Could use some advice
Date: Thu, 01/28/2010 - 14:37
I'm new to the whole debt consolidation scene. I've read up quite a bit and, while it has shed some light on the procedure, I still have some questions.
I've got about 15k in personal debt, 125k in business. All unsecured. My business just got slammed, it is officially going under water. I do not want to file bankruptcy, I'd like to pay my debts.
I contacted one place and they only do personal consolidation. Does anyone know of places that do both?
I'm completely paranoid, after reading countless articles on this subject, of internet companies ripping me off. So I'm thinking also that I might just try to settle on my own via requesting tiny interest rates for the time being. Thing is, I've read some posts here where people say the companies jacked up their rates when they were contacted. Is it even worth my time to contact these places? I don't want to end up going backward.
And finally, my big question ... I have no income. Zero. I've ran a small business over the past 5 years, it has broken even despite the enormous debt I've incurred. Is it even possible for a consolidation company or the credit companies themselves to reduce/help with my debt if I can't show *any* income?
Thanks for any replies, it's really appreciated. Sorry for the newbieness :)
You have no income? What do you have they could come and get? S
You have no income? What do you have they could come and get? Sounds to me like you might be judgment-proof.
I think settlement would be a good option for you but you'll have to have to have some money coming in to have anything to settle with down the road.
Well I do still have some capital, but not much. I am a home ow
Well I do still have some capital, but not much. I am a home owner, but I'm not sure how all of that works with my unsecured business debt. Could companies my business have debt with even come after my house?
I'm looking to find new work, I'd like to pay everything off. I'm not late on any payments yet. I just know that if I don't find something soon, I will start missing payments. So I'd like to talk to the credit companies now. Or should I wait until I start missing payments?
Thanks for the reply!
I don't know if any of them would really talk to you or deal un
I don't know if any of them would really talk to you or deal until you are behind. A phone call certainly doesn't hurt! They will probably want to, at first, set you up on a hardship plan or a program to try and make lesser payments on the same principal.
I don't know about them coming after your house. That would depend on how you had your business set up. If you were/are incorporated, they won't be able to touch your personal assets. If you were only working as a sole propreitor, they may have some recourse. That would be a question for a business attorney.
Thank you very much for the help. My business is incorporated
Thank you very much for the help.
My business is incorporated (S-corp), so it sounds like I'm "safe" in that regard.
I think I'm going to call one credit company today and see how they respond, feel it out. Sounds like I'll have to miss some payments anyway before they realize the severity of my situation.
Thanks again!