My financial life
Date: Mon, 03/05/2007 - 17:35
I got married when I was 20 and pregnant and that was what got the ball rolling on my financial problems. First it was medical bills that the insurance didn't pay. Then it was a credit card that paid everyday living expenses because of a bad business partnership (we got screwed big time). So it got to the point that I had CA's calling me for money everyday. One even told me to use my cat as colatral(sp?) for a loan to pay them off. Well we ended up filing for BK.
We moved to a different town (closer to work) then hubby lost his job right after 9/11 but got to go back to the job he had before with full benifits. But we lost $4000 in monthly income when he lost that job. That's when we started with the payday loans. We took out a loan to pay them off but at 34% interest because of the BK on our record. Then while still paying off the loan we went right back to the payday loans. Then we got a loan from a family member to pay them off again (now 2 loans to pay them off) then again we went back to the payday loans :oops: We had another family member take out a loan for us (10% interest) to pay them off again. So now thats 3 loans out to pay off the payday loans. Then both hubby and I got laid off so I found the internet payday loans and we used them to pay our everyday living expenses. So now we have a total of 3 loans and 10 internet payday loans and 8 store front payday loans out and laid off.
Now hubby has a 2nd full-time job (we got called back to our jobs so not laid off anymore) just to pay off the payday loans. We bought a cottage (well put a mini moble home on some land we owned) and along with buying the cottage we paid off the 34% interest loan and got 5% interest. I have paid off 2 internet payday loans, 2 store front payday loans and paid off both family members. I almost have 2 other store front loans taken care of (3 more weeks and those will be done also)
We are still living like we have no extra money (hubby's 2nd job pays well). We put everything extra towards the payday loans. We figure that if we keep living this way we will be payday loan free by the beginning of summer. So we can enjoy the cottage. And if we keep this up we will have extra money for things like a vacation and christmas and a garage for up by the cottage.
Oh by the way our BK is now off our credit record. It's just too bad that we messed up the way we did after filing. Otherwise we would have great credit. But since I came here it makes me feel like a weight has been lifted off my shoulders because I am not the only one going through this kind of mess.
Now that's my story. Hopefuly I can update and say that I am payday loan free sometime in May or June :D
Well, all I have to say to you is Congratulations! I am very imp
Well, all I have to say to you is Congratulations! I am very impressed---most of the time when people end up here, they are at the end of their rope financially. You have made a plan and stuck to it! Please, please, PLEASE continue to be an active member of this forum. You have first hand knowledge that you can become PDL and debt free if you stick to a reasonable plan! You came to the right place and WELCOME!
puddlejmpr, I can relate a lot to your story. I did not lear
puddlejmpr,
I can relate a lot to your story. I did not learn from my financial mistakes after my bankruptcy nearly five years ago. I got caught up in the payday loan mess as well. I'm now done with that but I am still paying on one loan I took out to pay a portion of them off. I was laid off in January but things are looking up for a different job. I've learned from my financial mistakes. I ended a bad relationship with a debt settlement company late last fall. I now have charge offs on my credit reports because of this but I am working to pay those credit cards off. Two down and two more to go. I was rebuilding decent credit until then but you live and learn. I'm glad to hear things are turning around for you :-)
puddlejmpr, your story is very inspiring. Having 22 loans at one
puddlejmpr, your story is very inspiring. Having 22 loans at one stage and now thinking to be pdl free in the next couple of months. You and your husband really deserve a big applause here. I can imagine how dedicated you both are towards the plan. Bankruptcy is also off from your credit report. Now, things are going to be better for you in the future. You have shared a great experience. Congratulations!
Thank you for the kind words! I was at the end of my rope when I
Thank you for the kind words! I was at the end of my rope when I found this site. But then hubby got the 2nd job and things started looking up for us. I have 1 more payment this friday and that will be 3 IPDL's paid off. I don't have the CA's calling anymore because I now know my rights thanks to all of you :) But now we just got our taxes filled out and thats gonna set us back 1 payday we owe $800 ouch. But yep we are both set at enjoying our summer for a change instead of wondering if we are going to have money left after paying the pdl's. We figure that dealing with pdl's for 6 years is enough we are NOT gonna do it anymore!!! If we don't have the funds to pay a bill I will call them and let them know it's gonna be late. lol like that's gonna be the first time I do that ;)
I cannot say thanks enough to all of you for all the info you gave me to stand my ground with these people. I just love this place and I will try to give the same help to others as you all gave to me.
