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 Newbie
User of semicolons.
 
Registered: 07/18/04
Posts: 23,015
Loc: Suburbia 
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 Re: It's come down to it. I'm filing for Bankruptcy.  [Re: Veritas]
#9683678 - 01/26/09 06:33 PM (4 years, 3 months ago) |
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Sallie Mae wants such an exorbitant amount of money though, I can't tackle both. It's one or the other, unless the CCCS can help me battle Sallie Mae as well..
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Veritas
Registered: 04/15/05
Posts: 11,088
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Re: It's come down to it. I'm filing for Bankruptcy. [Re: Newbie]
#9683700 - 01/26/09 06:35 PM (4 years, 3 months ago) |
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It's worth a try. It will only take an hour or so to meet with a counselor & review your debts. If they can negotiate an agreement with your creditors which is manageable for you, wouldn't it be worth your time?
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Newbie
User of semicolons.
Registered: 07/18/04
Posts: 23,015
Loc: Suburbia
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Re: It's come down to it. I'm filing for Bankruptcy. [Re: Veritas]
#9683726 - 01/26/09 06:39 PM (4 years, 3 months ago) |
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It most certainly would. Do you know of any off hand or should I just google some reviews and see who seems to be most helpful?
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Veritas
Registered: 04/15/05
Posts: 11,088
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Re: It's come down to it. I'm filing for Bankruptcy. [Re: Newbie]
#9683752 - 01/26/09 06:44 PM (4 years, 3 months ago) |
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Just look up Consumer Credit Counseling in your area. Don't go to any of the credit consolidation services, you want to go to the non-profit organization.
https://www.cccsstl.org/about_us/cccs_about_us_cdc.asp
I hope that you will be able to work something out. I know how stressful it is to get in over your head, and how difficult it is to climb back out, but I think it is worth it.
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SFsorrow
Is Born
Registered: 11/11/07
Posts: 259
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Re: It's come down to it. I'm filing for Bankruptcy. [Re: Veritas]
#9686689 - 01/27/09 02:57 AM (4 years, 3 months ago) |
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I'm a bit curious as to how you got $7,500 in credit card debt to start with and are now bitching about how you can not pay it back via the terms of your contract with the creditor. I remember your initial post a while ago outlining your situation. Have you not asked about payment programs with the creditors who call you on a regular basis? Don't just ignore their phone calls! I worked as one of the guys on the other end of the phone for a while (was still working for a large bank's cc collections department there when you first posted in the summer), some of the callers are uneducated assholes, others will be willing to work with you (setup some sort of payment program) in order to get two or more payment cycles covered and closer to being current again. If you can not work with the creditors directly, go with CCCS before filing ch.7!
If you can pay the $1500 up front for the lawyer, you sure as hell could pay that to your creditors to get them off your back and save your credit!
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Newbie
User of semicolons.
Registered: 07/18/04
Posts: 23,015
Loc: Suburbia
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Re: It's come down to it. I'm filing for Bankruptcy. [Re: SFsorrow]
#9687046 - 01/27/09 05:51 AM (4 years, 3 months ago) |
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That's my problem. I'm really uneducated in the subject. Especially the student loans. I don't know the difference between the 5 or 6 loans I have out, and when I read the information my head literally starts to hurt. I just can't retain the information. Last night I got the number for their financial hardship dept.. I'm going to go through them first. It's only my one credit card (My $7500 one) that I'm having trouble paying down. My other ones are okay.
Edited by Newbie (01/27/09 05:59 AM)
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Newbie
User of semicolons.
Registered: 07/18/04
Posts: 23,015
Loc: Suburbia
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Re: It's come down to it. I'm filing for Bankruptcy. [Re: Newbie]
#9689008 - 01/27/09 04:18 PM (4 years, 3 months ago) |
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I called the financial hardship services dept. on my big credit card and they put me on a 12 month extended repayment plan where I only need to pay $80 something a month. I can do that! I can probably pay a little more too just to get caught up quicker. GOD that makes me feel so much better.
That only leaves Sallie Mae....
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SFsorrow
Is Born
Registered: 11/11/07
Posts: 259
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Re: It's come down to it. I'm filing for Bankruptcy. [Re: Newbie]
#9697902 - 01/29/09 01:47 AM (4 years, 3 months ago) |
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What is the interest rate on the payment program they set you up on? 12%? 18%? ~$80 a month is not going to cover any interest gained but use the program to get current again and to stay on top of payments so your interest rate will go back to contract along with your payments once you get things under control. There is (at least there was as of 9/08) a Federally mandated 4 month waiting period between program cycles, so if you are not caught up when the program ends, you're fucked.
