Need help
Date: Wed, 10/31/2007 - 16:34
All of my debt is CC debt, 105k in my name personally. I am a homeowner and have a decent amount of equity in my home (that i have no interest in using to pay CCs off) home value around 200,000. Mortgaged for around 165,000. At the moment i am unemployed. Right now i am about 2 -3 months behind on CC payments with no money left and no more burrowing power (i was using credit cards to pay the payments on other credit cards, pay my mortgage etc..)
I was looking into settlement companies but at this point in time can not afford the planned payments. In the near future i have an investor that is going to start a busines and put me to work as a partial owner in what should be lucrative.
My current plan is to do this: keep paying my mortgage and utilities until i can either A> sell my house or B> sign in over to a family member. Keep not paying my CC's. Look to go into the business venture and hopefully be making money over the next 3 or 4 years to either pay off the CC's or offer settlements on them.
My questions:
How long does a CC have to be past due before they can put a lien on my home?
If my name were part of a business, could the CC companies go after the business?
the last question is a little tricky, i had a card with my ex that i was an auth user on. after our seperation they were sending offers in letters addressed to both of us. i thought it was a joint acct and i used the promotional checks. i have since found out that the acct was in ex's name and i was an auth user. I made the promotional checks out to myself and signed them with myown name. The cc company is saying i should not have been able to do this. they are requesting me to sign a promisary note that i will repay the 10,000 dollars. what should i do?
Again, thanks for any help provided
Wow, your situation is unique in some ways. has anyone told you
Wow, your situation is unique in some ways. has anyone told you about the free consultation this site offers to its members? I would try there first (click on the right of your screen) and see what someone from this site says.
Also...have you thought about going to an attorney for a free consultation? some will do that for you, I especially would consider that avenue after reading the latter part of your post. seems to me if you are an authorized user, you are responsible for whatever amount you used, in this case the 10k. unfortunately whether you were able to cash those checks or not you're still liable for the money I would think. BUT please seek out legal advice on this. If it were me I wouldn't enter into any agreement with the ccs without legal counsel. please keep in touch with us and let us know how you're doing, rich
Please follow debtsinker's advice. Consult with legal counsel i
Please follow debtsinker's advice. Consult with legal counsel in regards to this. I agree as an authorized user you are responsible for that part of the debt that you created. Talk to legal counsel to find out your legal rights.
ladybug
hi rich 44 You are the authorized user for the joint account
hi rich 44
You are the authorized user for the joint account you opened with your ex, in this case you too become liable to pay off the money. So, the best option would be to seek legal advise. Do not sign on anything.
Take care
Nelly
The first thing I would do is get a job doing something. I am g
The first thing I would do is get a job doing something. I am guessing you have been unemployed for at least 4 months and you will be waiting around on this ???????investor??????? for another 4 months. That????????s way to long to go unemployed with a 200,000 mortgage. Depending on the job you get you might have to dump the house. The mortgage and the regular monthly bills that come along with a house is what is killing your finances being unemployed. Since you are single now I would try to find a room for rent for about $200/month including utilities instead of paying a $1350 house payment plus utilities. I would not make any CC payments until you are square on your basic necessities. Depending on how much you owe each company I would say in general it might take a year before they sue and go for a lien. As for the business, I think if it is set up right you could protect the business from personal debt but I am not sure. I would get a lawyer while forming the business to answer that question and to set up all the paper work for the business. To answer your last question I think if you are an authorized user you did not break any laws. I would not sign a promissory note unless I thought they could bring criminal action against me. That being said you damn well new it was her card and not yours so I think you morally were wrong.
I thought about something else rich...are there community based
I thought about something else rich...are there community based programs in your area that will help you with emergency mortgage? i know there are here and it is a Godsend for so many people who just have had bad luck and breaks and they talk with someone to figure out if this is an option for them. more often than not these organizations are in the human services category and are non profit. see if this helps maybe? i know you said you're paying your mortgage and that's great...keep that up if at all possible. I agree with some parts of dollars post, a job would be good too if you can find one. anymore with this lovely economy of ours, it is so hard to find a decent paying job. If you need any help let us know, I used to work in a career based organization where I helped people to find jobs based on their skills sets and goals hang in there ;) :)
I'm not going to get into the morally wrong thing- otherwise I w
I'm not going to get into the morally wrong thing- otherwise I would probably have to include myself somewhere in that!
As far as your debts, usually after 3 months they are sent to collections, or sold off to a CA. Then they try to collect and if they can't, somewhere down the line they will try to collect, if they think they can recover some of their money.
Debt stinker is right- there are helping agencies that offer temporary help until you can find employment-which is next to impossible here- son has been looking hard for over 7 months.
The cc won't wait until you have a business going. They may offer settlements themselves, with a payment plan if you talk with them.
If it is possible, I would try to sell your home at some point-you may have to use some of that for your cc later, and if your business takes off, then you can put that money back into a home.
Feel free to ask questions- I think it would be a good idea, like DS said to use a free consultation with an attorney to see what your options may be--good luck-keep us posted..karen
