Some questions.

  1. Has anyone experience with Discover Card or Chase Visa where they were successful in working out a plan with the card holder to repay the debt? If so would you please share some of  the steps you took.
  2. Has anyone used Care One Credit Counseling? American Express is really treating us rotten. The minimum payment keeps changing.. I go to pay online and pay more than the min. shown, but then I get a letter stating I have an overdue payment, and then they tell me it was really $50 or more on top of what the minimum shown. I’ve had this problem 2 months in a row. My interest went from 12.99% to 27.99% I just noticed this the other day. I told them 2 months ago I was struggling to make payments and my husband will soon be getting out of his job and doesn’t have a new one yet. I asked for help, and they basically said, “goodluck with that”. Now they are treating me like crap by raising my interest. Anyway, out of all my credit cards, I want this one taken care of, but I’m thinking of consolidating all.
  3. Okay so got the hubby to sit and help me put together a budget. But  out of nowhere he went and spent money that was for his tab at work(he didn’t even get the money to work before he spent it.) So apparently I didn’t get the communication that I had desired out of him. He’s been good at taking his lunch but has been supplementing his lunch with bought things that he shouldn’t even eat for his health. So he helped put the budget together but otherwise doesn’t care. Any ideas of on how to communicate with him other than scaring him to
    death with hard truths and fearful numbers of what he did last month?  ie he spent double what we made on absolutely nothing that I can say was worth it.

Thanks.

Oprah winfrey and suze orman ebook

I thought i may have seen something here about this not too long ago.

A few months back, there was a link on oprah winfey’s web site where you could download an ebook of suze ormans. this book took you thru things one month at a  time for, i think, six months to get your finances in order.

Does anyone here have that link or the ebook in pdf format that they can share share with me.

I downloaded the book when i heard about it but, since that time i had a hard drive failure and lost the ebook and a lot of other things too.

This book seemed to be more for women but, i would like to read it if i can find it. in the mean time i search for it and see if i can find it myself.

http://www.oprah.com/community/thread/44532

This link may help. In need it myself. thats what i was looking for exactly.

Listening to shows like ramsey et al…

I feel great when I hear/read/whatever of people getting their debt paid off. But, I also hear/read/whatever their yearly income is over  $60,000.00 and I’m only earning about $15,100.00 this last year and also about $3,000.00 from SSI this last year.

I have paid off a lot of my debts ad one of my dad’s debts when he died. I estimate it at an amount of $40,000.00 and some change total, I have $11,780.00 something (Including their interest charges and such) left to go. I’m snowballing it now. This month, I had to take my dogs for their boosters and was able to pay it off in CASH and not owe the vets’ office!! What a feeling!!!!!

I guess all I hope to say here is that if *I* could do it, there’s hope for anybody to do it.

Despite the fact I do not earn as much as those folks on the radio, I *DO* have a paid for house. IMO, this helps a lot.

Bear up folks, I broke the $3,000.00 mark on another one of my debts just today, down from $3,144.00 to $2,953.00… then I have others, but sometimes, breaking those little milestones is a big morale booster. I did go to the market and bought much needed healthy fare for my meals and lunches etc… I have to eat well due to medical needs. I was able to pay CASH for the $154.00 food list, for most of the month. All I’ll need to return for is salads, milk, bread and cereal perhaps before March.

You are doing well. Having a paid for house makes a big difference! In my opinion, if in nobody elses. That is a large chunk of money that goes out every month and not having to pay a mortgage payment is one thing I truly look forward to down the line.

I think that’s all that has saved my bacon. My folks knew with my eye damage jobs would be few and far between, so when they paid the house off and made me trustee, then owner, it saved me a lot of grief of rentals, mortgages etc.

Order of Importance?

Is there a general rule of thumb about what debt should be paid off in what order? And where do long-term goals fit in?

