Re: Trying to make the best of a bad scenario - Please Help! Part 2/2

Posted by Linda on November 14, 2001 at 19:34:31:

In Reply to: Trying to make the best of a bad scenario - Please Help! Part 2/2 posted by Rob on November 14, 2001 at 11:25:14:

Wow! You really did give all the information! Cool.

I am in VA. Credit cards are open accounts here. My first thought is, since your credit is inportant to you, don't default. Default is for people who have nothing to lose.

I can tell you for sure that MBNA is working with people like you. One of their credit analysts reads this board, and I will direct his attention to your post if you like. He is involved in negotiating a way out for people in dire straits who do not wish to default (like no interest or fees). There are indications that Discover is changing their tune. FUSA I don't know - their track record isn't good but it could be changing. If you've read other posts, you know that now CC companies are much more interested in working with people in financial trouble, rather than taking a hard line. Their rules have changed.

Money that is in someone else's account (your mother's) cannot be taken, however there are some time frames related to bk that could make it fraud. Need a lawyer's advice for that I don't know the rules.

You can't default the student loans and get away with it, but they might can be deferred while you are in school, and then consolidated. I am not an expert on student loans but I know somebody who is. :)

Honestly, my first thought is, you have a lot to lose if you do the wrong thing. Get legal help, it will be money well-spent. I am trying to get referrals now for a couple of people here (phone tag). If you are in my area, I can refer you (Hampton Roads).

A lawyer can negotiate for you and cover all the angles; they can tell you the ramifications of the personal bk on your D&B rating. More and more employers are checking credit, esp. for high paying jobs. YOu can manage money and live frugally. I think you can get out of this without defaulting or bk'ing. As far as making further payments, I would say try to but if it means incurring further debt, it's a bad idea. Each late payment can be reported if they choose to, but lates are better than total defaults, and many companies will take them off after you have paid them what you agreed.

Chill out while I check on some of your other questions, and I am sure you will get some suggestions from others. Feel free to email me if you do not want to disclose your location on the board. I have an attorney in Richmond and one in Norfolk I can refer you to, if they are convenient for you.

My thinking re your parents is you will be able to more than pay them back if you keep your credit relatively clean, get your student loans you need, and attain your goals. But, since you owe them money, it would be best to discuss this with them once you have a well thought out plan.

Linda

Follow Ups:

Post a Followup