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Author: Bottles Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308782  
Subject: Re: Stay away from First of America Bank Date: 5/6/1998 11:57 AM
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Eug,

Not a bad idea... In my situation, which is bleak at times, I have avoided two things... Bankruptcy and Credit card services like CCCS. From what I have heard credit agencies seem to treat them as one in the same as far as black marks on your credit history and determining your credit-worthiness.

I dont know much about going to a CCCS aside from alot of the decisions in your financial life are taken away from you. My understanding is that he is paying a one payment each month to CCCS and they pay the cards/debts individually. Do you think they could renegotiate that and up the payment with it directly going to that First of America Bank card??? Are you allowed to make payments directly to them in addition to the CCCS ppl?
Your right though... 20/month payment and a 18/month + intrest charge... your brother will be in debt forever... My only comment to you and I wouldn't expect to see any of the money you lend your brother back. I dont know if I would co-sign on a loan with him or anyone in my family for that matter. I dont think you want to risk your Credit on his or anyones account, plus that is debt you have to deal with too if you wanted to buy a house or car.

If I could I would just give him the money more as a gift, (In a situation such as this). Its hard call for you.. There have been some recent post about helping a family member and most opinion seem to be to let the other member fall, in this case this person refused to believe he had a problem with credit & Spending...

Your case is somewhat different. Seems your brother realised he is in trouble, has tried to help and resolve the situation by going to CCCS and talking with the CC Company directly. If there is no other way for him to come up with 20/month extra to send to that card directly (or if he isnt allowed to by terms of CCCS - Cant imagine that) then I think I would try to just give him the money or make the extra payment myself if possible, atleast enuff to get it under the limit where the over the limit fee doesnt get assessed anymore...

Good Luck and that is tragic your brother being in that situation.

Rob
Bottles
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