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 Posted: Wed Aug 27, 2008 12:39 pm Subject: New to Debt Settlement |
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Hello,
I am 27 years old, wife is 28 years old. I recently lost my 36k part-time job, and will be unable to replace it. My wife is going to increase her hours at work, and I'm going to stay home part-time with our son, and keep going to school. When I finish school, I'll work full time hopefully starting at 40k (Software Engineer) -- she will stay home with our son.
Our current monthly income will be $1940.00 a month, and our minimum budget (Necessities Only -- No Entertainment -- No Credit Cards)) is about $1890.00.
Our monthly minimum payments on credit cards is approximately $600.00 per month, with $25,000 in credit debt.
10k is joint, 3k is hers, and 12k is mine. I also have 14k in private student loans that I am not having to pay on while I'm in school.
My wife had already declared bankruptcy in November of 2005.
US BANK -- 9.5k JOINT
CAPITAL ONE -- 2.5k Her Name
Best Buy (HSBC) -- 2.5k My Name
AMEX -- 1.5k My Name
Bank of America Card #1 - 4.5k My Name
Bank of America Card #2 - 4.5k My Name
We are current on all our bills, I've never missed a payment in 4 years. By selling nearly everything we have, and taking out our max in federal student loans -- we could make it the 2 years I have in school, making minimum payments. I just worry b/c if we do that, and something happens and I'm unable to get a good job, we'll have no stuff to sell to settle at that point.
I tried calling the creditors and asking if they would lower my interest rates (so the minimums would be less), and they all have said no.
I also worry that US BANK and CAPITAL ONE will not settle at all, since my wife is ineligible to declare bankruptcy again. We don't have any extra income, but by selling things, jewelry, getting paid back by family members, and selling one of our cars and bicycle commutting -- we could come up with about 12,000.
And finally, can US Bank Credit withdrawl money from our Checking Account at their institution?
Thank you for any help/advice.
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david8381
Joined: 27 Aug 2008
Posts: 4
Debtcc Points: 54
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| Posted: Wed Aug 27, 2008 12:56 pm Subject: |
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| Quote: | | And finally, can US Bank Credit withdrawl money from our Checking Account at their institution? |
yes , you will need to sever that banking relationship asap.
| Quote: | I also worry that US BANK and CAPITAL ONE will not settle at all, since my wife is ineligible to declare bankruptcy again.
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Just because she filed bankruptcy before doesn't mean a creditor won`t settle.
It sure sounds like you are experiencing a hardship and should consider debt settlement. You have two options. Settle yourself or hire a debt settlement company or law firm to settle your debts. If you choose to hire a company or law firm please check them out with the BBB to make sure they have a good reputation.
What state do you live in ?
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mobile0311
Joined: 05 May 2008
Posts: 1350
Debtcc Points: 7169
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| Posted: Wed Aug 27, 2008 12:57 pm Subject: |
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I live in Oregon
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david8381
Joined: 27 Aug 2008
Posts: 4
Debtcc Points: 54
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| Posted: Wed Aug 27, 2008 1:02 pm Subject: |
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I was hoping you lived in a non-garnishment state like TX , PA , SC and NC. It would make it super easy to settle . Thats ok though . You can still settle with them.
_________________
Scammed ? File complaints at these links
FBI
FTC
State Attorney Generals
www.bbb.org
Losing doesn't make me want to quit. It makes me want to fight that much harder. - Paul "Bear" Bryant
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mobile0311
Joined: 05 May 2008
Posts: 1350
Debtcc Points: 7169
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