discouraged
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discouraged
| Mon, 10-25-2004 - 10:57pm |
Hi everyone. I'm new to this site. I am recently divorced and I don't have enough money to pay all my bills. I am working as an administrative assistant, but it's not enough. I am just barely able to pay my utlilities and I am behind in my mortgage & home improvement loan. I'm afraid of losing my home. I am trying to find better paying work, I just finished my Bachelor of Business degree 1 year ago (I have student loans), but the job market is tough-sent out at least 50 resumes. I'm going to court next month to increase the child support, for 1 child, but in the mean time, money is very tight. I know I need help with budgeting, but I get so discouraged every time I see that pile of bills. I also am diagnosed with depression and have been hospitalized for stress related illness, so I am wary of getting part time work on top of a full time job. I spoke with a bankrupcy lawyer, but he said it may not help me-I am 'only' $7800 in unsecured debt, most of it on one credit card, which I no longer use. I feel like I'm in a painful holding pattern. I just wish I could have enough money to meet expenses and live comfortably-have some pressure taken off.

Welcome to the board!!!
Becky
CL of 4th, 5th & 6th grade Scoliosis
Could you take in a roomate, someone who could pay enough each month to cover a good chunk of the mortgage?
I have found that student loans can be deferred for just about any reason. Mine were deferred for years after having my daughter, as having a child under 2 qualifies for deferment. Then they went back to repayment and I didn't have enough money. Since my credit was finally back on track, I didn't want a new delinquency on my credit report. So I called them and went through the list of things that qualify you for deferrment. I didn't qualify under any of the reasons listed, so the customer service guy said, well, you just don't have the money to pay right now? And I said no, and he said, well, that qualifies you for another year deferrment. It wasn't the best choice financially, but it meant I could keep paying my other bills and stay afloat. Also, are your student loans consolidated? That process takes months and you get a reprieve from payment during that time usually. I had consolidated mine when I graduated in 1997 and just found out you can reconsolidate a previous consolidation loan and take advantage of today's lower interest. I think my interest rate now is less than 4%, and with a new longer payment plan, my monthly payment dropped about in 1/2. I can give you the name of the company I consolidated with if you like.
I would say above all else make sure your mortgage and home improvement loan get paid first. You don't want to be out of a home. Call them and see if you can talk to them about ways to get caught up and stay caught up. Call your other creditors too and see if any of them can work with you at least for the short term. Just explain your situation, and see what they can offer. You might be surprised.
I know it's is hard, but if you take a good look at what you're spending you might be able to eek out another hundred dollars a month to put toward bills. Sometimes taking a positive step will get you on the right track.