?Don't know what to do anymore???

iVillage Member
Registered: 04-25-2004
?Don't know what to do anymore???
5
Thu, 04-21-2005 - 3:52am
Hi all - I posted here awhile back, and now I'm back again. I'm really at a loss, I don't know what to do anymore. It all started about a year and a half ago - my half brother moved out suddenly, my fiance lost his job and I was stuck with everything. The rent, the car payments, the insurance, all of it. To say the least my CC didn't get paid. They were already almost maxed out, and then when you miss one payment it's hard to try and get back on track when your already struggling. I have a hefty car pymt. ($526) but there's no way I can trade it in, or refinance, because my credit is SO BAD. Our other car got repo'd back in August because we were behind on the payments. Almost everything has gone to collections. Some creditors call my work, all the time and it's so bad I have to lie and say I'm not there. I was hospitalized in Nov. and in there for 3 weeks, out of work for 2 months, and now those bills are rolling in. Almost all of my jewelry is in the pawn shop (engagement ring and all)I have 2 payday loans out, and those are $240 a month just to renew. My paycheck just started being garnished from a loan place I had out awhile back for over $125 a week. My fiance's van needs some minor repairs, which is going to cost about 200. I don't know what to do anymore. It seems like my checking account is almost always overdrawn, and having to pay all those $33 overdraft charges really adds up. I have a savings account, if you want to call it that. I'm lucky if there's $10 in there on any given day. My fiance's credit is just as bad as mine, all of his cc went to collections while he was on workmans comp for 3 years. I don't know what to do anymore. I'm going to try and find a 2nd job, even though my fiance doesn't want me to. Any advice? I think bankruptcy might be my only option. I'm stressed out all the time, I don't enjoy life at all, I wish sometimes I wouldn't wake up, that is when I actually sleep. :( Please help!!
iVillage Member
Registered: 10-10-2003
Thu, 04-21-2005 - 9:59am

I am a sorry to hear that you are struggling so much right now. It is amazing how stressful money can be...

I am glad that you found this board, I find this to be wonderful and supportive place to talk about money woe's and get useful ideas.

Do you think that getting a second job would give you enough to pay your minimums each month? Have you thought about credit counselling?? Have you tried negotiating a lower rate with your credit card companies??

I don't have any experience with bankruptcy, but I know that there has been lots of disscusion on the boards about this.

Hope you come to some workable solutions, soon!

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Thu, 04-21-2005 - 10:25am

Hello and (((hugs))) - deep breath.

All my best,
Danni

iVillage Member
Registered: 08-20-2004
Thu, 04-21-2005 - 4:41pm

I think you should consult a BK attorney.

Seriously.

Your credit is already bad, and they don't forget it.
So really, you have nothing to lose credit wise, in
my opinion.

Do this soon, before the new BK laws.

Once you get the BK started, you won't have to pay stuff.
Set aside some cash, not in any account, so when your car
gets turned in and the BK is finished, you can buy a used
car for cash.

You could even buy something like a 6 year old civic in a month
of not paying them, and this would be protected under your BK.

I don't recommend getting married unless you are both working and
have no debt.

iVillage Member
Registered: 06-28-2004
Fri, 04-22-2005 - 1:13am

Hi...I feel for you! I have been sinking and have thougth of that route myself but have not had to go there...yet! (BK I mean) First things first...Get some of the books that are out there to know what your creditors can and cannot do. I am fairly sure that if you tell them and write to them to stop calling you at your place of work that they have to stop.

That would at least give you peace of mind at work.

Check out the books and do look for a second job. You don't say anything about having any children to worry about...so a second job will help you to get some breathing room. Many of the books I have read tell the consumer to talk to the creditors and explain the situation to them...they will work out settlement payments with you, I know as I just had a cc go from being 13,000 to 5,000 for a settlement offer. I won't look pretty on my credit report, but it is better than not having paid at all.

Best of luck and hang in there...

iVillage Member
Registered: 04-21-2004
Fri, 04-22-2005 - 7:17am

Ok, first of all, i know that you are doing everything you can possibly think of and not getting ahead. I know that feeling. Its a desperate , helpless feeling. Take a deep breath, and look at your situation with fresh eyes. Can you and your fiance both get second jobs? I know alot of people are afraid of getting second jobs or working all the time because of the strain on the relationship. But, if you both get on the same bandwagon and both read the debt books together and set a goal together, it can actually make you feel closer. You are a united front then. Sure you are sacrificing some time together, but its for each other.

Also, try and cut back to bare bones on bills. Buy groceries at the discount store. Cancel cable, radio subscriptions, gym memberships, anything that is not absolutley neccessary. Also call all your creditors and make payment arrangements. But here is a big piece of advice... do not be bullied by them into promising to pay more than you know you can. Tell them what you can send, that's it. And then send it. Even if its ten dollars. But set it up and pay it on time every month. They will be much more willing to work with you and they know you are making an effort.

I think you should sell the car outright. if it gets repoed, they will sell it at auction and you will end up owing alot more.

I hope this helped a little. you are in good company here. we have all been through this, but there is light at the end of the tunnel.

kel