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I can't afford to pay. What can I do?  

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Ok so...2 years ago I separated and divorce was final a year ago. Since..I have been trying my best to keep up with all the bills. He had credit cards I didn't even know about or that they were maxed till the divorce. Now I feel as if I am drowning here. I can't keep up. I need some help! The **** says for a consolidation loan with credit cards I need a mortgage or collateral, of which I have neither. I don't not want to pay my bills, but I can't keep up. I recently had to have a rushed surgery and am off on medical leave with short term disability, which does NOT help my situation any considering it's only 70% of my income. What can I do?? A while back I talked to a debt consolidation company and all they could do was get me to pay things off faster....but the total monthly payment was more...THAT will not help, I can't afford to pay what I pay now! What can I do? I need help!


****Adult term removed - Jason
 

asked Nov 8, 2004 09:25 AM

patches314

3Answers

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Hello,

We genuinely feel bad about your crisis situation. Firstly, let us tell you that in order to consolidate your credit card debts through debt consolidation you need not have a mortgage or collateral. Whoever informed you was not right regarding this matter.
Secondly, cool down. You are not entitled to pay your husbands credit card debts. He is solely responsible for them and now that you are divorced, the total responsibility is off your hands.
However, under other circumstances, debt consolidation is the best way to consolidate your credit card debts. A debt counselor negotiates with the creditors on your behalf and eliminates your total amount in debts to a massive 40-60%.The remaining amount is consolidated into a single loan and restructured into easy monthly installments. With debt consolidation you can get rid of your debts within a few years, depending on the type and amount of debt you are undergoing.

answered Nov 9, 2004 12:19 AM

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icon_biggrin.gif

Dear Jason:
Thank you so much....I have read just about all of the postings in here and you have finally told me what I needed to know...well I have a few more questions but now I know that what you do is a loan, which is what I wanted to do. I spoke with another debt consolidation company and they kept telling me that they would get my cc companies to accept a payoff and the accounts would be closed. But I didn't want that mostly because the 1099 at the end of the year would kill my Income tax return and I didn't want to destroy my credit. The main purpose of doing this was to avoid destroying my credit, so in the future I can finally buy a home!

So thank you very much Jason for a straight answer!!
Tina

answered Jan 13, 2005 11:17 AM

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Dear Tina,

If you can negotiate well with your creditors (that is what best debt settlement do better), you will get an easy payment scheme.

At the end you can get the credit report saying "paid as agreed", remember that creditor gets money through debt repayment plans not through destroying your score. Just handle them with care icon_biggrin.gif .

Regards
Vikas

answered Jan 14, 2005 09:44 AM

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