wife made bad investment using her credit cards on cash advances. She can't pay the min. on her cards and can't pay 645 a month for 56 months on a credit company tying to help her. She is going crazy and the phone never stops from the credit card companies demanding payment. she got 28,000 from four cards to buy a % of a company that failed. Any suggesting?
debt question
- Thread starter davidjg47
- Start date
TELL YOUR WIFE THE AFFAIR IS OVER AND SHE CANT CONTINUE TO PAY BRIBE MONEY.SHE MUST COME CLEAN WITH YOU AND CONFESS YOU SOUND LIKE A REAL TRUSTING FELLA.WHO THE F-CK IN THERE RIGHT MIND BORROWS 28 GRAND ON THERE CREDIT CARD HASNT SHE EVER HEARD OF A BANK.I HATE TO BREAK THE NEWS TO YOU PAL BUT YOUR WIFE IS CHEATING ON YOU AND USING THE MONEY TO PAY THE OTHER GUY TO KEEP IT A SECRET FROM YOU.MY ADVISE IS TO GO TO THE NEAREST BRIGDE AND JUST JUMP OFF SURE WE WILL HAVE ONE LESS POSTER AT MADJACKS BUT MY VALUABLE TIME WONT BE WASTED ON THESE DUMB QUESTIONS
JACK I CANT CONTINUE TO GIVE ALL MY SOLID ADVICE IN YOUR FORUM WITHOUT BEING COMPENSATED IN SOME WAY JESUS CHRIST I FEEL LIKE DEAR ABBY EACH MORNING. FOR NOW ON I WANT TO BE KNOWN AS (DEAR BEANTOWN)
JACK I CANT CONTINUE TO GIVE ALL MY SOLID ADVICE IN YOUR FORUM WITHOUT BEING COMPENSATED IN SOME WAY JESUS CHRIST I FEEL LIKE DEAR ABBY EACH MORNING. FOR NOW ON I WANT TO BE KNOWN AS (DEAR BEANTOWN)
davidjg47 said:
Oh yeah, the ole "wife made bad investments" story. I used that one a long time ago myself back at FSU.
Tell your bookie(s) you just don't have it. Or move?
No one in their right mind would borrow against credit cards for an investment. If she was going to do that, how in the Hell could you approve of it?
Just doesn't sound right.
I'd be checking one-way U-haul rentals.
nole
Most small businesses are started with credit card financing and the situation happens a lot.
I would either talk to the CC companies and try to negotiate the debt down to something that you can pay monthly, or talk to a bankruptcy attorney.
I'm not sure what your situation is, but $645/month seems like something a second job would be able to pay for.
I would either talk to the CC companies and try to negotiate the debt down to something that you can pay monthly, or talk to a bankruptcy attorney.
I'm not sure what your situation is, but $645/month seems like something a second job would be able to pay for.
how does 53 billion sound? wish you had done a cash advance for a 53 billion return? some people never seem to amaze me. the founders of google did the same thing. beantown once again it seems you should just keep your trap shut. she should be able to tell them this : two choices to the banks. let them split the amount in half and make a smaller payment a month or wait fot them to charge off (will hurt her credit) then you can get away with paying 40-50% of the debt. gl. dont listen to the negative posters.
Declare bankruptcy...or put 10,000 on the Jazz tonight (just kiddin')
Sorry, this sounds like a very serious problem. I would definitely research bankruptcy options.
Sorry, this sounds like a very serious problem. I would definitely research bankruptcy options.
First off-did the % of the company she"bought" have any assets? Unless it was just stock- if she owned a actual % of a private company she is entitled to that % of any existing assets...do not just sit back- investigate and see what is left from that company...inventory, office equipment past due bills from clients etc. You would be surprised what CERTAIN THINGS ARE WORTH.......SECOND IF YOU CANT SQUEEZE AND $ FROM THE FAILED COMPANY-you absolutely have to cut up those cards-if you don't you will be tempted to put more money on them for other "bad" investments or purchases...If you work with a credit counselor-there are tons out there for a very small free-you will be out of debt quicker than you may think......the idea a second part time job is a excellent idea -(for both of you) half your money to pay of the debt -the other half invested in smart risk free products....if your APR's of each card are wide and varied transfer as much as you can to a card with the lower interest (if this is possible) you will save tons of $$ that way....gl2u
Excellent responses. David, your wife is one OF a million. This is done all the time. She was flat out ripped. A UCCI would have been put in place if there were any assets. If she personally lost 28K, the total loss was millions. Beyond above posters, I would re-fi and work overtime and put it in the experience bank. My experience tells me that you must had financial needs before this event. Good luck, it could have been worse. $28k is not much. Don't panic or heed negative advice. Stay in touch
Own a home(proably not) if so refinance pay them and rip them up!!,if not do what everyone else does file chapter 7. Learn from your mistake.
GL
GL
There are FREE consumer credit organizations that she can get in contact with. They will contact all the companies she owes and set up some kind of monthly repayment situation. This will appear on her future credit report as a negative. They will act as a middle for the whole situation.
GL on your future wagers
GL on your future wagers
contacted consumer credit organizations and they advised her file bankruptcy. The bad thing is her credit union told her, even though she would continue paying for her car, that she couldn't do business with them for 4 years. It was a company policy. She is sick about the whole thing and doesn't know what she is going to do because she knows she will need a new car before the 4 years.
feel for ya bro, if things are that bad bk might be the answer. the pressure can be tremendous. i've had pressure to but i dont know how i would handle it. it might be alot easier to file bk and not look back. being nervous every time the phone rings sucks out loud.
gl
gl
Had to file 10 yrs ago, divorce, IRS. It felt like a refrigerator fell off my shoulders when it was over. If you do decide to file, as soon as it's discharged, go to a local bank and give them $ 300.00 for a secured credit card, which you will use gor gas for your car period!! Once you have obtained that one, do it 2 more times, What your doing is rebuilding your credit and the sooner you do it, the better off you are.
And finally change your phone #
GL
And finally change your phone #
GL
We talked it out and she will file. It will cost 1000 and the attorney will let her pay it out with 300 down and the rest in post dated checks for 200 a month. She still feels sick but the abuse she is taking is worse. The phone rang every 5 minutes last night from 5pm till 9pm. She won't let me talk to them and she is to embarrassed to talk with them. The attorney will tell all to stop calling and get the ball rolling Monday when we pay them the 300 down. Thanks for all the help....
Good luck, hope you are on the way to recovery. Sounds like you 2 are sticking together thru this which is important as money trouble can be very stressful on a marriage.
