topic Re: Newbie. Overwhelmed looking for guidence in Rebuilding Your Credit

Newbie. Overwhelmed looking for guidence

Anonymous — Sat, 21 Feb 2015 00:07:16 GMT

Hi.

I'm new to the forums here. I've been lurking for weeks looking for information to help with my situation but I'm just overwhelmed. So here is what I'm dealing with...

I'm a single woman in my mid 20's. I have about $9k in credit card debt and $40k in student loans. I was making $36k a year, in a rural area with extremely low cost of living, I was doing great for myself, had no issues paying a single bill, nothing. Then in June I lost my job, didn't qualify for any type of unemployment, as expected I soon had to move before I lost my home and live with a relative for free, and have since struggled to pay bills. I have applied for hundreds of jobs and moved to a large metro area, I keep getting told I have too much experience/education for the postion or not enough experience in the field even tho I worked in that field for 5 years. Whatever. I recently found a job, unfortunately it's only part time retail 15hrs a week at $10 an hour. Which is a huge downgrade from what I am use too but better than nothing.

My score has dropped so much, like 100pts, it is now in the 590's. Which is so fustrating for me because I don't know how I let it get to this. Anyways...since I've been under-employed I've managed to pay off 2 small balance store cards. I've had all my credit limits dropped (dropped to the balance owed so I know they are just waiting for me to pay and then close them on me) and two cards closed. I'm just so overwhelmed on where to go from here, do I just file bankruptcy or is there any financial institute that would give someone like me a loan to consolidate because I feel like one payment would be so much easier on me than many, especially since my checks are usually only around $180 and while I'm actively applying for jobs, who knows how much longer it will take before I get an offer.

Re: Newbie. Overwhelmed looking for guidence

gdale6 — Sat, 21 Feb 2015 00:24:42 GMT

In your present situation there isnt any lender thats going to give you a consolidation loan. I would worry about putting a roof over your head and eating over the credit card bills. I would not devote time to the credit side until you have a good income and can work out deals to settle, you may be judgment proof at this time depending on what state you are living in. Welcome to My Fico and good luck

Re: Newbie. Overwhelmed looking for guidence

Anonymous — Sat, 21 Feb 2015 00:38:22 GMT

I live in Illinois as of now, but when this all happened I lived in Missouri.

Re: Newbie. Overwhelmed looking for guidence

gdale6 — Sat, 21 Feb 2015 01:01:31 GMT

@Anonymous wrote:
I live in Illinois as of now, but when this all happened I lived in Missouri.

IL:

STATUTE OF LIMITATIONS (IN YEARS)

Sales (UCC): 4

Open Acct.: 5

Written Contract: 10

Domestic Judgment: 20

Foreign Judgment: Same as foreign jurisdiction

BAD CHECK LAWS (CIVIL PENALTY) Triple check amount up to $500, attorney fees & court costs.

GENERAL GARNISHMENT EXEMPTIONS

15% of gross wages or disposable earnings for workweek up to 45 x fed. min. hourly wage, whichever is greater.

ILLINOIS "BORROWING" STATUTE

Illinois also has a borrowing statute, which states that 'when a cause of action has arisen in a state or territory out of this state ... and, by the laws thereof, an action thereon cannot be maintained by reason of the lapse of time, an action thereon shall not be maintained in this state.' 735 ILCS 5/13-210

STATUTE OF LIMITATIONS

Sale of Goods: 4 Years (see footnote)

5 Years Open Acct.: Oral Contracts; §516.120

§516.120. Within five years:

(1) All actions upon contracts, obligations or liabilities, express or implied, except those mentioned in section 516.110, and except upon judgments or decrees of a court of record, and except where a different time is herein limited;

Written Contracts; §516.110

516.110. Within ten years:

(1) An action upon any writing, whether sealed or unsealed, for the payment of money or property;

Period of limitation prescribed.

516.100. Civil actions, other than those for the recovery of real property, can only be commenced within the periods prescribed in the following sections, after the causes of action shall have accrued;

Appears the SOL on CC debt is the same in both states (5 yrs) so there is no advantage to using the Borrowing Statute, but you can see what the judgment restrictions are in IL. Credit cards are considered open accounts unless there are judicial proceedings in a state that change that.

Re: Newbie. Overwhelmed looking for guidence

Anonymous — Sat, 21 Feb 2015 01:21:56 GMT

If you don't see any light at the end of the tunnel you should consider BK . Even if you get a good job ( you will sooner or later ) and pay all your debts those accounts will haunt you for the next 7-8 years . I'm not saying rush the BK just contact a BK lawyer and see what options you have .