We are determined to fix our financial situation. As you know, Paul works a job that is VERY physically demanding because it pays well. This week he went back to work (after the fiasco) on Tuesday morning and managed to work just under 50 hours in 4 days. He has now also gone back to his old restaurant to pick up the occasional shift. He is working his first one right now and is excited because it means cold hard cash (and he was promised the primo section).
For my part, you know how hard I've worked at dealing with Paul's credit reports. And I'm very undemanding when it comes to 'stuff'. Its true that I need Prilosec and constant eye infection prescriptions, but other than that, a couple of magazine subscriptions and food, I demand very, very little.
And yet, we struggle. Although we are earning lots right now, we also have tremendously large monthly expenses. We also have a creditor that wants a lump sum of several thousand dollars right now, won't take payments and is threatening to sue. So, what do we do about that?
I just wish that I could get someone who knew what they were doing to look at our budget/credit report and tell us how we should be proceeding. Mostly though, we are remaining upbeat. We are tired, but we feel that we are doing what needs to be done for our family.
(I should also point out that I'm writing this to make myself feel better because I feel like I'm SO not contributing. I'm most certainly not trying to claim that I'm working as hard or as effectively as my hubby.)
7 comments:
So, I'm not a lawyer, but what is the worst that happens if your creditor actually follows through his threat and sues? A judgment in his favor, and since you still can't pay thousands of dollars up front, um...Paul's wages are garnished, which in the end is no different than making a monthly payment?
My experience, too, is a lot more people threaten to sue ("you're gonna hear from my lawyer!") than really do, in the hopes it will scare folks.
From what I've learned on Judge Mathis, it's good to try and pay something to people who want money even if they want the whole sheebang. Then, when you get sued and the judge says, "How much have you paid them?" you don't sound lame and say, "I tried to give him money but he didn't want a partial payment."
Have you tried contacting one of those not-for-profit debt consolidation/helper companies? I don't know which one(s) are legit and which are out to get you, but I know some can be helpful.
I think it sounds like you are doing your best to get things squared away, and if you do get sued...well...like Andy said...what are they gonna do? Can't get milk out of a chicken.
Um, not that I'm saying you are a chicken!
I think you are doing as much as possible to handle what you have to handle. I know what it's like to deal with creditors and such. I once had one rile me so much, I was crying, because at that time I had to choose between sending them 20 bucks and buying my prescriptions. Just keep plugging away. If the debt that the person is threatening to sue over isn't that much, they would lose money by suing. My advice on that one is to send them what you can anyway, keeping meticulous records of what you sent, when, and how. Certified mail if possible, and by either check or money order, something easily tracked. If they end up not accepting the payment, you can STILL show your attempts if they DO sue. I also don't know which credit/help places are legit, but since you can, do some research on them, maybe one of them can help. They should be able to negotiate with creditors, especially if you are dealing with high interest rates from a credit card or something.
You are doing plenty to help, so what if it isn't monetary. Soon enough, your immigration stuff will be done and then you CAN get a job. In the meantime, keep plugging away, I know you'll get through it. I know I can't wait till we're farther along in our 'get out of debt' plan. Years have drifted down into months, finally, and you'll get there too.
Bah, I rambled a bit, sorry. *mwah*
I would look into your local women's groups. People tend to think of women's groups as places only single moms with tons of kids can attend but it's just not true. Usually they are overflowing with untapped resources and you just might be able to find a free info session or free credit counselling classes or some such.
Reba
I'm one of those people who used the non-profit consolidation places. After my divorce, I had so much debt it wasn't even right--like, five digits.
Once you start working with one of them, the creditors MUST stop calling you with threats and things like that. You pay the consolidators, and they disperse your payments, and it goes on record that you are making your payments on time. They find a monthly payment that you can handle, and they go from there.
It's very worth looking into. It got my behind out of some serious problems. Made me so afraid of credit that I didn't have a card for almost three years after I paid everything off.
I went through a non-profit agency too, and it was AMAZING. When I left for Thailand in late 2000, I had 8 (count 'em!) 8 credit cards. By the time I returned 3 years later, I had exactly one. To this day, I just have the one, well, and my Victoria's Secret card, but that has a zero balance ;)
It's like The Girl said, what they do is call up all your creditors and negotiate with them for you. They get ALL your enormous credit card interest rates WAY down (except for AmEx which are assholes and will RAISE it if they find out you're doing this).
Then you pay the non-profit a lump sum every month which they then send out to all your creditors for you, and usually you "target" the worst one, i.e. everyone gets their minimum payment, but the highest interest rate card gets a big extra chunk each month until it's paid off.
I NEVER thought I'd get out from under those cards, but I did it. It wasn't always easy, but I didn't live like a monk either during those years. I still traveled and had fun.
I used "Garden State Consumer Credit Counseling" (which I'm assuming is in NJ) and they were wonderful. But I know there's tons of those guys out there. So, give them a try!
Warning: Once you join up, you can't TOUCH your credit cards anymore, that's the deal, so basically you close all those accounts, so be prepared to do that.
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