Debt Collectors

[highway61]

It may or may not be a good decision to sell your house and car.  People on here telling you that you absolutely should who know nothing about you other than what they have learned on this thread are being a little careless with their advice.

[BIG APPLE CAT]

lawl, alright i'll steer clear from calling them.

Trim - thanks for the info.  Hadn't heard much from the legal perspective.  From what I can tell, my wife would not be a very attractive target for them to sue.  None of our stuff is in her name, she doesn't have any money (if she did, this wouldn't be happening right now) so basically all she has is a car, which, since it is not paid off, my guess is the dealership that financed her probably has dibs on the car over a debt collector.

My suspicion is they really do not want to sue.  Wednesday night their offer was "off the table at midnight" but then it was back on the table Thursday...makes me think they are just puffing out their chests trying to scare her.  FWIW she sincerely DOES want to work with the collectors or creditors or whoever to get this thing under control, but when their idea of compromise is "pay us 101% of your monthly income every month for the next 2 years" that makes it kind of hard for her to work with them.

[Trim]

So what should he do Trim?

Get 100% of the story straight and then follow what would be a very apparent path or get help from a pro.  I'd have to charge a lot to be that pro because it's clear that these would be very frustrating clients to work for.

[ShellShock]

What kind of range of amount owed are we talking here? $1k? $5k? $25k? $50k? $100k+?

[BIG APPLE CAT]

So what should he do Trim?

Get 100% of the story straight and then follow what would be a very apparent path or get help from a pro.  I'd have to charge a lot to be that pro because it's clear that these would be very frustrating clients to work for.

  she's made some bad mistakes when it comes to finances but we're not bad people.

[meow meow]

That's not what he said.

[Trim]

So what should he do Trim?

Get 100% of the story straight and then follow what would be a very apparent path or get help from a pro.  I'd have to charge a lot to be that pro because it's clear that these would be very frustrating clients to work for.

  she's made some bad mistakes when it comes to finances but we're not bad people.

However, you might be bad people when it comes to concisely but completely laying out a factual scenario.

[meow meow]

So what's your plan Hub?

[WonderMeal]

So what's your plan Hub?

 

Hub, I talked to two A sources--a couple--yesterday who has used credit counseling before. They both spoke very highly of it and recommended it to anyone have trouble like yours. They also recommended calling several places and comparing them against each other, though I'm not really sure how that helps.

A quick list of accredited, non-profit credit counselors can be found below, and can help your wife avoid the kind of people who advertise on the radio (no offense, Wacky):

http://www.credithelp4u.org/members.cfm

[jtksu]

So what's your plan Hub?

 

Hub, I talked to two A sources--a couple--yesterday who has used credit counseling before. They both spoke very highly of it and recommended it to anyone have trouble like yours. They also recommended calling several places and comparing them against each other, though I'm not really sure how that helps.

A quick list of accredited, non-profit credit counselors can be found below, and can help your wife avoid the kind of people who advertise on the radio (no offense, Wacky):

http://www.credithelp4u.org/members.cfm

Credit counselors won't be able to do much when it comes to private student loans.   Those people have no reason to ever negotiate because you can't file bankruptcy protection.   This is gonna sound rude but the only real options are to either pay them directly or wait until they sue and begin garnishing wages.   Of course, once attorneys are involved, the amount due will go up significantly.   If possible, just live off your income and dedicate hers to the loan.   Its gonna suck but it's about all you're left with.

[WonderMeal]

Once again, known bad person jtksu is being a known bad person.

The people I spoke with were talking to credit counselors specifically because of an issue very similar to Hub's. They spoke very highly of the experience not just because it helped reduce their debt, but because it helped them get their total financial house in order--which (it sounds like) is something Mrs. Hub needs.

Plus, it's totally free for the Hub family. Making a call can't hurt, Hub.

[BIG APPLE CAT]

Thanks for the link, WM.  Will definitely check it out.  Unfortunately, things have been a little touch-and-go around the Hubs household the last couple of days.  While I have been doing my best to educate myself on all this stuff (and like, 99.9% of everyone on here has been studs and I do appreciate everyone's input, concern, and support) it has been a fine line to walk with Mrs. Hubs.  On the one hand I am trying to use a light touch because, I see how much stress the situation has caused me just over the last few days, so I can only imagine it is exponentially worse for her and I don't want to come off as un-supportive or piling it on.  On the other hand, treating the situation with kids gloves is not going to be of any help towards reaching a solution.  To be honest I've allowed the conversation to be tabled this weekend since things were starting to really get tense.  We did, however, set a deadline for no later than end of day Wednesday to have a plan of action in place with concrete goals and tangible milestones along the way.  This should allow enough time for negotiations to conclude with her creditors or for us to have consulted with the appropriate credit councilors, if in fact there are any that can help her/our situation.

[michigancat]

You don't seem willing to change your lifestyle in any way.

[sys]

You don't seem willing to change your lifestyle in any way.

at the very least, he and his wife should stop tipping.  enjoy financial and moral benefits.

[Kat Kid]

this thread is like a nightmare and it stresses me out just thinking about being hub.

[Dugout DickStone]

So bought a wedding, house and she got a new car?

The debt collector is going to have a field day.  People who cry poor while driving a new car don't get much sympathy.

[kim carnes]

So what should he do Trim?

Get 100% of the story straight and then follow what would be a very apparent path or get help from a pro.  I'd have to charge a lot to be that pro because it's clear that these would be very frustrating clients to work for.

  she's made some bad mistakes when it comes to finances but we're not bad people.

i bet a lot of people who rack up copious amounts of debt say this to make themselves feel better.

[Dugout DickStone]

So what should he do Trim?

Get 100% of the story straight and then follow what would be a very apparent path or get help from a pro.  I'd have to charge a lot to be that pro because it's clear that these would be very frustrating clients to work for.

  she's made some bad mistakes when it comes to finances but we're not bad people.

i bet a lot of people who rack up copious amounts of debt say this to make themselves feel better.

That's not a bad thing per se, going out and paying for a wedding and buying a new car is kind of messed up.

[Trim]

this thread is like a nightmare and it stresses me out just thinking about being hub.

You'd be fine.

[Dugout DickStone]

this thread is like a nightmare and it stresses me out just thinking about being hub.

You'd be fine.

Yeah, you wouldn't buy a new car.

[Benja]

Answer the phone, chat politely with them, ask them about their day and their family, etc. Then explain to them how you're never, ever, ever going to pay them back.

[Dugout DickStone]

Answer the phone, chat politely with them, ask them about their day and their family, etc. Then explain to them how you're never, ever, ever going to pay them back.

Them go do burnouts in your new car.

[Rage Against the McKee]

I didn't see where he said she had a new car. Maybe they are making payments on a used one.

[michigancat]

I didn't see where he said she had a new car. Maybe they are making payments on a used one.

and hubs seems like a guy who wouldn't overlook any details when retelling his story.

[kim carnes]

1_hub and his wife are the victims here.  some jerk bank gave them tens of thousands of dollars and now they expect to be paid back?!?!