
JA: Has anything been filed or reported?
Customer: Not to my knowledge Just probably the credit bureaus
JA: What state are you in?
Customer: NC
JA: Anything else you want the lawyer to know before I connect you?
Customer: Not really other than I am willing to set up a repayment with Red Brick Financial
Submitted: 3 months ago.Category: Finance
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Answered in 14 hours by:
7/28/2017
Financial Professional: PDtax, CPA, MBA replied 3 months ago
PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 4,710
Experience: Tax professional and business consultant for 35 years.
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Hi from Just Answer. I'm PDtax.

Loan negotiation is unique to each situation. The idea that you have been able to survive on very little and negotiate with most of your creditors is something to be proud of. You will look back on that with pride.

A reluctant creditor negotiation can be dealt with. Sending a bill to collection can be, believe it or not, good for you.

Let me explain, then suggest a few options to consider:

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Financial Professional: PDtax, CPA, MBA replied 3 months ago

Collection agencies typically do not have much available to them other than the threat of phone calls or similar collection techniques. If they are the agent, acting for Red Brick, they get a percentage of what they collect. So they are likely to work with you to set up a payment stream.

You mentioned credit management ion your post. I don't know if that means consumer credit counseling or the like, but that could be a very effective tool here. They key is you have control.

Collection agents do not have the legal power to sue. Once they turn it over to an attorney, they typically get nothing. It is in their interest to make a deal.

You can impose that deal if you like through a consumer credit agency, which will make deals with all your creditors (for a fee they collect from your payments). But they negotiate deals with all your creditors, and typically for a discount and 0% interest.

I tell you that to give you background to negotiate. If you offer the collector $125 per month for five years, and 0% interest, that may be acceptable, since it will be much more than they would get if you filed for bankruptcy. If they won't deal, you should know that a successful lawsuit and judgment may be limited to 10% of your wage income for this debt (THAT'S IN MY STATE, OTHER STATE LAWS VARY). And, whoever is first to the wage garnishment gets the payment. Other creditors get $0.

You might ask why your remaining creditor did not execute a UCC-1 to perfect their debt against your home (they finance HVAC work like a furnace or A/C work).

I don't typically support negotiating yourself, since the collectors are under no obligation to explain your rights or options. If you do negotiate a settlement, first ask for the assignment documents from the original lender. Then, any arrangement you negotiate must be in writing before you make payments.

I'm inclined to send you to consumer credit counseling, only because I don't know if you can manage an additional $300 or more per month on this debt. Emergencies pop up, cars need repairs, and using that kind of resource won't damage your credit more than it is now.

I hope this meets your needs. I can't be specific about negotiation, since each is different.

Positive feedback is appreciated after review . I'm PDtax.

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PDtax
PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 4,710
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Experience: Tax professional and business consultant for 35 years.

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