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Author: Flyfan1 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308225  
Subject: Living In A Credit Card Nightmare Date: 7/8/1999 6:17 PM
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Will make this nightmare as short as possible.
1. Divorced
2. Ex husband ruined credit..(reason for divorce)
3. 5,000$ in lawyer costs to get 10,000$ back from husband of my money.
4. Credit card debt about 10,000$ (interest rates 21% and above)
5. During divorce proceedings, in car accident, out of work 9 months (living on 60% of base pay), making credit worse with late payments)
6. Rent apartment (husband let bank foreclose on our house without my knowledge (on credit report)
7. Work as a nurse, trying desperately to get finances back on track
8. Called all credit card customer service representatives to lower interest rates and won't do because of history of late payments
9. Cannot get any new cards with low interest rates to transfer balances

ABSOLUTELY AT MY WITS END!!!! ANY SUGGESTIONS WOULD BE GREATLY APPRECIATED!!!!!
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Author: jamorgan Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 11996 of 308225
Subject: Re: Living In A Credit Card Nightmare Date: 7/8/1999 9:37 PM
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ABSOLUTELY AT MY WITS END!!!! ANY SUGGESTIONS WOULD BE GREATLY
APPRECIATED!!!!!

Best advice I can think of is get ahold of CCCS Consumer Credit Counciling Service. They can get the rates lowered and maybe get a better payment schedule (lower monthly payment)

Good Luck!

AJAMFool

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Author: TMF2Aruba Big funky green star, 20000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 12001 of 308225
Subject: Re: Living In A Credit Card Nightmare Date: 7/8/1999 10:16 PM
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Hi flyfan,

First, take a deep breath and know that you're not alone.

While you are working at making the payments, try to apply for cards with lower rates to transfer to. I understand that this may be difficult with your current credit report, but stranger things have happened. Your lawyer may be able to help you work with your creditors, or at least help you find a credit councilor that can be of assistance.

You need to see if there are changes you can make in the budgeting. As you've probably seen others advised, carefully determine where every penny is going. It's almost always possible to find areas in which to cut. This is important.

As a nurse, you obviously work very hard. But is it possible to find a few hours to do some outside work such as home health care or visiting nurse service? Perhaps a few evenings a week? This could bring in some extra money toward the bills.

You're renting. Is it possible to take in a roommate, perhaps a nursing student to help with the costs?

While things seem desperate now, believe me, they do work out, but it will take creativity. Hang tough, be strong, and be persistent.

Keep us posted along the way. We'll be here for support.

Good luck!

Tony
...but I still am...

Off2Aruba

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Author: lovelylinda Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 12014 of 308225
Subject: Re: Living In A Credit Card Nightmare Date: 7/9/1999 8:35 AM
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ABSOLUTELY AT MY WITS END!!!! ANY SUGGESTIONS WOULD BE GREATLY APPRECIATED!!!!!

I am sorry to hear of your misfortune. You came to the right place for help and encouragement.

Try to stay current on you payments from this point on. If this is the reason you are being denied new lower rate cards.

Also you have to try to get your husbands name off the cc's you still have, if he is no longer responsible for them. The credit history from this point on should be in you name only.

Hang in there, you will succeed.

Linda


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Author: CherryCAS Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 12016 of 308225
Subject: Re: Living In A Credit Card Nightmare Date: 7/9/1999 9:22 AM
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<<ABSOLUTELY AT MY WITS END!!!! ANY SUGGESTIONS WOULD BE GREATLY APPRECIATED!!!!!>>

Flyfan, I am sorry to hear about your troubles. With bad credit, you may need to see a credit counselor to get your rates lowered. With a counselor you'll also only make one credit card payment that you can afford, which will also be of great help to you while you mend from your accident and get your life in order. There is Consumer Credit Counseling and Christian Credit Counseling, etc. Do a web search and you'll see their sites. They are non-profit organizations so their fees are quite reasonable, too.

Good luck!
Cherry

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Author: Leviathan Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 12018 of 308225
Subject: Re: Living In A Credit Card Nightmare Date: 7/9/1999 11:04 AM
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Will make this nightmare as short as possible.
1. Divorced
2. Ex husband ruined credit..(reason for divorce)
3. 5,000$ in lawyer costs to get 10,000$ back from husband of my money.
4. Credit card debt about 10,000$ (interest rates 21% and above)
5. During divorce proceedings, in car accident, out of work 9 months (living on 60% of base pay), making credit worse with late payments)
6. Rent apartment (husband let bank foreclose on our house without my knowledge (on credit report)
7. Work as a nurse, trying desperately to get finances back on track
8. Called all credit card customer service representatives to lower interest rates and won't do because of history of late payments
9. Cannot get any new cards with low interest rates to transfer balances

ABSOLUTELY AT MY WITS END!!!! ANY SUGGESTIONS WOULD BE GREATLY APPRECIATED!!!!!


Phew! I feel bad for you because it looks like you got messed over pretty good. I hope that we can do something to get you back on your feet. Without numbers, it's harder to run numbers but I'll try and give you some general tips that you should be able to implement.

First of all, make sure that your salary goes first to paying the rent, keeping the lights on, putting food on the table, and keeping the car running to get to and from work. You have to take care of yourself first, then deal with the CC companies.

They will gripe and moan and harass you, but that's what they are trained to do. They want to push an emotional button that will cause you to pay them rather than the light bill ("Well, I guess I'll show them."). Don't let them do it. If you feel yourself getting emotional, just hang up. Keep in mind that their actions are governed by Federal law. If you want to see a nicer attitude, begin taping the calls with an answering machine and tell them you are taping. Again, they will probably lie and tell you that you can't do that without their permission. Tell them if they don't want the call taped, they can hang up.

