Debt Consolidation?
Date: Mon, 05/18/2009 - 10:17
Hey there, Im a young guy, only 22 from Florida. About a year and a half ago, I had a stable job as a mechanic, had my fiancee (girlfriend since 2nd grade) living with me, things were perfect. Had 2 credit cards which always got taken care of.
My fiancee passed away 10 months ago, I was out of state in Boston for 2 months in the hospital with her. After she passed, I returned only to find my job was being cut due to downsizing.
I depended on the credit cards to get through a few weeks of unemployment, found a less paying job and struggled to keep the lights on and rent paid. Lost that job 2 months ago, have since moved in with family. Now I have debt collectors calling several times a day, and would love to pay them, but I have very little savings left, and no income. Would debt consolidation or a loan be best in my case? Any and all input is greatly appreciated.
My fiancee passed away 10 months ago, I was out of state in Boston for 2 months in the hospital with her. After she passed, I returned only to find my job was being cut due to downsizing.
I depended on the credit cards to get through a few weeks of unemployment, found a less paying job and struggled to keep the lights on and rent paid. Lost that job 2 months ago, have since moved in with family. Now I have debt collectors calling several times a day, and would love to pay them, but I have very little savings left, and no income. Would debt consolidation or a loan be best in my case? Any and all input is greatly appreciated.
You may negotiate with your creditors to settle the debt for les
You may negotiate with your creditors to settle the debt for less. But if you cannot afford to pay the settlement amount, the creditor can bring judgment against you to recover it. Now judgments have its own SOL and the creditor can recover the debt anytime within this SOL period. So if you do not have any income now, the creditor can garnish your wage anytime you start earning within the SOL.
