Browse Month by July 2016
advice needed

Difficult to start anew

hi everyone, it is very difficult to start with my situation now, my income could not meet even the basic needs of my family, i am resorting to use credit card for my groceries and paying my credit card bills by cash advance from ATM. there is no credit counseling available in our country, i am very scared.

Going to ask this: Are you on SSI or SSDI? What has happened to put you in this bind?

I ask because when my father passed on, I was left to live on $821.00 a month. 2 of the credit cards were in his name, so I sent them copies of the death certificate and a copy on my SSI income. They dropped off leaving me alone.

Another card wouldn’t work with me, and I defaulted on them, telling them I simply couldn’t afford their payments, so they sent it to a collection agency. Because of my ignorance, I did not realize they couldn’t get my SSI, and agreed to pay them in fear. I have one and a half years left before I am free of their debt.

I slowly paid off smaller debts and am working on 2 larger debts now, along with the collectors.

I have been able to put 6 accounts to rest, closing each one as they got paid off. There may not be CCCS near you, but many folks found them to be mediocre at best. I note many here seem to have handled things on their own with some of tools available here. Also have you heard of installment loans? They are pretty new product on financial market and seem to be a better alternative to well-known payday loans. Click here to visit MtpLoans.com – online instalment loans website to learn more about this product.

Starting off is scary, but it can be done. I did sell off a lot of things to pay off 2 of the debts I had, or they’d still be around.

what is SSI or SSDI, i got into these due to overspending, paying minimum amount due, i did not have a stable job after i was retrenched few years ago, i was abandoned by my husband , have two kids with me all in college, but the youngest stopped this semester. i am starting to inquire from family credit counselling, the cousellor required me to give them the name of my creditors. Are they legitimate. I am not residing in US. They said that if the statement of account is in dollars they can be of service. I am from the Philippines. What do you think

Ah… not too sure of international things like this…

SSI/SSDI is our form of Aid for the disabled/poor. Kind of like ‘welfare’ but not as basic. I get SSI because I’m legally blind and to get a well-paid job here with a so-called ‘disability’ is unlikely. I do work, but only part time.

Some credit counseling firms can be questionable, so I think if you go to the website and see what their info is on various companies, they would help you find credible ones.

bankruptcy, debt settlement

settlement and charge off or BK?

Here’s my situation:

  • I have 2-3 credit cards that have been charged off.
  • I have 2 more that will charge off very soon. One of them is offering me a settlement of 20%!!! That’s about $1400. This is a major bank where I do all my banking. Will it make a difference in my future to take care of my accounts with them even if my other creditors and my credit rating are bad?

The other one may settle but it will be a lot ($6000?)so that will probably just charge off, too.

  • Is it worth it to settle? My credit report will look terrible for 7- 10 years. Is it less terrible if I take 6 months to settle one account, and the others are charged off? Or, less terrible to file for BK?
  • Filing for BK means that in 3 months the clock will start ticking on the 7-10 years. If I settle, it’ll be another 6 months.
  • I have other debts too ($1000 to a medical clinic, for example).
  • BK costs about $1400, so will be less expensive than paying off some of these others.

I think the answer is BK, but I just didn’t want to have to go that route. Does that make sense?

Thanks.

National Public Radio, did a program on bankruptcy last week. I am sure there is a transcript of the show at their site. If you do a search I am sure you can find it. It may help you make a decision.