cancel
Showing results for 
Search instead for 
Did you mean: 

How to pay it off?

tag
danisgods
Regular Contributor

How to pay it off?

Guys, i am really in debt around 20-23K   i considered today for the first time to given them a call and tell them i cant pay it back, i wanted to try and cut a deal i want to pay but just dont have how., only one working with a 9 month old baby, its impossible for me out of this debt at least 6 in interest i cant continue paying the minimum,

 

I also consider a debt consolidating agency, but i wanted to ask you guys first, please advise me, keep in mind there is no way i will have this money , the question is whats the best way to pay them back on a deal.

 

Thanks

 

Dan.


Starting Score: TU 715 EQ 704
Current Score: TU 715 EQ 704
Goal Score: 760-780


Take the FICO Fitness Challenge
Message 1 of 11
10 REPLIES 10
danisgods
Regular Contributor

Re: How to pay it off?

also have my wife as my AU , if i called them before asking for deal or even mention it would them take my wifes name off my accounts?

 

Dan.


Starting Score: TU 715 EQ 704
Current Score: TU 715 EQ 704
Goal Score: 760-780


Take the FICO Fitness Challenge
Message 2 of 11
trumpet-205
Valued Contributor

Re: How to pay it off?

I think you posted in the wrong section.

 

Can you list all the debt you have right now? Every detail including APR, minimum payment, minimum interest charge, etc. As well as your spending habit.

Message 3 of 11
Jazzzy
Valued Contributor

Re: How to pay it off?


@danisgods wrote:

Guys, i am really in debt around 20-23K   i considered today for the first time to given them a call and tell them i cant pay it back, i wanted to try and cut a deal i want to pay but just dont have how., only one working with a 9 month old baby, its impossible for me out of this debt at least 6 in interest i cant continue paying the minimum,

 

I also consider a debt consolidating agency, but i wanted to ask you guys first, please advise me, keep in mind there is no way i will have this money , the question is whats the best way to pay them back on a deal.


Any possibility one of you could get a part-time job for a few hours a week? Doesn't have to be very many hours a week, but it might bring in a couple of hundred a month....enough to whittle this thing down gradually.

Message 4 of 11
mmduluth
Frequent Contributor

Re: How to pay it off?

I would definitely have your wife removed before you do anything just in case.

EQ FICO - 718 - 01/10/2012 EX FICO - 732 - 04/28/2012 (AMEX)

Cap1 Platinum (1000) Macy’s (2000) Chase Freedom (3000) Kohls (600) Best Buy (2700) Amex BCE (8200) Chase Sapphire (5000) CarCare1 (1600) Discover IT (4000)
Message 5 of 11
Repo-ed
Senior Contributor

Re: How to pay it off?

Yup, we need more details, before the pros can give you any direction.

 

Your age can help with direction as well.

5/2012: 560 credit scores across the board
12/2014: 750+
3/2017: 780+
11/2019: 833
2/2023: Experian via Chase United Explorer CC pull - 891
Message 6 of 11
webhopper
Moderator Emeritus

Re: How to pay it off?

Your wife needs to work.... no question about that. I don't think its.ideal but its time to work as a team on this. Even if she just brought in a little bit of money by watching other peoples kids... its still better than not contributing.

FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 7 of 11
rootpooty
Valued Contributor

Re: How to pay it off?

+1 this requires team work and she needs to work and please dont come to the conclusion that a baby sitter is not an option cause me and my GF work opposite shifts and we both work and take care of a 5 yr old a 2 year old and a 3 month old.

 

My question is this, debt bills aside, can you make a living on just your income? if so then if your wife is able to make 300-350 per week then you could be out of this mess in about a year providing you put your tax return towards it. Then there is no need for a bk no need to ruin your credit. I was in your shoes a few years ago, I know what its like especially having that baby so please do not come to the conclusion that she cant work cause of no babysitter.

 

best of luck man

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Message 8 of 11
tcbofade
Super Contributor

Re: How to pay it off?



I can't speak for the OP or anyone else,  but I'm closing in on 40 years old...three kids...17, 14, and 12.

 

If we had "waited until we could afford it", we'd STILL be waitiing...  Smiley Tongue

 

02/01/24 Fico 8: EX 757, EQ 803, TU 783.
Fico 9: EX 760 12/16/23, EQ 790 02/04/24, TU No idea.

Zero percent financing is where the devil lives...
Message 9 of 11
LS2982
Mega Contributor

Re: How to pay it off?

@mtrsprt I'm pretty sure the OP is aware of that, no need to criticize.

My advice to you OP is give us all the full details of your debt, we all might be able to help you.



EQ FICO 548 3/3/16
Message 10 of 11
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.