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Hello,
I have been thorugh a hurricane of personal and financial hardship and need help climbing out of it.
I was financially stable a few years ago 35k credit lines. 780ish credit score. Debt free. (Except for my car loan)
Over the past 2 years, I had two daughters back to back(currently 18 mo and 2.5 years old, one of them was diagnosed with cancer(Now in remission after 6 mo of chemo - Thank God), and now divorcing. I missed loan payments while on unpaid leave in the hospital. My identity was stolen so I have to put a security freeze on my credit reports. Now my credit is 580. I am 2 months behind on my personal loan and I have 5000 in medical bills from this year i still need to pay. My wife stayed at home with the girls so now I am paying for child care, debt that we accrued from chemo, and even with a new better paying job, I feel like I will never get out of debt.
I will try to attach my budget. Any advice would be very helpful. Thanks
https://docs.google.com/spreadsheets/d/1jLpiHIu-8i77ZUiyzhpWKkg8AzjieRE9Nts8WCvd_JU/edit?usp=sharing
Two things come to mind 1) Regard id issues if you have not already done so file police report and then dispute any affected items on credit report. Once you give them a copy they will remove them. 2) On the hospital bills. Some hospitals have financial aid offices. If you explain the issues times they will forgive the debt Ten years ago . Mrs Backwoods was very ill and her hospital bill hit one million dollars. Insurance did not cover about $100,00. I said we could pay but it take many years . What they did was forgive the remainder on the condition we keep current on all her bills for follow up treatments.
@rarj13 wrote:Hello,
I have been thorugh a hurricane of personal and financial hardship and need help climbing out of it.
I was financially stable a few years ago 35k credit lines. 780ish credit score. Debt free. (Except for my car loan)
Over the past 2 years, I had two daughters back to back(currently 18 mo and 2.5 years old, one of them was diagnosed with cancer(Now in remission after 6 mo of chemo - Thank God), and now divorcing. I missed loan payments while on unpaid leave in the hospital. My identity was stolen so I have to put a security freeze on my credit reports. Now my credit is 580. I am 2 months behind on my personal loan and I have 5000 in medical bills from this year i still need to pay. My wife stayed at home with the girls so now I am paying for child care, debt that we accrued from chemo, and even with a new better paying job, I feel like I will never get out of debt.
I will try to attach my budget. Any advice would be very helpful. Thanks
Hi Rarj13,
First of all, I'm so sorry you're going through this. I can't even imagine the stress and pressure you must feel. I'm so happy to hear that your daughter is in remission at least. Have you spoken to your lenders about the loan and bills? Perhaps you can set something up as far as a more managable payment plan. Is your wife working again? I know you said you are divorcing, but I'm trying to figure out how she is contributing to the finances. Obviously the childcare is really hurting your budget (on top of everything else). Is there any way you can supplement your income, like driving for Uber? I know this is a very minor suggestion, but you can check with your electric company if they do an equal payment plan. It helps take some of the guess work out of your bills, and it keeps the payment the same during the months you're using more electricity.
I have seen people come out of worse debt and situations, so please don't lose hope. I'm sure you'll find some helpful suggestions here.