 Need Help With Loan? |
| Hey I need to know how I can get a 1500$ loan. I cant do it through payday loans because their Interest rates are EXTREMELY high, and I havent been in the credit bureau long enough to get a personal ... |
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 What are some ways I can Improve my FICO credit score? |
| My score is about average, its not bad at all and it not extremely good though. I'm planning on buying my first home in about a year, meanwhile among other finacial preperations I would like to ... |
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 Whats your credit card limit? |
At the moment mine is £10.000 but ive never used it and they keep upping the limit.
Don't they get the message I DON'T WANT IT.
I never even applyed for it in the 1st place.Are ... |
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 I just got married 2 months ago. Am I responsible for my spouses past debt? Need help NYC? |
| I recently married and now I am being tagged for my spouses past debts. Is this legal? My name is not on any of the cards and I never signed anything.... |
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 How do people use credit cards? |
| It's not like they don't have to pay back the money of what they purchase if they use the card right?... |
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 What is the best credit card for my S.O. who has no credit and really bad spending habits? |
| she wants to build credit and says she will only make one small purchase a month and pay it off in its entirety but i just KNOW she will get carried away.. whats the best credit card she can get with ... |
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 $7000 Credit Card Debt At Age 19? |
| Is this normal? Is this bad? I really don't know what to do; I feel like I've gone way over my head. I have like 7 credit cards and it's hard to keep up with the minimum payment ... |
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 What is the best way to establish credit for my start up business? |
My company is a start up sales and marketing business specializing in vitamins and natural health products.
I know I need to get a tax id number. Then what?... |
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 Credit card balance? when/how to pay? |
my recent credit card statement came through the post last week. i have a balance of £314.00 to pay. it says on the statement payment to reach us by 7th november 08.
if i pay the balance ... |
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 Why do people give such crappy advice? |
Some people who answer questions on here give the WORST advice. Seriously, you'd think they were just making it up on the spot.
ESPECIALLY when it comes to answering credit questions.
... |
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 If you found out that a credit card issuer made a huge mistake that worked to your advantage would you? |
| take the money and run or let them know? Does the company have any recourse to reclaim their money if they find the mistake? Think about how much money you're giving the card companies before ... |
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 How to Kill A CREDIT CARD? SAFELY? |
| Killing a credit card is big process because banks are there to save them. Still so many people are having problems because of credit cards & so called charges which banks will take from your ... |
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 Can i cancel a direct debit for a debt if i believe ive paid it off but they still keep taking the money? |
| I have been paying HFO services £5 per week for the last 2 years,if not more, for a Barclaycard debt of £420.surely its paid off by now!!!!!Do i have the right to cancel my direct debit and how do ... |
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 Why am I not approved for a credit card? |
| I am currently a 21 year old college student. I applied for a credit card twice, but got rejected. It stated I had insufficient credit history and housing. What exactly does that mean? Anyone have ... |
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 Why are credit cards bad? |
'm doing homework on Credit cards and I need help figuring out why they are bad and why people shouldn't get it.
I need only bad reasons, so no answers with why you should get one. T... |
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Jennifer D | Is $18,000.00 in debt a good enough reason to claim backrupt? |
My Boyfriend is $18,000.00 in debt he has been told by a few people the best thing for him to do is claim bankrupt? |
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OC1999
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$18,000 on it's own is not enough. Being able to declare bankruptcy is not only the debt but your ability to pay.
There are 2 types of individual bankrutptcy. A Chapter 7 is total liquidation. But to claim a Chapter 7 they have to pass "means" test to see if they quailify. If they make more then the average amount for their area, or they can afford $100 a month they will most likely be forced into a Chapter 13. They will also be required to go to Credit Counsleing for a minimum of 6 months.
A Chapter 13 is where you "Reorganize" the debts and pay 1 payment that is distributed to your creditors.
Both are really a last resort, and before you do this you need to take a hard look at the budget. Then if needed try to work things out with creditors to pay them off. |
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blu_drgn25
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No, I am sure that he can figure something out with the company/companies that he owes money to. 18,000 is not that much, basically a car. Bankruptcy is not the answer to get out of debt... |
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I'm as cool as ice cubes
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Thats the dumbest thing he could do. It will screw up his credit, he will not be able to make any purchases towards a house, car or even be able to get a credit card. Just cut back on expenses and pay the money. |
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websterjdjr
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claiming bankrupt for 18000 in debt would be stupid
just let the car go back. It is better to have a repo which will be removed in 7 years..as opposed to a bankrupt
than a court record which wont go away ever on yer record
Right? |
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Eric J
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bankruptcy is the worst thing your boyfriend can ever do. never, ever claim bankruptcy. it will be extremely difficult to apply for any credit from creditors. I'm in $46,000.00 debt and making minimum payments. Bankruptcy is the last thing i don't wish to think of. tell your boyfriend to pay the minimum balance to keep his accounts current, until he finds a better job.
