confused newbie Hello and thanks for reading. I have been lurking on this site for weeks now and have a dilema that hours of reading and searches have turned up more confusion. I am sorry if I have overlooked anything but there seems to be many possible answers to my question. I was divorced in 1994 and subsequently started my own business that same year. I have strived for many years to maintain a very positive credit record. Absolutely no negitives other than my debt to income ratio when applying for loans. Self employed are viewed different than regular employee for some ungodly reason. But I have endured on my own all these years. My dilema started earlier this yer when I refinanced my home. I switched to a ten year loan which raised my monthly payments to 2,000/month. I truly believed at the time I could handle that and did for a while. But in July my business slowed to a point that it never had since starting and I found it difficult to even buy the bare necessities. This continued for 2 1/2 months and I have become 60 and closing in on 90 days late with all my bills. 4 credit cards, 2 loans, and sprint bills. My business has since picked up but I have been recieving calls from all creditors for the past month and half but I have not answered any calls. I have checked my free credit report and so far two creditors have claimed me being 30 days late. It will take a substansial amount of time to catch up with everything and I'm so depressed and frustrated with my situation after maintaining such a good record for so long. I am at the point that I really don't care now. Should I answer the calls and explain ??? Should I write letters and explain ??? Should I wait until a certain period and ask for validation ??? Should I call and negotiate ?? Should I write and negotiate ??? Please help a very confused member
confused newbie I have recieved letters mainly, mainly warnings of bad credit so far. Thanks for answering John
confused newbie If these are creditors that you've had a business relationship with for several years, call and explain the situation. Ask for some new terms in repayment due to a temporary lull in your business. If you've had a long term relationship with a company and have maintained an excellent payment history, they're not going to want to lose you. If the individual you speak to doesn't produce favorable terms, speak to their supervisor.
confused newbie Thanks John. I know many people here have been in this posistion. I am just at the beginning stages of this dilema and feel hopeless. And just trying to avoid making any mistakes or commitments too early. It was just that so many here have been there and done that and wished they'd made different choces. Hopefully someone in my posistion can get something from this someday
