Took the next step
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| Mon, 02-14-2005 - 9:16am |
Happy Valentine's Day everybody!!! :-)
Well, I went ahead and finally took the next step. It took a lot of weighing the pros and cons, but I went to a credit counselling agency last week, and they're going to do what they call a "consumer proposal". It's a plan that will combine all of my debt and I pay them one monthly payment and they pay the creditors. The way she worked it out, the creditors will get 67 cents back for every dollar, and she thinks they'll accept it, since the debt is not a huge amount, plus they just increased the interest rate on my big card, so they won't be losing much. But anyway, I sign the papers this Wednesday. And my creditors have 45 days to accept the proposal or not. I included the payday loans in with my debt, but she said sometimes, they're vicious about trying to get their money back, so I'm kind of worried about the calls that will be starting soon. It makes me wary about even answering the phone now. But I'll just have to be firm with them. Anyway, this is a step in the right direction, and it'll be paid off within 12 months. But the only thing that kind of sucks is that this will remain on my credit report for 3 years after the day it's paid off. That means putting off getting a house for a few years, but at least in the meantime, I once I pay off the debt, I'll have tons of extra money to put away for a down payment. So, those of you who feel like there's no positive way to come out of this debt stuff, I felt like that way a couple of weeks ago, but now I have hope again, so hang in there!! :-)

Hey good for you in taking charge! I hope those pay day loan ppl. will work in your favor. There was a time I used to aviod picking up the phone too, lol. In regards to the 3 year thing....hey you know what 3 years of working hard will be so worth it in the long run.
Good for you, keep it up!
:)