Financial questions

[Hubbs]

11 more posts and not one word of advice, we just keep going over the "judgement" thing.

Regardless of which side you come down on for how she got there (which we really still don't know), I had a dialog with the OP via PM, and (without giving out more info than needed) she has contacted a reputable credit counseling service to help work herself out of the hole.

Kudos to her for doing the right thing and taking the first steps to getting this straightened out, so she can enjoy WDW without regret in the future.

Good Luck to OP! This is a great first step. I know this will all work out for you with some hard work and soon your financial troubles will be behind you.

 

[heatherleigh]

I wouldn't do the debt settlement, because it will hurt your credit just as bad as if you don't pay it. I am not familiar w/ consolidation, but if it entails getting another mortgage and paying off debt and ultimately bringing monthly payments down, I would go for it. If it would tarnish your credit like the first, I would probably do the bk. There are lots of people doing it in the current economy, so I think future employment and creditors will be more tolerant when they see it on your report.

As far as people worrying about how it will affect them, personally, where is the outcry over social programs? Aren't those essentially draining your pocket to support non-producers? What about the excessive gov't spending? Why burn this person at the stake, when she is a working individual and NOT an abuser of programs?

 

[Silent1CB]

you know what? Never mind. Delete what I just posted.

 

[angelmav]

The days of easy credit are over. The worst thing you could do is to file for bankruptcy at this point, you may never get credit again. Its going to stink but you need to change your lifestyle/spending habits now, Not next week, next month or when you return from your next trip. You would be suprised at how much the little things like eating out, clothes etc add up.

FWIW, I have to give you credit for putting back your siggy/countdown. If nothing else you have brass mickey ears!

 

[Praying Colonel]

I am in a terrible position and I need to do something. I'm exploring my options regarding debt settlement, debt consolidation and bankruptcy. Does anyone have any experience with any of these that would be willing to give me some advice/pointers, without going into too many details? Thanks in advance for your help.

With the relatively small amount of background provided, all I can say is debt consolidation or bankruptcy may or may not be beneficial to you, based on your specific facts.

I recommend consulting with a professional such as a bankruptcy attorney or Consumer Credit Counseling Service so you can share your pertinent facts and get more specific feedback on your options and the advantages and disadvantages of each. Many attorneys offer free initial consultations so you can make an informed decision on whether you wish to retain him or her.

 

[dvcgirl]

The days of easy credit are over. The worst thing you could do is to file for bankruptcy at this point, you may never get credit again. Its going to stink but you need to change your lifestyle/spending habits now, Not next week, next month or when you return from your next trip. You would be suprised at how much the little things like eating out, clothes etc add up.

FWIW, I have to give you credit for putting back your siggy/countdown. If nothing else you have brass mickey ears!

Well, I don't know. Maybe the days of "cheap credit" are over, but I don't see this nation going back to the days where you needed to sit across from a banker to get a mortgage. I think people who file BK will most definitely get credit, it just may cost them a bit more. My uncle, who has filed BK three times, and lives on SS disability of $1,107 a month...and $68 a month in food stamps.....got himself a Capital One CC. They started out giving him just $400. Six months later, after he charged it up to that limit, but paid his minimum monthly payment....they took it up to $700. Then he was able to get a master card through Orchard bank for $400. This was all within the last year. My family is now helping him and one of our conditions is that the use of credit for him is over....but up until that point, he was heading right back down the same path.

I couldn't believe that these banks would even give him credit based on his track record, his credit score which is in the low 500s, and incredibly low income. And so, I'm thinking that while credit may be a bit tighter and interest rates higher.....people who file BK will always be able to get credit.

 

[C.Ann]

Just wanted to pop in to wish you the best of luck..

 

[Mom_Rides]

My BFF did the credit counseling with CCCS. Approximately 6 months after she completed her counseling, she was able to get a new car loan. She asked her credit score...A+ 740. So apparently it wasn't a bad thing for her to do. It helped her to pay off her debt and start over.

Personally, my DH and I had to file bankruptcy. It wasn't what we wanted to do, it was what we needed to do. We went to CCCS, spread our bills out (about half medical and half credit cards) and asked for help. They reviewed everything and told us to seek advice from a bankruptcy lawyer. Were we reckless? Nope. Did we have life changing events happen. Yep. DH lost his job....food/gas/basic needs go on credit cards. DH gets new job, we were working to pay down credit cards, had a plan set in place to pay off debt (think Dave Ramsey), everything is great. I lose my job. And can't find a new one...for over six months. I was the breadwinner. Holy crap!!!! What are we gonna do now????? Its certainly not what we wanted to do but what other choice did we have at that point? Trust me, there were a lot of tears shed over making that decision. Thankfully, we were able to keep our house and our cars.

I don't know the situation you're in and honestly don't care because it's none of my business. But I do know the heartache that you must be feeling, because I've been there. Explore your options but be sure you visit accredited agencies and get advice from reputable companies. Investigate them with the BBB. Good luck and I hope everything works out for you!