topic Re: debt settlements? in Bankruptcy

debt settlements?

Superk88 — Thu, 11 Oct 2018 19:53:20 GMT

So I have came to a situation in life where I do not know what to do.

I am currently engaged to the most wonderfull woman in the world and to give her the life I want to I need to get my debt under control.

Combined with a reckless pass and stupid decisions I have gotten myself into a situation.

I have the following debts.

Truck $23,000 = upside down can't sell.

Bike #1 $5,000 = upside down cant sell.

Bike #2 11,500 = this one I am trying to sell ASAP. I owe what is selling for so I am waiting for it to sell.

Loans

Mainone = $7,500

Netcredit = $6,800

Capitolone = $1800

Avadian = $1800

Verizon = $105

Internet/tv = $130.

After paying bills, I have about 400 for the month left over for gas, exc. She is pretty much paying the rent for now to help me out. We split groceries and what not. Now if it was just me, I would sign up for a debt managment service and just let my credit trash while I repay a small amount. I am not behind on payments yet, but if I don't find another job soon that could become the case. I was also told by National Debt Relief that I would need to let payments fall behind before they could negotiate.

The big kicker...we want to buy a house within the next 3 years. She is also Active Air Force so we will use her VA loan and I don't even care if I am on the loan, I just wanna be able to pay for it. I also can't do anything that would jepordize her security clearence if we got married. Because my myself may try to go in to the service once this is cleared up. I am looking for second jobs but nothing to work around my current schedule and leave some time together. She deploys next March so when that happens I will work 24/7 if need be.

I am asking to see if anyone has had any luck with debt settlement companies? Bankruptcy isn't an option. Can't buy a house while in chapter 13.

Re: debt settlements?

SouthJamaica — Fri, 12 Oct 2018 10:40:58 GMT

@Superk88 wrote:
So I have came to a situation in life where I do not know what to do.
I am currently engaged to the most wonderfull woman in the world and to give her the life I want to I need to get my debt under control.

Combined with a reckless pass and stupid decisions I have gotten myself into a situation.

I have the following debts.
Truck $23,000 = upside down can't sell.
Bike #1 $5,000 = upside down cant sell.
Bike #2 11,500 = this one I am trying to sell ASAP. I owe what is selling for so I am waiting for it to sell.
Loans
Mainone = $7,500
Netcredit = $6,800
Capitolone = $1800
Avadian = $1800
Verizon = $105
Internet/tv = $130.

After paying bills, I have about 400 for the month left over for gas, exc. She is pretty much paying the rent for now to help me out. We split groceries and what not. Now if it was just me, I would sign up for a debt managment service and just let my credit trash while I repay a small amount. I am not behind on payments yet, but if I don't find another job soon that could become the case. I was also told by National Debt Relief that I would need to let payments fall behind before they could negotiate.

The big kicker...we want to buy a house within the next 3 years. She is also Active Air Force so we will use her VA loan and I don't even care if I am on the loan, I just wanna be able to pay for it. I also can't do anything that would jepordize her security clearence if we got married. Because my myself may try to go in to the service once this is cleared up. I am looking for second jobs but nothing to work around my current schedule and leave some time together. She deploys next March so when that happens I will work 24/7 if need be.

I am asking to see if anyone has had any luck with debt settlement companies? Bankruptcy isn't an option. Can't buy a house while in chapter 13.

Debt settlement will just screw up your credit for years.

My advice is to just bite the bullet, keep selling off stuff, work as many hours as you can, and don't be obsessed about getting a house until you can genuinely afford it.

Re: debt settlements?

Superk88 — Mon, 15 Oct 2018 14:28:54 GMT

I am paying as much as I can my only concern right now is I am on the verge of falling behind...and if that happens...why would it be so bad to just go ahead and try and settle.

I've looked into chapter 13, but idk if it's worth it.

Re: debt settlements?

Kree — Tue, 16 Oct 2018 12:32:36 GMT

The totals don't look to bad, but I don't know what your income is like.

Is a short term room mate an option?

What about selling old possessions? My then Fiancee now wife, sold all of my old DND books on ebay and made a couple grand off of it. She also sold an old band t-shirt for 300. I had been wearing that thing for decades, no idea it was worth anything.

Actually selling old things is a great second job. Go to thrift stores, find underpriced items, and put them up on ebay. Works around any other schedule, and you can devote as little or as much time to it as you might like.

Re: debt settlements?

Anonymous — Tue, 16 Oct 2018 16:33:22 GMT

Selling off the bike is a great start. Filing a Chapter 13 until they have garnished your wages is to early.

Your balances are not real high. I think you can make it. Cut expenses. During 2008 -2009 Ramen Noodles and $1 TV dinners were a staple at the Backwoods. I know here a lot of stores need late night stockers after 8 PM some are fulltime others part time.

Re: debt settlements?

Superk88 — Wed, 17 Oct 2018 04:04:16 GMT

Thanks, she comes off TDY here this weekend and her and I are gonna sit and talk about a budjet. With the money I make right now, just hitting the minimum paymets I am gonna have roughly $800 a month left over...that's for groceries and gas. So thats enough left over to start making some dents. That bike gets sold that's frees up almost $400 a month..i wish it would go now. Bad news is as of Friday I'll be behind 31 days. Which I called the Finance Comany and there trying to work with me, waiting for a return call..I offered to pay a half payment or something. Right now they said the last thing they wanna do is reposs it...everyone looses.

