The horror story.
Hi John,
Hi John,
It is very nice to see that inspite of so many obstacles you are still determined to pay off your debt and you are paying it off as much as you can. By studying your situation, what I felt is that, a little budgeting is needed by which you can pay off your debt as fast as you can by saving money.
From the figures supplied by you, it is evident that you have other debts amounting to $19000 ($57000-$38000) and credit card debts to the tune of $ 37000. So your total debts is $ 56000($19000+$37000). What I suggest is that you do not pay off the higher interest credit card debts first.
Because your motive is to pay off all the debts and when your motive is to pay off all the debts then by paying off the higher interest credit card debts will not help you to pay off the fdebts aster. What you have to follow is the principle of accelerator margin. By following this path, you will be able to clear off your other debts of $19000 and credit card debts of $37000.
Regards,
Peter
Hi John It's very tough to be in a situation like this. I wil
Hi John
It's very tough to be in a situation like this. I will suggest you to solve this problem internally having a talk with your father yet again instead of putting it on open platform in front of the outsiders. Since he is your father, he may not have assumed the worst part of it. Please talk to him and see if there is any way out. Just believe that when there is no hope, hope is around the corner.
Regards
Roxette
Hello Roxette Well if my father would have just kicked me
Hello Roxette
Well if my father would have just kicked me and my wife out it would have been one thing, and I probably could get over it. But I also have a eight year old son, his only grandson which he also kick out. As fare as a way out I don't see any for him with his indebtedness the on way he can come out of it would be to sell one of the homes he has. plus I seriously doubt I'll ever see the money I put into the home back. I also resently found out that the day after we moved out he started moving into the house we renovated. So what was he really after.
Hi peter
Yes the original debt was 57,000.00, I have paid off 19,000.00 of it in the last six months. Another thousand will be gone by the end of May. So roughly I have paid off 40% of my debt in 6 months.
We have budgeted to near the bone, I still have some other monthly bills, stuff you can't get rid of like car and life insurances and we pay half of the house hold expenses and food bills. I set a little aside if my son needs something special, and a small allowance for the wife and I to go out to dinner once a month. Got to keep the flame burning.
Now for some good news. The owner of the company I am currently working for asked me this morning to meet him for lunch, he also advised me to keep it quiet and not tell anyone that we were meeting. At lunch he offered me an upper level management position which will effectively double my income. The reason for the hush-hush was he was letting someone go due to there productivity being down 40% while the rest of the business was up 30%. I feel bad for the guy that is loosing his job, but right now I'll take any break I can get. The funny part was I've had two other job offers in the last week but this promotion was by far better than the others I was offer.
I refuse to give up and file bankrupcey, it's just not going to happen.
Hi Guest I can imagine that you are a very optimistic person.
Hi Guest
I can imagine that you are a very optimistic person. I congratulate you on your upper level management position and wish you the very best from my side. I already mentioned in my previous post and I say it once again
Just believe that when there is no hope, hope is around the corner.
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Regards and best wishes
Roxette