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Sigalit v | Help! my best friend is in big financial trouble.? |
her and her husband got into debt for 55,000 thousand dollars in 6 different credit cards and they can not pay them any more because they have a house payment of 3300 a month they recently bought it and can not refinance nor sell it, she said she wanst to die even though their credit is good but they can not go on without any money left for food or for their children, i'm sorry I can not help her with any money because i don't have any property.
Does any of you know how to help her or does anyone knows where can she get a loan this big to have just one monthly payment so they can go on I have seen her so desperate that i feel so bad not been able to help her.
thanks for your serious answers no jokes please!! |
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likepepsi
 |
It's clear that if they are at the point where they have no food, they must take drastic action at once. To offer specific advice would require knowing more about their situation - for example, if their annual income is $200,000, then they can recover with a little time. But if their annual income is $70,000 then they need to consider bankruptcy.
Between the credit cards and the house payment, they are probably looking at payments of around $54,000 a year. Whether they can avoid bankruptcy is going to depend on their income and other assets.
If they have no 401k or retirement savings or other assets they can sell to use towards the credit card bills, and there is no possible way they can make the payments today on their current income, then another loan is NOT going to solve their problem. I can understand why they would want another loan, but it is not going to help.
I suggest they contact a bankruptcy lawyer to fully evaluate their situation. It might be the best thing for them, but no one can say for sure without knowing more details. |
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catzrme
|
No one is going to give them a loan. She needs a financial counselor to get her and her husband out of debt and into some money. Tell them to start selling their "toys", their "stuff" and any high priced cars they have. The go buy inexpensive used cars to drive. Also, think about selling the house and getting one they can afford to pay for.
If they really want help to get out of debt, tell them to go here:
http://www.daveramsey.com
He can help them get out of debt. There is no money involved. |
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theosharatos
|
Well, they shouldn't borrow it because they would be more in debt. I suggest finding a great way to supplement your income. |
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Debt Guru
|
First things first they should pay the mortgage to keep the roof over their head and there kids. Then they need a reality check and someone needs to explain where the money went to. 55k doesn't get spent in groceries and gas in a year. They also need to begin living within there means and debt settlement is probably a good short term solution to free up some cash flow and set a plan to pay off the accounts.
At http://www.fdnsolutions.com/settlementletters your best friend can see examples of how debt settlement works. If you were to owe about 55 k the payments I would bet would be well over 1500/month. In a debt settlement program they would need to pay back more than half of the amount owed however they would do this over time18-30 months or less. The payments would be around $850/month and that should clear up the issue. She can also say good bye to good credit for a while.
Tell her to relax and find a suitable solution that works for her family. And don't lend her any more money they are over extended and dangerously close to BK and bad credit. |
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bdancer222
 |
Your friend has been living waaaay beyond their means. I bet they bought that house with some kind of creative financing and have negative equity right now.
The only way out is for them to increase income and decrease debt. They need to sit down and make a very stict budget. Eliminate all the extras. All the "wants" have to go -- premium cable and internet, eating out, cell phone, new clothes, etc. Take every penny that can be squeezed out of that budget and pay the highest interest rate debt while paying the minimum on the rest. When the highest one is paid off, go to the next one till they are all paid off.
They should also think about second and third jobs. Have a big garage sell, mow lawns, collect aluminum cans -- throw all the money on the debt.
It will take them 4 or 5 years to clear up th credit cards. I |
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Marcie H
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Are both of them working? If not the other one should look into work. If not she can try doing debt consolidation with the local consumer credit counseling company that doesn't charge a fee. Be aware a lot of them do but what they do is combine all her debts excluding the house or car and take one payment and they contact the creditors and lower the interest rate. |
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Tomk
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Bankruptcy. That's why the law was created in the first place.
They need to contact a bankruptcy attorney for a FREE consultation. |
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Annie
 |
They need to cut up the credit cards, sell the car(s) and get a junker, sell off everything else they can and he needs to get a second job. If she's not working, she needs to start. At least one job.
They also need to find a room mate or two.
They need to stop buying anything except food and get rid of cable, DSL, cell phones, etc.
But they won't. |
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Jerseybeast
 |
They can try debt consolidators but they usually charge a finance charge and with a debt that size it is likely to be considerably large. How can they have so much debt and still have good credit and how could they think they could afford a $3300 mortgage? |
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Huba
 |
It would seem like it is time for them to start selling some of the things they bought on credit. Do they have other assets such as cars or 401K or IRA funds they can draw from? Are they employed in such a manner that they can work overtime or a second job?
There are credit counseling services out there but some are not really all that helpful. The main thing they will do is put them on a budget. Whatever they do, they shouldn't sign into anymore contracts which cost them more money in the long run.
You should not feel sorry for them if they can afford $3300 a month for the house - a house it sounds like they shouldn't have bought.
Beware of scammers that will look for this kind of question and offer quick fix loans. For one thing, you don't have an obligation to "save" them. Any offers would come to you, not them. You are doing the right thing, looking for ways to help them, but ultimately, they must help themselves. |
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lilredhead
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They needs to call a non profit debt consolidate, they can work with there credit Card company's , an make a payment plan work with the money they have. |
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