Rhett Posted May 18, 2011 Author Report Share Posted May 18, 2011 Thanks Again! Quote Link to comment Share on other sites More sharing options...
Casper Posted May 18, 2011 Report Share Posted May 18, 2011 This thread is so full of win. Quote Link to comment Share on other sites More sharing options...
Casper Posted May 18, 2011 Report Share Posted May 18, 2011 Really? Declaring bankruptcy for $20k in debt? Tighten your belt and do work son. You will feel 100X better if you pay it off over declaring bankruptcy, and be better off in the long run too. $20k is nothing. man up. lol Quote Link to comment Share on other sites More sharing options...
Snowflake Posted May 18, 2011 Report Share Posted May 18, 2011 I'd be willing to bet that there is no banking establishment in the world that would touch you. You are ready to file bankruptcy over a small sum like 20k. Do you really believe that there is someone out there that will give you money to pay off debt that you basically refuse to pay? If Im lending money to someone it damn sure wouldnt be to someone that wants to use that money to try and pay only half of what he owes to other people. Whats next? If you really used loaned money to pay off debt will you then try and pay back only $5000 of the $10000 you borrowed to pay off $20000? Other than what I have said I am truely at a loss for words and this is one of the main reasons why Americans are where we are at today. Quote Link to comment Share on other sites More sharing options...
AWW$HEEET Posted May 18, 2011 Report Share Posted May 18, 2011 if you can afford 5-600/month, why not pay off your current debt? Quote Link to comment Share on other sites More sharing options...
Rhett Posted May 18, 2011 Author Report Share Posted May 18, 2011 if you can afford 5-600/month, why not pay off your current debt? The Reason behind a debt consolidation loan is to take all of you debt and roll it into one payment. And to bring all the other debt as Current or Paid as agreed. For Example If I owe a credit card company $1,800 That would take 3 months at $600 a month to Pay that one credit card off, while the rest are being sent to collections, or trying to Garnish your wages. To the post about only paying off Half the Loan, I am not against paying the money I have spent (except on the mustang, I'd rather Toyota Financial eat a big black dick) But One Credit Card was not even Maxed out (1000 Limit) But now is Asking for $1300 So if trying to settle and make it right why not try to settle for less? Quote Link to comment Share on other sites More sharing options...
AWW$HEEET Posted May 18, 2011 Report Share Posted May 18, 2011 Id talk to em on an individual basis, and see if you can work it out. Tell em you are considering BK, thats their biggest fear honestly. I bet they would be willing to work with you rather than all the debt get erased. How do you think all these retarded "Debt remediation" or "Debt settlement" companies stay in business? They are just middlemen for negotiating this shit. They have little to offer you other than this service. Oh, and they get a cut of the action at your expense. Quote Link to comment Share on other sites More sharing options...
Snowflake Posted May 18, 2011 Report Share Posted May 18, 2011 The Reason behind a debt consolidation loan is to take all of you debt and roll it into one payment. And to bring all the other debt as Current or Paid as agreed. For Example If I owe a credit card company $1,800 That would take 3 months at $600 a month to Pay that one credit card off, while the rest are being sent to collections, or trying to Garnish your wages. To the post about only paying off Half the Loan, I am not against paying the money I have spent (except on the mustang, I'd rather Toyota Financial eat a big black dick) But One Credit Card was not even Maxed out (1000 Limit) But now is Asking for $1300 So if trying to settle and make it right why not try to settle for less? If you loaned someone $5000 and they said they would pay you back in x amount of time, wouldnt you be pretty upset when they came at you saying they could only pay you back $2500 of it and not a penny more. Does this make any sense to you? What shocks me even more is that you made all of this public. The last thing anyone will ever know about me is my finances and believe me 20k of debt aint shit. I have been buried in debt many times and I never once considered bankruptcy. I buckled down and paid that shit down or off. I am actually only 15 months away from not owing a penny on anything but my house and I have been delivering pizzas for 6 months now while I re-hab my arm. Even with a huge drop in pay I have managed to stick to my budget and continue to pay shit off. I guess bankruptcy is the easy way out. Quote Link to comment Share on other sites More sharing options...
HotCarl Posted May 19, 2011 Report Share Posted May 19, 2011 If you loaned someone $5000 and they said they would pay you back in x amount of time, wouldnt you be pretty upset when they came at you saying they could only pay you back $2500 of it and not a penny more. Does this make any sense to you? What shocks me even more is that you made all of this public. The last thing anyone will ever know about me is my finances and believe me 20k of debt aint shit. I have been buried in debt many times and I never once considered bankruptcy. I buckled down and paid that shit down or off. I am actually only 15 months away from not owing a penny on anything but my house and I have been delivering pizzas for 6 months now while I re-hab my arm. Even with a huge drop in pay I have managed to stick to my budget and continue to pay shit off. I guess bankruptcy is the easy way out. EXACTLY! I couldnt agree more. Yes you may/may not have gotten fucked over from Toyota. Shit happens, you had somthing that you legitimatly stoped making payments on and whether you like it or not they had every right to take it back and stick you with the bill. chalk that up to a lesson learned dude. But if your still trying to find the easy-out then you really havent learned anything. If you can honestly stick to a budget and pay off 500-600$ monthly towards your debts (which is alot) then do it. Dont stop paying on all of them, pay the minimal amounts on all except the smallest, pay that off first and when thats done double up payments on the next and so on and so forth. Its called 'debt-snowballing', but you can call it whatever term you want. And before you say "Toyota financial wants the complete amount up front" talk to them about it, say 'i can afford xxx amount monthly and i would be willing to increase the amount every time a debt is paid in full' and garantee they'll get their money and if you have to threaten that you might have to claim bankruptcy or debt consolidation. Im sure they'd be willing to work with you knowing they'd be getting the full amount as oppose to nothing. $500 * 12 months of payments = $6,000 ... In 40 months you can have your complete 20k in debt paid off. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted May 19, 2011 Report Share Posted May 19, 2011 When i did collections, if someone called me and said i can pay 30% or file bk, i told them to file...we had already taken the debt as a loss, its only going to fuck them at that point...weve already been fucked Quote Link to comment Share on other sites More sharing options...
Got-Boost? Posted May 19, 2011 Report Share Posted May 19, 2011 https://www.mytotalmoneymakeover.com/ Any time you settle on a debt, it still shows a DING on your credit. So you calling and trying to do a payoff for less than you owe is STILL going to show on your credit down the road. If you are that far behind you need to start selling stuff, buy a beater and pay that crap off ASAP! Quote Link to comment Share on other sites More sharing options...
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