- Reaction score
- 3
- Points
- 430
HavocSteve said:I understand. It's just Ottawa waiting on a credit check and I know I've made mistakes. I've done what was necessary in order to tell collections that I've lost my job and until I get employment, well... sorry but I can't do nothing. For me being only 21, the 15k or so debt that I do have (mainly because of a car loan), it seems impossible to get over since my hometown offers little for employment at the moment. That's why I asked about the bankruptcy, it would be nice to start "fresh" and just eat the bad credit rating (not like I don't already have one), and just move forward with the CF as a career. The only other thing is to pay some of the debt off with Income tax and hopefully the CF will be pleased with that.
Not lecturing here, but I would hope that the measures you've taken so far would involve selling the car, and applying the proceeds to the loan. You'd be surprised at what lenders will be "content" with, if you are willing to sit down and make payment arrangements with them, in exchange for them telling the CF that you're in a structured agreement. Offer them $50/month. Most lenders will be happy to see something - anything - coming in on the debt, as opposed to you filing bankruptcy and they only see pennies on the dollar.
Another question:
If you get into contact with everyone you owe money to, and get them to mail you letters saying that if you do get employment from the CF, they will be pleased to get the monthly payments. Would the CF be content with that? or would some miracle be in order?
Not only do I think the CF would be leery of conditions like that, I think you'd have a hard time selling it to debtors.
I'm under the impression that a credit counselor is used when you have employment. As I am not employed, it seems that my options are very limited.
That's not true at all. Credit counselors are often (but not always) trustees in bankruptcy. They are the experts who you should be consulting to find out your best way ahead. You should be aware that there may be minimum levels of debt required in order to qualify for bankruptcy, depending on where you live - so a trustee/credit counsellor should really be your next visit.
Greymatters said:Free credit advice for you - get rid of 'all the people you owe money to' - consolidate your multiple owings into a single debt that is held by a reputable institution at a reasonable interest rate...
That would be good advice - if he were employed. ;D There's not a lender out there who would touch him in this situation.