Threatening Debt Collectors, Please I need advice

[ajacat]

A few years ago I defalted on a payday loan. Recently I got a call from a debt collector who set me up on a payment arrangement via phone stating that I would have to pay the company they represent $100 a month for the next 5 months till paid in full. I was told that They would not accept any payment lower than $100 a month, if I didn't agree to it, they would prosecute, there would be warrents etc etc. The thing is I don't have a problem paying it back, but since I am unemployed and currently living off child support and SSI I can only afford $50 a month, but they won't accept that. What can I do? Why can't I just pay what I can afford as long as I am paying.

 

[Michael Wechsler]

What can I do? Why can't I just pay what I can afford as long as I am paying.

Here's the situation and I hope it doesn't sound harsh. You were loaned money and you made promises. You broke your promises. Someone is out money. You wouldn't be happy either. Now you are not only given a reduced payment plan without you providing anything in return, but you just want to be able to pay whatever you want to pay. Why should you even have to pay back the money at all if you just can't afford it now?

Here's the situation - if you have anything more than necessities, it's about time to sell them, avoid purchasing them, and pay back what you owe. If you don't, the creditor has a right to take you to court, sue you for the balance, sue you for the cost of chasing you, and sue you for interest during the time it cost to chase you down. Does this make the situation a little more clear?