Stuck in a corner

iVillage Member
Registered: 03-27-2008
Stuck in a corner
10
Thu, 03-27-2008 - 9:34pm

Well, it finally hit me!

iVillage Member
Registered: 04-10-2003
Fri, 03-28-2008 - 8:38am

Hi L,


First of all hugs!


Bex -

iVillage Member
Registered: 03-27-2008
Fri, 03-28-2008 - 10:23pm

Thanks so much for your message. Yes, the first step was to acknowledge there was a problem. And I knew I was in trouble because I started to borrow from payday loans to make the payments which was the wrong thing to do. Every day I get out of bed and into the shower and know that I have to talk to another creditor. What a stress!

In fact a few weeks ago after I saw the situation, I said enough! I cried, phoned creditors, cried again and tried to motivate myself to be strong. I even went to a personal banker and sat in the office and cried even before the words came out of my mouth. There was not much she could do except to alert the bank of the situation and wait on my decision.

On that same Saturday I talked to a credit counseling society and they gave me some good advice. Set up a new bank account immediately to prevent cheque going through that bounce and leave you with NSF fees and being overdrawn. I have since done that and it was a beneficial move since the bank is close to work, open early and late and even has Saturday banking. The fees are only $1.00 more than the other one but gives me unlimited transactions and better hours.

I have also talked to all the creditors but am still running three payday loans and trying to reduce them slowly. The other payday loans have payment arrangements made. One payday loan place has already mentioned that they would contact my employer and proceed with a wage garnishee if I did not pay off the balance and reloan. So I had to but will just keeping borrowing down until 0. I don't need a wage garnishee at this point.

All other creditors have been really understanding. They appreciate my honesty, communication and the proactive approach. They are also onboard should I decide on credit counseling but don't recommend bankruptcy. No one wins. I am not prepared to have it on my credit rating.

I also recommend Susie Orman's book "Women and Money" because it does give insight on how as women we should educate ourselves on financial planning. I think this is vital so we don't hand it over to the males in our lives and then not learn from it.

I also recommend the show "Maxed Out" they also have a website where you can download a budget template. This is what woke me up to realize I had a problem.

Question: you had mentioned I could post budget numbers for review. I have a budget from maxed out that I could post and also my total debt. What section do I do this in or what is the procedure?

How do I get signed up for the weekly checkin?

Thanks

iVillage Member
Registered: 11-17-2007
Sat, 03-29-2008 - 2:12am

Is your landlord a private person or an apartment complete? Private landlords are some time easier to deal with. Go to your landlord tell

iVillage Member
Registered: 03-27-2008
Sun, 03-30-2008 - 12:00am
Thanks for your suggestions regarding my rent. The building I am in is not a private landlord but an agency, so I don't think that will work. Funny, I only have $200.00 for rent and it is $579.00 - praying for a miracle for April 1st.

Today was my first day of paying off my payday loans. I went to 6 of them (yes, that many) and paid a small payment of $50.00 and more to one - to start the ball rolling. The total was $350.00. I wanted to keep my agreement but now suffer with my rent problem.

I also talked again to the Credit Counseling Society and I am going to review the information he sent me. He also said is future to make my rent a priority first so I am not scrounging around to find money. It is stressful.


To make a proper decision, I have contacted 3 Credit Counseling Society's in total. I will work with the one that gives me the cheapest fee and best support. I have only talked with one in Vancouver, the other one I meet next Saturday (in my City) and another I have to set up an appointment.

I have learned a lot about credit counseling societies. The ones who are non-profit charge a smaller fee per month and if they are profit can charge up to $120.00. The higher amount would not work for me.

Please let me know if anyone has gone with a DMP and had success. I am really trying to avoid bankrupt.

*Oh, where can I post my numbers. When you say numbers, debt owed, budget per month?

Thanks,





iVillage Member
Registered: 11-17-2007
Sun, 03-30-2008 - 2:51am

Many many years ago my husband and I went to agency but it was non-profit What I did was call our local Red Cross and they sent me to a agency that had no fees or anything. I don't know how you found these people but ours was connected to the Red Cross and I still think they have one in the USA I don't know about Canada


It worked fine for a short time when we started seeing the light of day we stopped going.

iVillage Member
Registered: 03-27-2008
Sun, 03-30-2008 - 3:06pm

Thanks for the suggestion. I am looking into a variety of choices.

Right now, locating the $379.00 for rent is key. I might ask a friend of mine or last resort is to pay my rent late. Not the best thing but no other alternative.

With my budget, I took the smallest baby steps and have talked to all my creditors. Everyone is on board awaiting my decision regarding credit counselling. So this payday past was my first one where I said enough is enough and paid small amounts to get the payday loans off my back. I only have two to work on and one of them was threatening wage garnishment so I had to pay off and then reborrow. I didn't know what else to do. The only thing I can think of is to pay off and reborrow until 0.

Other than that, working from straight cash and reading my money management books.






iVillage Member
Registered: 04-12-2007
Sun, 03-30-2008 - 4:35pm

Hi,


I just wanted to say hello and welcome you to the board.

iVillage Member
Registered: 03-27-2008
Sun, 03-30-2008 - 7:45pm

Simple question.

iVillage Member
Registered: 04-12-2007
Sun, 03-30-2008 - 10:04pm

Gee, once it's up and going it's pretty easy to maintain

iVillage Member
Registered: 02-01-2008
Sun, 03-30-2008 - 10:31pm

To display the tickers, you have to select the "Contains HTML" check box.

Mary Jo