Need some advice

I'm a member here, but this is just a forum for discussing debt related issues. There is no obligation to join, and you actaully earn points when you post and can trade them in for cash.

Unfortunatly, it doesn't do debt consolidation. But when you sign up you can chose to be contacted by a credit counselor in your area to discuss your options.

Another option you have is to start a thread, post a bit more about your situation, and you will gets tons of advice on what your next step should be.

I'm desperate for any advice! Here is my situation if anyone wants to hear it! haha
My car was stolen in feb of 2007. Luckily I had full coverage BUT, i didnt have GAP. I have a personal loan of $4,000.00 out for that because I couldn't purchase another car until that GAP was paid off. I financed another car cuz I couldnt go without it since my job requires one. I then made the worst mistake of my life and lent someone $5k through cash call and has yet to see any of it (I know, you can blame that stupid one on me). I just got laid off from a 6 yr job I had and was out of work for a month (worked out for the better cuz the job I have now is a greater opportunity). But had to use credit cards to make ends meet. Everything added up with two credit cards on the side...I'm $39,000.00 in debt and only 22(going on 32)! So all this debt is from making stupid immature decisions and learning lessons. Normally I wouldn't be so open and honest about this kind of stuff, but anyone's advice would be well appreciated!

ibpup - I'm making this it's own topic. That way you will get mroe responses.

So am I reading right that you borrowed from Cash Call for a friend? And that friend isn't paying?

debt consolidation may be the best option for you. It can decrease your interest rates and make your monthly payments smaller. But Cash Call doesn't like to work with consolidation companies.

How much is your yearly income?

Hey Goudah! Thanks so much for your help! I really appreciate it! Yea, I would like to seek debt consolidation help. I spoke with one debt consolidation agency last night and it seemed alright. I need to contact and research some more to get a better feel for it. The last thing I need to do is make another bad decision that will only make things worse for me. The only thing is, is with that Co., they pay your creditors in bulk. So I save up as much as I can in a couple of months and then they start negotiating with my creditors. So it starts messing with my credit once I'm not making my normal credit card or loan payments a month. I wonder if all debt consolidation firms are like that??!!

Yes, you're absolutely right...I lent money to a friend who has dropped off the face of the earth (go figure, huh). The first thing I asked the agent last night was about my CASH CALL loan. They said they cannot touch that because it's a secured loan. So, does debt consolidation only deal with unsecured loans? I'm pretty much screwed with this CASH CALL piece of crap! BUT, I'm thinking if this debt consolidation works out, once I clear those accounts I can take out a loan at a MUCH lower interest rate and pay that thing off! Look at me...I'm just rambling! I guess the best thing for me to do is talk to a debt counslor (someone who is not trying to sell their services)?!?!

Oh, and I make about $38,000.00 yearly after taxes.

Cash Call is an unsecured loan . . . . You didn't have to do anything but sign, right? There isn't property attached to it, right?

But they are notoriously hard to work with.

It seems to me that the company you talked to was a debt settlement firm. What they do is have you save up money until you have enough to start negotiations. Then they try to settle your accounts for say, 50% of the debt. This can be dangerous because there is no guarantee that the creditors won't sue you in the meantime.

Whatever company you do go with, be sure to do your homework. Check them out on the BBB, do a google search, anything you can think of. There are a lot of rip off debt cons companies out there . . . .

So you are $39,000 in debt, and only make $38,000 a year? You also may want to look into bankruptcy. It sucks, but may be a decent option for you.

In debt consolidation, it takes all your unsecured debt. You are right about Cash Call, maybe you can get more money freed up if you do consolidation. Be sure and check out any company you are dealing with. There is a Ranking Chart to the side of your screen for each state you can also check out. You may have made some poor choices concernig debt, we all did, the point is you are willing to acknowledge this, and try to corret them! Hang in there, we are here to help! :D Karen

Also...when you borrowed that money for your friend...did you get anything in writing from him to say he would pay you back?? I am thinking if you have to pay back that loan...small claims court to get the money back from your "friend""???