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  1. #1
    Senior Investor Offshore-Wealth.com's Avatar
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    Default Financial Distress Help & Support Thread

    As requested,

    Since it appears many are facing a financial crisis, foreclosure, loss of job, mounting bills, etc., so as it was suggested that we have a seperate thread to offer advice, assistance and moral support, here it is.

    Since we have so many people who can offer solid, if not personal experience advice, I think it is a worthwhile to have a thread to try and help out others anyway we can, even if only a little support and hope.

    Good luck and health to all, Mike

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    Given the real estate bust going on right now, many lenders are individually renegotiating mortages. They simply recognize that they will lose more money through foreclosures, as they won't be able to unload the properties for much or very quickly in today's market. It comes at a price - you may be adding on to the end of the loan, but it will keep a roof over your head. The market will eventually cycle back up again where you can sell/refinance, or you can just live in it forever, but with a longer period of time in making payments. Talk to the lender! Many of the big subprime lenders are themselves in bankruptcy now, so they need every penny they can get, NOT more bad loans.

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    On your own behalf, or there are services that will do it for you, to renegotiate/reduce credit card debt. Sometimes because of the emotions involved, it is worth it to have someone negotiate on your behalf.

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    Quote Originally Posted by Offshore-Wealth.com View Post
    As requested,

    Since it appears many are facing a financial crisis, foreclosure, loss of job, mounting bills, etc., so as it was suggested that we have a seperate thread to offer advice, assistance and moral support, here it is.

    Since we have so many people who can offer solid, if not personal experience advice, I think it is a worthwhile to have a thread to try and help out others anyway we can, even if only a little support and hope.

    Good luck and health to all, Mike
    I almost went with that one company you are associated with.

    The only reason I didn't was because I was already in a program and I don't think they wanted any part of my file because of whatever legal stuff was involved.... another story.

    Anyways I can confirm that program would have worked out better for me.

    I can't complain too much though, as the one I stayed with took me only 1.5 years to get out of 30K in debt.

    Basically for anyone that has some debt, ask Mike about that program.

    Mine worked out great for me but his looked better.

    Debt consolidation is basically for people that are afraid of taking a hit on their credit. But if you go debt settlement, and do everything right and don't mess it up, you can usually build your credit back up rather quickly.

    Personally I just got done settlinig my last remaining debt and was already able to start credit repair 1 month ago. It's already well on it's way to recovery, (went from the 500s to the upper 800s) and I am 100% out of "bad debt" that would have taken me 20 yrs to pay off.

    30K debt, gone in 1 1/2 years.

    Much better than a chapt 7, or 13.

    That should be your very last option.

    Personally, I believe nowadays it is not an option at all.

    Bankrupt = bad credit for many many years, this equates to extremely high (criminally high) interest rates for mortgage, credit cards, sometimes even existing loans.

    Debt settlement = Hit to credit that is usually repairable. There is a little risk invovled here. If your file goes to judgement, it will stay on there for a long time, but companies are usually willing to settle rather than go through court.

    Debt consolidation = No risk, no credit hits, but you are paying the same amount of debt. With settlement you pay a fraction of what you actually owe, but it comes with the small risk factor, some stress, and for the most part a temporary hit to your credit that is usually repairable.

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    Very good advise, Zip and Mad S.. It's always good to try to negotiate, you have nothing to lose and when this dinar revals just pay the buggars off. Thanks for starting this thread Mike.
    " May the fleas of a thousand camels infest the armpits of any infidels who stand in the way of the $1.48 reval of our blessed Dinar."--Some Iraqi guy

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    And in the meantime, review what you are doing. No eating out. No frivolous purchases. Play outside and don't pay the gym fee. No movies/cable/internet - the library is still free, and there are lots of cool people in your neighborhood. Get to know them, why not? If you have no idea what to do with yourself or your time, volunteer at a homeless shelter, soup kitchen, meals on wheels, or neighborhood children's program. It's good for your soul. Tighten your belt and take pride in being frugal, rather than sad about not having what you don't really need. Question every purchase - HAVE to have, or NEED to have?

