i have 10 k in unsecured debt (credit cards) thanks to a slowdown in my industry (computer) and thanks to some really bad investments, i found myself in a severe money crunch for the year...my 6 cc accounts are now in collections....now i didnt know about this site, and after unsuccessfully attempting to deal with both cas and ccs, i signed up with a cc counseling agency....they first insited that they could return all accounts to the original creditor, and that everything would be ok....i got my first statement and saw that they sent payments to 2 of the collections agencies....these are the same guys who said they would only take a lump sum, and would not deal with a 3rd party....i also find myself in the midst of a no fault eviction (my landlord is moving a relative into my apt)...im afraid i wont find a place to live, and will be sued by the collection agencies....i know that i shoulda dealt with this stuff a good 6 months ago, but everything was so overwhelming....any help would be appreciated....even if u wanna yell at me....i need a good kick in the pants
I think times are tough all over. We've just gone through hell and high water the last year. We've about 20K in cc debt and 9k in a sig loan. Only one of us working. We're not behind yet, but the savings is dried up. And we've a baby on the way. I'm hoping we can get together a bare bones budget and chip away at our debt, but my anxiety level is off the charts. It's no fun. One thing to consider, I suppose, is personal bankruptcy. It's a last resort, of course, but if things get out of hand, that's a way to go. It'll fry your credit for some time, but if you read most of the boards and some books, you find that it's not the end of your life at all. It's a major financial hurdle and will probably haunt you for some years to come. But time heals those things, and you can work toward building a stronger financial base. There's a lot to consider before you go that route, too. What's your budget like now? Can you make the regular CCCS payments? And did you take a close look at your counseling agency before you signed up? Some can make matters worse, a few are just out to get your money, and others are geniunely interested in helping you get your financial ducks in a row. Might be worth checking into other CCCS's and, if you can, making a switch. If the evicition is imminent, any chance of moving in with family to combat the debt problem? If you can pick up a 20K a year job, you should be able to wipe that out in a year or two, depending on what your other expenses are. If it's at all reassuring, I think there are a lot of people in situations like we are ... in over our heads because using credit was easy. My goal is to eliminate using credit cards almost altogether for the rest of my life. I've been burned by both my stupidity and the industry's "generosity." Now I want out of debt and want to build a strong financial future. I'm sure we both can do that.
thx for the reply...i wish that it was reassuring that so many others find themselves in my situation...only because of my eviction status, its not...fyi, because its a no fault eviction, i have 60 days from the 29 of july and my landlord is required to pay me 2k in moving expenses....re the debt, i do have an ira, which because of the economy has lost about 60 percent of its worth, and im afraid to borrow against it, because the penalties and taxes i would owe, may come to kill me at the end of the year....thing is, if i do that, i would need assurances from all the agencies that all negative reporting is removed from my credit report...my stupidity was in burying my head in the sand for so long....i havent used my ccs for close to 2 years cuz i was trying to pay them down, but they really werent budging, and when my biz started slowing down, i found myself in this current predicament....dont want to declare bankruptcy yet, and i really cant go to my family for help as they dont have any excess cash either,,,i am working and am trying to do extra jobs on weekends in order to supplement my income, but the going is slow....as for the credit counseling agency, they are non-profit and certified by the bbb, but they werent 100 percent straight with me, and im really not sure that they are gonna be able to help in my situation....i have called them to discuss this, and they just tell me to have the creditors call them and everything will be ok...im just feeling overwhelmed and incompetent anyway thx again for the response, and goodluck to you too
In a message dated 8/4/03 8:32:05 AM Pacific Daylight Time,The poster writes: << i have 10 k in unsecured debt (credit cards) thanks to a slowdown in my industry (computer) and thanks to some really bad investments, i found myself in a severe money crunch for the year...my 6 cc accounts are now in collections....now i didn't know about this site, and after unsuccessfully attempting to deal with both cas and ccs, i signed up with a cc counseling agency....they first insisted that they could return all accounts to the original creditor, and that everything would be ok....i got my first statement and saw that they sent payments to 2 of the collections agencies....these are the same guys who said they would only take a lump sum, and would not deal with a 3rd party....i also find myself in the midst of a no fault eviction (my landlord is moving a relative into my apt)...im afraid i wont find a place to live, and will be sued by the collection agencies....i know that i shoulda dealt with this stuff a good 6 months ago, but everything was so overwhelming....any help would be appreciated....even if u wanna yell at me....i need a good kick in the pants ================= Mistake one You didn't validate with the CAs Mistake two going to a counseling agency.... http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&threadid=50188 THE END ** """"```~~