Re: debt settlements?

Superk88 — Wed, 17 Oct 2018 04:09:50 GMT

One thing I wish I could do is find a Personell loan to pay off everything together and save interest money...but that hasn't happend all the banks I have checked with no help.

Re: debt settlements?

xaximus — Wed, 17 Oct 2018 16:55:08 GMT

Have you thought about doing something part time like Uber/Door Dash/Uber Eats, etc. You can work on your own schedule and in some instances, like Door Dash or UberEats, she can ride with you so you can spend time with her while working. Also, Are there any other expenses you can cut out? Anything you can eliminate that can free up some cash? It's the little things that can add up that I would review in depth. Example - phone bills, cable bills, dining out, etc. The goal is to free up as much cash as possible, every dollar counts.

Re: debt settlements?

Shooting-For-800 — Wed, 17 Oct 2018 22:15:10 GMT

Why do you feel Ch 13 is your only BK option?

You are single and do not own a house.

Why can't you do a Ch 7 (if you decided to)?

Not advising that you should do Ch 7, just interested in why you ruled it out.

Re: debt settlements?

Superk88 — Fri, 19 Oct 2018 13:10:39 GMT

I mean Chapter 7 is an option...but I feel like I can somehow overcome this and I dug this hole so I need to get out of it. Chapter 13 would allow me to repay some of it, i know it could be a fresh start with 7...just weighing out all the options right now.

Re: debt settlements?

Anonymous — Fri, 19 Oct 2018 21:25:21 GMT

It is good you want to do the right thing for yourself and your loved one. To figure out if it is viable to pay these debts off without sinking you, how much are you paying in interest every month to service these loans and how much is the principal being paid down? Do you have spare income to pay down these debts or are you just trading water? Do you expect your income to increase in the future? WIll your loved one help you retire these debts? Can the expensive loans like the Auto be refinanced to a lower interest rate? You need to really break these things down, before anyone can really tell you what is definanatly best for your unique situation.

Re: debt settlements?

MyDataMyChoice — Sat, 20 Oct 2018 02:53:20 GMT

Try PROSPER, LENDINGCLUB, PAYOFF

Also try some credit unions
NFCU since your eligible thru her active duty will prob approve with a high limit... then you can balance transfer

Re: debt settlements?

MyDataMyChoice — Sat, 20 Oct 2018 02:54:49 GMT

What are your scores? Have you been paying late? any settlements already?

What is the interest on the auto loans? Payments?
Have you tried refinancing?

More info...

Re: debt settlements?

Superk88 — Sun, 21 Oct 2018 16:50:22 GMT

I'm gonna sit down here today and get all my interest rates. The truck I know is 4.9% the bikes are 5ish% i know. I just found out this morning vw credit who bike #2 is listed through just showed delinquent by 30 days. I have done spoke with them and arranged for payment next month but my fico score just dropped from in the 600s to 520.

Family cant help. In fact the nexcredit loan was to help my sister get out of a divorce and terrible relationship.

Only brightside is me and my fiance know we wont ge getting a house for a few years. I just have to get prepared. Sorry for the short info I'm actually on mobile. I will reply with full account interest and my budget I have for myself. Thank you all for your input so far.

Re: debt settlements?

Superk88 — Mon, 22 Oct 2018 21:32:56 GMT

ruck $23,000 = 4.9%

Bike #1 $5,000 =5.25%

Bike #2 11,500 = 8% this is the one for sale, but also the one i just got behind on. They just reported it.

Loans

Mainone = $7,500 = 27%

Netcredit = $6,800 =32%

Capitolone = $1800 = 29.9%

Avadian = $1800 =299%

Verizon = $105

Internet/tv = $130..

After pay all my bills I am left with $1069 for the month...once the bike sells that frees up another $454.

Re: debt settlements?

MyDataMyChoice — Tue, 23 Oct 2018 03:00:05 GMT

What are the lenders on the Bike2

Are you maxed out? What are your limits?

Have you tried lending club? soft pull

Did you join NFCU?

Re: debt settlements?

Superk88 — Wed, 24 Oct 2018 15:07:48 GMT

What are the lenders on the Bike2

Vw Credit

Are you maxed out? What are your limits? Maxed out...no wiggle room

Have you tried lending club? soft pull

no luck

Did you join NFCU?

I have not.

Re: debt settlements?

MyDataMyChoice — Thu, 25 Oct 2018 03:31:48 GMT

Any Lates? (besides the recent 30 day) Pay it so it reports positive...

join NFCU Today and see if they will approve for credit card

Re: debt settlements?

Superk88 — Thu, 25 Oct 2018 19:55:04 GMT

No other late payments so far. The one 30 day i can't pay untill 11/9 and they already have it hitting my credit report.

Re: debt settlements?

Superk88 — Thu, 25 Oct 2018 19:55:29 GMT

I'm currently emailing and trying to talk to one at NFCU