Debt Advice
Date: Tue, 01/18/2011 - 11:04
Good Afternoon,
I am in a similiar situation as most everyone on this site. I have recieved a tremendous amount of support and help on a Pay Day loan situation that I am slowly working through, I hope this site can offer some advice on my issue. I have four credit cards varying in balances from 600 to 11,000. I have not maid a payment in three months, simply because I can not afford too. I tried consolidation, but the two offers I recieved I couldn't afford (480, 520 monthly respectively). I have been reading the site and have come up with a hard list off debts owed, and quite frankly I barely breaking even without the credit cards. I can afford maybe, 150 dollars a month. Without bothering everyone with a complete list of debt. I am looking at the debt and some is non-negotiable (mortgage, child care, electric, Insurance, car payments, water). I have however shopped insurance to get a better rate, the same could be said for childcare. I have an extremely high mortgage (2450 a month), unfortunately my credit combined with the very small equity I have has kept me from being able to refi. I guess my question is where do I begin with the credit card companies. 150 dollars between 4 cards seems to be impossible. I have spoken a few times to representatives for the cards, however they all try to solicate a payment which I never have available. Secondly, would it be wise, in this case, to turn my truck in for voluntary repo. I curently owe about 5,000 more than it is worth, but I pay nearly 600 dollars a month that I could free up, by purchasing a much cheaper used car. I apologize for being so wordy but, I want to provide as much information as possible.
I am in this situation for a variety of reasons, but mainly because our family (mom and dad in law), moved out of state unexpectedly, leaving us without childcare, and costing us nearly 800 dollars a month. Also, working for commision in this economy has nearly crushed my wife's business. I am currently searching for some part time work, but in the mean time how should I proceed.
Thank you in advance.
I am in a similiar situation as most everyone on this site. I have recieved a tremendous amount of support and help on a Pay Day loan situation that I am slowly working through, I hope this site can offer some advice on my issue. I have four credit cards varying in balances from 600 to 11,000. I have not maid a payment in three months, simply because I can not afford too. I tried consolidation, but the two offers I recieved I couldn't afford (480, 520 monthly respectively). I have been reading the site and have come up with a hard list off debts owed, and quite frankly I barely breaking even without the credit cards. I can afford maybe, 150 dollars a month. Without bothering everyone with a complete list of debt. I am looking at the debt and some is non-negotiable (mortgage, child care, electric, Insurance, car payments, water). I have however shopped insurance to get a better rate, the same could be said for childcare. I have an extremely high mortgage (2450 a month), unfortunately my credit combined with the very small equity I have has kept me from being able to refi. I guess my question is where do I begin with the credit card companies. 150 dollars between 4 cards seems to be impossible. I have spoken a few times to representatives for the cards, however they all try to solicate a payment which I never have available. Secondly, would it be wise, in this case, to turn my truck in for voluntary repo. I curently owe about 5,000 more than it is worth, but I pay nearly 600 dollars a month that I could free up, by purchasing a much cheaper used car. I apologize for being so wordy but, I want to provide as much information as possible.
I am in this situation for a variety of reasons, but mainly because our family (mom and dad in law), moved out of state unexpectedly, leaving us without childcare, and costing us nearly 800 dollars a month. Also, working for commision in this economy has nearly crushed my wife's business. I am currently searching for some part time work, but in the mean time how should I proceed.
Thank you in advance.
Wells fargo holds the note on my truck Bank of America 11,000
Wells fargo holds the note on my truck
Bank of America 11,000 (I called yesterday and was told it was reffered to a collection agency)
Chase 5,000
Cap one 600
CitiCard 1,800
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