I didn't date for 8 yrs (by choice), am a single mother of one, and had 2 homes, 4 acres, 3 cars and a Harley Davidson motorcycle. All had been purchased while a single mom too. I had 43 credit cards, and 815 credit score, and was never late, not even ONE payment EVER. I paid the balance on the card(s) I used within 30 days. I transferred my 7% mortgage to my credit cards eventually who offered me 0% instead - the key was to continue paying what the bank made me pay each month (a higher amount) instead of paying the lesser amount that the cc companies wanted me to pay which would have resulted in many more years, and much more interest in their pockets.
I played a game. Instead of paying the phone, electric, cable, mortgage directly, I'd pay them with one credit card. I would then, (WITHIN 30 days), pay that credit card the money I would have sent to those entities for that month. In doing this, I paid NO interest, and obtained points for each dollar spent. I had up to 80,000 points this way and with my points got 4 down pillows, a vacuum, a carpet shampooer, Electronic games for my son, wireless speakers, wireless outdoor headphones that hook to my stereo (for mowing comfort, lol), a BOSE stereo, PC headphones, a $200 coffee pot, and SO much more - ALL FOR FREE. When I installed a well, for water, and I of course had the cash, I charged it instead and paid the cash to the cc company within 30 days. For my entire life, I've always had a ZERO balance each month. I usually only used one card out of the 43 I had (includes gas and store cards). I am very strict on my spending. I HAVE to be, .... it's just me, and JUST my income. I was proud of myself for not having balances, while I've seen other mothers borrowing water at times. Not better... just proud - because roles can switch at any time, so never judge. Life was great.
I trusted one man after 8 yrs, let him in our lives. We were together 3 yrs and were to marry, and even bought the ring sets. I spent my Soc Sec Disability settlement and savings monies on land he had, for our future - while I was charging for dozers, brick layers, pool, water meters, materials - assuming that TWO incomes would be paying it back in our future. In other words, I no longer paid them off at the end of every month. You smell it coming yet?
My money is gone, so is he (I left). The marriage never came, but my money sure went, & it became apparent that it was all lies from the very beginning. Turns out the land wasn't even his, it was his moms who lived in another state far away. To shorten the story, I had put $68,000 on my cc's, $35,000 of it towards construction on the land he claimes was his. He owned nothing. I hired bulldozers and brick layers and equipment, paid for all the materials needed too. So, for trusting and loving the wrong person, I am now having to declare bankruptcy.
My Disability check is only $700 a month, and in a few years when child support (which is less than my Soc Sec Disab check) ends, this will be my new monthly income. !!! With the electric running as high as $300 in the winter, I don't know what I'll do in 5 yrs or less, considering that leaves $400 for food, drs, meds, car ins, home ins, car maint, for everything!
He got me for a total of $100,000. $35,000 on the c/c's and $65,000 in cash that I had. I had met him when I hired him to bulldoze a driveway in my second homes property. I guess he smelled money when he heard "single" and that I had a "second home for a rental income".
I paid for all my homes and cars SOLELY by myself, since I had owned them before even met him.
The second home had to be sold to keep up with the c/c's.
Inevitably, it bottomed out and ONE c/c payment was higher than my TOTAL monthly income. A lawyer informed me that in order to declare bankruptcy that one of the pre-requirements is to have missed 3 mos consecutive payments. So, I have now completed that part. Next is the filing in the courts.
Before I do that.... does anyone know how far credit cards go with collections?
In my state, you are only allowed ONE vehicle with a $3500 value (or if financed, then that's how much equity you can have in it, and the bank financing the rest). As for your home, no more than $35,000 paid off towards the home and the rest financed by the bank.
I have gotten rid of all my vehicles but one. The second home sold (money is gone already) and the land is being advertised ""For Sale" still.
Ready for this? The newspaper made a mistake on my land for sale, and advertised it for TWO WEEKS at $1500 per acre for 4 acres instead of the correct amount of $4500 per acre (will not divide) and STILL I only got TWO PHONE CALLS of interested people. Can you imagine??
EVERYONE is broke. Thats GIVING away land and in TWO weeks, only two people called. Thats insane.
How is Discover, Amer. Express, Citibank and Bank of America on repo'ing things? Does anyone know?
Also, I understand they have a right, in bankruptcy court, to make you sell things IN the home. For example, you are only allowed one TV otherwise its considered 'luxury items' and they auction it to pay the c/c's. How about PC's? Are you allowed a computer or is that a 'luxury item' just to own ONE? Do they actually exercise this right, or just threaten to do it? Anyone know? I have read the internet terms that they outline, and it says they "CAN", but wondered if they actually exercise it.
Also, an acquaintence of mine, who has recently had good credit turn bad, had renewed her homeowners insurance and said that compared to last years cost, it had skyrocketed this time, as a result of her now bad credit (because ins co's began checking your credit too). This means car and home insurance will be MORE, now that you have LESS and have no credit cards available to pay their higher rates. Just when you NEED a c/c! I don't think thats fair to kick a dog when they're already down and injured. Double jeopardy. How can one ever recover with multiple blows as a result. Bad credit, no c/c's and now higher ins rates??, not because your driving got worse, or because you became a drunk with a higher risk of burning the house down while intoxicated or something - no, you just trusted 'love' and had to declare bankruptcy from someone who set out to milk your wallet and you were trusting, loving and obviously, clueless and stupid too. So they deem your necessary bankruptcy as a higher risk for insurance? Come on now. LOL
I have to smile and laugh still. I try not to let it kill that too. THis also kills my ability to support myself on more than $700 while in my senior years by having the rental income - which is now gone (sold). So, physical limits prevent me from working and earning it back as I have done all my life until a few years ago when I had to stop.
