need help in paying three credit cards and loans

I am really sorry to hear about your problem. first of all, ask your daughter to get hold of a job. i am sure she is trying. In the meantime,at least start making payments on the credit cards. do not go on to take another loan as this will worsen the matter. explain the matter to your friends, who will lend you money for a short period of time, at least till your daughter gets a job. if you start making the payments the creditors will get the idea that you are trying to pay them. And after that if you plan to go in for a debt management program, they will come around more easily. I am sure someone with more knowledge will soon turn up, and will be able to help you in a better way. good luck till then.

I'm sorry to hear about your daughter. As a mother I can feel your obligation to your child. However, I would not recommend taking out a loan to pay off your childs debt. Your daughter will find another job, she then has options to get out of debt. They will not put her in jail for not paying her cards, if she has no income, they cannot garnish her wages. If she owns nothing of value, they can't put a lien against her. So if the debt is basically credit cards, she could just wait until she finds a job and then try to deal with them. She has many options including debt consolidation, debt settlement and bankruptcy. She should join this site and take the free consultation, also many lawyers offer a free consultation.

Sometimes when you have a major financial crisis bankruptcy is the best viable solution. I'm assuming she is still young and has a whole life ahead of her. If she is late on her cards already, her credit is already suffering. I see many people writing about the 10 year period that bankruptcy stays on your record and how you can't get a loan and etc. That does not apply to all people and sometimes I feel it is over emphasized.

If you have extenuating circumstances and you are forced into bankruptcy, a lender will decide based on your circumstances of what caused the bankruptcy, if you can have a loan. Generally, after you have discharged your bankruptcy for two years, a lender will give you a loan for a home; both FHA and VA allow home loans after a two year period if you had extenuating circumstances and you have reestablished some good credit history since the bankruptcy i.e. twelve months of current utility bills, rent, cell phone payments, car insurance and etc., a manual credit file is built. I know this because I am a lender for a National Company.

I am not advocating bankruptcy, but with the clients I see, sometimes it's the best solution. A "fresh start" for those who will need years to get out of debt. I have a saying, "take your bath while the water is warm", don't wait five years to do something about your debt and then file bankruptcy, be proactive and get it over with so you can get your life and your credit back on track.

Life does go on and we all have to review our situation and look at the best route for ourselves, what works for me may not work for you. Bad things do happen to good people. Be informed before you make any decisions and research all your options.

First of all, has she contacted any of the companies? Did she sign up for the extra insurance on the CC?

If she signed up for the insurance (usually $.75 per $100 owed) That should have kicked in when she lost her job. But if she doesn't have the insurance then she needs to talk to the companies and tell them her situation, they may be able to put her on a hardship program for anywhere from 3-6-9 and sometimes 12 months. That is where they will reduce the payments and interest they charge, sometimes they will stop interest. But she needs to call them asap before she defaults. Because if she defaults and then finds out that she did have the insurance, the insurance will not pay because it is in default.

As a single mother myself, I understand you want to help your daughter. However, if you step in and put yourself into more financial hardship by taking out a loan, what are you teaching her? Except that she can run to you when she gets herself into trouble and not take responsibility herself. I know that sounds harsh, but our children need to learn how to manage their money and sometimes tough love is the only way to do it.l She needs to take responsibility for her own debt. She should take on any job that comes her way and then look for one she will enjoy later. Credit Card Companies acknowledge financial hardship and WILL work with her. Where your help comes in is supporting her through this process of contacting these creditors and explaining the situation and coming up with a mutual plan in the meantime. Reassuring her that she will get through this and educating her on financial matters for the future. IF she just cannot seem to find employment and her only other choice is Bankruptcy, (she must have a job for CH 13 and payment plans with creditors)then speak to a legitimate BK attorney and research all of her options! If she does get a job and can afford a payment, then she may want to consider debt settlement. They can save on payments by 50% per month, eliminate interest and get her back on track. She must be able to make some kind of payment though and her debt must be over $10,000 for settlement companies. Hopefully, she is not that far in debt.

If she can get employment, then the best thing for her to do is tackle the smaller car first, pay if off and then apply that payment to the next card and get it paid off and so on. One thing for certain, she will survive and learn early on the importance of financial responsibility. A subject that so many of us do not emphasize in our lives. I am thrilled to hear you are almost out of debt. GOOD JOB! KEEP IT UP!

You need to worry only about your debt and let your daughter fix her own problem. It's hard as a father to not step in but she needs to know now that you are not her crutch. Life is full of good and bad decissions, learning responcibility comes with the decissions we make.