Personal loans

[JSS3]

---

@Imperfectfuture wrote:
I am on DISability, but due to age, am also considered semi retired. Yes, sis didn't listen. Is sis taking part in programs available, such as housing help, food stamps, etc? This thread should probably be redirected to rebuilding forum.

Since she is considered judgement proof (lack of other income?), she could wait it out. If she has every major bank owed in the book, she might not want to burn them,

Scores are only part of the issue, it's what's on the report. She can also consider a small part time job (I did one between 4 and 15 hours per week awhile back). She should then consider clearpoint financial solutions (these guys are legit, I used them many years ago, while being on disability, they will take payments as low as 50 per month). It's better than bankruptcy, but will take over 5 years to start to rebuild credit.

The upside, no bankruptcy. She will need to do what I did, which is get a PayPal account, and use their debit card for cash back. If she hasn't burned a bank, I would switch to a credit union. 5 to 6 years without credit, you learn to save for emergencies, live within your means, learn to save for big things, and learn that what you THINK you need is actually a want.

Clearpoint will help with budget, including savings. She needs to cut back. They won't let her keep the cards open that she includes, but right now, that should not be a priority to consider. They WILL include all debts, even those outside of credit cards.

---

She is in GA. Will Clearpoint still be an option for her?

Her accounts are

Chase    maxed/500CL

Capital One   maxed/1,000CL

Capital One   maxed/2,000CL

Paypal Mastercard   maxed/2,000CL

Walmart Mastercard   maxed/400CL

Discover   maxed/2,000CL

CareCredit   3,085/4,000CL

CFNA    913/1,200CL

She only has credit card debt to pay.

Here is the thing...she is completely disabled. Neuropathy and a whole host of other things because of her condition. Can't even really use her hands. Hence why I pay her bills and managed her accounts. She lives on 1442/month. Her rent is $875. Her Georgia Power bill is always somewhere in the high $200. Then she needs food for her and her son. Not to mention other things like clothes, school supplies, and occasional bus fare. Her money is gone before she can even pay a credit card bill AND each month she has to pay me back for what she borrowed. 

Ideally, her CC can be consolidated and she have ONE credit card that she can put ONLY food and clothes on with a 0% APR period. This way, she uses her money to pay her rent. (1442 - 875). 567 left. Out of that 567, I'd imagine a loan place would require her to pay 300/month. She has almost 300 left in cash. She would then have the one credit card with hopefully a 1,000 limit. Put her Gower Power bill and food on it. Then throw the 300 a month on the CC to pay it back. She will be carrying a balance but still will be paying way more than the minimum. That is the only way she can pay for everything. She would need a credit card. Her left over cash wouldn't cover the Georgia Power bill AND food.

[JSS3]

---

@Anonymous wrote:
I doubt that she'll get $15,000 with low scores regardless of income. Maybe selectively pay off cards with whatever you get.
And yes, you must be a member of credit unions, but usually it's something like a $5 membership fee. Not hard at all to join

---

Tell me more about this credit union thing. I always thought you needed a job or to be apart or a Navy to join. You need how much to join? How much will you have to keep in the bank to keep it open? They bill you montlhy? I'm thinking along the lines of banking because I only have banking and checking accounts so please forgive my ignorance. 

Heck, if it's so little to join, and she can possibly get her a loan, I'll SEND her $100 so she can stop bugging me. It grinds my nerves that she allowed this person to dismantle everything I tried to build for her, while telling me, "To stay out of it". Then coming to me for help each month when it blew up in her face. I honestly half want her to suffer because she never learns, but she is my sis, she is disabled, and she is the mother of my nephew. Not his fault.

[JSS3]

---

@Anonymous wrote:
First and foremost, find your true FiCO scores on this website. The way a credit union works:
You walk in, ask to open an account. They will ask you information about your wife (SSN, etc). They'll take your opening deposit, and usually they make $5 unavailable as a minimum balance (I.e. If you put $100 in the account, $95 will be available). You can request a loan the very same day if you'd like. Practices vary with different CUs, but that's generally how it works, and you get better rates.

---

WOW. I wish I had known this before. I would've had her join one when she was riding high. That seems too good to be true that CU are this accessible!

[Imperfectfuture]

She needs to get in subsidized housing ASAP. Her rent would be below 300 per month, I would recommend section 8, but don't know how long the waiting list is where she lives.

She needs to get on food stamps while waiting. I suppose that amount of disability includes the disability payment for her son. She needs to get on the local utility assistance program ASAP. Every utility I know offers it (unless it's not privately owned, and you are in subsidized, HUD housing).