For example, if you have:

  • debt: credit cards, home loan, auto loan
  • long-term goals: college fund(s), retirement fund, emergency fund

Assume your credit card interest rate is larger than your mortgage interest rate. And assume you can only put money in one at a time (a tad unrealistic I know, but for the sake of argument let’s assume you don’t have enough to do all at once).
How would you order, from “Pay off or Invest in First” to “Pay Off Last”

For me personally, I am doing the following:

  1. Establish an emergency fund up to $1,000;
  2. Pay off credit card debt;
  3. Pay off auto loan;
  4. Continue to build my emergency fund up to 6 months of living expenses;
  5. Pay off home loan.

Paragraph in the Fair Credit Act dealing with telling collectors to only contact you by mail.

Does anyone know if there is a paragraph in the Fair Credit Act dealing with telling collectors to only contact you by mail.

I think it is the Fair Debt Collection Practices Act (FDCPA) that you are probably referencing. Most of the act is dedicated to
describing the proper ways a creditor can collect on a debt. I don’t think creditor’s fully adhere to it, but Section 805 of the
FDCPA basically says that if you write the creditors a certified letter to cease and desist from further communications, then they
are supposed to stop from most communications – written and oral (by phone). When you do it, they are not supposed to contact you
anymore except for limited reasons (such as required notices that they may be required by law to send you in connection with a legal
action such as a lawsuit seeking a judgment for the debt). Also, if you have an Attorney, they are supposed to communicate with them.

For more info on the FDCPA and creditor contact: http://www.ftc.gov/bcp/conline/pubs/credit/fdc.shtm I belief the FDCPA applies ONLY to debt collectors and not original

creditors. This is a federal law. There may be state laws that apply to original creditors.

Desperate please help! Part 2. Some thoughts.

Desperate please help! Part 1

Could you negotiate with your landlord at all to avoid eviction? It is vital to have a roof over your head. I have been in dire rent straits myself, and I called my landlord (maybe I am lucky, but I have an individual as a landlord and not a corporation) and told him the truth, but that I could come up with the money as the month progressed .I offered to have my boss write him a letter about my paydays, etc. I was so nervous, so afraid of being evicted – but he let me slide. There is also Legal Aid, as it takes a while to evict someone in most states and by then you can come up with  money.

Are you single? that would be nice, as you wouldn’t have to worry about feeding the kids – I hope you have some food money , but if not, there are often food pantries and churches that can hlep out – its embarassing, but I would do it if I was desparate. The debt will have to wait. Shelter and food are first.

Take heart – you are working, and there are resources out there. It is hard to take action sometimes, but telling the truth usually helps. I have been where you are and somehow I was okay!

The first thing you need to do is take some time and BREATHE. I have been in what I considered to be desperate situations with money problems myself and the only thing that got me through was diligance, hardwork and trust in my own ability to get out of the financial problems I had. Take some time out and think of it in the perspective of what your life is worth… and if you start to believe in yourself, day by day the financial situation can all be worked out through your efforts. DONT… I repeat… DONT do anything to compromise your safety, or that is against the law because it will not be worth it. Even if you get away with whatever it is, it’ll be on your conscience and what also will happen is next time you are in a jam, it’ll be easier to that THING you really dont want to do. IT’s NOT WORTH IT. If your rent is only a couple weeks psat due and you have a new job now, can’t you reason with the landlord and ask for an extension and
the minute you get your next paycheck, make the rent a priority, because the roof over your head is really important- one of the most important things. Can you take a quick part-time job – in the evenings to supplement the income of your new full time job? I mean, when you take a job, you have to wait for money to come in, but atleast you will know when it’s coming in and this way you can start to learn how to plan what you will do with the money as far as getting back on track with your living expenses and finances. Don’t despair- you can do it! Can you give your landlord something you own (a valuable) as collateral – so he or she feels easier about giving you an extension to pay the rent. You may also find out what the rental laws are in your area. I know in some states a rental agent or landlord cannot evict a tenant unless they are a month or more behind in rent. Take the time to research what your rights are as a tenant. As for why or how your credit got destroyed, this can be slowly turned around if you really want it to. Ask for help on this group and I’m sure you’ll get tons of great advice about finances and getting healthy with your financial life.

