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InvisibleLana
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Registered: 10/27/99
Posts: 3,109
Loc: www.MycoSupply.com
Re: When is it a good idea to consolidate (via not paying) credit card debt and ¨settling" [Re: Confucian]
    #21974663 - 07/21/15 08:05 AM (8 years, 6 months ago)

Since you now own the homes, why not consolidate through a bank?

If you fully own the homes, use the equity in the homes.  What is each home appraised for?  If each house is being rented (100% occupancy) and you have no liens or mortgages on any of the houses, then you are doing pretty well.  I think the banks would say the same. 

You'd be better off by getting a line of credit through your bank (again, use your houses as equity).  A LOC (line of credit) through you bank will have a much cheaper interest rate than your credit card companies.

Lana


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InvisibleStonehenge
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Registered: 06/20/04
Posts: 14,850
Loc: S.E.
Re: When is it a good idea to consolidate (via not paying) credit card debt and ¨settling" [Re: Lana]
    #21975073 - 07/21/15 10:27 AM (8 years, 6 months ago)

That plan is little better than bankruptcy. You overextended yourself, you still think it was a good idea but can't keep up the payments. Try getting a loan at lower rates to pay off the cc debt using the property as collateral. You will save a bundle on interest and not trash your credit for 10 years. Or just use a little self discipline and put more on each payment.

>the cards with $5000 (I think I have 2) have minimum payments of $110, and monthly interest of $60. So the balance only drops $50 even though I am paying $110/month.

So pay more than min, pay 200 or more on each and pay it off in a few years rather than 10 or 15. Don't forget that in bankruptcy they will take your property and without bankruptcy they can place liens on it for cc debt or any debt. Liens can be foreclosed on it not paid. You could lose everything trying to get something for nothing. Man up and pay your bills.


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“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835)

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OfflineBud Fuggins
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Re: When is it a good idea to consolidate (via not paying) credit card debt and ¨settling" [Re: Confucian]
    #22050019 - 08/05/15 08:29 PM (8 years, 5 months ago)

You should just become a debt collector and pay off your bills with your fat ass commission checks :glittershitz:


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OfflineDottoreWolfe
Doctor Wolfe


Registered: 02/21/15
Posts: 201
Last seen: 5 months, 12 days
Re: When is it a good idea to consolidate (via not paying) credit card debt and ¨settling" [Re: Bud Fuggins]
    #22050118 - 08/05/15 08:45 PM (8 years, 5 months ago)

I'd absolutely say your best bet is to call all the companies and ask them for settlement price. Add all figures together from each of your liabilities. Sell of home or a car until your debt is paid off, debt + interest + bad credit is not a good combination for future success. Kill the debt now before it festers and grows more severe, if you have to make a sacrifice like selling a home, it will well be worth it in the long run.


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Everything I post should be regarded as wholly fictitious or hypothetical, nothing I post has any basis in reality.



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InvisibleConfucian
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Registered: 03/31/09
Posts: 1,741
Loc: USA Flag
Re: When is it a good idea to consolidate (via not paying) credit card debt and ¨settling" [Re: DottoreWolfe]
    #22052498 - 08/06/15 09:29 AM (8 years, 5 months ago)

Quote:

DottoreWolfe said:
Kill the debt now before it festers and grows more severe, if you have to make a sacrifice like selling a home, it will well be worth it in the long run.




I have about 40k in cc debt ($950 a month in mins). The balance actually goes down, but not by $950 each month (not sure how much exactly, maybe 5 or 600?).

I could sell a house tomorrow and get around 60k, pay off all cc debt, and have 20k in my pocket.

But - that means I stop collecting $12,000 a year in rent. Hypothetically, if I didn't have other bills or had higher income I could take every penny from this rent, and have the cards paid off in about 3.5 years. And then go on collecting $12,000 a year for the rest of my life and be debt free.

Selling the house is my absolute last resort option and I don't want to go that route.

I have a plan, but it might backfire, setting me back a few thousand. In about 1 month I am going to start daytrading stocks to see if I can make an extra couple thousand a month. I'll know very quickly (within 5-10 trades) on whether it's going to work or not, lol.


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InvisibleStonehenge
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Registered: 06/20/04
Posts: 14,850
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Re: When is it a good idea to consolidate (via not paying) credit card debt and ¨settling" [Re: Confucian]
    #22053038 - 08/06/15 11:27 AM (8 years, 5 months ago)

Day trading is a bad idea. If it was that easy everyone would do it. Just put a little extra in each payment or pick one with the highest interest to pay down first. As for settlement, they only do that if its in default and little chance of recovery. You don't want to go there.


