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We have made some foolish mistakes and don't know how to fix them. don't worry, we've learned from them. we are 3 pmt past due on my vehicle. I'd give it up but they said my monthly pmt would still remain the same. weve talked to bankruptcy lawyer and he said we would lose the land that is in my husbands name but it's not ours, it's his moms. she thought she could trust us by putting the land in our name but now we are in danger of losing it. i just had to quit my job because i don't have babysitters and can't afford daycare. my husband works 70-80 hrs a week and we just need to catch up on past due payments for a chance to keep up. is there anything else we can do. its hard to make budget because we never know how many hrs he can work. i'm gonna go back to work when he can stay home and watch the kids. I just need someone to suggest a debt management company or a book i can get from the library for advice. I'll let you know anything else if anyone wants to help us. thank you

2007-09-05 05:56:16 · 14 answers · asked by Anonymous in Business & Finance Personal Finance

14 answers

Get dave Ramseys "Total Money Makeover". Or you can go to daveramsey.com and listen to his radio show or find a station near you to listen too. He has lots of good advice on debt and money.

2007-09-05 06:02:40 · answer #1 · answered by heybulldog 5 · 1 0

Check nfcc.org for a credit counselor. Only legit companies will be associated.

First, you need to find ways to cut spending. For a two week period both of you should write down every penny you spend. You'll be amazed how much money is wasted.

Second, make a list of all your bills. Group them into categories -- shelter, food, car, other household, credit card, etc. Then start looking for was to cut the bill.

Try to get all your bills to fit into the income from your husband's 40 hour work week. Yeah that will be tough. But it will give you some room to pay off credit cards and other debt.

Have you tried to sell that vehicle? It might be better to get out from under the debt, even if you have to pay a couple thousand dollars difference -- I'm assuming you are upside down on the car loan. If you're 3 months behind, they will probably be repo'ing it pretty soon.

2007-09-05 06:19:53 · answer #2 · answered by bdancer222 7 · 0 0

Would you feel comfortable borrowing against your mom's property? And would she let you? You'll probably have to pay at a higher interest rate, because of all your late payments, but it may help in a pinch.
Secondly, one or both of you has to get a steady job. I know, easier said than done, but if you want to maintain a regular monthly budget that's really the only way. I know because my husband and I are in a similar situation. He did seasonal work that has been particularly slow this year, and we decided that the only way to keep our home and keep out of bankruptcy was that he would have to find a higher paying regular job. Knock on wood he found the job, and it's still gonna take a little time to catch up, but it's so much easier to plan when you know exactly what your income is.
So many of us are in similar situations right now, and I hope you find the help you need to get back on your feet again. Good luck!

2007-09-05 06:13:31 · answer #3 · answered by my brain hurts 5 · 0 1

You may want to contact your debtors first, becuase talking to them one on one, they can lower your interest rates, put you on payment plans, and help you bring your accounts current. Most creditors are willing to do this, and it is free. In many instances, loans are issued with insurance. Some insurances can pay the loans in event of loss of job or other situations. Check that also.

You can also contact a debt management program (such as CCCS, Genus, etc.) but make sure that they are non-profit and don't charge you any fees (you will end up further in debt).

You can also contact your local office of social services, and they have services/programs that will assist you in the payment of child care services, many of which are low cost to you.

Whatever you do, don't get futher into debt by taking out any more loans, payday advances, etc.

2007-09-05 06:04:40 · answer #4 · answered by iamtooproud 5 · 1 0

heybulldog has the best answer. daveramsey.com

Briefly, make a budget based on an amount you are confident you can make. Any extra that comes in applies to the bill with the lowest balance. Eat rice and beans. No vacations, no going out, no emergency purchases like shoes or fishing equipment. Make your money behave!

Oh, asking God to help is a good idea, too.

2007-09-05 10:31:59 · answer #5 · answered by starfishltd 5 · 0 0

LULU-- you are the best and only management company that is going to do things about the debt.... You think you owe now---wait the debt manager takes over and I trust you will be owe him also... When you run out of money ---expenses have to be cut... No Smoking--not alcohol ---no sunday drives --NO to whatever it is that cost money--- Three months behind??? The repo truck will be their soon...Then the husband will have no wheels...Your the ones that messed up -- now you can fix it... with children???

2007-09-05 06:23:51 · answer #6 · answered by Gerald 6 · 0 0

There are tons of non-profits who specialize in this sort of thing- counseling people in debt. They'll have resources for you to try out and suggestion for getting out of debt. Search online for debt help or something in your area.

And forget making a budget based on how many hours he works. Figure out the smallest budget you possibly can and work for that regardless of his paycheck- that way, you'll have extra money to pay bills on the weeks that he brings in a lot. And if you're as much of a crisis as you suggest, you need to cut all frills. Get rid of cable, get rid of cell phones or use a prepaid plan and use them only when necessary, get rid of expensive internet and opt for a very cheap dial-up, get rid of call-waiting and extra feature, forget eating out, pack lunches instead of buying, use coupons, stay in on the weekends, forget buying or renting DVD's and CD's, forget the expensive haircuts and salon services... You need to take major steps now to bring your head above water.

2007-09-05 06:19:02 · answer #7 · answered by cincykt 2 · 0 0

You might want to check with a debt settlement company. They are different than debt consolidation companies. Debt settlement companies work with your creditors on your behalf to decrease the total amount of debt that you must pay, rather than lowering interest rates, combining everything into one monthly payment, etc.

Do some research on debt settlement companies, and see if they can help you.

2007-09-05 06:07:01 · answer #8 · answered by Casey C 2 · 0 1

You could find a job working opposite hours from your husband; babysit other children in your home; take in laundry. Do everything you can to avoid bankruptcy. It will ruin your credit for 7 years.

2007-09-05 06:05:36 · answer #9 · answered by Suzy 5 · 1 0

Your are in financial crisis. You might want to consult a bankruptcy lawyer. Also, take time to improve on your financial education, so you don't make the same mistakes. You guys might want to cut back on some of your luxuries.

2007-09-05 06:01:45 · answer #10 · answered by Muga Wa Kabbz 5 · 0 0

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