Question

Okay I have been staying pretty good with my budget. I have Citibank in collections and just received money from something that I am going to apply towards that and it will wipe it out. I owe $11, 000 on Capital One and I have been giving them $50 a month (way less than what they obviously want but it’s the only extra money I have) I got an email tonight that says in 60 days the account will close off and at the moment the minimum they want is $1900 which clearly I do not have. I do plan to call this week to see what the smallest plan they will accept but I highly doubt they will want $50 a month. Any suggestions on how to handle this? Please do not suggest getting another job, I already work 4 jobs: teacher, clean an Airbnb, work at the YMCA, and a coach and I go to school full time and will graduate will my 3rd degree which will hopefully free up some money . a lot of my debt was created when I moved 4 years ago and took a hiatus in my aggressive saving and paying off (which I will never do again)

Answer 1

I would first at least call and speak to someone and see if there is any other options they can possibly work out with you. Never hurts to try.  

Comments

@strew4 that’s the plan but I figured I’d throw it out there incase someone suggests something to ask I didn’t think of. Thanks!  

Answer 2

Pay the capital one. It’s not in collections yet.  

Answer 3

How much are you putting toward the Citibank? The damage is done on that one. It needs to be taken care of but unless they are actively suing you for the money it isn’t the priority. I would use the money to try and keep the Cap One out of collections.  

Answer 4

And ask for cap one hardship department

Comments

@haymaker30 I didn’t know there was such a department. Thank you.  

Answer 5

My concern with capital one as a whole is at one previous time like 6 months ago, I guess it was I happened to have just enough to squeeze out something for the minimum at that time, it was a very different amount, then a few life things happened and i couldn’t swing it. So I pay this minimum then what? I still will not have any additional money to pay them let’s say $200 a month or something that probably will be required of a $11, 000 debt and then I’ll be back here again.  

Comments

@lely9363 my debt plan doesn’t even include capital ones minimum because I couldn’t afford it. So I just paid them what I had which is generally $50 at the end of everything said and done.  

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@lely9363 and if I give what I have for Citibank to capital one. it helps for the right now but not the long term