First off, Settlement is out of the question b/c it is not good for people who may want a Government Clearance for a job....so scratch that. Also we already have a second mortgage so scratch that too......My issue is we are in serious debt and we want to get out before we get in serious trouble. My husband works for the Gov. so it is very important he stay current and no bankruptsy ect. Our plan is to sell a vehicle that we are having trouble paying for each month ($518 a month payments) Once we sell that we are going to apply that money toward our debts as such......Credit loan #1 (which is currently $90 mth and bal of $600) Apply $518 mth and $90 until paid off. When paid off apply the $518 a month + $90 mth + Credit loan #2 monthly payment amt. until paid off. We keep doing this with all our debts until they are all paid off. This is called the Snow Ball effect. because the payments get bigger as you go along. Anyhow, the problem its taking forever to sell the Van. Ideas?
2006-08-15 02:24:18 · 3 answers · asked by Dominika 3 in Business & Finance ➔ Other - Business & Finance
Have you listed it on ebay yet?
2006-08-15 02:29:56 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Have you contacted your lenders' Loss Mitigation departments? They will likely be willing to work with you to change the terms of your agreements/work out other arrangements for repayment so that the both of you would not have to go through the collections process.
2006-08-15 02:33:46 · answer #2 · answered by Synique 2 · 0⤊ 0⤋
If and when you pay thenm if your report doesn't say --paid in full as agreed--- then neither way is ay good way. It will still remain the same. the company just has extra monies that belong to you.
2006-08-15 02:32:05 · answer #3 · answered by Tired of lies 3 · 0⤊ 0⤋