Hello everyone. I have found myself in yet another credit pickle. For those of you who don't know my story, I was a frequent poster here a few years ago. i repaired my credit with help of this site and bought a car, a home and opened my own business. I had medical problems this past year which put me on bedrest for several months. I had a high risk pregnancy. I have a beautiful son and I am happy about that but I had to go without ANY income for 6 months which caused me to max out all the great credit I obtained. I had medical insurance but no disability. Now, I have agrevating medical bills which are errors on the part of the hospital and BC/BS. I have battled them over and over and I just found out it is on my credit report anyway. I also was shanked by citibank. Even though I had credit protection, they yanked my apr from 3.99 to 26% even though I had credit protection in place. I have gone back and forth with them about this also. They change it back after I point out their error but I am just exhausted. I have a business to run, a 5 month old to raise, I am a single mother, a mortgage to pay etc. I want to end this because my business credit is just as important to me as my personal. I am a dentist with my own, new practice. I have been back in my practice since July and the office is bringing in about $25,000/month and my overhead is about $10,000, so I bring home the rest now. I thought of a home equity loan but thought against it because I don't want to risk losing my home. I also found out that my medical problems may require surgical next year and I dont want to risk my home for anything. I have decided on debt consolidation. I have picked Kimberly Credit services. I don't have time for CCCS. I feel pressured to get this cleared away. I have a quote from Kimberly Credit which is in my budget. I was dead against debt consolidation based on what I read on this site. A friend of mine did it and the company she used didn't pay the creditors. That is my biggest fear. Can anyone offer any advise or experience on kimberly credit. They have high credentials and I am tempted to go for it. My spare time is very very slim.
have you thought about debt consolidation through refinancing? a HELOC is not the best way to go by any means! I am a mortgage broker and I could tell you exactly what you would be looking at in terms of your payments per month let alone 2 months without having to make a payment shouls help you catch up and get some reserves set aside. Email me your situation not private info please, just details in regards to your mid score, loan amount, income and how long you have been on the job and in the line of work, also how much cash you are looking to receive. everything that you email to me will be confidential and will just give you another option I will repond with my business email address and contact information, thanks! best of luck BB @ allied home mortgage capital corp/ Boot21_2000@yahoo.com
Can anyone offer advise for or against Kimberly Credit. ( I refinanced my home last year. Plus in NJ no one can refinance after Nov 26 some new law passed so I can't even get that done. I think my debts and medical bills will keep me from refinancing anyway.)
Can anyone offer advise for or against Kimberly Credit. ( I refinanced my home last year. Plus in NJ no one can refinance after Nov 26 some new law passed so I can't even get that done. I think my debts and medical bills will keep me from refinancing anyway.)
Can anyone offer advise for or against Kimberly Credit. ( I refinanced my home last year. Plus in NJ no one can refinance after Nov 26 some new law passed so I can't even get that done. I think my debts and medical bills will keep me from refinancing anyway.)
wow I feel for you I really do. I would like to see you get some referrals from past clients. I hate the idea of these credit companies....ccc is about the worst thing you can do in many lenders eyes. ANYTHING you do is recoverable with hard work..I say go with your instinct and when the rough waters calm down a little work yourself out of it. I wish I had some info on the company but I dont. Good Luck and get through this.
If you're netting $15K/month, you ought to be able to handle this yourself. How much is the total debt?
If I do pay that, I am only paying the interest that Citibank is charging. I owe them $16K. They raised my teaser rate from 3.99% to 24% as soon as I was 30 days late or my credit protection stopped with my last doctors letter. They put finances and fees (I don't know where they came from) charges on which put me over the limit. They now want $2,100 a month in payments which I know will only cover the finance charges they are asking for. $15K may sound like alot but I want to make a good decision.
$15Kx12=$180K a year. Call Citi and work out a payment arrangement. Why on earth would you pay a 3rd party ? Call Citi and ask about a hardship program. Get caught up so late fees, etc. stop and then, start throwing every spare nickel at the debt.
