cancel
Showing results for 
Search instead for 
Did you mean: 

Put myself in a jam. next two months crucual. help with a plan

New Visitor

Put myself in a jam. next two months crucual. help with a plan

After being the most responsible person for 29 years of my life, alot of different things came into play and i really put myself in a hole.

 

Current finances:

1k cash

 

Current debt:

student loan payment 315 a month

15k credit card debt

 

Income:

2200 a pay check after taxes

8k bonus in january after taxes

 

The jam:

I have paid all my bills thru the rest of august.   I have 1k cash left.

I have one paycheck left in august at 2120.

Then i have paychecks in sept on the 1st, 15th, 29th

 

my bills in september will be 3k.

This drops significantly in october down to 2.2k

 

Where I am screwed:

2.7k of that credit card debt is on Amex gold that will require full payment sept 13th.  if i dont plan for this correctly, it will go to collections

 

The help:

i need to figure out how to shift my money around the next two months to avoid collections. or do i just let it go to collections?

 

Timeline:

At the end of august i will have 3.2k in cash minus food and gas

 

Pre Sept 13(2.7k due date)

I will have anohter 2.2k paycheck 

I have 2k in bills that have to be paid

and then minus food and gas

 

Rest of september

1k bills

4.4k pay

minus food and gas

 

Pre october 13th(collections date)

i will have 1.7k in bills 

1 paycheck at 2120.

 

 

Alright guys, so i put myself in a hole. Luckily, during my depression the past two years ive been a work addict and have a decent income + bonus.  If im frugal, I feel like in the long term i could be ok even as soon as the start of 2018 when i get that bonus. 

 

short term is where im screwed. I need to balance making sure i get my rent and power  and other necessities paid. while worrying about that 2.7k payment

 

This is could be crucial as if i have little leeway to go off budget or i will get that 2.7k sent to collections or miss rent.

 

what would you guys do? i could really use a little help to get past this freaking massive amex payment then i can budget normally and be fine

 

 

 

 

 

 

 

 

 

 

 

Message 1 of 10
9 REPLIES
Valued Contributor

Re: Put myself in a jam. next two months crucual. help with a plan

Is your AMEX account available for 'Pay over Time'? That may help your cash crunch.

 

Do not let this go to collections.

Message 2 of 10
New Visitor

Re: Put myself in a jam. next two months crucual. help with a plan

No, I can not pay over time.

 

When i called amex and asked if they could make an exception as ive been a holder for so long and never missed a payment, they said no. They told me that i should just purposedfully miss the due date and then id have an extra month to pay it off prior to collections.

 

Right now my plan is just to be frugal as possible and then if i miss it by sept 13th then oct 13th, just take a pay day loan out and pay it back within a month.

 

This all seems like a horrible way to go about it though. Like i would have to imagine there has to be a better go forward plan than this lol. Especially with that year end bonus coming in that will knock out much of this debt. 

 

Message 3 of 10
Regular Contributor

Re: Put myself in a jam. next two months crucual. help with a plan

Have you considered a RELI from your bank to help you with your upcoming Amex payment? You could pay that off in installments and maybe take a break with charging on your AMEX until you're in a better place with your finances. Making payments on you're RELI would also boost your credit score.

Message 4 of 10
Frequent Contributor

Re: Put myself in a jam. next two months crucual. help with a plan


loct99 wrote:

After being the most responsible person for 29 years of my life, alot of different things came into play and i really put myself in a hole.

 

Current finances:

1k cash

 

Current debt:

student loan payment 315 a month

15k credit card debt

 

Income:

2200 a pay check after taxes

8k bonus in january after taxes

 

The jam:

I have paid all my bills thru the rest of august.   I have 1k cash left.

I have one paycheck left in august at 2120.

Then i have paychecks in sept on the 1st, 15th, 29th

 

my bills in september will be 3k.

This drops significantly in october down to 2.2k

 

Where I am screwed:

2.7k of that credit card debt is on Amex gold that will require full payment sept 13th.  if i dont plan for this correctly, it will go to collections

 

The help:

i need to figure out how to shift my money around the next two months to avoid collections. or do i just let it go to collections?

