I need Help to consolidate my bills

Hi Diamond Girl

I have my complete sympathy towards you. I can understand how tough it is to go through these types of circumstances. Well, if you keep on delaying the payments, then the principal fees will mount up very high with the interest and the late charges. This will increase your debts to the maximum and will really put you in a bad shape.

Consolidating your debts at this stage is very urgent for you as it will enable you for lower monthly payments along with lower interest rates so that it gets suitable to your needs


Quote:

Vikas....

If this young Lady joins "Officially"....Please donate my Last $100.00 to her for me..

This is sad...and after "relating" my storey....I'd hate to feel I didnt help in some way, as I know when help came our way in times of need it was VERY WELCOME and made us feel good that the world was not such a bad place..

That "My Storey" thread is a kinda of Catharsis....allow me to place things in context etc....maybe I haev needed that for a long time :?

Jerry

I joined as Cruz 79 also known as Diamondgirl.

Thank you for your advise about not filing for bankcrupcy. I have filled out the form for someone to contact me and give me advise.

Hi cruz79

I am sure that the presence of the community members in the forums will be a consolation to you. Also, I am pretty sure that you will again start a peaceful life very soon.

Keep in touch with us often

Roxette

[quote=Diamond Girl]My husband was murdered 2 years ago and I have been trying to make ends meet. I have 5 small children and I am 26 years old. I have a part time job and My retired mother watches my children. I cant afford a babysitter. I have been living on credit cards to pay my living expenses and have gotten very deep in debt. I can't make the payments on time so I get late fees which makes the limit of my credit card overdraft and in turn I am charged additional fees. How does one consolidate the bills to have only one bill?[/quote]

This is perhaps one of the most poignant stories that I have ever heard on this board and in my whole life. Given the immense strength that you have already showed by enduring these hardships, I believe that you have the fortitude to overcome this debt.

First, I believe that your situation qualifies for public assistance. Because you are working a part-time job and you have 5 kids. That is too much to juggle with a part time salary. So you should seek out public assistance for starters. It was made to assist hardworking people undergoing hardships similar to one you are enduring.

However, if it is possible for you to work 2 part time jobs or move over to a full-time shift at your company, that would immensely help out your situation. You need to throw as much money as possible at this debt in order to effectively tackle it. So getting by on barely making minimum payments would only ensure that you would saddle this debt for a long time.

Also, you don't need me to echo your sentiments about the dangers of living off credit cards. This would only dig you into a deeper debt hole and ruin your credit when you can't make the monthly payments. So I would suggest that you look into loan consolidation. try to research all of the companies in order to find the most reputable company that would offer you the lowest interest rates. if you don't have enough collateral for this, then going for consolidation with out a loan would also be a route that you can take.

Also, inquire with you creditors about hardship programs. many credit companies have hardship programs for people undergoing temporary financial hardship. You should see if you qualify for a program such as this.

HI cruz79

Please do let us know about the move that you have made so far. I hope that you can also get some government grants for assistance during such times.

Regards
Roxette

[quote=Diamond Girl]My husband was murdered 2 years ago and I have been trying to make ends meet. I have 5 small children and I am 26 years old. I have a part time job and My retired mother watches my children. I cant afford a babysitter. I have been living on credit cards to pay my living expenses and have gotten very deep in debt. I can't make the payments on time so I get late fees which makes the limit of my credit card overdraft and in turn I am charged additional fees. How does one consolidate the bills to have only one bill?[/quote]
Although I may be scolded for this opinion, I will go ahead and suggest that you ignore your debts and decalre bankruptcy. Judging by your situation, even consolidating and paying the minimum each month would be a tremendous burden. Also, keep in mind that the US government will offer generous help, aided by that of the state and the county you reside in. It may be as much as your entire food/school or kg/medical needs for the entire family. Your husband's social security (depenmding on his entire life earnings) can be a small but a welcome bonus. Have you researched these avenues??
In any cvase, if even with givernment aid you are struggling to meet you CC minimums, bankruptcy is the best and most obvious option (see literature on BK recovery and you will learn that it will usually take a fairly short time to bounce back into ok credit).

Hi dejonese

Welcome back. It is not always preferable to opt for bankruptcy at the toughest times. Before considering bankruptcy, which will stay in the credit report for 10 years, a person should opt for debt settlement to do some repair.