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    Medical/hospital bills are commonly negotiated, most hospitals have some form of forgiveness for hardship purposes (they just don't advertise this, of course) or at the least can set up some fairly minimal payment plans while you get back on your feet. Most pharmaceutical companies also have programs for reduced or even free meds, even more so when a child is involved. It's on the company's website. The internet is free at your local public library.

  9. #8
    Senior Investor rvalreadydang's Avatar
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    Excellent advise everyone! And a wonderful thread, there are many going through rough spots in their lives, and it's good to know they are not alone, every bit of advice and support can be priceless!
    it can be said for all investors from the Arabs and foreigners, you enter now for it will be a golden opportunity for you.

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    Quote Originally Posted by The_Mad_Scot View Post
    I almost went with that one company you are associated with.

    Bankrupt = bad credit for many many years, this equates to extremely high (criminally high) interest rates for mortgage, credit cards, sometimes even existing loans.

    Debt settlement = Hit to credit that is usually repairable. There is a little risk invovled here. If your file goes to judgement, it will stay on there for a long time, but companies are usually willing to settle rather than go through court.

    Debt consolidation = No risk, no credit hits, but you are paying the same amount of debt. With settlement you pay a fraction of what you actually owe, but it comes with the small risk factor, some stress, and for the most part a temporary hit to your credit that is usually repairable.
    I work and live in the Finance business. BK should only be done if you have a TON of debt. I mean a TON of debt. I see people who file BK for like 5k or 10k. That is so crazy since there are better options. I have seen people file BK and 6 months later have a credit score in the 700 not 600 but 700. BK needs to be done the right way. That is if you know you cant hold on due to life problems, do the BK before the late payments start to show up and the bad credit shows up. If it is a clean BK, which exists, you will have no trouble in a few years if not that same year. If you have have been struggling to prevent it and have been late over the years then it will take a lot longer to rebuild afterwards.
    Debt consolidation will go on your credit report as such and does look a little bad when applying for more credit. But if you are in that spot DONT GO GET MORE CREDIT.
    That is the biggest problem I see people doing. They run up 30k in credit card debt, then refinance the house and then run the credit cards right back up and then file BK.
    If you are forced to do any of the things above, learn from the prior mistake and do not do it again.

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    Some interesting perspectives:

    My grandma, grandpa, great aunt and uncle lived in a one-bedroom apartment during the Depression. Though my great uncle went on to own a grocery store, and my grandfather became a geologist, they never stopped saving their money and never lived beyond basic comfort, socking away extra money, investing in land, oil, etc. My great aunt and grandmother never had to worry about rent, food, clothing, medicines (and they read/visited for entertainment) up until their deaths at ages 92 and 91.

    My mother eventually inherited the trusts, lives well beyond her means, and will likely run out of money 15-20 years before she dies.

    Just last week, my father made the comment that when he was a young adult, other than the bowling alley, there really wasn't anything to do that pulled the money out of your pocket. He is amazed at the number of businesses out there that do just that - that we are accustomed to and accept as standard, when in fact they classify as 'WANT to have,' not 'NEED to have.'

    I spent a year in the desert (as have/are many on this forum) no cell phone, no tv, no PX(store) until later in the year, no car (other than the convoy in, the convoy out, and transporting someone to medevac in our field ambulance, I walked the whole year) all personal belongings (not counting issue gear/equipment) fit in one small duffel bag. And I didn't NEED anything else, didn't need cash, the basics were enough.

    The kids will be better off without all the junk/distractions and more time outside or at the library. They can get a lot of milage out of a $1 deck of cards and a $6.99 paperback by Hoyle of every card game known to mankind - that they purchase with the proceeds from the cans and bottles they recycled.

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