My Story...
Date: Thu, 01/18/2007 - 10:01
I once picked up a book that was about credit building after a bankruptcy. One of the first paragraphs stated (not in these exact words) - "If you have filed bankruptcy there's hope for future credit, if you have filed twice, you're pretty much a loser and this book isn't going to help you."
So, here I am, 5 years after filing bankruptcy again and I bought a house 6 months ago. All is well except I applied for credit in many other places (furniture, roofing material, etc). I am making the payments so far but only minimums. I live on less than $100 a week and I am damn tired of being so in debt and poor! I love my house and I need to refinance it due to getting an 80/20 interest only loan but I am way over my debt ratio mark. No one wants to touch me now.
The first debt counseling company I contacted had this program to pay into a savings account and then when I get enough in there, the account is drawn on by the creditors. Is this normal? And then he went on about how my accounts have to go into collection first before they can even begin to negotiate. I just didn't like that option at all! (He was rather condescending too.) I am hoping I can find great advice here through this company and through all of the forum.
Hello and welcome to the forums. I can relate to your predicamen
Hello and welcome to the forums. I can relate to your predicament. I have filed bankruptcy once and am in trouble again. I have pretty much admitted, that I have no self-control and cannot use credit cards at all.
You will find great information on this site. We have some very experienced and wise members who are great at stepping in and offering good advise. As a registered member (which you are) you will receive a phone call from a debt counselor who can give you some advice regarding your financial situation. Until then feel free to post and ask any questions.
I assume you work or have a source of income. Have you thought about an extra job to help pay off some of your debts?
Keep posting....we're glad you joined us.
Hi DaLaRut Welcome on the board! :) I think the debt coun
Hi DaLaRut
Welcome on the board! :)
I think the debt counseling company was telling you about the debt settlement program. This program is specifically for those who are unable to make the minimum payments to their creditors, cannot afford with the consolidation payments and are thinking the last alternative to file for bankruptcy.
Before we talk about this, first I will like to know how much do you owe in total? How your present financial condition is and how much can you afford in the plan? Based on this understanding, it will be figured out whether a debt consolidation is suitable for you or a debt settlement program?
Are the getting calls from your creditors? And if any of your account is in collections yet?
Welcome to the forums. I can relate to your situations as I wen
Welcome to the forums. I can relate to your situations as I went through a bankruptcy over four years ago. It took several years for me to understand that racking up more debt was not a good idea. I was caught in the pdl mess and with the help of the forum members here, I was able to dig myself out of that. I then entered into a debt settlement program which did not allow me to use credit cards. I have ended the program with that company and I am now dealing with the creditors on my own. The program was not the right fit for me but I still have not used a credit card. It has been over a year now so that was a benefical tool for me.
