Trying to keep from going bankrupt!
August 24, 2010 12:42pm CST
My boyfriend is in a bit of a pickle. He bought a new car, and it stirred up a lot of old problems! Apparantly, from a divorce 7 years ago he owned money on a card, and they will offer a settlement for a lower price, but it's still so high, and no bank will help him out. He's trying his best to settle all his debt, clear his name, and do everything aside from going bankrupt, but if he can't get a loan to keep from getting sued by these creditors, he will be FORCED into bankruptcy. The credit card had sold the debt to a collector, and they are refusing to let him make payments. I don't know what to do, or how to help him. I already co-signed on his car loan, and I'd be willing to co-sign on this settlement loan if someone would just OFFER it! We need help.
• United States
24 Aug 10
I would use the "total money makeover". Start your debt snowball, call all of the creditors and set up some type of payment plan. I've found that as long as you pay them something, they're usually pretty happy. And, often times, if you make good on your payments, they will settle on a lower amount. If they are refusing payment plans, I would look up debt collector laws. Something just doesn't seem right about that. Just don't get another loan to pay off these loans, that only causes more troubles. Start with your smallest bill, deal with that, and then make your way up to the biggest one. Go to www.daveramsey.com, his teachings have been of SO much help to myself, and so many others. Its really the only thing that does work. Good luck to you, I know how tough of a position that is. I've been there too.