Bankruptcy impedes many job prospects in the future and also the ability to get a security. These days, many credit card companies are also putting this in question while dealing with the applicants.

I strongly oppose filing for bankruptcy because it is quite an embarrassing process and everyone gets to know about it which ultimately destroys your financial ability. Many states exempt only a small amount of your personal items and a small amount of equity in your house. In court, when you don't qualify, the judge denies your liquidation bankruptcy and puts you in such a chapter where you are required to pay your creditors in full.

Although debt settlement is a temporary solution, you can negotiate with your creditors over the settled amount and thus improve your credit report. The creditors usually settle 40% - 60% of your debt and you are required to make a single payment every month.

Please read the following articles to have a better idea.

http://www.debtconsolidationcare.com/avoid-bankruptcy.html
http://www.debtconsolidationcare.com/debt-settlement.html

Please let us know your feedback. We will be waiting to hear from you.

Regards
Roxette

Yes, I understand my credit will be messed up for years after filing bankruptcy even longer than 10 years. This is not what I want to do. I have tried to get a loan with the bank to consolidate and was rejected. I have tried to get help from the government and they tell me my social security check is too much to give me any kind of assistance. I am looking into daycare assistance but the county says there is no money right now.

I do have a question. One of my credit card payments is 60.00 per month what would happen if I paid only 20.00 a month? Would I get a late fee on the remaining $40.00?

Hi Diamond Girl

Welcome back. I am not having the information from your side as to what is the minimum to be paid in your $60 monthly payment.

If $20 per month was or more than your fixed amount to be paid each month, then it is for sure that it won't incur any late fees in it.

However, please update yourself for the accurate data from the company which is handling the payment structure.

Please let us know if we can assist you further. I hope that are keeping a sound health by now.

Regards
Roxette

[quote=Diamond Girl]Yes, I understand my credit will be messed up for years after filing bankruptcy even longer than 10 years. This is not what I want to do. I have tried to get a loan with the bank to consolidate and was rejected. I have tried to get help from the government and they tell me my social security check is too much to give me any kind of assistance. I am looking into daycare assistance but the county says there is no money right now.

I do have a question. One of my credit card payments is 60.00 per month what would happen if I paid only 20.00 a month? Would I get a late fee on the remaining $40.00?[/quote]

Yes you are right about the bankruptcy. I don't think that is the best option for you. That would be a long-lasting stain on your credit that you don't need. Right now, you are trying to get your credit house in order. So filing bankruptcy would be a bit counter intuitive. Even worse, the new bankruptcy laws may still hold you responsible to repay those debts. So that is not a way out like it used to be. but you already know all of this.

But, I would like to warn you that you should not continue on the path of using the credit cards to pay the bills. Because you will not only have to contend with the late fees; but also, you will have to deal with the sky high increase in your interest rates. You credit companies will increase your interest rates because they will perceive you as a risk when you are late or when you miss payments. So that would dig you in a deeper how, financially and credit wise.


Now I am a bit concerned for your situation because you said that you have been rejected for consolidation from your bank. Maybe you should try getting a cosigner with good credit. They will help you get approved for the consolidation that you are looking for.

And if that doesn't work, you should look into consolidation that doesn't require a loan. Instead, the consolidation company contacts all of your creditor and negotiates with them in order to reduce your interest rates to something more manageable. this will have a cumulative effect of lowering your monthly payments. So you should try to look into those options.

good luck.

My earlier question as to my min. payment being $60.00 dollars and paying only $20.00 was answered by my statement. Yes I did get a late fee on the balance of the min. payment of $40.00.

I don't have a cosigner to help me get out of debt. I don't have any money to pay a debt consolidater to work with the credit companies. But in doing research on this site I am going to attempt to do it myself and use the sample letters to try and waive the late fees and interest to bring the payments down to where I may be able to handle them.

Thanks to all for your replies. I will keep in touch as I go through this process.

Hi Diamond Girl

Welcome back. Yes, you can handle your creditors with ease through your own efforts also. Please go through this page for step by step guidance while dealing with them.

http://community.debtcc.com/diy/index.html

http://community.debtcc.com/letters/index.html

Please let us know at any time how we can assist you further.

Regards
Roxette

[quote=roxette]Hi dejonese

Welcome back. It is not always preferable to opt for bankruptcy at the toughest times. Before considering bankruptcy, which will stay in the credit report for 10 years, a person should opt for debt settlement to do some repair.