First of all, I mistyped If I said I netted $15K/mo. I mean my business was bringing in $25K/mo and my overhead was $10K.( I don't take every dime out of my practice because it is new and I need security there.) So, I gross about $12K/mo. After taxes, I see about $8,K. I am having a good run at the moment. Why is everyone so against debt consolidation. I think it is a responsible decision. FORGET CITIBANK. They have truly been brutal. I have gone back and forth with them about this. I told them my situation and I have credit protection and they did not care. I have been arguing with them since Last November when I first started having medical problems with my pregnancy. I have the money to pay the cards. But I do not trust citibank to not jack my rate up or not lower it when I am not looking. I work over 50 hours a week with a newborn. I don't see how credit watching is possible in my situation. I want a monthly payment set up. The agency I have been meets all the recommended credentials I was told to look for. I am very concerned with putting money in my son's college fund, paying my student loans, keeping my mortgage in good standing, and making my car payments. If I have a slow January, February, or March next year I do not want to have to worry about it. If I get sick again, I can bring home money now to cover my bills with debt consolidation. I can hire a dentist like I did last year to keep my business going and take a big pay cut but still stay afloat. I am also concerned with repaying my business low on time. I need to pay my two employees who rely on me for their medical coverage and benefits. UGH. It is not an easy decision. I do not think my situation is like many others here. My situation never is. You might ask how did I get in this situation. I took a risk, In a short time I bought a home and then quit my job at a place which was mistreating me. I had to use credit more than I wanted for my new home and while I was getting my practice opened. THEN, 3 months in to my business, I got pregnant. Then, 2 months later, I found out I had an uterine tumors which would make my practice painful and difficult. I spent most of my pregancy on Percocet and thank goodness my son is healthy. I had 5 emergency room visits and 4 hospital stays during my pregancy. It was not easy. I was on bedrest from Feb until May of my pregancy. My son was born in May. Got to get to patients folks, My staff is looking at me like I am crazy. Thanks for the help.
if you are interested in a refinance, email me, I won't screw you on my profit, and will keep it to a minimum. I am a mortgage broker in NJ. Any help is better than none at all.
I was told by a broker this week that in NJ no refinancing could be done after Nov 26. It is a new law. He said if anyone offers it they are just trying to screw me with charges but I won't get refinanced.
the new law pertains to: Any â??Home Loanâ? defined as all consumer purpose owner-occupied 1 -6 unit principal residence secured loans where property is in the State of New Jersey Any â??Home Loanâ? with a principal balance of $350,000 or less must not exceed either one of the following thresholds: Annual Percentage Rate (APR): â?¢ For loans secured by a first mortgage the APR at consummation may not exceed the yield on United States Treasury securities of comparable maturity as of the 15th day of the month immediately preceding the month in which the application is received by more than eight percentage points (8%). â?¢ For loans secured by a junior mortgage the APR at consummation may not exceed the yield on United States Treasury securities of comparable maturity as of the 15th day of the month immediately preceding the month in which the application is received by more than ten percentage points (10%). Points and Fees: â?¢ For a Purchase loan the total points and fees payable by the borrower at or before loan closing may not exceed: 5% of the Total Loan Amount if the loan > $40,000 6% of the Total Loan Amount if the loan <$40,000 but > $20,000 6% of the Total Loan Amount or $1,000 (whichever is less) if the loan < $20,000 â?¢ For a Refinance loan, the points and fees cannot exceed: 4% of the Total Loan Amount (4.5% of the Total Loan Amount if $40,000 or less). â?¢ Total Loan Amount means principal balance minus points and fees included in the principal balance. â?