Question by : ,000 in credit card debt, an hour, long story HELP!?
Okay, long story short (I hope!) I mortgaged two rental properties until October of last year (2008) BOTH tenants moved out, SAME DAY (seriously) without me knowing. I had trouble paying bills after that and HAD to pay the remaining prop taxes in order to give these properties back to bank in the form of “in deed of lieu’s” in April 2009.
I used my credit cards for medical bills, prop taxes on rental homes, etc…. because I make $ 11.00 an hour and have NO medical insurance. It worked for awhile as I was doing just fine……Until the tenants moved out. After that, the $ 700 in credit card bills started coming in, the mortgage on my home is only $ 515, but when you make only $ 11 an hour that is a lot. I have a car payment of $ 300 which I need to pay because my job requires 12,000 a year for travel. I do get mileage checks, but there is NO TAXES taken out of those checks, so they should NOT be taken into consideration for income as I do not have to claim that income on my yearly taxes.
I cannot afford my credit card bills and am already behind. I called ALL of them and some worked with me, other’s not so much. I will be embarrassed to have my wages garnished as I do work for a federally funded program and even though it only pays $ 11 an hour, I have been there 15 years and know everyone pretty much.
What can I do? What can I expect? I already did the “credit counseling” thing….they said I already did my job in contacting all my creditors in making a deal. they could do no more than what i did, but some are still not budging.
I would like to pay the minimum due on the cards I can afford and not pay on the ones I can’t. Should I stop paying all of them?
AND BEFORE SOMEONE SAYS i SHOULDN’T HAVE GOT MYSELF IN THIS SITUATION IN THE FIRST PLACE…….I called ALL my creditors to TRY to work out a plan, so I did my part. I agree I owe on these cards! I cannot file Bankruptcy because my father purchased a cabin CASH for 8 grand in 2000. He decided to put it in MY name because eventually it will be mine. SO, when I knew I was getting into trouble, I transferred the cabin BACK to him April of 2009. I have to wait 2 years for that to clear.
I need help. Please let me know what i am to expect…..
Best answer:
Answer by abcdefg
I’m 30,000 in credit card debt, and I’m unemployed (so is my wife) — no savings.
My wife ran up my cards over 4 years, buying starbucks, clothes, lunch at applebees, etc.
I didn’t use my cards and she’d always say, “oh i charged a little but I paid most of it off”.
And I believed her………ha, I’m dumb.
Anyways, you’re going to just have to pay it off……….maybe work two jobs if you have to.
Maybe you’ll get lucky and meet a generous millionaire or you’ll end up making more money.
Either way, it’s your debt and you have to pay it or you’ll be totally screwed for like 10 years.
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Question by Silver Cyborg: To be eligible for bankruptcy you need 6 months of credit counseling now but how much = 6 months?
Six months as in 8 hours a day 7 days a week, or like 6 months = like a 30 min. session a day or what? Exactly around how many clock hours of “counseling” ?
Best answer:
Answer by spifiman1
It refers to being enrolled in a certified credit counseling service for 180-days.
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Question by Dennis: Credit experts, lenders, mortgage underwriters?
I have a very average credit score, 689 I believe. I have some negative history on my credit report. My wife passed away in 2003. In 2005 I had a stroke and was hospitalized for a long period of time, became severely depressed and was in rehab for several months. . While I was still in rehab I wasn’t sure if I would ever work, and actually applied for SS disability. When it came down to finally ruling on the disability I elected not to go thru with that as I was getting better and felt I could return to work. Unfortunately I let my concern about paying off my credit card accounts get the best of me and I utilized a well advertised credit service to settle my accounts. Some I paid off in full but I have some charge offs on my credit report.
I am a self employed medical professional. I have a contract with a local hospital and my gross income is around $ 340K annually. I have an outstanding loan for a vehicle and some small student loans for my oldest daughters college education. I have no current mortgage, as I recent sold the house I own in another city.
Will paying the charge offs now help my credit report and score? I have also noticed on my credit report hat I have some open accounts that I no longer use, tho the balance is zero on them. Should I close these accounts? Also since I am self employed my credit report shows no history of employment since 2003. How do I deal with that?
Will this negative history be of less significance after 7 years, as with bankruptcy?
Be very wary of credit “counseling” or credit consolidation services. I was NEVER told that this would reflect negatively on my credit history. I should have spent the money that I gave to them to pay off my bills. Now I’m suffering for it.
Best answer:
Answer by Judy
Paying off charge offs in your credit report will not improve your score.
It is advantageous if you go buy another home though.
Since major lenders like FHA do not look at scores.
They view reports in detail and make their own decisions.
Looks like you could probably buy your next car in cash, and you won’t be needing a home anytime soon. You can allow those charge offs to remain in your report a full 7 years and then they will drop off. It’s called Statute Of Limitations.
They may try to come after you after the 7 year period – just tell them to take a hike in Iraq.
Do not close accounts that have a 0 balance – it will hurt you in 2 ways:
1. You may be closing your oldest credit card account.
“Length of credit history” is 15% of your fico.
2. It will reduce the overall available unused card limits you have on all your cards – a number creditors look at.
Try to live debt free from now on.
That way you won’t have to worry so much about your credit rating.
You can get your reports at annual credit report.com
You can dispute your employment and add a note “self-employed” and your company name.
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