I guess Moe finally realized I was dead serious about no correct bill no payment. She sent me everything but the kitchen sink on hiw they calculated the bill. It was 3 single spaced pages of identifiers and basic math. I had done the exact same math on 8 lines on a spreadsheet. Guess she was using common core math.
I told dh my plan to hand deliver the payment and refuse to leave without a paid in full receipt. He likes it. Severe weather hitting, tornado warnings etc. Shutting down the system now.
Well, I just started to read this blog a few weeks ago and have found many of the discussions vey helpful. However, I feel that my particular situation is a little bit more complex than the normal debtor. I’d like to give a brief synopsis of my situation and request that anyone with any advice they could offer me, would please do so.
First, I’ll give you a summary of my debt situation. I have the following debts:
$76,600 in credit card debt via use of 7 different credit cards
with 6 diferent creditors. Here is a breakdown of these debts
(creditor; outstanding balance; account status):
– GE MONEY BANK / PAYPAL DC; $2600; 150+ days past due
– BANK OF AMERICA; $6000; Account Charged Off
– CHASE BANK; $38500; Account Charged Off
– CHASE BANK; $13000; Acount Charged Off
– CITIBANK; $2500; Account Charged Off
– FIA CSNA / MERRYL LYNCH; $11000; Account Charged Off
– WASHINGTON MUTUAL / PROVIDIAN; $3000; Account Charged Off
Truck loan with an outstanding balance of $9600. I have remained current on these payments. My father co-signed on this secured loan usinghis home as collateral. My truck is valued at approximately the outstanding balance of $9600.
A loan from my father in the amount of $3500.
I owe my girlfriend $1500.
I incurred $1500 in medical bills last month.
Secondly, here is a breakdown of my current financial situation:
I currently have a salary of $62,000 per year.
I have $100 cash on hand and $400 in my checking account. I do not have any money in my savings account.
I do not own a home, nor am I currently renting. I’m living at a friends house temporarily.
I have no assets of any value.
Here is what happened. I moved a year and a half ago. I got depressed and began gambling, which turned into a coping mechanism for me, and eventually turned me into a pathological gambler. All of my debt can be linked to gambling. I lost my job last December and took a new job in January in my hometown in hopes to get my life together.
I’m currently getting much neeed help for my gambling and feel that I’m gaining control over it. I feel that the only way for me to have a chance of fully recovering from this situation is by first taking care of my financial situation. I have no way of meeting the demands of my creditors currently and am fearful of a lawsuit being brought against me. I do not know what to do. I am about to get an apartment in which I will have to buy all furniture and appliances, as I currently have nothing. I’m also looking into seeking psychiatric help for my numerous behavioral health problems as well as seeking financial counseling.
Does anyone have any thoughts on how I should handle this? I’m beginning to get numerous calls from collection agencies on a daily basis. My accounts that have been charged off were charged off within the last 1 or 2 months. The collection agencies that have been calling include I.C SYSTEMS, NCO FINANCIAL, ALLIANCE ONE, HANNA FREDERICK J & ASSOCIATES – ATTORNEY AT LAW, ENCORE RECEIVABLES MANAGEMENT, and a few others.
We own six properties and one of them is up-side-down and the other two
have a some equity in them. (3 of them have good equity in them and there is no negative cash flow)We have tried to sell but to no avail.We really don’t want to file a Chapter 13 because we are in our early 60’s and I do not want to go back to work for the next 3 to 5 years. We are on Soc. Security and retirements. I don’t mind going back to work for another year or so, but not what a Chapter 13 would expect.We mostly borrowed against our properties to try and keep things going and our Credit Card debt in around $20,000 and actually could borrow many thousands more on them to keep us going until the market picks up to sell and then pay them back?
Where can I get some help with the mortgage lenders where we are 6
weeks late and other kind of help besides Chapter 13?
I would contact the lenders themselves and ask what they can do with you. I think that they would be very willing to foreclose on the property once you are really late. Not sure of their cut off.
Otherwise, I would say, if you want to keep the properties, you should be looking for work to make the money to afford them. What made you go into buying real estate in such large quantities initially? Just my curiousity. I always wonder what makes people go out and buy large amounts of real estate. I have enough work taking care of my own home, let alone trying to take care of several others. Though, a vacation home would be nice if we could pay for it outright. You know, a condo by the beach or something.
Anybody have any other thoughts on reducing ones living expenses? we don’t eat out, we don’t go on vacations, all of our furnishings were obtained used some years ago. The gas pump and the grocery store bills are killing our budget and seriously delaying our debt repayment. A load of groceries that used to cost $60 was $140 last week.
Have you kept track of every single penny spent for at least 30 to 60
days? We do that regularly and it’s always an eye opener. I think most
of us have leaks here and there that we aren’t aware of but if you
track every penny they show up..and quickly! It takes us 2 to 3 days
to find them. From there, stopping the leaks is another matter.
Also, what did you get at the store for $140? Grocery is one of the
easiest categories to cut for most people. Even in times like these!
Im not sure how many people are in your family but heres a few things
we do to help our budget, maybe you can find some useful tips in here:
Sit down and plan each week of meals and only buy what you absolutely
need to buy. you also may want to look into purchasing meat from a
farmer vs the store since store prices are so high (we have a hobby
farm so we raise all our own meats)
as for gas pumps it is sadly only going to get worse, see if there is
any way to car pool with someone near you. make a list of things you
need to buy and only make 1 trip a week.
if you can: if you have both a home phone and cell determine which is
better and rid of the other til you can offered to have both.
keep electric costs down by lighting candles or oil lamps and
unplugging anything not in use. people dont realize that if something
is is plugged in and not “on” that it still using electricity.
turn the temp down when you go to sleep or work so you are not using
heat when its not necessary.
have time limits on showers
wash clothes but hang to dry or wash and dry clothes only in the
evenings and never on weekends when its peak times.
I went thru an eviction 2 yrs ago and I owe the apartment complex $6800 (back rent and some fees). The fees supposedly incurred are inflated in my opinion. Anyway, it’s in the hands of Hunter Warfield at this time.
I sent them a settlement letter of $4100 and told them I would pay it in installments of $275 for 18 months. I didn’t hear from them so I gave them a call.
The rep over the phone told me that the only way they would accept a settlement is if the amount settled ($4100) would be paid off in 3 months, or no settlement and pay the $6800 in 12 months.
I didn’t accept either of these because I wanted to get some advice from the board about my next steps. This is a huge dent on my credit and I need it gone in the next 6-9 months. What recourse should I take?
I’m not totally sure about this… but research “legal tender law.” I think getting it off your record might be a long battle, but essentially the law is that if you offer legal tender in settlement of a debt and they refuse the money, the debt is gone. Research it and see if it helps..
If they really want the money they can get the settlement down to what ou want it to. Send them a copy of your budget and explain that the only way that you are going to be able to pay them the way that they want is if you win the lottery and there is a fat chance at that. Money is what they want and they are going to have to look at the options that YOU have available so that they can make an easy comprimise for you.
The “legal tender law” allows you to pay in CASH, in the full amount of any transaction. It says nothing about partial payments or settlements. It’s for the people who show up at a house closing with 50 coffee cans stuffed with $20 bills.
The only time a legal owner of the debt is required to accept less than the full amount of the debt IS BY A COURT ORDER. I.e. Bankruptcy