I don't know where to begin...in a black hole that I can't get out of

Dear Krilysa:

Welcome to the creditnet forums.

Don't you dare give up! This is only a game and one that you can win.

First you must take charge of your finances, get back in control.

Stop depositing your check at your bank.

Open a new checking account at a different bank or try the Perk Street debit card.

I would do Perk street first. Deposit only enough for food, personal care and a few other
items.

Keep the rest of your money in USPS money orders of $50 to $100 each.

Fire the debt management company. You can do this yourself with our help.

List all open accounts with Name,Limit,Interest Rate (APR) Balance and minimum payment and
phone number. You may as well list the account number too. this way you have it handy.

I have more to say, but now I need to run to the store.

I'll be back

You can PM me or send me an email.

 

Krilysa I am back.

Let's see where your money is going on it's on without direction.

First we list needs: Food, electric service, water, and rent.

Second is a telephone and internet service.

List these items and how much you pay for them monthly.

Call all your creditors and move your due dates to the 28th of the month or as close as you
can get to this date.

The reason we do this is to control when our money leave our bank account.
When it goes and where it goes.

You say you are $43,000 in debt. What is your lowest limit? How many credit cards do you have?

What is your net take home pay? How many dependents do you claim?

You now know that you had a habit, uncontrolled sp...ending.

We must now use controlled spending. I say if I can't eat it I'm not buying it.

I am not a financial counsellor just a person that has been learning about debt and how
to pay our way out of it.

You have enough income to do this with ease. Start by getting control of your pay check.

Looking forward to hearing from you soon.

Have a great holiday

Kashmac


When the collectors call tell them that you do not want any more calls and that you will only
deal with them in writing regular Us Postal Service

 

Krilysa

Welcome and I know it may feel like you are slipping in to a black hole but we might be able to help you get thru this, even if it’s just to listen.

First get some help with your depression – while friends and family can’t help you pay your bills they can listen, they can help you get to root of your shopping addiction and help pull you out of that vicious cycle. As with every addiction a support team helps you defeat these demons; your mental and physical health means more than embarrassment and anger.

Second there is a test called the Means Test that is required to be completed when filing for Ch7 BK – it is free and online what it will do is give you your median income which compares your 6 month average household income with your state median income. It will also deducts expenses from your income to determine how much you can pay unsecured creditors over the next five years. It’s an eye opener, it will show you where your money goes to and will help you set up your post-BK (if you go that route) or your on-going budget during your debt relief program. It might take a couple of hours to compete if you are honest and will have gather up all your expenses. I was shocked to see how much I paid in just cable and cell phone; together in one year they =’ed two rent payments.

IMHO 2K for a BK lawyer is a bit high – UNLESS you are an asset case (asset are personal property not protected under Federal or State exemptions) that the Trustee would most likely sell and disburse payment to your creditors. Most BK lawyers give free consultations – BUT a word to the wise most BK lawyers will tell you that you will need to stop using all credit, and stop paying your unsecured (Credit Cards) creditors once you start speaking with lawyers to make sure there is no BK fraud/abuse.

You will also find you will most like not be able to file for a minimum of 90 to 120 days (once to ensure there is no BK fraud and or abuse) and during that time frame you will be able to pay most BK lawyers in installments (you will not be able to file till they are paid in full) but that help you pay for the BK. These 90 to 120 days will also help you catch up your car payment and rent (secured creditors).

As for the phone calls – Google Voice Mail – it’s free and will send your creditors directly to voicemail.

Also a fellow poster suggested you get your check deposited into a new bank account – excellent idea and PerkStreet Financial is an on-line checking account that has some great perks – include cash back on their debt card but I know that you need to have a clean Chexsystem (no overdrafts, or open bounced checks) in order to open an account. Try a pre-paid card – American Express and Chase Bank offer them, and I use the UpSide Card and I haven’t paid any fees in the last 3 years.

But first get help with the depression – as I said your mental and physical health means more than anything else – don’t allow this to control you.

 

Krilysa, I am back. Went out side to do some work and wait for my friend.

He was still at home when I came inside and called him at 9 PM. He said he
was on his way be there in a few. I said no. I'll get it tomorrow morning.

