Care One Debt Consolidation or Bankruptcy ?
I am 19. My mom and I became homeless when I was 17 and I had to make it on my own… I ended up with this:
$1000- capital one (have said they will take no less than $325 at a time and adds $100 a month)
$1000- walmart
$800- verizon wireless (they told me it would be $100 then charged me way more.)
$900- dr. bills because of an illness that caused me to be out of work for 5 months.
I am recently engaged to be married, but of course we have to clear the money issue up before we can afford it. We moved in with his mother and are currently paying no bills. I work part time at an office making approximately $400 a month. I am also attending Nursing school. It will be 2 years before I finish.
I can’t handle the collection calls that are almost daily and also just want this out of my hair.
We do not plan to apply for any loans for houses or cars for a long time.
Should I try Debt Consolidation to work on paying off these loans at a rate I can handle or is Bankruptcy a better choice.
I am reluctant to do Bankruptcy because I am young and I would have a hard time getting all the money up front to pay for it.
Care One set my monthlyy payment at $232 for 19 months.
What to do???
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STEVEN F said,
June 5, 2010 @ 4:10 pm
NEITHER. Less than $4,000 in debt is not worth bankruptcy. There is NOTHING any debt consolidation company will even PRETEND to do that you can’t do BETTER on your own.
There is a simple method to dealing with collection calls when you don’t have money. HANG UP. As you can find money, settle with ONE at a time. If one actually sues, deal with them first. Until that time, IGNORE the collectors. 99% are what they say is a LIE designed to SCARE, or P*** you into forking over cash to shut them up.
Technically Minded said,
June 5, 2010 @ 4:43 pm
Maybe see http://www.credit—card.org/?id=nthnt
Adam said,
June 5, 2010 @ 5:08 pm
Sorry to hear about your situation.
This is not a situation to declare bankruptcy. You can handle this on your own. You do not want to ruin your financial life for the next 10 years over $4000.
You do not need debt consolidation.
Talk to your creditors and explain your situation and explain how you can pay them back. Tell them you just need a little more time. Then send as much as you can each month to get them paid off.
Good luck to you.