First of all talk to the landlord about your rent. A couple of weeks past due may not harm you. They have to go through a court system to evict you. They have to give notice, etc. Contact your local renters commission or something. Ask around. Maybe seek assistance at your local Family Independance Agency. They may be able to help with rent and food to help you stay on your feet and in a home. It doesn’t hurt to ask for resources.
Local churches might also do free food programs so you don’t have to spend money on food and what you would have spent can go towards rent.

Re: Desperate please help! Some solutions.

I moved to Nevada and was suprisingly out of work 3 months. Finally, I got a good jub, but it may have come too late. My rent is a couple weeks past due and I am gonna be evicted if I dont get a loan in the next day or so. I just got married and have animals. I can not be homeless! here is the problem:
atrocious credit- it is bad. my fault. i was young and stupid no assetts- need an unsecured loan new job- no verifiable work history or time at my addressWhat can i do? i must have tried every online lender out there! all of them rejected me. on top of that, my credit must have been run 100 times. prosper.com is the common suggestion. they said no.

i am in a serious state of panic. no interest rate or other terms bother me. i will pay whatever. i can set up direct deposit to
have the loan paid first. that does not help me. anyone have any suggestions? if i can not get this done, i have been thinking of
some very negative scenarios to try to do something. and these are not something i want to do. please help
Do you have anything you can sell? Stereo, TV, ipod, computer? I’d sell stuff rather than get any kind of loan. Here’s what I would do. Remember, nothing is hopeless. Nothing! Sometimes fear and panic gets in the way of looking at all your options.
You have to decide what you are most comfortable with, but here are a few ideas:
  1. Contact a local church/synagogue/mosque and speak to the clergyperson. They may offer resources you don’t even know of. We’ve all been down and out at some point in our lives in some way. I would do this first, as soon as you can get to a phone. If you are scared enough to write what you wrote, you need to get a support system in place to get you through this.
  2. As far as your pets go, I understand they are like kids to you. With this thought in mind, and knowing that you want what is best for them and for yourselves (getting back on your feet), I would work to find homes or foster homes for them. “Best for them” might mean being in a more stable environment, at least temporarily. There are people out there (and shelters too) who will foster until you get on your feet. Seriously, the last thing you need to worry about now is feeding and sheltering them–it is a drain on finances that you do not have. See if you can find a 6 month foster situation if you can’t bear to part with them.
  3. Make a list of your options…staying with family, friends, even the YMCA or a shelter if needed. Find out how to get to them and what you can take with you if you need them. That way, you know you are not literally out on the street. Your clergyperson may help with this also.
  4. Is your spouse working? Keep job hunting and do whatever it takes to start bringing in money (legally, of course!). Slinging burgers at McDonalds is better than where you are at now. If nothing else, it will raise your confidence that you are trying to do something.
  5. As soon as you are able, try to take a course on budgeting. I’m taking a Dave Ramsey course now and it is excellent. I believe in some cases they offer scholarships and so you don’t have to purchase the kit, but I’m not sure. This course gives you budgeting skills, motivation, and hope, and it is nonjudgmental. I’m finding it is changing our financial life.

This is a rough situation, but I think you still have some options. I’ve never had to do this, but my bank offers an advance for people who do direct deposit–it might be worth looking into with your bank. I’d be more comfortable with that than with one of those predatory “payday lending” places. (Don’t do that, by the way).

Can you negotiate at all with the landlord? Maybe put a payment plan (that you can manage) in writing, and see if they’ll go for it. I’ve never been a landlord, but I’d think that would be preferable than just booting you out.

Otherwise, see if a family member or friend can give you a temporary loan, and again, put the payback terms in writing. Is your spouse working? Have family or friends willing to help? Technically, if you’re married, it’s really everybody’s problem. That can be both a blessing and a curse. :)