Bankruptcy impedes many job prospects in the future and also the ability to get a security. These days, many credit card companies are also putting this in question while dealing with the applicants.

I strongly oppose filing for bankruptcy because it is quite an embarrassing process and everyone gets to know about it which ultimately destroys your financial ability. Many states exempt only a small amount of your personal items and a small amount of equity in your house. In court, when you don't qualify, the judge denies your liquidation bankruptcy and puts you in such a chapter where you are required to pay your creditors in full.

Although debt settlement is a temporary solution, you can negotiate with your creditors over the settled amount and thus improve your credit report. The creditors usually settle 40% - 60% of your debt and you are required to make a single payment every month.

Please read the following articles to have a better idea.

http://www.debtconsolidationcare.com/avoid-bankruptcy.html
http://www.debtconsolidationcare.com/debt-settlement.html

Please let us know your feedback. We will be waiting to hear from you.

Regards
Roxette[/quote]
roxette,
i agree with you, paying your bills off will save you a lot of trouble. most management positions with big corporations will require a credit check, next to a background check. I was actually able to convince one of my credit card providers to exteend my credit line by 120% and have transfered all my balances to that, with an amazing FIXED for the life of the balance rate of 3.99%. Luckily, my credit rating was good enough. thanks for the reply, dejonese

Hi dejonese

Welcome back. You made a good move and as a result, got the worth of it. After all, a good credit score in the credit report is all that matters.

We wish that a proper planning in all your financial matters will give you good results in future.

We hope to see your active participation in the forums in frequent intervals.

Regards
Roxette

[quote=Diamond Girl]My earlier question as to my min. payment being $60.00 dollars and paying only $20.00 was answered by my statement. Yes I did get a late fee on the balance of the min. payment of $40.00.

I don't have a cosigner to help me get out of debt. I don't have any money to pay a debt consolidater to work with the credit companies. But in doing research on this site I am going to attempt to do it myself and use the sample letters to try and waive the late fees and interest to bring the payments down to where I may be able to handle them.

Thanks to all for your replies. I will keep in touch as I go through this process.[/quote]

I am glad that you decided to take some action to resolve this problem. I understand that you don't have cosigner. many people in the US don't have the luxury of a cosigner because many people in the US have bad credit. So that was just a suggestion to look into if you had that option available.

Also, to make this clear, the debt consolidation companies usually charge a small fee. it is nothing exorbitant as if you would pay for a lawyer or another service. That would be if you choose a company that is non-profit. They don't charge a lot for their services.

However, it is a smart idea to try to handle this situation by yourself. I hope they will be human enough to give you a break with these debts. Have you had any success through this method? I hope so. I am glad you were able to find what you needed on this site. Please keep us informed of your progress.

Very grateful to you. Actually i entered here for asking a query but i've got the right answer.

Thanks again

Hi Zolan

We are happy that you got your query solved in the right direction.

You can keep posting your regular comments and suggestions in the forums for community welfare. We will be pleased to assist you in your times of need.

Regards
Roxette

I am so sorry to hear about your situation. I came on here to post about an issue I was having, but then felt the urge to reach out and help you. You may want to consider other things other than debt consolidation, have you ever though about joining a debt management program or credit counseling. I knew a friend who went through credit counseling and was able to get out debt and she was in seroius debt. At least with credit counseling you have a counselor that you can talk to whenever needed. Just make sure if you consider doing that, you find a non profit credit counseling agency because those are the ones willing to help you and not in it for the money.

best of luck!
Keep us all updated

Okay, I know I have not been on for a long time but Good News. First I want to thank this site for the letters that helped me to achieve my goal. I wrote all my creditors a letter and explained to them my financial hardship and ALL but one took away overlimit fees and late fees. I am back on track with min. payments per month and below my credit limit. All in all the stress has been lifted for now so long as I can keep working and do not have to pay for daycare then I will be fine. So thank you for giving me the direction to go.

Hey Diamond Girl

That's really good news :D

You were successful in establishing a rhythm between your creditors and let them know that you are willing to pay the total debt.

I am glad that they appreciated your willingness and helped in solving most of your problems.

Do keep visiting this site and keep us informed.

Do you know that we are trying to build up a strong community within us? Have you checked up the 'Pub Section' in this site?

I am sure you too will love to join this community.

Regards
Roxette

:wink: call me i can help? jason

Phone number deleted for your safety-Vikas