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Newbie
User of semicolons.
Registered: 07/18/04
Posts: 23,015
Loc: Suburbia
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Re: It's come down to it. I'm filing for Bankruptcy. [Re: SFsorrow]
#9739657 - 02/05/09 10:54 AM (4 years, 3 months ago) |
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The interest rate is 4%. They accepted my application and I'm sending a payment over tomorrow. The only want $81 a month, would it be wise to send them $100? Hell I could send them $80 a paycheck if it gets me in the clear faster.
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Lana
Head Banana
Registered: 10/28/99
Posts: 2,903
Loc: www.MycoSupply.com
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Re: It's come down to it. I'm filing for Bankruptcy. [Re: Newbie]
#9739716 - 02/05/09 11:11 AM (4 years, 3 months ago) |
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Sending a bit more will get you out of the red faster.
What ever happened with Sallie Mae? Any news there?
Sounds like you're getting things on track. I'm happy for you! Keep us posted.
Lana
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Newbie
User of semicolons.
Registered: 07/18/04
Posts: 23,015
Loc: Suburbia
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Re: It's come down to it. I'm filing for Bankruptcy. [Re: Lana]
#9739730 - 02/05/09 11:14 AM (4 years, 3 months ago) |
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I don't even want to call Sallie Mae until I get my next paycheck (tomorrow). If they do decide to make some kind of deal they're going to want me to send something that day. I'm going to call them up and ask about repayment options, if they don't give me any I'm going to ask them for their financial hardship dept. If that doesn't exist I'm going to have to put on my game face and start demanding things.
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Newbie
User of semicolons.
Registered: 07/18/04
Posts: 23,015
Loc: Suburbia
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Re: It's come down to it. I'm filing for Bankruptcy. [Re: Lana]
#9748737 - 02/06/09 11:56 AM (4 years, 3 months ago) |
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Well I called Sallie Mae today and told them my situation. I explained that I've been battling other companies as well to reduce payments and that I'm now in a position to at least pay them SOMETHING. Here's what my account summary looks like:
Account information
Next due date: 03/04/2009
Monthly payment amount: $463.13
Past due amount: $1,119.55
Late fee(s): $661.80
Other charges: N/A
Present amount due: $1,472.58
Pay this amount: $2,134.38
Original principal balance: $40,130.00
Capitalized interest: $11,858.06
Outstanding principal balance: $35,772.92
Accrued interest: $930.11
Total amount outstanding: $36,703.03
These late fees are BS! If I pay $400 to them it's not even paying interest or anything, that's just a late fee! I explained to them that unless I win the lottery that's absolutely not going to happen. I don't have a car so a second job is out of the question, and even if I had one that wouldn't be enough to cover it. I told them I could pay them $50-$100 every 2 weeks or nothing. I've used up all forbearance time, the loans that are in repayment don't qualify for and deferments... I think I'm fucked, and I'm going to default and get sued. I don't see any other option other than to ignore Sallie Mae. I hate this shit. Biggest god damn mistake of my life. I'd still be in the same position I am now, jobwise, and have a lot more money in my pocket if I hadn't gone to ITT Tech.
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Lana
Head Banana
Registered: 10/28/99
Posts: 2,903
Loc: www.MycoSupply.com
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Re: It's come down to it. I'm filing for Bankruptcy. [Re: Newbie]
#9749925 - 02/06/09 04:07 PM (4 years, 3 months ago) |
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I hate to say it but even when I was half done reading your statement, I saw that you had late fees....
You've gotta pay those late fees. If you don't your money will never go towards your principal.
If possible, pay as much as you can until you no longer have the late fees. Then try to renegotiate.
Most of these companies screw people because of the late fees and penalties that add up. I can assure you that once the late fees are paid off and you get back on your original payment plan, it will be easier.
Lana
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Myco Supply - Distributors of Mycological Products
http://www.MycoSupply.com
The Premiere Source for Mushroom Growing Supplies.
Visit us online or call us toll free
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Lana
Head Banana
Registered: 10/28/99
Posts: 2,903
Loc: www.MycoSupply.com
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Re: It's come down to it. I'm filing for Bankruptcy. [Re: Lana]
#9749960 - 02/06/09 04:11 PM (4 years, 3 months ago) |
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Now that I'm thinking about it...
