Hi Kev
It will be easy to solve your problem if you can answer a few questions. The first question is that how much is your debt, the second question is how old is your debt, and the third question is whether or not the SOL in your state has expired.
Since you receive only 424$ a month, all you can do is to get in contact with your creditors and ask them for a repayment plan. If you cannot afford to pay the debt, you can go for a debt consolidation loan that comes with low interest rates. You can pay down the existing loan with the debt consolidation loan and repay the debt consolidation loan by cutting down your monthly expenditures.
How can he with three children possibly pay this debt? What brings in your monthly income Kev? Is it SS cause if it is they can not touch that money. Get us some answers to our questions and let us try to help you in any way we possibly can. Look forward to talking to you.
If the payment you receive is your SS income, then even if the creditor sue you to the court, or bring judgment against you he cannot garnish it. However, for this you need to inform your bank that money you receive is your social security benefit. But if it is not a SS benefit, the creditor can easily garnish the amount in full whenever it gets credited in your account so long as the debt is paid in full. So it is better that you contact with your creditor and come to a repayment agreement to pay it off if it is not a ss benefit.
I am still stumped at how he can do this on that income. Anyway Anthony is correct if it is SS you will need to make the bank aware of these being SS benefits should a creditor sue you. Did you sign up any of those past debts to automatically come from an active bank account?
Kev, once you get your credit cleared you want to maske usre you do all you can to keep it this way. There are preventative measures you should take in safegaurding it. that starts with keeping an eye on your credit record.
The three major credit reporting agencies (equifax,Transunion, and Experian) are all required by law to give you one free check a year. Make sure you use them.
1) make a budget and figure out where your money is going monthly. Save where you can but be realistic.
2) Gather up your debt and look at it one account at a time. If you have any accounts that are threatening to sue deal with them first. Call them up and make a payment arrangement you can afford. Don't promise them your bottom dollar. You should always be saving money.
If none of your accounts are likely to sue than tackle the accounts with highest intrest first. Pay what you can as promised, when promised and eventually you will rid yourself of debt.
Make sure though in your arrangements you don't wind up paying a high intrest rate that your not lowering your balance.
Preventive measures are always essential to keep up your credit score. I think that if one follows a few rules, he can easily maintain a good score.
1) Firstly, you should always avoid payday loans which pushes debtors to vicious circle of debt. For this you need to plan and reduce monthly expenditures and keep aside these savings for unforeseen expenses rather than taking payday loans and
2) Secondly, you should always keep track of your credit report frequently and correct any discrepancies as soon as possible. For ex, if you have a hard inquiry listing in your credit report which has not been authorized by you, send letters to the inquirers asking them to verify your authorization or remove the listing. In most cases the listing is removed as they cannot verify your authorization.
Hi Kev
It will be easy to solve your problem if you can answer a few questions. The first question is that how much is your debt, the second question is how old is your debt, and the third question is whether or not the SOL in your state has expired.
Since you receive only 424$ a month, all you can do is to get in contact with your creditors and ask them for a repayment plan. If you cannot afford to pay the debt, you can go for a debt consolidation loan that comes with low interest rates. You can pay down the existing loan with the debt consolidation loan and repay the debt consolidation loan by cutting down your monthly expenditures.
How can he with three children possibly pay this debt? What brings in your monthly income Kev? Is it SS cause if it is they can not touch that money. Get us some answers to our questions and let us try to help you in any way we possibly can. Look forward to talking to you.
If the payment you receive is your SS income, then even if the creditor sue you to the court, or bring judgment against you he cannot garnish it. However, for this you need to inform your bank that money you receive is your social security benefit. But if it is not a SS benefit, the creditor can easily garnish the amount in full whenever it gets credited in your account so long as the debt is paid in full. So it is better that you contact with your creditor and come to a repayment agreement to pay it off if it is not a ss benefit.
I am still stumped at how he can do this on that income. Anyway Anthony is correct if it is SS you will need to make the bank aware of these being SS benefits should a creditor sue you. Did you sign up any of those past debts to automatically come from an active bank account?
Kev, once you get your credit cleared you want to maske usre you do all you can to keep it this way. There are preventative measures you should take in safegaurding it. that starts with keeping an eye on your credit record.
The three major credit reporting agencies (equifax,Transunion, and Experian) are all required by law to give you one free check a year. Make sure you use them.
Basically, you have to do a couple things:
1) make a budget and figure out where your money is going monthly. Save where you can but be realistic.
2) Gather up your debt and look at it one account at a time. If you have any accounts that are threatening to sue deal with them first. Call them up and make a payment arrangement you can afford. Don't promise them your bottom dollar. You should always be saving money.
If none of your accounts are likely to sue than tackle the accounts with highest intrest first. Pay what you can as promised, when promised and eventually you will rid yourself of debt.
Make sure though in your arrangements you don't wind up paying a high intrest rate that your not lowering your balance.
Preventive measures are always essential to keep up your credit score. I think that if one follows a few rules, he can easily maintain a good score.
1) Firstly, you should always avoid payday loans which pushes debtors to vicious circle of debt. For this you need to plan and reduce monthly expenditures and keep aside these savings for unforeseen expenses rather than taking payday loans and
2) Secondly, you should always keep track of your credit report frequently and correct any discrepancies as soon as possible. For ex, if you have a hard inquiry listing in your credit report which has not been authorized by you, send letters to the inquirers asking them to verify your authorization or remove the listing. In most cases the listing is removed as they cannot verify your authorization.
all very good info/ I like your plan Cmbv. It is a good one to follow.