" that's the best thing to do as of today" |
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Studly
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I have a standard response to this question.
If you were to go on a very serious budget....cut out all entertainment and unnecessary expenses, no more movies, dining out....disconnect the cable tv......how much money can you come up with each month to pay toward these debts?
Can you convince your debtors to make a settlement for less? And will they accept payments that will fit into your tight budget?
So lets pretend you live in OZ....and you manage to get your creditors to freeze the late fees and interest, and they even agree to cut your principle to $14,000. Can you come up with $230 a month, and pay these debts off in 5 years? Many creditors will laugh at you if you propose a payment plan for more than that.
OK, you don't live in OZ. Most of the creditors won't help you, so in reality you will need closer to $350 a month. Is that still possible?
If you answer no, then you need to consider bankruptcy. These people preaching about not filing do not have a clue.
First, what is worse on you credit report. One bankruptcy or several charge offs and collections, and lets toss in a couple judgments too. Either way your credit is destroyed.
But when you file for bankruptcy, the creditors will be forced to stop harassing you. And after you finish your payments (chapter 13) or discharge (Chapter 7) you can start off fresh.
No, it's not going to be easy. Those people who think bankruptcy is a quick fix and easy way out of debt don't have a clue either.
I also love those people who think $18,000 isn't that great of debt. If you don't have a job or have other issues, that's a terribly large amount.
So think about my question.....and if you are leaning toward filing discuss it with a bankruptcy attorney first. |
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Amanda R
 |
you may want to consult an attorney....my bankruptcy was just slightly under half that.... |
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canadian angel
|
my common-law husband is in the same boat, so i am interested in some of the answers you will get. i have been with him for 7 years, and it is the reason we're not married. when you get married your sign your life together, including any debts. my father is really sick, and may not be around for to much longer. under 5yrs maybe. so that has pushed this question harder for me. i want to walk down the isle with my dad to my husband. even if it includes debt. the best thing i think to do is pay up. his credit is wrecked but can slowly be earned back. and between two of you, you can go on a payment plan and get all his loans and credit cards consoliated into one payment. it sucks, but the faster you pay, the faster is it is done and the two of you will be stress free and much happier. so when and if you do this remember your not the only one in this situation :)
being bankrupt puts limitations on you, and i've heard it is years of fighting for any credit (or so i've heard). its probably easier paying up and earning your credit back than totally killing your credit for years |
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Daves
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You should use "Credit Solutions" to settle your debt.They managed to reduce my debt up to 58% and avoid bankruptcy.Legitimate as I came accross this company on NBC News Special Edition:
http://www.tkqlhce.com/click-1813149-10467845 |
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xylina_69
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Bankruptcy is not a smart thing to do.
It affects your credit negatively for seven years, and will affect all of his future purchases, like a home, car, boat.......
If he can afford to make the payments on his debt, get him to do it. If he can pay, then he should not claim bankruptcy. $18,000 is not that much compared to a lot of people that I see everyday in my job.
Best thing for him to do is consolidate all of his debt into one loan with a set time period and set payments. Then he can work himself our of debt easier. |
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Heinz M
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No. I wouldn't do it for less than 1/2 Million. |
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Ashley W
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Maybe. How did he get that far in debt? Living beyond his means probably. He needs a good repayment plan and to quit relying on credit cards. If he files bankruptcy and doesn't chaneg his spending habits, what will keep him from being in the same situation a few years down the road? Nothing. |
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iceman
 |
That depends on how much money he makes.
If he is unemployed or makes less then 20k a year then you may want to consider it.
If he makes over 20k a year it is not really that much debt overall. You have to look at these things in a case by case situation. For Bill gats 18k in debt would be like most people charging their breakfast.. but for someone who is young and doesnt make much money it could be very overwhelming.
I can tell you this.. bankruptcy should always be your absolute last option. |
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Honeyluv
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OMG, yes. $18k is like $38k....yes, I would suggest it. |
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cuddles
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sure is |
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