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LEELORIKOZ's Photo LEELORIKOZ Posts: 759
8/28/08 1:30 P

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did you huddle today?

WHY NOT. COME ON SHARE SOME JOY WITH A SPARKS FRIEND...
LK

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www.redhatsociety.com


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8/27/08 12:13 P

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You've gotten some really good advice. I never would have thought about pulling your credit reports, although it makes sense, & it's free. I hope everything works out well for you. I think it might also be possible to get a "medical excuse" from some debt, but please don't quote me on this. I just remember somebody mentioning this about a local hospital bill.

Donna (Upstate NY)

"Even monkeys fall out of trees."

"Suffering is the tuition one pays for a character degree."

"Accept your diagnosis, but never your prognosis."

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PRINCESSALEXA's Photo PRINCESSALEXA Posts: 735
8/27/08 3:53 A

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give yourself credit for asking the question.
that is the hardest thing to do!!!!!!!!!

JULESGL's Photo JULESGL Posts: 9,609
8/26/08 1:33 P

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My advice (though I am not a financial planner) is to pay back your family first. Like in the next two to three weeks.

Don't let anything get between you and family and mess up your relationships. Money will do that.

I love Dave Ramsey and he's got forms on his website that you can use when your paycheck just won't stretch far enough. It's called the ProRata form.

Yes, when you pull your credit reports, you will find your balances and how late/on time they are. Yes, bad debt will roll off after 7 years BUT you KNOW that they will call or write you a letter in the sixth year and tenth month. They will send it of course to the previous address you have, and then re-report for another 7 years. If you owe the company, and they've charged it off to a collection agency, then just give it about 3 months and they will have contacted you by then.

I'm so sorry you are in so deep! Medical bills will get you like that. Is your fiance working? Can he help? Are y'all doing a budget together? Don't try to handle this situation alone. Come clean to your family, your pastor/spiritual leader, a close friend or two and have them hold you accountable to your plan, whatever it is, until this mess is cleaned up.

Good luck and GREAT JOB facing your debt load. If you know what the situation is, you can make much better decisions.

Live like no one else, so later you can LIVE like no one else

"No man in the wrong can stand up to a man in the right who keeps on a-comin." - Texas Rangers

Dare to be a Linchpin - Seth Godin


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JESSYCAF's Photo JESSYCAF Posts: 34
8/26/08 10:38 A

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Thanks for the advice guys. I never thought about the credit report. I'm going to have to look into that. I also want to look into this Suze Orman, but it will have to wait till after work. Luckily, I don't owe too many friends/family money, and most of them I owe small amounts that I should be able to pay off quickly. Wish me luck, and good luck to all of you as well.

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JONQUIN's Photo JONQUIN Posts: 236
8/25/08 10:07 A

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Lets see here...from what I understand, you don't know everyone you owe. Lets start there.
I would get a free credit report from each of the big guys (if you send letters to each of them directly, you can get one free report a year). On the credit reports will be listed who you owe for the debts you have with most other companies. If it's a name you don't recognize, you can contact them and they will let you know who the origanal debtor is. I would then contact the people you have borrowed from (friends & relatives), find out how much you owe each of them apologize profusely and explain your situation. Let them know that you will be contacting them again soon to let them know how much you can start paying.
On debt with the big companies, I think they let it go away after 7 years from the time you made your last payment to them if no contact has been made (check on Suze Orman's site just to make sure).
Unfortunately, you will be spending some time on the phone. If you don't have an unlimited phone plan, talk to a friend the does and ask them if you can use their phone to make the toll calls, maybe even choose someone you owe money too so they can hear you making progress. Even after you have gathered all of the your debt information, a few more might show up.
Next step, deciding how to pay these little monsters off. First of all, take a deep breath and remember that money does keep coming and you will pay everyone off. Take a look at what your monthly overhead is (mortgage,utilities, car payment, current credit cards, etc) and figure out how much extra you have a month, don't add in the old debt yet. I would then take a look at which of those bills are most presing. The debt that is already in collection, can't do any more damage so I would concentrate on the other stuff and your friends and family. If you can't pay your friends and family much, even $2 bucks a month to each of them will let them know you plan to pay off what you owe them and will help mend bad feelings.
Write all of these bills down somewhere and keep track of how much you pay them, keep a running balance of the remaining debt and watch it go down. This is great motivation to keep going.
If you get a raise at work or get extra money, apply it to your old debt first (woot! bonus!). As you pay each bill off, apply that money to another debt since you are already used to putting that money towards that direction. If you pay off a current debt (Credit Card, car loan, etc) apply that to that old debt until it's gone.
Even if you only have $50 or $25 a month to put towards this, it's a huge start. Take a look at your current bills and see what you can do without for a while. I've cut down what I have on my cable (premium channels) for a while, made sure I bought all of my meat on sale and most of my other groceries to help pay off my debt.
I'm currently reading Suze Orman's "The Road to Wealth" which addresses tons of questions about every single type of debt. Might get it from the library before ya buy it and take a lot of notes. She also has a Saturday night Show on CNBC and a great website that I have learned tons on when it comes to the details on how to pay off specific things and how to deal with collectors.
I hope this helps.

