$900 debt sent to collection agency?

Question

ok so i had a debit card for 1st convience bank.....i guess they said i was in the negative and no i owe $900...i am only 20 and im nervous about this cause i dont know what 2 do....they have reported me to a third party collection agency....i have no job now but i am looking soooo please i need sum advice on what to do. i dont want to get into any kind of trouble..ohh and i dont have any creidt soo this is going to look really bad !!!! PLEASE I NEED ADVICE A.S.A.P

Answer 1

Relax, $900  is not a large amount.  Right now there are many people older than you that are learning about debt for the first time that owe hundreds of thousands of dollars.  First and foremost, do not visit a payday loan place to get the money to pay this.  Second, call the collection agency and explain the situation.   Also, find out if they are charging interest on this debt.  If so, then you need to pay it off asap.  When speaking with the collector, ask if they will take a good faith payment of an extremely low amount ($5 works) and allow you to set up a payment plan with the first payment due in 30 days. This gives you time to find any sort of work you can.  Do not hide from the collection company, they can get a judgment against you that will haunt your credit report for ten years and make it impossible for you to buy a new car or a home in the future.

You also make it sound as if you were unaware of this debt.  If you overdraft- spend more money then is in the account- you will get hammered with $30+ fees or each one.  They did not say you were in the negative, you were.  Please take responsibility now so this doesn't become a repeat behaviour.  We all make mistakes, it is okay.

Answer 2

cash-

http://loancash.co.uk/

Answer 3

One thing they could do is get a judgment and garnishee your wages.

You do not have a job now, but some employers frown on that and you can lose your job...or a future job.

Since it is a debit card I don't know what fees their are. Some banks have overdraft fees, etc. with debit cards.

I would recommend you seek counseling..but make sure the company is reputable and wont charge excessive fees. But until you have a job, there is nothing you can do.

If you need immediate help or in-depth analysis of your situation, call the National Foundation for Credit Counseling toll-free at [phone] for a referral to a credit counseling office in your area.    

I agree with the other poster $900 is not a big deal far as the amount....if you handle this and it does not escalate. This is serious in that you have essentially written bad checks. That is illegal.

You charged more to the debit card than you have in your account.  $900 is a big mistake to make.

When you do get a job..and you get a credit card.."to establish credit"...pay in full every month..and make sure you make the minimum payment.. I recommend if doing online banking to always automatically do the minimum payment...to avoid $39 late fee...

Credit cards have extremely high  interest and once in default they kick in even higher rates.

You will want to avoid MOST credit cards...in the future...

Good luck.

Answer 4

Have you been making minimum payments?

You need to call the credit card company, explain your situation, and work out a plan of payment.

and...

DONT CHARGE ANY THING ELSE ON ANY CARD.

Answer 5

the damage is already done, when you get a job try working out a payment schedule at least that will show you ARE trying to pay back your debt