Now as for you, let's give yourself a raise. Change your w2 to 12 dependents
this should stop all the fica and maybe lower the amount of tax being with held
from your pay check. If they ask why just say it;s a family matter. How often
does your electrical bill come? Monthly or every other month?

You get paid on the 1st and the 15th. See if you can split the rent in half and pay $300
each pay period. If not then ask if you can pay it on the 15th.

Krilysa, see if you can cut back on using your car to only 3 times during the week.
If you want 2 of those days to be the weekend then onlyuse it 1 of the 5 day
work week. See if you can car pool or take the public transit.

AS for me, I need to get this data from you.

If you have excel or microsoft works, format 12 cells across to 20

Start at cell D= Due Date (E is blank) F= credit limit (G is Blank)

H= APR (I is blank) J=Balance (K is blank) L=Minimum Payment (M is blank)

N= Available credit.

Example: The labels should look like this;

DUE DATE------CREDIT LIMIT----APR------BALANCE-------MINIMUM PAYMENT-----AV---CREDIT.

1.09-28-2012.....$2500-------18.24--------$2435----------$97-------------------$65

kRILYSA, List all credit cards, the bank where you over drew, your local loan shark,(PDL)

The pay day loan people come in handy. I did not think to tell you this. You thought of
it on your own. Great job!

We need to pay them back first. Because If you are not out of the rain by this time next month
We may use them again. See if you can get your loan approved for pay back on the 4th of
the month.

Krilysa, I am really hungry, please go in the kitchen and make me a meatloaf sandwich.
Mmm.....so good. Thank you very much.

After we get you out of the rain, we want you to start to collect money for your
Rainy-Day-Fund $500 to start and then one more time for a grand total of
$1,000 You must put away and keep for whenever it rains you are covered.

I see $180 that you can save right now. Suspend the cell phone and cable.

Use a cheep phone for now prepaid is good. When I was using them my phone was blowing
up everyday. When I switched to At&t the phone calls stopped.

Now who was that at work?

I haven't turned my Tv on in almost a month. I really don't miss it.

Besides I am working on solving my own credit problems and I am enjoying
every minute of it.

Who needs Tv when we got real live drama going on in peoples lives
everyday?

This was a very clever secret plan to sell us on credit and we use it and the
call a plenty on us because we use 68 to 75 per cent of the limit they gave us.

Has anyone ever told you that we are not to use more than 25 to 30 per cent
of the limit. If this is true and it is, where is the 75 or 70 per cent that we don't
use going?

Well since that is the game I can play it and so can you. We all can pay down our
balance and use 10% just to show them who is in control.

I spoke to one of my bankers last week. She called me to talk about an application
which they denied. I told her that I worked out a plan and that I will be completely
out of debt by June. She was happy to hear that news. She asked if I went to some
Debt Management Company and I said no I worked it out all by myself, With the help
and support of the friendlies her on this forum and others.

We can become their worst nightmare. Let's say a million of us paid back the money
we used to sp...end on things that possessed us.

Well the spell is broken I will leave the kids at home when I go out.
Since I don't have any children I call my credit cards my kids.
They get a cut every month and a large chunk on a yearly basis.

Well Krilysa we created this situation and we will solve it in no limit of time.

Good Night

 

When I was in a crunch and BK was my ONLY option....I did my homework and got through it without an atty.

 

I am a newbie, I came to this forum because I needed help in getting my credit back on track. Back in 2009 before all the madness with the foreclosures took place, I owned a some rental properties (4 single family and 2 quads). Needless to say, all but 1 of those properties went into foreclosures because tenants fell behind in their payments and I couldn't keep up with the monthly payments of 6k after 9 months. This of course reflected on my credit report and my score in the mid 700's fell to the mid 500's. I couldn't even get a piece of bubble gum on credit. I was stressed out and going to the doctor myself for depression so I understand your pain KRILYSA; it will take a toll on you. I am grateful to see as many folks on this forum providing not only information, but support and concern. I have not posted my issues yet, but I know I will get positive feedback. Thanks everyone on this thread for being so supportive and patient.