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Need guidance - up to my neck in debt!


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Help help help CB'ers! I just don't know what to do or where to turn, I do know I need to get myself together within a year,

 

Everything hit the fan in 2013. Before this my credit was pretty good, but when tradgedy hit and my son was involved in a major accident, as a single mom on SSD disability now waiting for an organ transplant, I can't do more work cause i'm very sick all the time and did not have the money to support the tons of new bills coming in. I tried to compensate by opening too many cc's to help us get by, and now I have some mess on my hands. Here is a snapshop of my credit. Also I don't want to do bankruptcy I want to try to work on this if I can.

 

Open Credit Card Debt $15,314 $13,325 Credit Card Limit $15,750 - (Over util) $20,750 Open Credit Card Debt (no limit reported) $0 $0

 

Payments Made On-Time 510 - missed 3 - 498 Total Payments 514

502

 

My credit score is 570 - transunion & 597 equifax Also 3-30 day lates that happened 4 months ago,

 

Please someone reply, because I'm so stressed! :cry2::sorry:

 

Thanks much!

 

 

 

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I am so sorry. I don't have much advice on how to best tackle this, however, I just want to say there should be no shame in considering BK in your situation., but if there is more medical coming up in the near future, filing now may not be the best option.

 

Have a couple of questions. How old is your son, adult or dependent age? Is SSD your only income? Do you own a home?

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My son is now 23,,,yes old. But for two years he could not walk. He did just get a part time job 3 weeks ago, to try and help us out. But his girlfriend

in now pushing for them to get an apartment together. And yes SSD is my only income. and I presently rent my home. Also, I want my situation to get

better before I marry at the end of 2016. My finance has excellent credit, and he told me not to worry that he could carry us, but I'm not that type of

person, I don't want to start our marriage off with baggage.

 

Thanks for your reponse, it's hard to get replies on here sometimes.

 

 

Also, is a debt company solution a better option than bK?

Edited by sunshinedaze
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Can he afford to move?

 

I understand how you feel about wanting your financial house in order before getting married. Have you considered sharing a home with your fiance? It would cut your expenses, and maybe help you pay things off sooner. Even if he contributes more to the home than you do for awhile so you can pay down your debts, I'm sure he will benefit by just having the company of a less-stressful you.

 

I don't think I've seen any posts from someone saying a debt consolidation company helped them in the long-run. As far as I know, even the so-called non-profit companies take a percentage every month, and it will still affect your CRs if the accounts are reported as in debt consolidation. I personally don't have much experience with this, maybe someone else will comment.

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Others may have better advice but one option it to call the creditors you have, explain the situation and work out a repayment plan you can afford. I don't know if scores are really a concern right now, maybe just keeping the lights on is more important.

You can go through a Consumer Credit Counseling service but you can actually do everything they will do just by working out arrangements with creditors on your own. This eliminates the risk of late payments being made by the Counseling service which is always a slight possibility.

Your utilization is creating the biggest drop in you scores so getting the cards paid down will make a world of difference.

It is a slow process but don't give up. Set goals and look for small wins to build on.

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Sorry to hear about what you are going thru. However to give me a piece of mind I would file BK fast. The reason is the faster you file BK the sooner you will be able to heal and start over. Which I could offer more advice.

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Sorry to hear about what you are going thru. However to give me a piece of mind I would file BK fast. The reason is the faster you file BK the sooner you will be able to heal and start over. Which I could offer more advice.

I'm going to go completely against this. The OP stated there is going to be an organ transplant in her near future. That is going to include a ton of medical bills, some likely to not be covered by insurance. If it becomes necessary to file bk, I would certainly wait for the medical situation to show it's face.

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  1. Stop using credit cards to pay medical bills. Most hospitals have social workers whose job it is to help you with applying for Medicare/Medicaid and any charity care that you might be eligible for.

Debt snowball. Put everyone on automatic payments for their minimum that way you don't get any accidental lates again. Then, every extra dollar gets focused on one singular bill until it's all paid. Move to the next until they're all gone.

Seriously consider combining households with your fiance and reducing your expenses as much as possible in order to focus on paying off your debts.

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Sorry to hear about what you are going thru. However to give me a piece of mind I would file BK fast. The reason is the faster you file BK the sooner you will be able to heal and start over. Which I could offer more advice.

I'm going to go completely against this. The OP stated there is going to be an organ transplant in her near future. That is going to include a ton of medical bills, some likely to not be covered by insurance. If it becomes necessary to file bk, I would certainly wait for the medical situation to show it's face.

 

+1 to what LKH says - if you're going to BK with anticipated bills coming then wait until its all billed to you before filing BK.

Since you're on SSD even if you are sued and you rent your home there's very little to garnish. Since this is an organ transplant situation and anyone can look up the stats - you think you will actually receive one or still waiting on the list?

What amy said about living with fiance - not sure that's a good idea. Could a slimeball CA/JDB attorney consider cohabitation as "common law marriage" and attempt to go after the fiance's assets?

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Thanks for your answers. I am trying to get my son to move out, so I'm keeping my fingers crossed on that situation. Also, I rent a mother/daughter home and my aunt is the

owner of this home, so we pay half and half on all the house bills. But as soon as I marry next year we are putting the house up for sale, and I just pray we get a profit. I'm taking BK

off the table since my finances may turn around, so working on my utlization seems to be the only thing I can do. But I do have 3-30 day lates, how can I maybe get this removed?

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Thanks CB'ers for all the great advice. I did get a bit of good news today. Since I'm disabled, I applied for a possible student loan discharge, today my letter came

and my student loans are being discharged, in within a few months they all list as having a zero balance on my CR's. Meanwhile I will send out the good will letters.

My lates are just 4 months old, so hopefully they will work. Finger crossed!

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also, try to see what kind of debt relief options your creditors have.... some banks will give you 0% for 12-24 months ( but may also freeze but not close your account).... there are many options but most aren't advertised.... the collections department or EO probably can help you.

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Thanks Tee, I will try this out. I don't mind my accts froze, at least I can try to pay down my debt. As I mentioned, I'm really hopeful for this organ transplant, and although survival may not

happen, I want a second chance at life and sure hope to preserve my credit as well. This site has been a blessing to me, and I surely don't want all my prior credit clean up work to be all for not. Credit Boards has taught me about integrity in dealing with my personal credit and I want be a good example for my mostly grown kids who I hope never EVER fall into that giant pit hole of debt! :aggressive:

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Thanks CB'ers for all the great advice. I did get a bit of good news today. Since I'm disabled, I applied for a possible student loan discharge, today my letter came

and my student loans are being discharged, in within a few months they all list as having a zero balance on my CR's. Meanwhile I will send out the good will letters.

My lates are just 4 months old, so hopefully they will work. Finger crossed!

I'm glad to hear your student loans were discharged. But be prepared to received a 1099-C tax bill as a result of the discharge. I'm only mentioning this so it doesn't hit you by surprise.

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