23 years old with a horrible credit issue
Date: Tue, 07/24/2012 - 08:26
Hello all!
I am in a bind and I have no clue who to turn to. Back in 2008 my fiancee (now husband) and I both lost our jobs around the same time. We went from having a good income to zero. Being young and dumb, we had no savings. To make things more of a challenge, we were expecting our first child. A few months later we both got new jobs. He however took a huge paycut. We made some decisions and saved what we could (one car, one credit card, rent payment). Everything else we had to let go. We even had a BRAND NEW truck repoed. Anyhow, fast forward to 2012, we are doing better and have even paid some of our old debt off. The proble we are facing though is the past is coming to haunt us full force. We have collectors hounding us including $15,000 for the repoed truck. Some of the payment plans the collectors want is unthinkable for us. Even though we are better now, were not rich. We have everyday expenses, childcare, insurance, etc. The little debt we owe could be paid off in a matter of months BUT the truck is not an option. If the put a judgement against us, we will be left with nothing. What should we do? Should we think bankruptcy? PLEASE HELP!!!
I am in a bind and I have no clue who to turn to. Back in 2008 my fiancee (now husband) and I both lost our jobs around the same time. We went from having a good income to zero. Being young and dumb, we had no savings. To make things more of a challenge, we were expecting our first child. A few months later we both got new jobs. He however took a huge paycut. We made some decisions and saved what we could (one car, one credit card, rent payment). Everything else we had to let go. We even had a BRAND NEW truck repoed. Anyhow, fast forward to 2012, we are doing better and have even paid some of our old debt off. The proble we are facing though is the past is coming to haunt us full force. We have collectors hounding us including $15,000 for the repoed truck. Some of the payment plans the collectors want is unthinkable for us. Even though we are better now, were not rich. We have everyday expenses, childcare, insurance, etc. The little debt we owe could be paid off in a matter of months BUT the truck is not an option. If the put a judgement against us, we will be left with nothing. What should we do? Should we think bankruptcy? PLEASE HELP!!!
