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New to this and really scared

Date: Thu, 09/30/2010 - 13:23
Submitted by traci manskar on Thu, 09/30/2010 - 13:23
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Hello to all,

I have been reading the forums on this sight for the last couple of days and it really sounds like some of you all know what you are talking about. I am new to this as I have always been able to pay my bills. I lost my job in 2009 and finally found a new one at the end of June this year - at a substantial decrease in pay. While unemployed went through savings and racked up my BofA credit card bill to $23,000 trying to make ends meet. My husband has not worked consistently for 4 yrs and cannot be considered a source of income.
I cannot afford to make any kind of payment and just missed my first payment on 9/22/10. There will be no significant increase in income anytime in the near future and I cannot afford to pay anything else per month.
How can I do a settlement when I can only come up with enough money to live? I'm not sure what to do at this point. I have no assets either - except small IRA. The debt management co that BofA sent me to said there really wasn't much they could do for me and suggested that BK may be the way to go. HELP?


You have just missed only 1 payment right? In order to qualify for a debt settlement, you need to be delinquent for at least 120 days. So, as far as I can see, you have 2-3 more months to rack up some dollars. BOA settles quite well, within the range of 20%-30%. So, you will need to rack up at least $4000 within the next 3 months.

I would suggest you to get into some part time jobs or on line jobs. It will help you to earn some extra dollars which will help you to pay your debt off.


Submitted by smithinnevada on Thu, 09/30/2010 - 17:23

smithinnevada

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The answer may lie in your reaction to your circumstances. FEAR. This emotional reaction paralyses people who find themselves in your predicament. The first thing to remember is that you always have other options. One of the most common reasons for debt is 'terminal vagueness'. This can be alleviated by gaining control. Start by carefuuly recording all your spending, no matter how small. This is the first step in creating a budget which will ultimately solve your 'problem'. Forget about bankruptcy, this will not solve the problem of your fear. Taking control is the long term answer


Submitted by gerry on Fri, 10/01/2010 - 05:12

gerry

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Thank you all for your comments. I am afraid - of the unknown and what will happen next.

I have maintained contact with BofA once I knew that I wouldn't be able to pay anymore. I already am keeping a detail accounting of spending. I have trimmed all "extras" from my life. I am trying to find extra income that can be earned at home so that I may be home for my child in the evenings.

I plan on continuing to read the posts on this site so that I may gain knowledge of the process and in turn, gain some sort of control over the situation. It will be what it will be.

Thank you again for your input


Submitted by traci manskar on Fri, 10/01/2010 - 08:57

traci manskar

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Greetings [URL="http://www.debtconsolidationcare.com/forums/member.php?u=230707"]traci manskar[/URL],

Welcome to the forums!

It's natural to have fear and doubts about our financial futures.

Everyone in these forums has had to make difficult decisions regarding debt.

You have questions, these members will offer opinions and suggestions.

We have been there and will be here for you.

Respectfully yours,
King "Kash" Jabba Labba


Submitted by King Jabba Labba on Tue, 10/05/2010 - 05:41

King Jabba Labba

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