 

Timeline:

At the end of august i will have 3.2k in cash minus food and gas

 

Pre Sept 13(2.7k due date)

I will have anohter 2.2k paycheck 

I have 2k in bills that have to be paid

and then minus food and gas

 

Rest of september

1k bills

4.4k pay

minus food and gas

 

Pre october 13th(collections date)

i will have 1.7k in bills 

1 paycheck at 2120.

 

 

Alright guys, so i put myself in a hole. Luckily, during my depression the past two years ive been a work addict and have a decent income + bonus.  If im frugal, I feel like in the long term i could be ok even as soon as the start of 2018 when i get that bonus. 

 

short term is where im screwed. I need to balance making sure i get my rent and power  and other necessities paid. while worrying about that 2.7k payment

 

This is could be crucial as if i have little leeway to go off budget or i will get that 2.7k sent to collections or miss rent.

 

what would you guys do? i could really use a little help to get past this freaking massive amex payment then i can budget normally and be fine



 

It doesn't seem that dire to me, but you haven't really provided details on your other bills (specifically their due date) outside of the Amex.  Maybe I'm misunderstanding your situation, but to me it looks like you should have money coming in to cover your bills...

 

$1000 + 2120 (Aug 15?) = 3120

$3120 + 2120 (Sept 1) = 5240

$5240 - 2700 (Amex, Sept 13) = 2540

$2540 - 700 (remaining bills, Sept) = 1840

$1840 + 2120 (Sept 15) = 3960

$3960 + 2120 (Sept 29) = 6080

$6080 - 1700 (bills, Oct 13) = 4380

$4380 - 500 (remaining bills, Oct) = 3880

$3880 + 2120 (Oct 15?) = 6000

and so on....

 

If I am misunderstanding the situation, perhaps you can pay only the minimum payments to get you through the next couple of months.

 

ETA:  if it gets really bad, I think you can be late in paying as long as you are not more than 29 days late.  So...if you have to pay some bills one or two weeks late, you might be okay in that it will not be reported in your credit report.  You'll likely have to pay late fees and if you do it more than once the cc company may do more than that. 

Message 5 of 10
Super Contributor

Re: Put myself in a jam. next two months crucual. help with a plan


loct99 wrote:

After being the most responsible person for 29 years of my life, alot of different things came into play and i really put myself in a hole.

 

Current finances:

1k cash

 

Current debt:

student loan payment 315 a month

15k credit card debt

 

Income:

2200 a pay check after taxes

8k bonus in january after taxes

 

The jam:

I have paid all my bills thru the rest of august.   I have 1k cash left.

I have one paycheck left in august at 2120.

Then i have paychecks in sept on the 1st, 15th, 29th

 

my bills in september will be 3k.

This drops significantly in october down to 2.2k

 

Where I am screwed:

2.7k of that credit card debt is on Amex gold that will require full payment sept 13th.  if i dont plan for this correctly, it will go to collections

 

The help:

i need to figure out how to shift my money around the next two months to avoid collections. or do i just let it go to collections?

 

Timeline:

At the end of august i will have 3.2k in cash minus food and gas

 

Pre Sept 13(2.7k due date)

I will have anohter 2.2k paycheck 

I have 2k in bills that have to be paid

and then minus food and gas

 

Rest of september

1k bills

4.4k pay

minus food and gas

 

Pre october 13th(collections date)

i will have 1.7k in bills 

1 paycheck at 2120.

 

 

Alright guys, so i put myself in a hole. Luckily, during my depression the past two years ive been a work addict and have a decent income + bonus.  If im frugal, I feel like in the long term i could be ok even as soon as the start of 2018 when i get that bonus. 

 

short term is where im screwed. I need to balance making sure i get my rent and power  and other necessities paid. while worrying about that 2.7k payment

 

This is could be crucial as if i have little leeway to go off budget or i will get that 2.7k sent to collections or miss rent.

