Best way out of this pickle.....

[mrmagic9799]

So, I'm not new to the forums but i've been gone for quite sometime though.  This forum was TONS of help the first go round and I appreciate everyone here... Scores had reached an all time high of 675-680 across the board, life was good.  Married living the good life. I allowed the DW to stop working and she had access to my money, CC etc.  As i traveled quite frequently she took care of the bills....so i thought.  Well things got rocky and I'm now divorced and left with a TON of debt and charge offs.  I know its my fault and I'm trying find the best way to attack this.  I'm recently engaged and need a larger vehicle (suv) and also am needing to purchase a home pretty soon also.  

my BIGGEST default is an auto loan from PSECU totalling about $25K it's been assigned to a third party and PSECU won't even take payments from me.  I tried setting up arrangements with them when they had the loan but no one ever contacted me.  I also have a CC with them totaling $7K which has also been assigned to this CA. 

my second largest debt is Chase totalling about $5500

Barclay ~$1500

Amazon  ~$1200

Walmart ~$700

Victoria Secret~$300(have been making payments the last 4 months)

Amex Zync ~$250(have been making payments last 4 months)

State Tax Judgement $700 (Paid but hadn't been updated or removed)

Now I also have the follwoing that are reporting Paying as agreed/Never late

Motorcycle loan ~$15k balance 

Loan ~ $1000

Capital One $1500 limit ($700 balance reported as of 5/15)

Kays Jeweler (new $1400)

Now then I recently applied for an auto loan through capital one declined and a local dealership also delcined (wanted co-signer)

How should I approach this with NEEDING to finance a larger vehicle?  I'm still in posession of the vehicle from the auto loan ( don't know if they have it out for repo or not) and I'm not driving it yet, but i need to.  

if i work up pay arrangements with the CA will they still try and repo the vehicle?  

Should I try and trade it in?  How would that work ?

I know the debts are mine, and I thought about bankruptcy before but don't want that lingering over me for the next 7 yrs. so far my plan was to pay off the smaller ones then work on the larger ones.  

[Anonymous]

Every card has a decent amount charge to it.
You have defaults and judgements. High utilizations.
And you want to trade in or get another vehicle.

Honestly I think you are seriously over extending yourself.

You need to make a financial plan and stick to it.
You are already feeling the results of your credit score dwindling down. Are you prepared for emergencies?
What if you were served?

I would really start working on setting a budget and paying off some cc debt

[mrmagic9799]

Right, would PFD work best? Does that delete the entire tradeline? Positve an all?  I could pay off AMEX, VS, & Walmart now Via PFD if that would work.  I'm really needing a vehicle because the one i'm driving is done, (makes no sense in fixing it) if i can safely resume payments with the CA I can do that and that will "hold" me until I get the CC's paid off.

[Anonymous]

If you PFD it will delete the entire tradeline.
But if you don't you are stuck with negative marks on your report that hurt your credit.

Since you're engaged and need a cosigner why not as k your fiance to cosign?

[Anonymous]

But just to warn you. It is not favorable to get an auto loan before mortgage loan applications.

Also any mortgage application is going to look at your DTI. They will want you to pay off any collections that are not medical so your collections should not total more than $1000.

[mrmagic9799]

Well, my credit profile is a lot longer than hers.

Ok, so Mortage before auto-loan cool.  Any idea on how to approach the CA that has the Auto Loan? PSECU told me once I've paid "current" with the CA, the loan will automaticaly come back to them.  I just dont want to resume paying and i look outside and the vehicle is gone, cause them i'm really screwed

[Anonymous]

If you can pay up to date on the car then do so.
I would just use checks and put the vehicles account number in the "for" area because you said you have 2 collections with that ca. You don't want them applying your money to the cc debt.

[Anonymous]

There is no guarantee you will not lose this car since it has gone to a ca. Though unless you have the money to catch it up in one lump sum.

[Anonymous]

How old are some of these CA's?
If you are still within state SOL you may not have the best success offering a PFD. They still have the ability to serve you.

And yes, definitely mortgage before car loan.
Though with your current DTI ratio and collections, I don't think you'll have success finding a mortgage lender. If you got denied for. 30k~ loan for SUV doubt you'd get a higher loan for a house.
Definitely need to have as much negative information removed as you possibly can.
GW letters out for all the creditors you can, if you have any lates or paid collections.

I also understand you want a car for transportation, but I would highly suggest against it with your current situation.
Definitely continue to work with the CA to get payment structure back for your current vehicle. If all else fails, is there an option for a while to utilize your fiancées vehicle (if she has one) and carpool to save on an extra monthly payment for a while to pay down debt?
Just looking for other alternatives to lower monthly expenditures.

[mrmagic9799]

Very recent last year.

Carpooling wouldnt work since I travel daily for work.  We both work very different shifts and have to drop the kids off and pick them up.