I have had excellent credit all of my adult life....and I will be 50 this month. Unfortunately, after a bad marriage and divorce, I was left basically destitute and very ill. I am actually considered disabled by the medical community. However, as opposed to taking it lying down, I have been busting my butt to get my own recruiting business up and running. I have been living on borrowed money from my credit cards for a couple of years, which has been no problem in the past, because I was able to get the funds at anywhere from 0.00% to 1.99% interest because of my credit history. I also had relatively large limits on my cards, again, due to my excellent credit and history with the companies.
I have been working unbelieveably hard, long hours to get my company started and have no doubt it will get there, but....the time line has not worked out. Now, my back is against the wall. I am maxed out on all 3 cards I have (totaling about 55K), the "special" low interest rates are about to change to the max rates, as the special programs I got the monies on have expired, and I have absolutely no way of paying them off.
I don't really want to file backruptcy and totally ruin my credit for the next 10 years, plus I own a home that my family is making the payments on for me each month while I get myself up to speed. I also have a wonderful 20 year old daughter, in college, that I have to consider. Is there any way I can get help (relief from) with these credit card debts? Is there any way, either because I am technically unemployed, as well as physically disabled, that I can be relieved of the debt? This isn't what I wanted to happen.....I know it will damage my 30+ years of excellent credit for a few years (but not as bad as bankruptcy would).....but I have no other options at this point.
It is all up to me to provide a home and all of the necessities for my daughter and myself and I have been doing my best to do so, but it just hasn't happened fast enough. I have got to have some relief. It was never my intention to default on the money I borrowed from my credit cards and, by the way, it wasn't used for vacations and shopping sprees. I borrowed the money to live on, buy groceries, pay bills, etc.. My health has just not improved at all over the years (in fact, I had surgery again on February 12, 2007) and I am doing my best, still, to create a company and a source of income to provide for our future. However....the time has come to address all of this debt and I have no way of paying it.
What are my options????
05/09/2007 |
Category: Debts and Cr... ยป Credit Repair |
State: Alabama |
#4366
Your situation is not unique so don't feel alone. You know about bankruptcy and have probably heard of debt relief companies. There are also some companies, even credit card companies, that will work out a compromise settlement or reduced monthly payment. The types and number of debt relief companies are so varied and claim all sorts of things that we cannot give much information in that area. Family and friends are also sometimes options. There is really no good answer to your problem, a problem that many people face. Thus options include but are not limited to bankruptcy, debt relief company, compromise you do yourself, friends, family, loans. Hope this helps.