Talk About Being in Debt...
By twoey68
@twoey68 (13627)
United States
December 3, 2007 7:37pm CST
A few months ago I heard that my ex-b/f was sued for breach of contract for not paying loans on things him and his new wife had bought...their loans came to just under a million dollars. That case was settled and they have to repay the loans and No, he can't take a bankruptsy b/c he already has taken one a few years ago.
Unbelievably, that was not all of the loans and now he is being sued for the rest of the loans totaling around $10 million. How on earth he could get that far into debt I don't know...well, actually I do...he has a Rockafeller taste. Big trucks, fancy home, land, rental houses, you name it (this was a problem he had since before he met me).
How he will ever pay back $11 million when he never even finished high school I'll never know. His wife is an RN but she signed the loans too so she owes them just as well.
Thank God, I was never crazy enough to get into finances with him.
My own debt is probably around $3000 and alot of that is a school loan I got ages ago that still needs to be paid. Hubby and I have a couple of defaulted credit cards but they are under about $2000.
What is the most you have ever owed in debt and what would you do if you owed $11 million (No fair moving out of the country LOL)
MERRY CHRISTMAS!!
**AT PEACE WITHIN**
~~STAND STRONG IN YOUR BELIEFS~~
13 people like this
29 responses
@Cajunhellcat (2073)
• United States
7 Dec 07
Wow the most i have every been in debt for was close to 10,000 and i thought i wold lose every thing then i could never image being that much in debt
1 person likes this
@missybal (4489)
• United States
6 Dec 07
Dodged that bullet didn't you!!!
And me and my husband are worried about the $12,000 we owe due to the rest of a car payment and a couple of credit cards. Yikes. I didn't know you could get yourself into that much debt with only a couple of small items for collateral. Scary. I couldn't do it, I would rather have a small fixer upper and have it paid off then to have a mansion and bills in everyday's mailbox.
1 person likes this
@GnosticGoddess (5626)
• United States
6 Dec 07
Oh my goodness!!! That's some serious dough!!!
Here's our debt : $12K (around that) for our second mortgage (didn't have money down so we did the 80/20 thing), $59K (around that) for our first mortgage, some where between $8K and $10K on the truck, and close to $20K on the car (actually under 2 cars on it), plus our credit card which is around $4K now since I was out of work for those several months and my check now is going towards Christmas.
So roughly $105,000 give or take. And I hate having that! I really wish we could pay off the truck and the second mortgage. We'd be much better off.
1 person likes this
@terri0824 (5203)
• United States
7 Dec 07
Oh I am in debt, and a lot more than you are. But hope to be more out of debt in a few years. I am glad that you didn't take on finances with him, because he would have you way under. That is unbelievable that someone could be that much in debt. Unless someone won the lottery would they ever be able to overcome a debt like that.
1 person likes this
@wiccania (3360)
• United States
6 Dec 07
I've had some debt issues in the past. A couple of credit cards years ago that were defaulted on. That was during a really bad period in my life. I've hit another rough patch and am doing my very best to make sure that my current credit cards don't get defaulted on.
I can't fathom being $11 million in debt. I think if I were, I'd do my best to work out settlements with the companies that I owed and never expect to get another credit card or be able to finance anything ever again.
1 person likes this
@flowerchilde (12529)
• United States
4 Dec 07
Wow! That is definitely some heavey debt! I have very simple and basic tastes.. sometimes feeling life is too full of products and gadgets, etc.. so I can't relate! Even though we do have some debt from when hubby hurt his knee, and was off from work for two months and we finally broke down and used credit cards for most of that two months.. then I bailed out our kids with them a few times.. and voila! debt! But it's no where's near millions!! :) Yes, it's good you didn't get too mixed up with him!!
1 person likes this
@Stiletto (4579)
•
4 Dec 07
Sadly I probably owe more right now in debt than I ever have before. I guess it will be about £90000 (about $180000 I think) but the biggest part of that is taken up with my mortgage mind you. My New Year Resolution (AGAIN lol!) is to arrange my finances better. I admit I'm quite extravagant though so I cause problems for myself.
