New and Needing Advise

iVillage Member
Registered: 04-16-2013
New and Needing Advise
4
Tue, 04-16-2013 - 5:10pm

Hello,

My name is Sarah and I'm here looknig for some help. I know many people here are in a similar situation, and I'm hoping some of you may have some advise or a good direction to point me in. I have something like 25K with of debt, but I don't know exactly how much. I don't know who I owe nor who I owe it to, NOR how I might start making payments. I know round about who I owe money too, but that's not a solid line up.

I've moved around 8 times in the last two years, for various reasons, so I've never had a consistent living space, or consistent bills or consistent jobs, so obviously making payments isn't going to happen when my paychecks cover rent, bus fare and then food maybe if there's anything left. Now things are a lot more solid, and I have a good home and a good job, and I'm trying to get my life back together. I want to go to school, but I can't go back until I start paying off my debts... 

Because I've moved so much, I have basics in terms of living supplies. Because moving often means moving light, I haven't really been keeping my papers and bills and things like that, and all of the student loan papers are with my mother anyway, and we don't really talk. Who do I call about getting the names of the people I owe, and how much I owe them? I can find contact or payment information if I had those names. A credit score would be nice too, but I'm more afraid that looking at such a low number might just kill my motivation to do this.

Has anyone else had to do this? I live in Michigan and I'm 20 years old, if that information helps.

iVillage Member
Registered: 10-28-2009
Wed, 04-17-2013 - 9:50am

welcome! this is a great group, full of support and great ideas.

I always try to approach things with "I need to know what I am dealing with here, I need information" Knowledge is power. I would obtain a copy of all three credit reports and see exactly what you owe and to whom. Are they in collections? Have they been charged off? It's not a good idea to restart an account that has been charged off, I would look into the statute of limitations in your state.

Once you know who & how much you owe, I would contact the companies to ask for a currrent account statement.

Once you have an idea of monthly payments due, due dates, interest rate, account balances, then I would work on a budget that factors your debt in.

Please come back often and ask questions. when you begin this process, it will be overwhelming, but you will get through it and come out on the other side.

hang in there!

 

iVillage Member
Registered: 11-14-2008
Wed, 04-17-2013 - 10:52am

I agree with Dollars, you need to find out where you are at before you begin. Don't let that discourage you. It may take awhile but you will feel so much better with a tangible plan going forward. 

Good luck and keep posting. Ask for advice anytime!

iVillage Member
Registered: 04-16-2013
Wed, 04-17-2013 - 10:01pm

Would my credit statements show who I owed?? OMG that is such an amazing relief to hear! Do you know where I would be able to get credit statements from for my equifax, experian and transunion records. Or alternatively, would you recommend https://www.annualcreditreport.com/cra/index.jsp as a way to get this report? Thank you so much! :)

iVillage Member
Registered: 10-28-2009
Thu, 04-18-2013 - 9:17am

Yes, your credit reports will show the creditor that is owed. BUT, I strongly suggest you get all three credit reports, as not all information will be on all the reports. And, I also strongly suggest that once you have the creditor's name, you contact them for the current account information. I know I already said that above (sorry). credit reports are useful, but notorious for having errors on them. This is a great place to start, but it's just the beginning of getting al the info together.

 I personally have gone to each individual website and got a report from each one. I did look into the annualcreditreport.com, but there was something about that website I didn't like, I can't remember all the details now. But, maybe the website has changed since, whatever you feel comfortable doing.