I can't afford to lose my car, though. I am not in a good place.
Yeah but what's your monthly payment? Because if it's more than $400 you can get a decent car at a buy here pay here lot (the most predatory of car lenders) and still prolly get away with $250 a month.
I can't afford to lose my car, though. I am not in a good place.
I disagree with the others here. You're likely upside down on your car. Work on keeping it. You can likely afford the minimum payment and upkeep on it with your wages. If you seek bankruptcy, get an exception for your car for work (most states allow this AFAIK).
I don't agree with the "just buy a 3-5k car" mindset in general, because sometimes you need reliable transportation and those cars you end up dumping $1000 into every 4-5 months anyways.
not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
+5
Options
Magus`The fun has been DOUBLED!Registered Userregular
I have several applications out. KCPD is just currently the best paying one.
This credit thing is so fucked. How does anyone get out of debt if it prevents you from getting work? Good god.
I have several applications out. KCPD is just currently the best paying one.
This credit thing is so fucked. How does anyone get out of debt if it prevents you from getting work? Good god.
I mean most places aren't going to run your credit and hold it against you, but if they think you're entering the police department or any government service office and have the potential to be a risk to accept a bribe or let a crime occur in attempt to pay off debt it becomes an issue.
I'm sure you wouldn't do that, but it's a risk a lot of government agencies aren't going to take. Not all of them mind you, but some.
are YOU on the beer list?
+5
Options
zepherinRussian warship, go fuck yourselfRegistered Userregular
I have several applications out. KCPD is just currently the best paying one.
This credit thing is so fucked. How does anyone get out of debt if it prevents you from getting work? Good god.
The irony of all is that at a certain level they stop background checks and drug checks. If I didn't need to get badges for Govt contracts, I probably would never have either done.
11 states outlaw or restrict credit checks for employment, but yours isn't one of them.
I can't afford to lose my car, though. I am not in a good place.
I don't agree with the "just buy a 3-5k car" mindset in general, because sometimes you need reliable transportation and those cars you end up dumping $1000 into every 4-5 months anyways.
I don't want to go too far off topic, but there are ranges to this. I agree that a $5k Jaguar or Mercedes is going to be a massive money pit, but you can easily get a well maintained Toyota Camry or similar in that range that will last for years without any special maintenance or repairs. I've been driving for 15 years and until last year, the most expensive car I'd ever owned was $7000.
I am just here to say good luck @Magus` ... that's one shitty situation and seems like declaring bankruptcy is the best option.
Yeah. It's the only way to get rid of that $20,000 credit card debt without Magus having his mother arrested.
And it has the bonus of barring Magus mother from taking out more credit in his name, because she has a problem, and it was so severe she identity thefted her son to continue it, I'm not sure if it is gambling or compulsive shopping, but there is something wrong.
I am just here to say good luck @Magus` ... that's one shitty situation and seems like declaring bankruptcy is the best option.
Yeah. It's the only way to get rid of that $20,000 credit card debt without Magus having his mother arrested.
And it has the bonus of barring Magus mother from taking out more credit in his name, because she has a problem, and it was so severe she identity thefted her son to continue it, I'm not sure if it is gambling or compulsive shopping, but there is something wrong.
Honestly I'd be very concerned about her doing the same thing again the moment it becomes possible to do so. Which would certainly be a wonderful result after years of trying to climb out of that hole.
I am just here to say good luck @Magus` ... that's one shitty situation and seems like declaring bankruptcy is the best option.
Yeah. It's the only way to get rid of that $20,000 credit card debt without Magus having his mother arrested.
And it has the bonus of barring Magus mother from taking out more credit in his name, because she has a problem, and it was so severe she identity thefted her son to continue it, I'm not sure if it is gambling or compulsive shopping, but there is something wrong.
Honestly I'd be very concerned about her doing the same thing again the moment it becomes possible to do so. Which would certainly be a wonderful result after years of trying to climb out of that hole.
Could you block it by putting a freeze on your credit reports? I do not recall the details on how those work, but iirc it stoos anyone pulling the report until lifted, which effectively means nobody can take out debt in your name while active (including you, but you can lift it you just have to remember to?).
I am just here to say good luck @Magus` ... that's one shitty situation and seems like declaring bankruptcy is the best option.
Yeah. It's the only way to get rid of that $20,000 credit card debt without Magus having his mother arrested.
And it has the bonus of barring Magus mother from taking out more credit in his name, because she has a problem, and it was so severe she identity thefted her son to continue it, I'm not sure if it is gambling or compulsive shopping, but there is something wrong.