It's not the paths you choose, it's what you do with those chosen paths.


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8/25/08 2:02 A

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Unless you want to write to someone like Suze Orman or Dave Ramsey (both of which are professional financial advisors & have their own websites), I don't know what to suggest, other than maybe contacting your local Consumer Credit Counseling agency to see what they might say. Maybe someone else here will have some other advice. Let us know how you make out.

Donna (Upstate NY)

"Even monkeys fall out of trees."

"Suffering is the tuition one pays for a character degree."

"Accept your diagnosis, but never your prognosis."

home.roadrunner.com/~andydonna


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JESSYCAF's Photo JESSYCAF Posts: 34
8/24/08 10:51 P

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Hi Mrs Fixit. Let's see if I can answer some of your questions... For the past 6 months my fiance and I have had a really hard time financially. He was in and out of the hospital, and lost 3 good jobs because of it. I was out of work for about 2 months after getting layed off, and then lost the next job I found due to budget cuts. His medical bills killed what little savings we had. Before all this happened we were already in a bit of debt due to bad planning, but when all this happened we were lucky if we could pay the rent at the end of the month. And in fact, we got evicted at the end of June. Since then I've been lucky enough to have family that took me in to help me get back on my feet. I'm working two jobs, and I need to start paying off my back debt. But I know that quite a few of our accounts were sent to collection agencies. I know that, for example, I had a defaulted cell phone bill from Altell, but they don't have it anymore, and I don't know what agency does. I've filed for a change of address, but only one of my bills is coming to my new address. I don't know where the rest of them are going. And yes, my credit score is so far down the drain that it makes me want to cry. All I can keep telling myself is that I'm lucky that I'm not homeless right now...
Does that help any? Sorry if it got a bit ranty...

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8/24/08 7:53 P

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You have a tough situation, but I'm not sure how to advise you without more information. Why haven't you been paying your bills? Why don't you know WHO you owe? I can see not knowing the amount (sort of), but not knowing who is a bit disturbing. Do you now figure you have the means to pay? Do you have any legal proceedings against you? Are there bills laying around your house you can start to collect to TRY to get a list started? You might be in so bad now that you'll have to take drastic measures, like bankruptcy or Consumer Credit Counseling, both of which will further hurt your credit, but it's probably already in shambles.

Donna (Upstate NY)

"Even monkeys fall out of trees."

"Suffering is the tuition one pays for a character degree."

"Accept your diagnosis, but never your prognosis."

home.roadrunner.com/~andydonna


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JESSYCAF's Photo JESSYCAF Posts: 34
8/24/08 5:39 P

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So lets just say that I owe a lot of people a lot of money, and I've defaulted on pretty much every account I have. My problem now is that I don't know who I owe anymore. Is there any way to find this out? Or do I have to just set up some phone time... Thanks in advance.

"Hi, Discover? I was wondering if I owed you any money? Thanks." Next...



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