Is debt consolidation suitable for me at this situation?
Date: Sun, 07/31/2005 - 19:09
I am going through a divorce which will be final Sept 30th. We are trying to work everything out on our own. He is taking the majority of the debt including the house which has very little equity. I just want out and want to walk away from it as best I can.
I've taken the 2004 Silverado 2500HD truck which is in my name and the 28ft camper in which I having been living in since March. I am upside down $4000 on the camper and $21,000 upside down per the dealership on the truck. I am paying over $1,000 total a month for the truck ($613), gasoline (appx $300 a month)and insurance ($120 a month). The camper, which is too small to live in ($177) plus rental space ($385) plus electric ($50)plus propane ($32) plus insurance ($70). I bring home really close to $2,000 a month after taxes/retirement plan.
The truck is continually depreciating and I can't afford the gas at 12 miles to the gallon.
Is debt consolidation right for me?
I hate to do it, but I may need to just find an apartment, get my dad to finance an economical car and let the truck and camper go back to the dealers. Just cut my loses and suffer the credit damage for the next 7 years.
Any suggestions?
Kim in Texas
I've taken the 2004 Silverado 2500HD truck which is in my name and the 28ft camper in which I having been living in since March. I am upside down $4000 on the camper and $21,000 upside down per the dealership on the truck. I am paying over $1,000 total a month for the truck ($613), gasoline (appx $300 a month)and insurance ($120 a month). The camper, which is too small to live in ($177) plus rental space ($385) plus electric ($50)plus propane ($32) plus insurance ($70). I bring home really close to $2,000 a month after taxes/retirement plan.
The truck is continually depreciating and I can't afford the gas at 12 miles to the gallon.
Is debt consolidation right for me?
I hate to do it, but I may need to just find an apartment, get my dad to finance an economical car and let the truck and camper go back to the dealers. Just cut my loses and suffer the credit damage for the next 7 years.
Any suggestions?
Kim in Texas
Is debt consolidation right for me?
Hi Kim
Welcome to the forums
Yes debt consolidation program will be the right choice for you. In a debt consolidation program your debts will be merged into a single debt and the debt consultant after negotiating with the creditors can reduce your debts to the extent of 40% to 60%.
In addition your interest charges will be reduced and your late fees will be eliminated. By registering in the debt consolidation program you can save hundreds of dollars. Saving these dollars will help you to lead a better standard of living than what you are living now.
Please register yourself in the debt consolidation program immediately.
Hope to hear from you soon
Regards
Peter
