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CCA1984 · Oct 10, 2009, 01:28 AM

Hello to everyone :)

I've been reding on here and seen the great questions asked and answered, and thought I'd ask a few questions. Ok so here is my situation, I have total about 35k worth the credit card debt (3 cards, amex 20k, visa 5k and another visa 10K), a 12k car loan and a house in WA. Currently reside in CA and pay 600$ for rent and make about 35k a year. My CC payments for all 3 cards are around 800 a month min. my house in WA my dad rents from me for about $1100 and I pay 250$ a month for. My car loan is $350 a month so money is very very tight. I wanted to get advice from the pros ( here hehe) and see what are my best options. Should I try consolidation or debt settlement/relief? Or would bankruptcy be the best bet? I want to know if I would be able to keep my house in WA, if it came down to it and I had to get rid of the property then so be it. But would rather try to save what I can. Or with bankruptcy would it make more sense to put everything under it as 1 and take my losses? If there is more info you'd like me to supply to help with the answers please let me know and thank you for taking the time to read this.

Thanks again

Collin :)

CCA1984 · Oct 10, 2009, 01:33 AM

And to add to the bankruptcy, ch7 ch13?? Thanks again

CCA1984 · Oct 13, 2009, 08:59 PM

Can anyone help me or any advice??

Thanks again

Helpman · Oct 17, 2009, 08:52 AM

You no need a Bankruptcy. If you're making 35K a year and $13200 additional rent from your home rent in WA. Total $48200.00 and minus you pay $2000.00 altogether that is $24000.00 a year and still you have $24200.00 left with you isn't it?

You need a plan to get out of debt ASAP. If you don't need expensive car that trade off with a used reliable car without any monthly payment. Speak directly to CC companies to lower you interest %%%%rates and pay before time and more than minimum payment.

Be prudent, spend less,shop around,do not buy anything you need for later use,buy now pay now with cash only. Find a part time job and work hard for your bright future.

I am not an expert but you can drink this advice juice squeezed from my experience and been through.

Hope you don't mind and take it easy or seriously.

Fr_Chuck · Oct 17, 2009, 09:34 AM

OK, how much do you have in equity on the home ?

Do you want to keep it or get rid of it ?

So the rent on the house in WA, does it cover the loan cost ?

Are the credit cards debt up to date,
Are you trying to live off the credit cards ?

What did you spend the 30K in credit card debt on?

Have you stopped using any credit cards ?

It sounds more like merely a good budget?

CCA1984 · Oct 17, 2009, 10:56 AM

Originally Posted by Helpman

You no need a Bankruptcy. If you're making 35K a year and $13200 additional rent from your home rent in WA. Total $48200.00 and minus you pay $2000.00 altogether that is $24000.00 a year and still you have $24200.00 left with you isn't it?

You need a plan to get out of debt ASAP. If you don't need expensive car that trade off with a used reliable car without any monthly payment. Speak directly to CC companies to lower you interest %%%%rates and pay before time and more than minimum payment.

Be prudent, spend less,shop around,do not buy anything you need for later use,buy now pay now with cash only. find a part time job and work hard for your bright future.

I am not an expert but you can drink this advice juice squeezed from my experience and been through.

Hope you don't mind and take it easy or seriously.

Thank you for your reply, with my house in WA I still owe on it and my dad rents it for the total amount of the payment. So for the time being, I'm not making any profit off it. Now my CC companies when I call them is there anything I tell them in particular? Again thank you for your help with this, it means a lot and I am looking over my options :)

CCA1984 · Oct 17, 2009, 11:12 AM

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Originally Posted by Fr_Chuck

ok, how much do you have in equity on the home ?

do you want to keep it or get rid of it ?

So the rent on the house in WA, does it cover the loan cost ?

Are the credit cards debt up to date,
are you trying to live off of the credit cards ?

what did you spend the 30K in credit card debt on?

Have you stoped using any credit cards ?

It sounds more like merely a good budget ??

Thanks for the reply, the questions you asked are great and thank you. I'm going to answer them going down in order

1. I would like to keep the house since the rent is covering the loan amount.
2. the rent covers the total amount of the loan cost
3. I can say with all my CC I have not been late at all and everything is up to date.
4.I'm pretty much living paycheck to paycheck and not using my CC's at all
5. I spent close to 30K on CC on my house in WA (repairs, etc) before my dad lived there
6.I don't use my CC at all anymoe ( only for emergencies on gas which hasn't been since the beginning of the year)

Should bankruptcy even be considered ? Or how about debt consolidation/settlement?

Thank you again for your help, I truly apprectate it

DisabledinMD · Oct 17, 2009, 10:43 PM

I paid off debts by getting a low-interest loan from my bank, the rate was lowwered more if I agreed to an automatic deduction plan from my bank account. Just another option to think about, in addition to what was already suggested.

JudyKayTee · Oct 18, 2009, 09:14 AM

Originally Posted by DisabledinMD

I paid off debts by getting a low-interest loan from my bank, the rate was lowwered more if I agreed to an automatic deduction plan from my bank account. Just another option to think about, in addition to what was already suggested.

I'm more than a little bit surprised that the bank agreed to this in view of your total disability and SS Disability income.

If you default the Bank has no means of collecting from you and you can stop the automatic deduction at any time.