7 replies to this topic

[Jeffrey U]

I had a prosperous business, and a clean credit history a few months ago. However my business took a downfall, and I invested over $30,000 for startup, and assets. All my credit cards are maxed out, I'm late on 2 loans, my military Star card is maxed, and havent made a payment in 30 days. I have a Car Loan payment coming in a few weeks, and I have no cash to pay any of it.

Right now I'm in major debt with a failing business, what should I do?

I'm only 20, and this really sucks. I was planning to do a SCRA, but I'm a national guardsmen with no active duty orders. Now I'm trying to find a job while my business recovers.

I have clients that does not even want to pay their invoices. Including one government contract from GSA that I have not heard in for many months! In total if they paid their invoices, I would be able to pay all my credit card bills, pay off a loan, and pay my car advance 6 months. However they all refuse, and ignore to pay. It's not that I did a bad job, they just seem to ignore their invoices!

Edited by Jeffrey U, 31 December 2011 - 08:30 PM.

[Home4Me2012]

Call the Star Card and talk to them. I was told even if I make a $10 a payment each month it will prevent the card from being reported as late.

Have you looked at filing suit against those who owe you money?

Good Luck
Megan

[Jeffrey U]

Update:Still late on payments, and another big debt came my way from DFAS. (Department of Defense).

It says I owe the Department of Defense $538.47 for their mistake on paying me extra during my active duty time. IT WAS THEIR MISTAKE AND THEY ARE MAKING ME PAY FOR IT.

I sent in DD Form 2879 Waiver of Indebtness in a small chance that they can waive this debt by looking at my time in service. It's like a mercy letter asking them to forgive the debt, and wipe it off.

There's a small chance of that happening since it looks like the government is really OCD about $500 from a honorable serviceman.<br><br><br>

Edited by Jeffrey U, 12 January 2012 - 11:52 PM.

[Jeffrey U]

Well I'm officially late on 3 debts. 2 personal loans 30+ days and 1 credit card.

What are my options now that my perfect credit is now tarnished?

Also I noticed on my auto loan that they do not have a promissary note signed from me. Should I sign it?

[Jeffrey U]

Update: I have lost the battle. I cannot find any way to pay it. My auto loan is 30 days late, and I'm broke. My other 2 loans are 50+ days late.

[Quit Screwing Me]

You're likely to get a whole ton more responses if posted in the credit forum.

[Jeffrey U]

Lost the battle some more.... Use to have perfect credit, but the start of 2012 my credit took a downfall. Aswell as my business.

Business seems to be picking up, still unemployed though.

Auto Loan 60 Days Late
Personal Loan 1: 91 Days Late
Personal Loan 2: 87 Days Late
Checkings Account USAA: Closed Negative Balance $280
Navy Fed Savings: $140 Negative Balance
USAA Checkings #2: $29.99 Negative
Military Star 120 Days late
$1,700

Total Debt: $24,000+ and climbing. I'm probably blacklisted on Chexsystems All due to bank fees.

Only my 4 other credit cards are in good standing. Right now I'm in financial turmoil.

[ICANHASMUNY?]

I had a prosperous business, and a clean credit history a few months ago. However my business took a downfall, and I invested over $30,000 for startup, and assets. All my credit cards are maxed out, I'm late on 2 loans, my military Star card is maxed, and havent made a payment in 30 days. I have a Car Loan payment coming in a few weeks, and I have no cash to pay any of it.

Right now I'm in major debt with a failing business, what should I do?

I'm only 20, and this really sucks. I was planning to do a SCRA, but I'm a national guardsmen with no active duty orders. Now I'm trying to find a job while my business recovers.

I have clients that does not even want to pay their invoices. Including one government contract from GSA that I have not heard in for many months! In total if they paid their invoices, I would be able to pay all my credit card bills, pay off a loan, and pay my car advance 6 months. However they all refuse, and ignore to pay. It's not that I did a bad job, they just seem to ignore their invoices!

file suit in court over unpaid bills.


what state are you in? if you can file in small claims, do it.