Debt Relief

[Indymuscleguy]

Group,

My wife and I have always great credit scores (750). My wife is about 20 points higher than mine, to be exact.

We both have great, stable jobs.

We have never had a 'late' payment history. I looked at our credit report and I can track my history back to 1985

Currently, our debt to income ratio has reached a point to where we are living paycheck to paycheck.

We have some equity in our house, however, we don't want to tap into the equity as we see this as an emergency only situation.

I'm trying to find a bank that will supports unsecured loans so we can pay off some if not all of our credit card debt.

We both have 403b account balances in $of 250K, however, neither plans offer a 'loan' against our accounts.

I have thought about the debt consolidation companies. I understand they may be risky.

So...any leads on a lender who deals in non-secure loans, I'd appreciate it.

[DSM4Life]

[Kale]

Helpful as usual

[DSM4Life]

Helpful as usual

He got a free bump from me...now two.

[Indymuscleguy]

He got a free bump from me...now two.

Thank's for the bumps.

[Odpierdol_sie!]

this may not come as much help.... in fact since you are not in the UK it will probably serve as no help what so ever....

Anyway,
Until not too many years ago i didnt have a credit card, but i had to get one because i couldnt book a lads summer holiday to Ayianapa. So i had to play ball and get one. Anyway as the story goes i ended up taking out a loan ( for a car) but spent it on other things instead (not at liberty to say what).

ANYWAY. the bank did a naughty thing of canceling my overdraft, it was in fair a bit of carelessness by me, but it was totally unprofessional by them the series of letters they sent out, e.g. "as of 18/10/04 your current account overdraft facility will be reduced to £800 please contact us before that date if you will require the amount to be increased" letter dated 17/10/04.
So you can see how it went. May i point out at this time i had not missed any payments or anything of such sort.

I was in the middle of applying for other cards to transfer the balance of my credit card (to get the no interest fee for so many months), but because of the banks cock up, and the fact some direct debits went unpayed i ended up with a bad credit rating and was refused credit by other companies.

Present day, i managed to arrange a repayment scheme with the bank and kept with the agreement until very recently.
I was again shafted, in a very similar fashion by a different bank (under the same umbrella).....
Long and short of the story was, they fvcked up royally and forwarded a default notice on the credit card to a debt collector before the date issued on the warning even though i had alread payed the amount.
So im being pestered by debt collector day in day out now.I dont care what they say... they aint getting shit from me, ive told them all that, ive looked up every shred of legislation and im not at fault at all, so if they want to take me to court, they can be my guest.. but really until they do take me to court they can keep phoning me threatening to come round to my house because quite franky i have money behind me so i wont need credit. In all reality what is the point in threatening me with a bad credit rating for not paying them the money i owe?.

In this current climate although very bad for people who are in trouble, i am laughing my cock off at the people who are owed money. They lent money they didnt have to people who couldnt pay it back... at the end of the day whos fault is it.
I owe a fair amount of money, and if i really needed i could pay it off right now, but why should I.. as far as im concered fvck em, but i dont have any responsibilities like a house or anything.... i guess its a thing nowadays that loaners are seeing more and more of. I know every apt i have ever lived in there have been tons, and i mean tons of letters from debt collectors sand there for people.. mostly people with middle eastern names. This one guy who was in a apt before i was ran up debts of over £75k.. fair play i say haha.


Anyway,
In your case though bud best thing for you is to check out this web site http://www.moneysavingexpert.com/ i know its UK based but no harm in getting advise from it and see if there is anything there that you can use a similar way.
This guy who owns the site, Martin Lewis is the guy who pretty much started the peoples fight against lenders. Like banks charging extortionate amounts for returned debits or missed payments... definatley threw a big spanner in the works, and rightly so i say.

[majorpecs]

I just got an unsecured loan from Bank of America for 25K.

[ghettoboyd]

whatever you do dont use any of the credit card consolidation companys.thay lied to me and told me that my monthly payments were going toward my debt when ultimatly thay were going to themselves. i did "settle" on a few cards only to find that the money i saved was considered income to the IRS. that caused me to owe some major backtaxes cus i sold my buisness just before i did this.anyways now the IRS has put a levy on all my accounts as of yesterday. and has taken possesion of all my funds leaving me with no money to buy gas or food to feed my family right before thanksgiving. the IRS is a bunch of heartless bastards that can suck my cock and choke!be carefull whatever you do.

[jman98z24]

Just stop borrowing money and pay it all off. Moving debt around does not equal paying it off.

http://www.daveramsey.com/

[pump.joe]

I agree. Don't touch your equity or your retirement account. Cut out unnecessary expenditures.

The fact that your debt to income ratio has risen this high means you are already living beyond your means -- you need to address that problem, not accumulate more debt.

[Kale]

you really need to assess you spending against your income. Do you have a budget ? I have never budgeted in my life. The down turn has hit me hard and I have had to really write down everything I spend a month as I am now close to the wall financially. I earn a lot of money and I was blowing about eight grand a month on pretty much nothing. Now I am watching every cent. I use www.mvelopes.com to help me budget Its probably the best I have seen in the way of budgeting software. When you do it seriously you will be amazed where you see the money goes and what you can do to save

[Odpierdol_sie!]

In the whole reality of it all, you should sit down and work out what you owe and what interest rates you are paying on that debt.

If its from one lender, you should firstly contact them and expalin you are in financial difficulty. Chances are they will ask you to do a budget and then they might work out a payment plan over a longer period for lesser money with reduced interest rates.

If you have the money to, they may just agree to take a final settlement of a lesser percentage of the whole debt.. some banks are happy to take 66% of the total debt without even arguing with them if it means that the debt will be setteld.

If this is not really any kind of option because the lenders wont play the game, your best bet is to work out the rates you are paying back. Calculate what ones you will be paying the highest interest on (if you have more than one debt).
Pay off the highest first and pay it off ASAP, the longe you run on high interest the more you will be paying to the man. Never just pay the minimum amount on cards etc, budget and cut back on luxuries then pay back as much as you can afford and never get in to the trap of going in to debt to pay debt. If this does happen you will very quickly fall in to insolvency and if your debt is big enough you will most likely be made bankrupt.

Best of luck with it all tho bro.

[PrideFEDOR]

Buddy , can I ask u a question ? u said that ur 401k or 403b whatever both have 250k balances . Is that right now ? During the crisis ? I've heard some people complaining saying that their 140.000 401k plan worth 20.000 now. Is that how it is right now ?
Your major bank should give u a loan.
If you really plan to pay it back, do u want me to introduce u to some people who can land u money ? Im dead serious too! And hope ur finiancial situation gets better my man! I hate seeing people owe too much on credit cards etc. Esp. right now during crisis, some people's SUV's worth 1/2 of what they owe on them to the banks. Crazy ! I bought a car 1.5 ago for 44 grand cash, right now its 20 (if even).

[bigt10]

Just keep borrowing and living beyond your means and wait for the government to bail you out.

If you did take out a loan it will be much cheaper to pay back in the future with all the inflation and cheaper dollars coming.

Look at the new Fannie mae bailout plan with 38 % of your monthly income.

Lets see what kind of Robin Hood scheme Obama can come with to bail out and save every company and every person in the country with a printing press.

[Indymuscleguy]

I think plumber joe need's a bailout! (Me!) All of us!!

[Indymuscleguy]

I have subscribed to Dave Ramsey's website. Some good info there!