Bankruptcy

[Kimmie1913]

HoneyKiss:
That is a fabulous and informative website.

NoworNever:
Do not beat yourself up too bad. I, personally, think the credit industry is made up of the biggest bunch of predators around. They are in the practice of taking advantage of our young people and trying to ruin thier financial lives before they even begin. You are not alone.

Read the information on the website HoneyKiss 1974 posted and try to educate yourself about your situation and options. Although no one wants to file bankruptcy, you would not be the first or the last nor would it end your life. But, if you haven't tried this, you may want to contact the collection agencies in writing and inform them that you only want to be contacted n writing so they stop harrassing your momma. Request proof of the debt. Next try some of the tactics mentioned on the website. You may successfully negotiate a payment plan that although long will get you on track. If I think of anything else, I will PM you.

[GroovePhi62]

for a minute I myself and some of my friends dug our own holes and I with a major sigh of rerlief have dug myself out of it. My best advice is just to pay the things off as soon as you can. I had a friend whom I had to talk out of filing because she thought she was going to go to jail. She was only in the hole $1000 and the credit card company was scaring the hell out of her. I proceeded to call as a moderator and they ended up taking $650 to clear out their books. after that I made her write a letter to all three reporting agencies (equifax, Transunion, and Experian) with a dispute letter and now her credit is clean, like it never happened. See after the debt is paid alot of agencies could care less and more than likely will not fight the dispute letter(sometimes it's good to let the reporting agency know that you are doing this)because as long as you're off their books you're ok with them. See most people don't know how the credit system works..I actually had a friend whom thought a R9 or I9 was great because it was a high number...I had to school the poor child. To all of the undergrads out there keep yo sh%t an R1 and nothing else and if you pay something off stay on the reporting agency asses about changing the status to R1 and closed-paid off, because if you try and obtain credit somewhere else they see open that brings down your chances because that is "possible credit". I myself just had to pay my stuff off because I work at a Bank and they kind of frown on that kind of stuff. also to end this make sure your student loans are taken care of because they hinder employment at alot of financial institutions and even government positions. So to those whom must file do it....but if you can reasonably get payments setup do that because bankruptcy still will be lingering over your head for 10 years after the fact. Lastly keep your eye on the Beacon people that is your true guide to see if your credit is actually getting fixed!

[yasava]

Originally posted by Honeykiss1974
To All:


Ladies, I know during my undergrad years, we (I was an Alpha Angel) we did seminars explaining how to avoid the college credit card debt trap. Most of us (black folks) are really unaware to what that one Visa can do to you.

When I was freshman, I wish someone would have offered a seminar for me

The Golden Key Chapter at my school had a partnership with Fannie Mae and we hosted a credit smart workshop a few times a year. We'd book the auditorium, buy all these refreshments, and we'd barely fill two rows in a room that seats 100+. It is a shame that we try to educate people on credit, give them extra credit points for class and still, the rows remain empty.

Honeykiss, I feel ya...I wish the credit smart workshop had been around my freshman year. Who knew that filling out an application just to get a free t-shirt (or water bottle, or candy, whatever) would get me in trouble a few yrs. later.

I was in a situation similar to NoworNever, up to my neck in debt and avoiding the bill collector. Had over 10 cards. One even had my cell phone#, no idea how they got that. NowOrNever, it'll be okay. I finally admitted to myself that I was over my head and called the creditors. They were pretty nice to me, all they want is their money back and will work with you to set up a payment plan. I also paid off what I could and cancelled those cards quick. I'm down to two cards and a store card. Don't want no mo'. No, I don't care if I get 10 percent of my first purchase, don't want any more cards. I use my debit card for mostly everything.

[skeeliteful]

I found this site about a year ago. If you would like a free credit report and advice on your credit score go to www.worthknowing.com

[oneinamillion]

Originally posted by skeeliteful
Let me make sure I'm understanding this correctly: You file for bankruptcy and althought it stays on your credit report for 10 years, you can pretty much start with a clean slate? Being a full time graduate student with student loans, credit cards (you see where i'm going with this ) I'm quite curious about how the process works.

you'd still have to pay the student loan they won't take that off.

[NOWorNEVER]

To All:
Thanks for the information and for the website! I turned in a few applications today and want to hear from Old Navy. I'm determined to get myself out of this even if it may mean going right to work after school and putting my grad school dreams on hold It's my mess...gotta clean it up.

[ClassyLady]

Originally posted by skeeliteful
I found this site about a year ago. If you would like a free credit report and advice on your credit score go to www.worthknowing.com

I have been wanting to check my credit report and rating online for a while. I am a little apprehensive because I am not sure about the safety of accessing this information online. I do not want any hackers to have access to my credit report. And, I was also a little wary of the sites that offer this service. I don't know if they can be trusted. Have you had a good experience with this website?

I do not normally get approved for credit simply because my credit history is limited. I have two department store credit cards and a Visa. The Visa is not in my name, I am an authorized user on my dad's credit card account. So, the purchases and payments on that card are not reflected on my credit report. I just got a Master Card in my name. I worked at a credit card bank, so I pretty much know the ins and outs and what will affect my credit rating.

[Peaches-n-Cream]

I know someone who filed for bankruptcy. He had over $200,000 in debt due to a failed business and a resulting tax problem. He filed as a last resort. The problem is it still haunts him. His credit is BAD and will be for a few more years. If he wants to buy anything, the interest rate is very high. Try to avoid filing for bankruptcy. Most creditors are willing to renegotiate terms.