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Drowning - Help, please!


The last post in this topic was posted 849 days ago. 

 

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I’m SO behind! I feel like I’m drowning in debt! So, my dad died in December ‘18 without insurance. I paid for his burial out of my limited savings - supposedly, no one else had money. In January, SO and I parted ways. End of January, found out I was pregnant. 

 

Fast forward 9 months, I’m behind on ALL my CCs that carry a balance, a consolidation loan, and my house note d/t being on strict bed rest since April. I had a c-section 3 weeks ago so still not able to go back to work yet. I have 90-day lates on two Capital 1 cards ($4,000 and $500), Chase card($500) and Dillard’s, Victoria’s Secret, Stage, and WalMart (about $3200 total). I also have a consolidation loan of $35,000 with NFCU, a LOC of $15,000, an AMEX of $1,000 and a few other small cards with no balance - none of these have late payments, but I’m always late paying. My house note is $1902, it’s almost 3 months behind. I was making about $130,000 before this pregnancy, working two jobs with no off days. 

 

I’ve cut out all that I could and shaved all extras. What should I do about cards, late payments, and my mortgage? Credit counseling? Call and try to negotiate? Will bankruptcy allow me to keep my house? Or just wait and go back to work and try to catch up. I should mention that my scores are down about 200 points, I’m sure it’s d/t utilization and the numerous lates. Help!

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Can the father of the child assist financially until you get back on your feet and back to work? I mean it is his child's welfare at stake here as well as yours - aside from what you can likely get once you seek child support.

 

Yes, your credit score is down and will remain down while all these lates are reporting. This will be about a 2-3 year recovery.

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He’s been helping a little. That’s how I’ve kept the lights on, car note, insurance, our cheap phones paid and bought food. So, when I get back to work, I should just try to catch up? I shouldn’t call and try to negotiate interest rates or anything? Okay. Maybe I’m being dramatic. Maybe it’s not as bad as I think. 2-3 years isn’t terrible.

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Once you're late by 90 days you've lost your leverage on interest rates. They're once step from charging you off and sending you to collections so they don't give a cr@p about you anymore.

 

Since you're not back to work and frankly as a single mom you won't be able to work the two jobs like you did before with a baby at home even with child care, so really you're in financial defense. Keep the utilities on, a roof over your head, and food in the pantry. All others including transportation (cheaper car, public transit if its available) are negotiable.

 

If your checking/savings are with NFCU you'll need to work out something on that consolidation loan. If you burn NFCU any amounts in checking/savings will be used to offset to loan, and you'll be blacklisted from NFCU.

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