Honestly I'd be very concerned about her doing the same thing again the moment it becomes possible to do so. Which would certainly be a wonderful result after years of trying to climb out of that hole.
Could you block it by putting a freeze on your credit reports? I do not recall the details on how those work, but iirc it stoos anyone pulling the report until lifted, which effectively means nobody can take out debt in your name while active (including you, but you can lift it you just have to remember to?).
Something that came to mind reading this.
I came on here to post exactly about this, not only should Magus have a freeze on his credit reports, everyone should have one. Not having your credit reports frozen is like using a computer without anti-virus and anti-malware software.
Go do it now, it takes like two seconds, and only costs like $10 per bureau I believe.
What a credit freeze does is it basically prevents anyone from running a credit check on you, this means no one will be able to apply for loans or credit cards in your name.
Whenever you do want to apply for a loan or a new credit card, you just go to the site and put in a temporary lift for a few days or long enough for you to get your credit checked, and then it automatically freezes again.
If Magus had this in place his mother would have never been able to apply for a credit card in his name no matter how hard she tried. Lifting a freeze requires you to enter a PIN number that only you should have access to.
Seriously, in this day and age if you don't have a security freeze on your credit reports you're playing Russian roulette. Good luck
0
Options
Magus`The fun has been DOUBLED!Registered Userregular
Is there any benefit to using a private debt consolidation company versus filing a Chapter 13 bankruptcy?
Is there any benefit to using a private debt consolidation company versus filing a Chapter 13 bankruptcy?
You potentially don't have a bankruptcy on your record.
A good majority of them aren't going to and can't help you. They're basically going to act as a liason in re: settling the debt. So, they get all your creditors to settle for 20%, they skim another 5% off the top, so you pay 25% of what you owe.
Typically you'd only do that if we're talking a few thousand in debt, maybe 20k at the most. Once you get into the ballpark of nearly six figures it's not really feasible to settle in this method because you're still talking something like $700 a month.
I honestly don't think chapter 13 is the right solution for you. I think you want chapter 7. You absolutely need to talk to a bankruptcy lawyer, they will direct you in the right path, which may very well be debt consolidation once they have the bigger picture. And they'll be able to direct you to legitimate ones, most of them are not legitimate.
not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
0
Options
Magus`The fun has been DOUBLED!Registered Userregular
I'm not sure on the legitimacy of that business. Your mother doesn't have income is the issue I'm ultimately seeing. (BBB raitings mean nothing, they're basically the yelp of the business world)
The way it works with debts like what you have is every payment renews its activity. Bad debts fall off your credit report after 7 years (sometimes 10 depending on the state and other circumstances). So, if you're paying a settlement it'll renew the debt, and you'll have the settlement's terms + 7 years before your credit will start improving. With bankruptcy, you've just got to wait out the bankruptcy itself. Even that doesn't matter for most places anymore, a lot more people than you know have bankruptcies, it's not a hush hush thing anymore. This also doesn't cover what happens if you/your mother miss payments. Regardless of whose debt you think it is, it's in your name. If your mom skips a month, or forgets, or can't afford it, everything comes back in full force, and you're just as fucked then as you are now.
To creditors, this shit is a numbers game, and it's not based on virtue or your worth as a human being for making good on your word.
You gain nothing by "being a good person and paying off your debts" (I wish that concept would die tbh).
bowen on
not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
My mother would be paying for it since it's her debt, really.
Love your mother by any means, but never take her word for anything financial again. If you are telling the truth, it's mostly her that got you in this position. If she says she will pay, she may sincerely mean it, but you need to assume privately that she won't and budget accordingly.
+11
Options
Magus`The fun has been DOUBLED!Registered Userregular
Oh, I know. I'll see about talking to a lawyer. If I can retain my car I should be fine. I don't really have any other assets to lose.
Posts
Yeah but what's your monthly payment? Because if it's more than $400 you can get a decent car at a buy here pay here lot (the most predatory of car lenders) and still prolly get away with $250 a month.
I disagree with the others here. You're likely upside down on your car. Work on keeping it. You can likely afford the minimum payment and upkeep on it with your wages. If you seek bankruptcy, get an exception for your car for work (most states allow this AFAIK).
I don't agree with the "just buy a 3-5k car" mindset in general, because sometimes you need reliable transportation and those cars you end up dumping $1000 into every 4-5 months anyways.
This credit thing is so fucked. How does anyone get out of debt if it prevents you from getting work? Good god.