As far as the financial side of things, you really have to take a stand and refuse to borrow any money. With all you've been through, it's probably very tempting to want to go on shopping sprees or treat yourself to a nice restaurant, but you'll just have to resist those impulses if you want to get out of the hole. Begin to do a budget just so you can watch your income and spending levels and to get an idea of where you can reduce your lifestyle (and how much "extra" money you have per month). See if you can get a second part-time job or work extra hours at your current job to up your income. If you are able to pay the minimum payments on the cards, then you can try using the Snowball Method to get them paid off. First of all, just pay the minimums until you can get at least $1,000 in the bank to catch emergencies that you might get hit with while you are paying off the CC's. Then, use the Snowball Method to pay them off. You would probably do best to pay off the smallest debts first. Sort the cards from smallest to largest debt. Pay the minimums on all but the smallest and put any extra money on the smallest. When it's paid off, take the money you were paying on the small one and add it to the second smallest until it's paid off. Keep going until they are all paid off.

Finally, if you need more help or support come back and see us.

Leviathan

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Author: NoDepression Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 12024 of 308225
Subject: Re: Living In A Credit Card Nightmare Date: 7/9/1999 12:00 PM
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Flyfan1 wrote:
4. Credit card debt about 10,000$ (interest rates 21% and above)
5. During divorce proceedings, in car accident, out of work 9 months (living on 60% of base pay), making credit worse with late payments)
6. Rent apartment (husband let bank foreclose on our house without my knowledge (on credit report)
7. Work as a nurse, trying desperately to get finances back on track


I'm going to ask you to think of something that most folks on this board will not have you consider -- bankruptcy. The reason is this -- you already have a foreclosure and numerous late payments on your credit history, which will stay there for seven years. A bankruptcy filing will not make your credit any worse, it will just make it bad for a longer time period (ten years). Bankruptcy is a absolute last resort, and the implications of it must be carefully considered. I think that you can dig yourself out without resorting to bankruptcy, but you should consider all of your options.

$10,000 at 21% is not an insurmountable debt on a nurses salary (you are working full-time again, right?). I assume that you have already stopped using your credit cards (you must, if you are to get out of this mess). That means that you can pay the $10K balance off in four years with a monthly payment of $310 or three years with a monthly payment of $377. That's not so bad, eh?

Any other debt? Deficiency on the foreclosure? Auto or student loans?

8. Called all credit card customer service representatives to lower interest rates and won't do because of history of late payments
9. Cannot get any new cards with low interest rates to transfer balances


No, the lenders now consider you "high risk," so they will mitigate that risk with higher "pricing." It's an impersonal world, and lenders worship their statistical models. Can't blame them really, we all expect greater rewards from greater risks.

Don't lose hope, though. Just a couple of years of on-time payments will have lenders beating a path to your door again. Then, you will have the upper hand, and can use credit to your benefit.

I think that you can dig yourself out, sooner than you think. Good luck.

-Patrick

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Author: Tooner Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 12062 of 308225
Subject: Re: Living In A Credit Card Nightmare Date: 7/10/1999 8:33 AM
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<<<
ABSOLUTELY AT MY WITS END!!!! ANY SUGGESTIONS WOULD BE GREATLY APPRECIATED!!!!!
>>>

You mention that you can't get any credit cards because of your problems. That is probably a good thing; you can't run up any more debt. For the time being learn to live on your paycheck.

You're a nurse? Do you belong to a health care organization with a credit union? Get a cash loan and put it against your credit cards. The interest rate from the credit union will be a lot less than the cards.

Come up with a plan to pay off your cards. One suggestion is to pay the minimum on the cards EXCEPT the smallest card. Pay as much as you can toward that one. You will be able to payit off the quickest. When that monkey is off the back start attacking the next smallest one.

You're going to have to live a more simple lifestyle for a while. Accept that. Once you deal with it you'll be on your way. This is only temporary (it may be a good haul to go through though) but YOU CAN DO IT.

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Author: johnnstace Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 12066 of 308225
Subject: Re: Living In A Credit Card Nightmare Date: 7/10/1999 12:00 PM
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ABSOLUTELY AT MY WITS END!!!! ANY SUGGESTIONS WOULD BE GREATLY
APPRECIATED!!!!!


Can't get any worse.

Bankrupcy will let you start of fresh. In fact I think this is the reason Bankrupcy exists. To help people out of circustances they can't foresee and are not thier fault.

any other opinions?

john

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Author: dunnster Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 12096 of 308225
Subject: Re: Living In A Credit Card Nightmare Date: 7/11/1999 3:39 PM
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You can look back and check my posts. I have had the same type of problems. The suggestions sound pretty good so far.

FIRST-go to Consumer Credit Counseling. Its FREE! The only thing it will cost you is your time. But they will at least listen to you and you will list ALL your debts and know where you stand. It might seem depressing at first but it gives you a starting point for recovery.

SECOND-bankruptcy is not the stigma many make it out to be. I should have filed 2 years ago but was told not to. After TWO years your credit is good enough to apply for a no down payment home loan. (just stopped kicking myself) Best of all it will cost you $700-1500 for a lawyer and you will retain almost all of your possesions.

I don't no where you live or how much money you make or spend but for me $310 a MONTH for years on end does not sound like a reasonable solution. If I were the credit card company it would sound great. That's what makes these boards so hard. If I make $100,000 a year that figure is doable. But if you make $30,000 or less a year it will break your back.

Lets us know how this turns out.



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