If you can, pay them $100 every two weeks. They DEFINITELY won't return you check  If thats all you can afford to send, then send that. IF for some reason they sue, which I doubt, they're going to look at your track record and see that for X amount of months, you've been sending in payments. Two payment a month is better than no payments. Also, if you get a collection agency calling, tell them the truth.
Tell them that you send them two payments a month. It's not that you're not paying, you're just not paying what you CAN'T afford to spend.
Lana
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Myco Supply - Distributors of Mycological Products
http://www.MycoSupply.com
The Premiere Source for Mushroom Growing Supplies.
Visit us online or call us toll free
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Newbie
User of semicolons.
Registered: 07/18/04
Posts: 23,015
Loc: Suburbia
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Re: It's come down to it. I'm filing for Bankruptcy. [Re: Lana]
#9751831 - 02/06/09 09:25 PM (4 years, 3 months ago) |
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OkaY I'll send them $$ every 2 weeks if you think that'll help. I'm ready to try anything at this point. I have no other options. 
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 Grok
Has Been a Bad Boy
Registered: 12/04/03
Posts: 1,262
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Re: It's come down to it. I'm filing for Bankruptcy. [Re: Newbie]
#9773651 - 02/10/09 08:22 PM (4 years, 3 months ago) |
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Apply for a government bailout???
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Newbie
User of semicolons.
Registered: 07/18/04
Posts: 23,015
Loc: Suburbia
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Re: It's come down to it. I'm filing for Bankruptcy. [Re: Grok]
#9773653 - 02/10/09 08:23 PM (4 years, 3 months ago) |
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I'll get back to you on that.
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Learyfan
It's the psychedelic movement!
Registered: 04/20/01
Posts: 26,713
Loc: High pride!
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Re: It's come down to it. I'm filing for Bankruptcy. [Re: Newbie]
#9773795 - 02/10/09 08:47 PM (4 years, 3 months ago) |
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Sorry to hear about this dude. 
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Kada
Asha'man
Registered: 02/15/05
Posts: 12,138
Loc: Portland, Oregon.
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Re: It's come down to it. I'm filing for Bankruptcy. [Re: Learyfan]
#9775988 - 02/11/09 12:45 AM (4 years, 3 months ago) |
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I'm going through the same thing. The people i talked to told me that sometimes it really is better to just file bankruptcy. In my case, I'm filing bankruptcy. I have 30k in debt if you add a 10k home equity loan. We owe 80k for my wife's schooling that we haven't started paying on yet, and i owe 83k for the house i bought still.
Short and skinny-
I can pay the home equity loan if that wouldn't be included in a bankruptcy. I can pay for my house, and i can start paying school loans. That is only IF i declare bankruptcy to get rid of the 20k debt that i am behind on as fuck, and have no hopes of paying them everything i own them. There are 4 companies that want their money NOW, and they wont haggle with me. I lost my job, broke my foot, and the wife had another baby last year, and thats why i haven't paid the 4 companies for about 8 months.
Oh yeah, and I'm behind on child support. I'm boned as well, but i wanted you to see what I'm dealing with so you know why i am going for bankruptcy. I get a 2700$ tax return, and I'm buying myself a brand new bankruptcy lawyer! I never thought it would get this shitty, but everything added up to us just having bad luck and bad timing.
The mother of my kid just sent me a email saying she wants her husband to adopt my daughter. I think i may actually consider it. I wouldn't have to pay support, and she said i could still talk to her and see her. Might be a bad idea, but we will see what happens. I have 2 boys at home with my wife that im trying to feed, so that might actually be a option.
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I am free because I know that I alone am morally responsible for everything I do." -Robert A. Heinlein
"There is no need for temples, no need for complicated philosophies.
My brain and my heart are my temples; my philosophy is kindness."-Dalai Lama
Live long and prosper.
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Newbie
User of semicolons.
Registered: 07/18/04
Posts: 23,015
Loc: Suburbia
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Re: It's come down to it. I'm filing for Bankruptcy. [Re: Lana]
#9790589 - 02/13/09 03:32 PM (4 years, 3 months ago) |
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Well I was exploring my 401k options today and I don't have much in it yet as I just got it 2 years ago, but I put in a request for a loan for $1700 for Economic Hardship. I'm going to call up Sallie Mae if I get the money and I'm going to let them know I'm prepared to make that payment if they get rid of my $600 or so in late fees. This payment will bring my account current with them, which would be awesome.
It just sucks because my dad is in a worse position that I and we may lose the house if he doesn't do something. I'd like to be able to give him more money but I'm buried in a pile of my own debt.
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