Watchmann that's a good idea about trying to sell it back to the dealer. We are going to give that a try!! At this point I am willing to take whatever they give me to get this balance down. ILBrian we do not own this bike outright. We don't have the title in hand. HSBC has it because we are still paying for the bike.
I have a part-time job paying minimum wage and working very few hours a week. Let's just say that I make enough just to pay for the gas to get me there pretty much. A big loss from the $18/hr job I had in CA. The DH says hes been looking for a second job and I am looking for a better one. But with two kids not yet old enough for kindergarten and no family in this new state its not easy. And it's difficult for me to send this money to this bike every month. It feels like a waste but like u guys said it will only hurt me more in the long run. I am hoping that with a better paying job I can qualify for a better CC. I am a member of NFCU and if I can get some of this balance down by selling this bike back and then have a lower balance to transfer onto one of their cards I will do it. Might take a few months because I will have to get more income and maybe hope my CC score improves a bit before I would be able to apply.
NFCU cash $25k | BofA Custom Cash $25k | Amex BCP $18k| Costco Anywhere $14.5k | Apple Card $5.25k | Cap One QS $4.5k | Sephora Visa $4k | Discover It $3.5k | Citi DC $3.5k | Citi AA Mile Up $3.1k | Chase Amazon $3k | Amex ED $3k | Chase IHG $3k | Chase Freedom Unlimited $2.5k | Chase Freedom $2.5k | Citi Rewards $2k | Last HP 8/16/22
@marty56 wrote:I don't thing the BT would work since the OP is having trouble making the payment and a BT would at least double it.
I don't think anyone would refi a dead bike.
The best option I see is for DH to get a 2nd job. Just enough to cover the payment so he won't be working 20 hour days which would add stress of a different sort to your relationship.
I agree with this, try to do your best in paying it down.
@OP,
Why did DH use your credit to buy the motorcycle?
@marty56 wrote:I don't thing the BT would work since the OP is having trouble making the payment and a BT would at least double it.
I don't think anyone would refi a dead bike.
The best option I see is for DH to get a 2nd job. Just enough to cover the payment so he won't be working 20 hour days which would add stress of a different sort to your relationship.
I'm not sure I understand why a BT would double the payments? I don't know the particulars of this type of card but it would seem that a balance transfer would get the bike title transfered to the OP and allow them to sell the bike which would then be money to apply toward the balance.
@JaysonT wrote:
@marty56 wrote:I don't thing the BT would work since the OP is having trouble making the payment and a BT would at least double it.
I don't think anyone would refi a dead bike.
The best option I see is for DH to get a 2nd job. Just enough to cover the payment so he won't be working 20 hour days which would add stress of a different sort to your relationship.
I'm not sure I understand why a BT would double the payments? I don't know the particulars of this type of card but it would seem that a balance transfer would get the bike title transfered to the OP and allow them to sell the bike which would then be money to apply toward the balance.
Yeah I don't think a BT would double my payments. At least I hope not. I am hoping that if I apply for a CC w/ NFCU I can qualify for a 0% promo and pay it off during the promo. I can't refi the bike because it is charged to a CC. From what I was told at NFCU I can't refi a bike from a CC to a motorcycle loan.
Spoke to HSBC this past week again. They said I would have to wait until I can request a lower payment. That would do horrible things to my balance I am sure but I don't want to fall behind. Like everyone said it will only make matters worse.
@rootpooty wrote:
@Kennie02 wrote:Watchmann that's a good idea about trying to sell it back to the dealer. We are going to give that a try!! At this point I am willing to take whatever they give me to get this balance down. ILBrian we do not own this bike outright. We don't have the title in hand. HSBC has it because we are still paying for the bike.
I have a part-time job paying minimum wage and working very few hours a week. Let's just say that I make enough just to pay for the gas to get me there pretty much. A big loss from the $18/hr job I had in CA. The DH says hes been looking for a second job and I am looking for a better one. But with two kids not yet old enough for kindergarten and no family in this new state its not easy. And it's difficult for me to send this money to this bike every month. It feels like a waste but like u guys said it will only hurt me more in the long run. I am hoping that with a better paying job I can qualify for a better CC. I am a member of NFCU and if I can get some of this balance down by selling this bike back and then have a lower balance to transfer onto one of their cards I will do it. Might take a few months because I will have to get more income and maybe hope my CC score improves a bit before I would be able to apply.
you should contact nfcu and see if they cant get you a balance transfer. do you have a cc with them? they do have from time to time zero % promos going on with no bt fee so you should look into that. nfcu is flat out the best and if they can they will help you
I don't have my own CC w/ them. We have one joint but not enough to be able to transfer the entire balance. I know we wouldn't get a CLI because we only have one solid income. My part time job isn't enough. They also already denied DH req for a debt consolidation loan. Don't want to make another attempt with them until I have a better job, more income and hope they approve me at that time. I wonder if I would have to be at my employer for a certain amount of time first?
@Kennie02 wrote:
@drkaje wrote:@OP,
Why did DH use your credit to buy the motorcycle?
He didn't. This CC is soley in his name. Had I been at the motorcycle dealership I never would have agreed to this. But I manage all of our household finances so I know what impact this is having on us.
I see.
It stinks but even with a BT, one of you will probably need another job to fix things. FWIW, with it paid off he may be able to recoup something after a sale. As others have said, the interest rate wouldn't be terrible if the card didn't appear maxed-out.