Advise welcome (pertaining to how far they go during bankruptcy.) Thanks
I played a game. Instead of paying the phone, electric, cable, mortgage directly, I'd pay them with one credit card. I would then, (WITHIN 30 days), pay that credit card the money I would have sent to those entities for that month. In doing this, I paid NO interest, and obtained points for each dollar spent. I had up to 80,000 points this way and with my points got 4 down pillows, a vacuum, a carpet shampooer, Electronic games for my son, wireless speakers, wireless outdoor headphones that hook to my stereo (for mowing comfort, lol), a BOSE stereo, PC headphones, a $200 coffee pot, and SO much more - ALL FOR FREE. When I installed a well, for water, and I of course had the cash, I charged it instead and paid the cash to the cc company within 30 days. For my entire life, I've always had a ZERO balance each month. I usually only used one card out of the 43 I had (includes gas and store cards). I am very strict on my spending. I HAVE to be, .... it's just me, and JUST my income. I was proud of myself for not having balances, while I've seen other mothers borrowing water at times. Not better... just proud - because roles can switch at any time, so never judge. Life was great.
I trusted one man after 8 yrs, let him in our lives. We were together 3 yrs and were to marry, and even bought the ring sets. I spent my Soc Sec Disability settlement and savings monies on land he had, for our future - while I was charging for dozers, brick layers, pool, water meters, materials - assuming that TWO incomes would be paying it back in our future. In other words, I no longer paid them off at the end of every month. You smell it coming yet?
My money is gone, so is he (I left). The marriage never came, but my money sure went, & it became apparent that it was all lies from the very beginning. Turns out the land wasn't even his, it was his moms who lived in another state far away. To shorten the story, I had put $68,000 on my cc's, $35,000 of it towards construction on the land he claimes was his. He owned nothing. I hired bulldozers and brick layers and equipment, paid for all the materials needed too. So, for trusting and loving the wrong person, I am now having to declare bankruptcy.
My Disability check is only $700 a month, and in a few years when child support (which is less than my Soc Sec Disab check) ends, this will be my new monthly income. !!! With the electric running as high as $300 in the winter, I don't know what I'll do in 5 yrs or less, considering that leaves $400 for food, drs, meds, car ins, home ins, car maint, for everything!
He got me for a total of $100,000. $35,000 on the c/c's and $65,000 in cash that I had. I had met him when I hired him to bulldoze a driveway in my second homes property. I guess he smelled money when he heard "single" and that I had a "second home for a rental income".
I paid for all my homes and cars SOLELY by myself, since I had owned them before even met him.
The second home had to be sold to keep up with the c/c's.
Inevitably, it bottomed out and ONE c/c payment was higher than my TOTAL monthly income. A lawyer informed me that in order to declare bankruptcy that one of the pre-requirements is to have missed 3 mos consecutive payments. So, I have now completed that part. Next is the filing in the courts.
Before I do that.... does anyone know how far credit cards go with collections?
In my state, you are only allowed ONE vehicle with a $3500 value (or if financed, then that's how much equity you can have in it, and the bank financing the rest). As for your home, no more than $35,000 paid off towards the home and the rest financed by the bank.
I have gotten rid of all my vehicles but one. The second home sold (money is gone already) and the land is being advertised ""For Sale" still.
Ready for this? The newspaper made a mistake on my land for sale, and advertised it for TWO WEEKS at $1500 per acre for 4 acres instead of the correct amount of $4500 per acre (will not divide) and STILL I only got TWO PHONE CALLS of interested people. Can you imagine??
EVERYONE is broke. Thats GIVING away land and in TWO weeks, only two people called. Thats insane.
How is Discover, Amer. Express, Citibank and Bank of America on repo'ing things? Does anyone know?
Also, I understand they have a right, in bankruptcy court, to make you sell things IN the home. For example, you are only allowed one TV otherwise its considered 'luxury items' and they auction it to pay the c/c's. How about PC's? Are you allowed a computer or is that a 'luxury item' just to own ONE? Do they actually exercise this right, or just threaten to do it? Anyone know? I have read the internet terms that they outline, and it says they "CAN", but wondered if they actually exercise it.
Also, an acquaintence of mine, who has recently had good credit turn bad, had renewed her homeowners insurance and said that compared to last years cost, it had skyrocketed this time, as a result of her now bad credit (because ins co's began checking your credit too). This means car and home insurance will be MORE, now that you have LESS and have no credit cards available to pay their higher rates. Just when you NEED a c/c! I don't think thats fair to kick a dog when they're already down and injured. Double jeopardy. How can one ever recover with multiple blows as a result. Bad credit, no c/c's and now higher ins rates??, not because your driving got worse, or because you became a drunk with a higher risk of burning the house down while intoxicated or something - no, you just trusted 'love' and had to declare bankruptcy from someone who set out to milk your wallet and you were trusting, loving and obviously, clueless and stupid too. So they deem your necessary bankruptcy as a higher risk for insurance? Come on now. LOL
I have to smile and laugh still. I try not to let it kill that too. THis also kills my ability to support myself on more than $700 while in my senior years by having the rental income - which is now gone (sold). So, physical limits prevent me from working and earning it back as I have done all my life until a few years ago when I had to stop.
Advise welcome (pertaining to how far they go during bankruptcy.) Thanks