My only income is a State Pension and Disability. I stopped paying my credit cards. I read what you said to put on my account contains pension and Social Security only. They call me all day long. Should I write and tell them that is my only income or just do nothing. I also applied for a loan modification, can the creditors mess that up in any way.
You mentioned a modification, so I deduce you own your home. Let us look at the general qualifications for the Home Affordable Modification Program (HAMP) that most mortgage servicers follow:
A modified mortgage can consist of any combination of the following, according the HAMP Web site:
Your delinquent credit card debt gives me pause. It is unfortunate you did not include the amount of your credit card debt, the balance of your mortgage, and the value of your home in your message.
These facts are significant because of HAMP qualification No. 5 mentioned above. If the reason for your financial distress is crushing credit card debt, then the mortgage servicer may not be inclined to modify your mortgage.
This is not to say that anyone with credit card debt is automatically disqualified from HAMP or any other mortgage modification plan. If, for example, you can show the reason for the credit card debt was the mortgage, then the credit card debt was a result of and not a cause of your financial difficulty. On the other hand, if your credit card records show a history of buying electronics, vacations, meals in restaurants, and other luxuries, then the mortgage servicer will not be sympathetic to your application.
You asked if you should send a message to your credit card issuers or their collection agents telling them that your only income is pension and disability in hopes they will cease calling you. I doubt such a message will change their behavior. They may sue you for breech of contract and obtain a judgment against you. With a judgment in hand the judgment-creditors may discover you have significant other assets in the form of other bank accounts the creditors can reach with a levy. I deduce you own your home. A judgment-creditor may have the right in your state to place a lien on your home. Therefore, telling a potential judgment creditor, "You can't touch my pension and disability benefits," does not tell them anything about other assets you may have available for collection.
Consider resolving your credit card debt as a part of or prior action to modifying your mortgage. See the link I mentioned to understand your options, or get a quote from the Bills.com Debt Saving Center.
I hope this information helps you Find. Learn & Save.