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My Husband's Credit/Debt

Date: Fri, 09/08/2006 - 16:51

Submitted by Cow & Chicken
on Fri, 09/08/2006 - 16:51

Posts: 3571 Credits: [Donate]

Total Replies: 11


As most of you know, I have been with debt settlement for several months now. We had to remove my husband's accounts because they were secured or had collateral on them. Well, we have been struggling with those payments the last few months so made an appointment with our local CCCS. This happened yesterday and went well. He will be officially starting in October for 57 months but they said they could work with all his creditors. There was two small medical bills they said they could pay on his own though. Now, this is what surprised me. He asked about the home equity loan with Beneficial. He didn't think they would be able to do anything with that since it's a truly secured debt. They said Beneficial will work with them on a 2nd mortgage, not a first so he included that in the plan as well. We will be saving a little bit of money every month. It's kind of overwhelming right now since I will soon be taking FMLA. But the awesome news is the orignal 2nd mortgage was a fifteen year loan and now we have less than five years to pay on it. We've had it for about a year and a half so we will be cutting a lot of the interest charges that Beneficial is famous for. Hubby is farming this fall so that will bring in some extra income plus he is going to take his old part time job back after that. So we will be able to manage but I will be done with debt settlement next fall so that will help. Things are slowly but surely turning around for us :)


Mishele, you are managing your money in the right way. I wish you all the best till you get success. Just as a piece of advice here, your program continues with your assets involved in between. Be careful and put priority to your payments, whatever may be the situation. Bigger results come with higher risks. Concentrate on your payments so that there is no risk towards your assets. (Just a note, though you have always been careful and a planned person.)


lrhall41

Submitted by GunsNroses on Fri, 09/08/2006 - 17:10

( Posts: 485 | Credits: )


GunsnRoses,

I appreciate your advice. I have not always been the planned person. When I first came here, I was in the payday loan cycle up to my eyeballs and beyond. That is why we removed my husband's debts from my debt settlement company. They were afraid they would take is collateral he had on his loans. We just couldn't keep juggling his payments either. Our local CCCS office has a great reputation so that is why he maid the appointment with them. He had considered Chapter 13 bankruptcy for awhile but we didn't really want to go that route after we thought about things. We went local because his loans are with local companies so they are used to working with them. I'm glad that we were able to include the 2nd mortgage. Things will also be better at the end of December because we will be done with the foreclosure process on our home with Ameriquest. We were able to make payment arrangements with them but it's costing us several hundred dollars per month extra to get caught up. So we will be able to use that money to help pay these programs with and start saving more each month. Things have improved so much since I found this forum and all the wonderful people here :)


lrhall41

Submitted by Cow & Chicken on Sun, 09/10/2006 - 06:04

( Posts: 3571 | Credits: )