What would you do if you were in such a debt that the Military wasn't enough and you needed a second job?

Question

Your whole paycheck is taken from allotments and negative balances before you can even use your money that you need for necessities and you have to get a second job. You're soon to get out of the Army so they're not going to give you any AER loan, and the check into cash places will not give you money because of your negative drafts, you have nothing of value to sell, Your credit cards are maxed out and they have their hand out wanting money, your in threat of a repossesion of a vehicle, and that's going to be at least $10,000. You want to stick it out so you don't file bankruptcy because you have only the other vehicle and that's your transportation. What would you do?

Answer 1

My you have lived beyond your means for a long time huh? I betcha it all started with those credit cards?! (The work of the devil on earth.)

You need to see a debt counsellor. There are companies that deal with this sort of thing. They will talk to your debtors to try to get some of your debt forgiven (at least the penalty charges). Believe me, the last thing your debtors want is for you to declare bankruptcy!

Do this as soon as possible. Your financial situation will be tight for awhile, but there will soon be light at the end of that tunnel.

http://www.debtorassistance.com/services.html
http://www.consolidatedcredit.org/
http://www.consumercredit.com/

These links should help get you started.

Answer 2

Being a retired member of the military and a former Navy Relief Case Worker, I will give you some advice the others have already offered and then some.
First cut up your credit cards and send them to the company. Have them cancel your accounts (they can cancel it even though it is not paid, they will cancel the cards out so you can't use them, which is their account cancel)
See your Command Master Seargent and come clean with him or her.
Talk to them about seeing a credit counselor in your outfit or on Post. The Army does have people trained to help you with your type of situation.
You will need every statement that you make payments on. Utilities, rent, mortgage which ever you have if either, car payment, insurance, etc.
Then they will sit down and list your expenses after your monthly bills.
They can refer you to a reputable credit organization that can help you possibly reduce your interest on your credit cards. They will also help work out a payment plan.
What ever you do, DO NOT LIE to your Command or the counselor, as you will shoot your only chance of help.
Blow it with them and you can blow your chances of getting help.
DO NOT use one of those paycheck loans. They can legally charge you interest as high as 100% of the balance due.

If the Army is planning on releasing you, it is most likely General under Honorable. You have a chance to maybe stay in.
Ask you Command Master Seargent or your Career Counselor.
You have a better chance in the military of paying your bills, as you can have a reduction made in your pay to go to the credit counselor who will pay your bills for you, so you know they are paid on time and you have no dealings with the credit people.
Right now your credit rating is probably so low it will take a lot of work to clean it up.
You are on the right track, no get off your Rear and see your Command about staying in the Army and getting yourself back on track, by moving back on Post and saving rent, utilities etc.
Good Luck

Answer 3

It looks like your back is against the wall and it's time to pony up! You got yourself in the mess dude,, what were you thinking ,,, that the bills you are incuring were just gonna go away? You sound very irresponsible and I doubt if any bank will loan you money or extend you any credit,,so perhaps should go to one of those professionals that help you get out of debt by contacting your creditors and they make a deal with them in your behalf.

Answer 4

I'd probably be really depressed. BUT I'd get a second job ASAP.

And for what its worth, don't ever do those check cash places as you will end up in a more vicious cycel than you're in already.

REview what you are spending, talk to you creditors, cut every luxury - drinking, smoking, cable tv etc. Doesn't have to be permanent...but at least for 6 months til you get caught up. work your butt off with 2 jobs and you'll get back on your feet.

Good luck - I know it sucks.

Answer 5

Stop living beyond your means. You make X dollars a month, Stop spending twice that amount each month.

Do they still give reenlistment bonuses for critical MOS's ? that or Bankruptcy is your only alternative, unless you can work out a deal with you creditors, which means going threw a lawyer either way.

Answer 6

I would go up my chain of command to request assistance from your service's relief fund. You might have to repay the loan.

If you are sincere and honest to your superiors you'll get the help you need, whatever it takes. Whatever you did to get into this mess, you have to figure out how to stop messing up. You may have to sacrifice a little in the short-term, but you'll learn a lot in the long term.

Answer 7

hey killer,

you might want to let someone know how jacked up your life is. Let your next in command know and ask for help. That is why you have a chain of command, and small unit leadership. These problems are meant to be dealt with early and often.

Answer 8

Re-enlist and collect a bonus if you qualify. AER can probably teach you how to budget your money like other military relief societies do.

Answer 9

Well I would go up my chain of command for help. I would get another job. I dont see why your chain of command wouldnt let you do that instead of possibly getting out the military for the "other than honorable discharge". And if they dont want to help well, do what you have to. Its not their lives its yours.

Answer 10

It's going to take some searching, and time on your part, but this link will take you to a good place to start.