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“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835)

Trade list http://www.shroomery.org/forums/showflat.php/Number/18047755


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OfflineDottoreWolfe
Doctor Wolfe


Registered: 02/21/15
Posts: 201
Last seen: 5 months, 12 days
Re: When is it a good idea to consolidate (via not paying) credit card debt and ¨settling" [Re: Stonehenge]
    #22053566 - 08/06/15 01:17 PM (8 years, 5 months ago)

Yeah you may pay off cc in 3.5 years without other bills, but by selling house and having extra 20k you could start off clean and own another house debt free in a few years, especially if you paid off that debt asap


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Everything I post should be regarded as wholly fictitious or hypothetical, nothing I post has any basis in reality.



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OfflineBambi
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Registered: 03/22/09
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Re: When is it a good idea to consolidate (via not paying) credit card debt and ¨settling" [Re: DottoreWolfe]
    #22053691 - 08/06/15 01:53 PM (8 years, 5 months ago)

day trading is a terrible idea IMHO


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"I want to read, talk with my friends via the computer, and enjoy my life now that people know I'm not dead. " -Rom Houben


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OfflineDottoreWolfe
Doctor Wolfe


Registered: 02/21/15
Posts: 201
Last seen: 5 months, 12 days
Re: When is it a good idea to consolidate (via not paying) credit card debt and ¨settling" [Re: Bambi]
    #22054853 - 08/06/15 06:17 PM (8 years, 5 months ago)

Yeah day trading sucks, you can buy stocks or properties as assets and hold onto them long term, but you shouldn't day trade unless you've had experience, gone to business school and/or have a highly regarded mentor.


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Everything I post should be regarded as wholly fictitious or hypothetical, nothing I post has any basis in reality.



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InvisibleConfucian
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Registered: 03/31/09
Posts: 1,741
Loc: USA Flag
Re: When is it a good idea to consolidate (via not paying) credit card debt and ¨settling" [Re: DottoreWolfe]
    #22057450 - 08/07/15 09:22 AM (8 years, 5 months ago)

Quote:

DottoreWolfe said:
Yeah day trading sucks, you can buy stocks or properties as assets and hold onto them long term, but you shouldn't day trade unless you've had experience, gone to business school and/or have a highly regarded mentor.




I've probably spent 10,000 or more hours studying stocks. Problem is I was always a swing trader. I've tried (and failed) on about 3 separate occassions to day trade, but you know what they say, "4ths a charm" (right?!)


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OfflineDottoreWolfe
Doctor Wolfe


Registered: 02/21/15
Posts: 201
Last seen: 5 months, 12 days
Re: When is it a good idea to consolidate (via not paying) credit card debt and ¨settling" [Re: Confucian]
    #22059055 - 08/07/15 02:53 PM (8 years, 5 months ago)

You could try to just buy European properties while dollar is strong and euro is weak or use ForEx and buy euros or rubbles or trade stocks,  but don't day trade buy them as assets and hang onto them. But I would really consider meeting with a financial advisor.


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Everything I post should be regarded as wholly fictitious or hypothetical, nothing I post has any basis in reality.



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Offlinedavidhawk
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Registered: 12/09/16
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Last seen: 7 years, 1 month
Re: When is it a good idea to consolidate (via not paying) credit card debt and ¨settling" [Re: Bud Fuggins]
    #23909085 - 12/09/16 03:02 AM (7 years, 1 month ago)

This is not a good idea in the sense that from one side you are taking loan in payment of another loan. For loan payment, you must have some extra payment, otherwise there is no use of it. One of my friend who is working as credit card negotiator with Vantage Acceptance, told me that it will be better to make adjustment rather than being as bankrupt.


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Offlinefinalexplosion
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Registered: 11/04/16
Posts: 370
Last seen: 7 years, 1 month
Re: When is it a good idea to consolidate (via not paying) credit card debt and ¨settling" [Re: davidhawk]
    #23935023 - 12/17/16 10:35 AM (7 years, 1 month ago)

If you have a 20% visa card, cut it. If you consolidate it for now charge or minimal payment of a few hundred dollars, you can pay it off pretty fast. You bank on doing so before that period runs dry.


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The light of wisdom is driving away the darkness. Look at the ground. Now you can see your own shadow. If you are scared by the shadow that follows you, just remember, wherever shadows fall, light is always nearby.


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