1 person likes this
@sweetgirl_k1 (3972)
• United States
4 Dec 07
Oh my goodness. I don't see how people can get that far in debt. We have debt too just like many other people in this world. But ours is our car and our home. We try not to buy things on credit cards because that can really get you far into debt. I don't know how in the world your ex and his new wife are going to repay all that but I'm glad it wasn't you that was caught in that situation with him.
1 person likes this
@foxyfire33 (10005)
• United States
4 Dec 07
I do not understand how people can do that kind of thing. I thought s/o's parents had dug themselves a deep hole but it's nothing compared to 11 million. A little over 5 years ago they were $90,000 so they refinanced everything and put it into one payment. Since that took care of the credit issues they were still able to obtain more credit...1 brand new vehicle (over $30,000), two less expensive vehicles, they each have the 3 major credit cards as well as several others from places like Chase and also the store and gas station credit cards, plus a loan with the credit union...and that's just what I know about. Creditors are calling 5-10 times a day 7 daysa week and the credit cards are so maxed out there isn't even enough to pay $453 for fuel oil even by using all the cards they have that the oil company accepts!
We wouldn't be in this position because if we can't pay cash we don't get it. The one exception will be a home purchase but we certainly won't get something beyond our means.
1 person likes this
@sunshine4 (8703)
• United States
4 Dec 07
I would never let myself get that far into debt! I think that is a type of sickness when someone can spend that much money when they can't cover the bills.
I don't purchase anything that I can't pay off the following month on my credit cards.
When I am going to make a big purchase, I make sure that I have it budgeted in my budget so I have no struggles paying it off.
This past summer we bought a new truck $21,000 and a travel trailer $15,000. This is the extent of debt I am in except for my house payment. I got a great rate for the loans on both the truck and trailes. It is budgeted right out of my pay, so no worring when the monthly bill arrives.
@girlgonefishing (2174)
• United States
4 Dec 07
As far as credit cards go, I only have one and the balance is down to 1500.00. I cut it up last year so, I'm just trying to pay it off. We took out a line of credit on our house last year because we adopted two teen boys that had nothing and needed to buy, clothes, shoes, etc. We also bought them gocarts because all of the kids live far away in our hood. Everyone here has 5 or more acres and all of the kids have something like a gocart, dirtbike or 4 wheeler. We wanted them to fit in so, we got them the gocarts. We spent the rest of the money improving our home and land. Now we have to pay it back and that's why I'm trying to make money online.
1 person likes this
@Thoroughrob (11742)
• United States
4 Dec 07
I cannot imagine how he got that far in debt. Part of that is the fault of the banks. They should have been able to tell that he was not able to pay an amount like that. I cannot believe that he has to repay all of it!! Good thing you got away from that!!!
1 person likes this
@carlaabt (3504)
• United States
4 Dec 07
That's crazy to get into that kind of debt.
Right now, if you add up ALL of my debt (my husband's included), it totals about $75,000. That includes the mortgage (we just bought the house this past summer!), the car (it's only two years old), student loans, and credit cards.
1 person likes this
@blackbriar (9075)
• United States
4 Dec 07
11 million? HOLY CRAP!!! There is no way, no how I would ever get myself into that much debt. 5 grand is the highest I've ever been in debit with loans and cc other than my house and car. Your ex is plumb loco!
1 person likes this
@coffeebreak (17797)
• United States
4 Dec 07
I just dont' understand how or why people lives beyond their incomes. I have a really problem dealing with blantant stupidity and that tops the list! Where or how in their minds can they spend more than they make? How can they rack up bills they know they don't have the income to pay? I just can't grasp the theory or the maddness. I dont' have any sympathy for people that do this. LIke iwth this house foreclosure thing - I am sorry, but ADJUSTIBLE is a simple word and it means the same thing if you are talking about your belt size or an interest rate. If they didn't ask when and how much their mortage payment will adjust to see if they could afford it when it did, I am sorry, I have no sympathy if their loss of their home. SOunds harsh, but really...it is a no brainer - it is stupid to buy what you can't afford or dont' have the income to accomodate. I dont' understand why people do it - repeatedly.
1 person likes this
@pastorkayte (2255)
• United States
4 Dec 07
How did he get that kind of debt with no diploma and his wife is an RN, the credit card companies dont usually work like that, they look at revolving lines of credit, and mortgages to make their determination.
1 person likes this