 

what would you guys do? i could really use a little help to get past this freaking massive amex payment then i can budget normally and be fine

 

 

 

 

 

 

 

 

 

 

 


If you can do a balance transfer of the Amex balance that would take care of that for awhile.

 

 

FICO8 EQ 721 TU 772 EX 769 Total revolving credit 500k
Message 6 of 10
Regular Contributor

Re: Put myself in a jam. next two months crucual. help with a plan

What is the $3k in bills?  My thought would be to just pay those late.  Shouldn't report on your credit, and they're not going to shut your electricty off for being a month late.  

Message 7 of 10
Senior Contributor

Re: Put myself in a jam. next two months crucual. help with a plan

I'm a little confused too...

 

One thing I learned too late that MAY be an option for you... call your landlord and ask if you can pay your rent late...I SHOULD have done that once, and he would have been fine with waiting a few weeks.

 

...it's worth asking.  Smiley Happy



Zero percent financing is where the devil lives...

10/01/17 Fico8 scores: EX 660, EQ 647, TU 663
Message 8 of 10
Valued Contributor

Re: Put myself in a jam. next two months crucual. help with a plan


SouthJamaica wrote:

loct99 wrote:

After being the most responsible person for 29 years of my life, alot of different things came into play and i really put myself in a hole.

 

Current finances:

1k cash

 

Current debt:

student loan payment 315 a month

15k credit card debt

 

Income:

2200 a pay check after taxes

8k bonus in january after taxes

 

The jam:

I have paid all my bills thru the rest of august.   I have 1k cash left.

I have one paycheck left in august at 2120.

Then i have paychecks in sept on the 1st, 15th, 29th

 

my bills in september will be 3k.

This drops significantly in october down to 2.2k

 

Where I am screwed:

2.7k of that credit card debt is on Amex gold that will require full payment sept 13th.  if i dont plan for this correctly, it will go to collections

 

The help:

i need to figure out how to shift my money around the next two months to avoid collections. or do i just let it go to collections?

 

Timeline:

At the end of august i will have 3.2k in cash minus food and gas

 

Pre Sept 13(2.7k due date)

I will have anohter 2.2k paycheck 

I have 2k in bills that have to be paid

and then minus food and gas

 

Rest of september

1k bills

4.4k pay

minus food and gas

 

Pre october 13th(collections date)

i will have 1.7k in bills 

1 paycheck at 2120.

 

 

Alright guys, so i put myself in a hole. Luckily, during my depression the past two years ive been a work addict and have a decent income + bonus.  If im frugal, I feel like in the long term i could be ok even as soon as the start of 2018 when i get that bonus. 

 

short term is where im screwed. I need to balance making sure i get my rent and power  and other necessities paid. while worrying about that 2.7k payment

 

This is could be crucial as if i have little leeway to go off budget or i will get that 2.7k sent to collections or miss rent.

 

what would you guys do? i could really use a little help to get past this freaking massive amex payment then i can budget normally and be fine

 

 

 


If you can do a balance transfer of the Amex balance that would take care of that for awhile.

 

 


Yeah, even if you don't have a promotional APR available, most cards will take a balance transfer at the current purchase rate. Even if it takes a few months to pay off, it wouldn't cost more than a couple of hundred dollars in BT fees and interest. That gives you a bit more breathing room on your cashflow situation. 

 

Missing your payment on an Amex charge card is a big deal to them. If they're kind, they'll only set a hard limit on the card, otherwise you might find your account closed, even if you pay it. 

 



Starting scores: 552 EQ, 570 TU, 558 EX Current scores (9/29/17): 746 EQ 721 TU 719 EX
Message 9 of 10
Highlighted
New Contributor

Re: Put myself in a jam. next two months crucual. help with a plan

1) Do a budget: list all your expenses and income to see what's really going on.
2) Once you figure this funding situation out, get a month ahead on your bills, just have it sitting in your bank account.
3) Steadily set aside savings for an 3-8 month emergency fund
4) meanwhile I agree with the other poster who mentioned getting a balance transfer. The payday loan is something I personally would stay far away from since you seem to need all your income available to weather this storm.
TU 791| EQ 795 | EX 784
Message 10 of 10