Pride cometh before a fall. I don't know WHY folks on limited income insist on paying more than 500 in rent. I have severe movement disorders, etc, and still managed a part time job. Where there is will, there is way.

Yes, clearpointt is option, but unless she is willing to move, not much good will happen. She will not have the wherewithal to rebuild credit. Nook into tax exempt properties also. They are outside of HUD, not subsidized, nor section 8. They are tax exempt because they promise to provide affordable housing. Her rent and utilities would not go above 40 to 50% of adjusted income (max around 400 for two people).

And mostly, quit managing for her. She needs to do this on her own. And I'll bet rags to riches a great deal of that charging was done by her for basic living expenses.

Help her move, take over her chase account (pay off, keep out of clearpoint), then they reduce her outstanding debt, and she pays off 50 per month for 5 years or less.

But MOVE, (location, location, location).

[LIGHTNIN]

Does she live alone with her son?

I would suggest that she sign up for help with rent and electric?

You can call untied way in your area.They will give you, the name and phone numbers of the places that can offer help with rent and electric.

Has she signed up for Food stamps?   You can visit the local food pantries also.

ETA: Imperfectfuture  is giving you EXCELLENT advice.  I'll check back later. 

Good luck to you. JSS3

[Imperfectfuture]

---

@JSS3 wrote:

---

@Anonymous wrote:
First and foremost, find your true FiCO scores on this website. The way a credit union works:
You walk in, ask to open an account. They will ask you information about your wife (SSN, etc). They'll take your opening deposit, and usually they make $5 unavailable as a minimum balance (I.e. If you put $100 in the account, $95 will be available). You can request a loan the very same day if you'd like. Practices vary with different CUs, but that's generally how it works, and you get better rates.

---

WOW. I wish I had known this before. I would've had her join one when she was riding high. That seems too good to be true that CU are this accessible!

---

I am a member of a credit union.  In her situation, they WILL NEVER GIVE A 15,000 consolidation loan.  They take rent into consideration for debt to income.  And I discussed rent in an earlier post.  Not gonna happen.

[JSS3]

I'm not trying to be disagreeable and will take any advice given to pass along. I respect the advice here as it has helped me tremendously to grow my credit. I never had credit issues or debt just needed to build some credit.

I wonder if there is another way other than that HUD stuff since my nephew needs to be in a good location for schooling. That's why she wanted to move where she did in the first place. 

Also, I realize that I'm an enabler in the biggest way, and trust me, I'm sick and tired of the mess ups and having to be the clean up person, as well as her personal bank. However, there is a 13 yr boy who will fail if my sister fails. That is why I can't afford to have her, "Go it alone". She isn't alone and she tends to compound problems onto problems. I do ask that is kept in mind.

It's just her and her son in a state where she has no family, and really, no friends. She moved out there to be with that ex-boyfriend.

[JSS3]

I forgot that she owes BML 500. That's maxed too...

[JSS3]

Thank you Imperfectfuture and everyone! I'll pass this info along.

[Imperfectfuture]

---

@JSS3 wrote:

I'm not trying to be disagreeable and will take any advice given to pass along. I respect the advice here as it has helped me tremendously to grow my credit. I never had credit issues or debt just needed to build some credit.

I wonder if there is another way other than that HUD stuff since my nephew needs to be in a good location for schooling. That's why she wanted to move where she did in the first place. 

Also, I realize that I'm an enabler in the biggest way, and trust me, I'm sick and tired of the mess ups and having to be the clean up person, as well as her personal bank. However, there is a 13 yr boy who will fail if my sister fails. That is why I can't afford to have her, "Go it alone". She isn't alone and she tends to compound problems onto problems. I do ask that is kept in mind.

It's just her and her son in a state where she has no family, and really, no friends. She moved out there to be with that ex-boyfriend.

---

Tax exempt properties and subsidized housing are in all necks of the woods.  She has to give up the rent, sorry.   Suze Orman would say the same thing.  There is always an excuse.  And the worst is the financial mess the son sees mom go through.

She has to move.  She could move in with you temporarily while waiting for a more affordable alternative.  But she has to move.  SHE CAN'T AFFORD IT.  ideally, her rent and utilities should be no more than 30% of income.  She had no business opening those cards with the situation she is in.  Too easy to charge living expenses.  There is always that excuse about school and good neighborhood.  I'm sure if you do the search in the housing authority for her city, county (whichever applies), son can still go to same school.

But with 500+ extra per month! there is no way she can take care of her obligations (as you've seen), AND save for rainy days.  DON,t put living expenses on credit card that she can't pay off.  Don't have joint accounts.  Her son will be fine.  She has to MOVE.