¢ Points and Fees include all standard TILA Finance Charges (APR fees) plus Yield Spread Premium, Prepayment Penalty on new loan Specific fees include but are not limited to: Loan Origination Fee Discount Points Broker Origination Fee Yield Spread Premium Tax Service Fee Flood Fee Hansen Appraisal Review Fee Settlement/Closing/Escrow Fee Attorney Fee Document Prep Fee (included if charged by Aames, Closing Agent, or Broker) Document Signing Fee (included if charged by Aames, Closing Agent, or Broker) Courier/Overnight/Fed Ex fees (included if charged by Aames, Closing Agent, or Broker) Underwriting Fee Broker Application Broker Admin Prepayment Penalty â?¢Flipping Prohibited for all Home Loans 1. Primary tangible benefit of the new loan is lower interest rate and it will take more than 4 years to recoup the total closing costs ( points, fees and all third party costs) from reduced monthly payments 2. The new loan refinances a special mortgage (originated, subsidized or guaranteed by a state, local or tribal government or non-profit organization) which bears a below market rate of interest or has non-standard repayment terms where the borrower will lose one or more of those special benefits. If the loan's primary benefit is reduced rate ensure that the total closing costs are recaptured through the sum of reduced monthly payments within 4 years. If not, reduction of fees, closing costs or interest rate may be required. Loan Servicing Provisions applicable to all Home Loans â?¢ Late Charges â?? cannot charge late charges in excess of 5% of the payment in default or for a payment which is past due less than 15 days. Must send written notification of the imposition of the late fee within 45 days. â?¢ Posting of Payments â?? must post payments on the day received provided it was sent to the address identified by the creditor. â?¢ Payoff Requests â?? Cannot charge a fee for payoff demands. Must provide the payoff demand within 7 business days of request
Now, I am sure I will debt consolidate. That last post made my stomach churn with the details. Nice Info however (I guess).
i couldn't tell, but i didn't see where it said you couldn't refinance. your situation is tough... i'm a mortgage lender, but i'm not going to solicit you, i can only tell you my opinion. i have never penalized anyone for credit counseling, as long as they were out of it when they apply with me - but i don't think its wise to apply for more credit if your in ccc. if you do have equity in your home, see about getting a 15 year home equity term loan (not line of credit, as they typically on are good for five years and then they balloon) rate will be probably 8-9% but at least you know you have a set rate over a fixed period of time. talk to your current mortgage lender about waiving the closing costs. good luck!
Thanks for replying Jenz. I don't think, I could qualify for a home equity loan now. I was told by a lender that my credit has gotten really bad. I mentioned this in my post above. Thanks for letting me know that you wouldn't penalize me. Believe me I don't want any more credit. I have the things I want for now. I want to repay this debt. I refuse to risk losing my business. There are times when dentist have a slow month and have to go without paying themselves. I think the payments the Kimberly Credit people have quoted is easy, safe and very managleable. It is obvious that I am leaning that way. I can't see why anyone (my situation: self employed, single parent, daycare, past,present and possible future medical problems) would think borrowing against my home is a good option. I think that is the worst most risky option for myself. Some may ask so why am I posting. I originally asked for references on debt consolidation.
regardless of what anyone here says, you do what is best for you now and until you get through this - THEN you can deal with your decision (credit bureaus, etc). worry about one thing at a time. i don't think home equity is a good choice for some people, and it sounds like you've done your research on this company - since your the one who has to live with your decision, your the only one that can make it. and i think you already decided. all i can say is this board will be here when and if you need it. best of luck to you and your son.
Roni, I remember you from when I first came to the board. If you want debt consoldiation. look to Myvesta. Mike Kidwell wrote the book "Debt Sucks" It is a good book and they have a bill paying service. Just remeber "And this too shall pass." Start with the validation letters and estoppel, rebuild just like you did before. It just needs to be done one step at a time.
Annie, do you have any experience with them? I went to their site, and filled out the application. I got down tot he end and they wanted a $75 volunatary donation and a $135 express application fee. I read that I should avoid companies that do this in my research on bad debt consolidation companies. Let me go check them out with the BBB.
