Internet's first get-out-of-debt community - 145,000 members

Posted: Mon Jun 16, 2008 11:44 pm Subject: Please help

I could really use some advice. Last year 2007 was a really bad year for me and my family. I lost my job after 12 years and we had some other things that happened that weren't very good and have caused us great financial grief. Our phone rings from 8AM to 9PM at night, we don't answer and usually throw away the mail, this is getting very stressful for me because I have some mental health issues as does my husband. We have credit card debt, a dishonored check that was $169.00 that has turned into a $300 bill, we cosigned on a loan for our son that he now can't afford. I have a PDL that I haven't paid on, bank accounts that were closed, we are behind on our mortgage and we owe back taxes. I am literally falling apart at this mess, I don't know how to get out of this or where to turn, we really don't want to file bankruptcy.Our gas has been shut off for not being able to pay our winter heating bill.HELP!!

Posted: Tue Jun 17, 2008 5:15 am Subject:

I am so sorry to hear of your hardship Daisy, I completely understand what you are going through because I have been there, and to this day I am still digging myself out of it. My biggest mistake was ignoring it because I knew I did not have the resources to pay anything, it has come back to bite me in the butt now, so my advice is, don't ignore these obligations because it will only get worse if you do! I'm not telling you to answer every call, but you do need to contact these creditors and make them aware of your hardship, most of them will probably work something out with you. As far as your payday loan, if you post more information in the payday loan section there are people here who are very knowledgeable and can help you get through that! Unfortunately, I am pressed for time right now and need to leave, but I am sure someone else will be along to give you some good advice on how to deal with all this. I just didn't want to leave you hanging! Good luck and I will be keeping an eye out on how you are doing! God bless! Smile

Posted: Tue Jun 17, 2008 5:38 am Subject:

If you cannot handle dealing with your creditors, you need to look into consolidation.

Personally, I think you ought to reconsider bankruptcy.

Posted: Tue Jun 17, 2008 7:48 am Subject:

I agree with morningstar. You seem to be dealing with an overwhelming amount of debt. If you are behind on your mortgage its obvious you are very overextended and thus debt consolidation , debt management , and debt settlement is out because you can`t even afford to pay the mortgage let alone monthly payment for any kind of program. I strongly suggest you consider speaking with a couple of bankruptcy attorneys. Most will give you a free consultation so you really have nothing to lose. I know you don`t want to but sometimes its best to wipe the slate clean and start over. Take care and good luck with your situation Very Happy

Posted: Tue Jun 17, 2008 9:24 am Subject:

daisylover, welcome to the forum! I agree with the previous posts. I understand what you are saying about bankruptcy because my husband and I are in the same situation right now of trying to avoid it. However, if you do not even have funds to keep your mortgage and utilities paid, I think it truly is an option that you should consider. In our case, we are able to pay our mortgages and our living expenses, but not our creditors, so we are holding off on bankruptcy for as long as possible. Has your income situation changed any? If you have income coming in, you can contact your mortgage company regarding a hardship program, which is what I did. They reduced my payment by almost $600 a month for the next three years. I'm not sure what kind of hardship program the gas company has. Maybe someone else will have some advice for you about that. Credit card companies also have hardship programs and will usually be willing to waive late fees and lower your interest rate if you are able to pay 1% of your total balance as a monthly payment. But all of these options would only work if your situation has changed from 2007 and you now have a stable income source. Otherwise, it may be that you really do need to take another look at the bankruptcy option. Look in your local phone book and fince one that gives a free consultation. Many of them will also take monthly payments. Good luck and keep us posted!

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