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- November 17, 2011 at 12:01 pm #377990
Okay so after going through paper work to do taxes and getting everything laid out in a spreadsheet I realized that we had a lot more debt than I thought we had.
Combined we have about $ 65,000 in debt and I really don’t want to file for bankruptcy as that will only hurt us more before we can make it better. My goal is to really take care of this ourselves as best as we can.
I have a spreadsheet with everything outlined as far as what we owe. Everything at this point is in collections and right now we have no new credit cards or loans to hurt us more. We have no money in savings but I am working on a new budget that really cuts back on a lot of the things that we have now so that we can get to a place where we have a savings.
I have written a few letters that were sample letters sent to me by a debt consolidation company and she said that is what they use when the communicate with the creditors but it has not owrked out well at all for me thus far.
I know that it is not advisable to call creditors to try to work things out and so far I have had a few of my letters go unanswered. How much information should be shared with them. Should they be notified that other debts exist? Should I threaten bankruptcy? If there was a big medical diagnosis that was part of the problem and now part of the debt should that be revealed? Should unemployment or disability be information that you share with them? Does any of that information help to sway them in one direction or the other? I am thinking that I will try to rewrite the letters that were sent to me but want to know how much I should personalize them.
If anyone has any information on books to check out or websites to check out that would have more information on cleaning up debt and credit scores or even better yet settlements and what works and what doesn’t that would be greatly appreciated.
We are in a spot where by the end of the year we will need to be buying a new car and then as soon as possible after I am done with school we would like to be able to afford to buy our own place but it wont happen the way our credit scores are right now.
All of the debts have been accrued within the last 4 years thanks to layoffs and medical issues. I appreciate the comment about statutes of limitations and I have looked into that and it is a great suggestion. For the most part I know that what we have is what we have. If I were to call and talk to them would I then also follow up with something in writing to get their signature agreeing to what we had discussed on the phone then?
it isn’t that we want to buy a new car but we will be needing a new car and I dont mean brand new but new to us that will run.
I am not looking for smart ass comments but more comments from people who have perhaps been in similar situations and have some helpful advice to offer. If that isn’t you then please just skip my question.
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