Steam Profile | Signature art by Alexandra 'Lexxy' Douglass
being honest and upfront with employers and background checking services
I had to triple the deposit on my apartment before they'd even consider me
I mean most places aren't going to run your credit and hold it against you, but if they think you're entering the police department or any government service office and have the potential to be a risk to accept a bribe or let a crime occur in attempt to pay off debt it becomes an issue.
I'm sure you wouldn't do that, but it's a risk a lot of government agencies aren't going to take. Not all of them mind you, but some.
11 states outlaw or restrict credit checks for employment, but yours isn't one of them.
And thanks @amateurhour for all the good info (never know when you'll need it).
I don't want to go too far off topic, but there are ranges to this. I agree that a $5k Jaguar or Mercedes is going to be a massive money pit, but you can easily get a well maintained Toyota Camry or similar in that range that will last for years without any special maintenance or repairs. I've been driving for 15 years and until last year, the most expensive car I'd ever owned was $7000.
You can't give someone a pirate ship in one game, and then take it back in the next game. It's rude.
Yeah. It's the only way to get rid of that $20,000 credit card debt without Magus having his mother arrested.
might be related to divorce/widowing in re: owning a home and all that
Honestly I'd be very concerned about her doing the same thing again the moment it becomes possible to do so. Which would certainly be a wonderful result after years of trying to climb out of that hole.
Could you block it by putting a freeze on your credit reports? I do not recall the details on how those work, but iirc it stoos anyone pulling the report until lifted, which effectively means nobody can take out debt in your name while active (including you, but you can lift it you just have to remember to?).
Something that came to mind reading this.
3DS: 0473-8507-2652
Switch: SW-5185-4991-5118
PSN: AbEntropy
I came on here to post exactly about this, not only should Magus have a freeze on his credit reports, everyone should have one. Not having your credit reports frozen is like using a computer without anti-virus and anti-malware software.
Go do it now, it takes like two seconds, and only costs like $10 per bureau I believe.
https://www.freeze.equifax.com
https://freeze.transunion.com
https://www.experian.com/freeze/center.html
What a credit freeze does is it basically prevents anyone from running a credit check on you, this means no one will be able to apply for loans or credit cards in your name.
Whenever you do want to apply for a loan or a new credit card, you just go to the site and put in a temporary lift for a few days or long enough for you to get your credit checked, and then it automatically freezes again.
If Magus had this in place his mother would have never been able to apply for a credit card in his name no matter how hard she tried. Lifting a freeze requires you to enter a PIN number that only you should have access to.
Seriously, in this day and age if you don't have a security freeze on your credit reports you're playing Russian roulette. Good luck
Steam Profile | Signature art by Alexandra 'Lexxy' Douglass
You potentially don't have a bankruptcy on your record.
A good majority of them aren't going to and can't help you. They're basically going to act as a liason in re: settling the debt. So, they get all your creditors to settle for 20%, they skim another 5% off the top, so you pay 25% of what you owe.
Typically you'd only do that if we're talking a few thousand in debt, maybe 20k at the most. Once you get into the ballpark of nearly six figures it's not really feasible to settle in this method because you're still talking something like $700 a month.
I honestly don't think chapter 13 is the right solution for you. I think you want chapter 7. You absolutely need to talk to a bankruptcy lawyer, they will direct you in the right path, which may very well be debt consolidation once they have the bigger picture. And they'll be able to direct you to legitimate ones, most of them are not legitimate.
This is the company willing to work with me. My mother would be paying for it since it's her debt, really.
Steam Profile | Signature art by Alexandra 'Lexxy' Douglass
The way it works with debts like what you have is every payment renews its activity. Bad debts fall off your credit report after 7 years (sometimes 10 depending on the state and other circumstances). So, if you're paying a settlement it'll renew the debt, and you'll have the settlement's terms + 7 years before your credit will start improving. With bankruptcy, you've just got to wait out the bankruptcy itself. Even that doesn't matter for most places anymore, a lot more people than you know have bankruptcies, it's not a hush hush thing anymore. This also doesn't cover what happens if you/your mother miss payments. Regardless of whose debt you think it is, it's in your name. If your mom skips a month, or forgets, or can't afford it, everything comes back in full force, and you're just as fucked then as you are now.
To creditors, this shit is a numbers game, and it's not based on virtue or your worth as a human being for making good on your word.
You gain nothing by "being a good person and paying off your debts" (I wish that concept would die tbh).
Love your mother by any means, but never take her word for anything financial again. If you are telling the truth, it's mostly her that got you in this position. If she says she will pay, she may sincerely mean it, but you need to assume privately that she won't and budget accordingly.
Steam Profile | Signature art by Alexandra 'Lexxy' Douglass