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PowerChat: á
PowerChat: *** Entered MoneyWhiz II on 2/27/97 at 08:23 PM ***
PowerChat: á
Dpsing: Could you tell me...during this "Chat Class", do you answer questions from the "Audience'?
MW Bkrpt1C: Absolutely!
MW Bkrpt1C: Starting promptly at 10pm!
Dpsing: What time does it start?
Dpsing: Thanks, you got to the question before I ask!
Dpsing: I'll be back.
EngzirBuny: HELP
EngzirBuny: please
Hamelin45: Hi,everyone!
EngzirBuny: Hi Hamelin
Hamelin45: What's wrong EngzirBuny?
MW Bkrpt1C: What do you need help with Eng?
EngzirBuny: Life but that is another issue
MW Bkrpt1C: Life and Debt, eh?
EngzirBuny: Yes Mam'am LOL
Hamelin45: MW, I am 30000 in debt in cc. Talked to an attorney yesterday about BK...
MW Bkrpt1C: What did the atty say?
Hamelin45: She said that she advises everyone to wait until you are served before you file BK
EngzirBuny: I have a Creditors next week
MW Bkrpt1C: Ham.. until you are served with a judgment????
MW Bkrpt1C: Eng.. Chapt 13 or 7?
EngzirBuny: I have a creditors meeting next week in Philadelphia for chapter 7
Hamelin45: With a lawsuit I suppose
EngzirBuny: What should I except
MW Bkrpt1C: Ham.. I'd go get a 2nd and 3rd opinion! Aside from the cc debt, what debts do
MW Bkrpt1C: you have?
Hamelin45: She went on to say that after a judgement visa, etc could take my car
MW Bkrpt1C: Eng... What were your debts? Reaffirming anything?
Hamelin45: do those guys usually get that involved...none MW all unsecured..mostly cash advances time of illness
MW Bkrpt1C: Ham.. Credit cards are unsecured loans, they can't generally get a judgment
MW Bkrpt1C: against your car unless there was some sort of fraud committed. Is there a car
MW Bkrpt1C: loan on the car?
MW Bkrpt1C: Ham.. when was the last cash advance taken?
EngzirBuny: Reaffirming that I am broke and filing chapter 7
Hamelin45: None...about 6 months ago...I was borrowing to pay other cards in other words from Peter to Paul
MW Bkrpt1C: So you're not reaffirming any debts that you've got right now? Were any of your
MW Bkrpt1C: creditors sears or montgomery ward?
EngzirBuny: I have credit cards and unsecured loans
EngzirBuny: One is Sears unforn
EngzirBuny: And I know Sears will show up
MW Bkrpt1C: Ham.. I'd go see at least one more attorney. I don't recommend that anyone wait
MW Bkrpt1C: until they get hit with a judgment!
MW Bkrpt1C: Eng.. when was the last time you bought anything with the Sears card and what was it?
Hamelin45: I'm still getting letters from the companies themselves--haven't paid since Sept...no collection
EngzirBuny: Hmm last October or November for Boots they can have the boots back if they want them
Hamelin45: agencies or attorneys..how long before they usually file suit?
MW Bkrpt1C: Eng.. chances are very good that Sears won't even bother to talk to you.. but
MW Bkrpt1C: they may be there for other debtors.
EngzirBuny: And I think I brought a pair of sneakers that day too
EngzirBuny: What if a creditors objects to the bankruptcy
EngzirBuny: Can they do that
MW Bkrpt1C: Ham.. usually you'll start hearing from collection agencies after six months.
EngzirBuny: And what will happen
MW Bkrpt1C: Eng.. most creditors object if there's evidence that you've hidden assets, moved
MW Bkrpt1C: them to relatives, etc.
EngzirBuny: Nope I am broke
MW Bkrpt1C: Ham.. but they won't usually file a judgement for at least 2 years.
Hamelin45: then attorneys, then the court? I'm seeing another attorney next week but I was so depressed
MW Bkrpt1C: Which means you wait two years, then the judgement stays on your record for
MW Bkrpt1C: up to 20 yaers depending on the state you live in.
Hamelin45: after talking to the first one..she said that even though I'm self-employed they can attach my wages
MW Bkrpt1C: Eng.. They'll ask you things like "are these debts yours?" Are there any debts
MW Bkrpt1C: you didn't list? Have you sold any major assets in the last 6 months?
EngzirBuny: That question are any debts that I did not list
Hamelin45: how? I don't have an accounts receivable...I'm paid to instruct computer classes on the day I work
EngzirBuny: I have a Bank of Boston Visa that I use for emergencies
MW Bkrpt1C: Ham... I've never heard of anyone successfully attaching wages from someone
MW Bkrpt1C: who was self employed. Unless they get a judgment to put a lein on your bank
MW Bkrpt1C: account.. but for unsecured creditors it's highly unlikely. Is the car paid off?
EngzirBuny: And that is all
MW Bkrpt1C: Eng.. did you list it in the bk?
EngzirBuny: Nope
EngzirBuny: Not at all
MW Bkrpt1C: Is there a balance on it right now?
EngzirBuny: Hmm :::looking innocent::: Yes
MW Bkrpt1C: Dp.. welcome back.
MW Bkrpt1C: Eng.. how much is the balance right now?
Hamelin45: Yes, MW It's a 91 Toyota with 110,000 miles so not much for them to go after, huh?
Dpsing: Thanks!
EngzirBuny: ::sobbing:: about 1500.00
EngzirBuny: Glasses broke car died etc
MW Bkrpt1C: Ham.. not at all.. and the attorney should have known what your car was before
MW Bkrpt1C: making the broad statement that Visa would come after the car.. see someone
MW Bkrpt1C: else, please!
Hamelin45: thanks, Mw..
MW Bkrpt1C: Eng... when did you file your bk papers?
EngzirBuny: January of 1997
Hamelin45: I wanted a reputable attorney, but she sounds like she's working for Visa
MW Bkrpt1C: Ham.. what's her name?
EngzirBuny: I agree ham
MW Bkrpt1C: Eng.. .did you use an atty?
EngzirBuny: Yes I did
MW Bkrpt1C: Did you tell the attorney about this card?
Dpsing: MW, my husband wants to file br and I don't want to. We have mountains of debt, but I want
EngzirBuny: YUP
Hamelin45: Her last name is Comer
Dpsing: to do somthing else 1st.
EngzirBuny: And he said, that I did not have to list everythng
EngzirBuny: for bankruptcy that I could keep the ones I wanted
MW Bkrpt1C: Eng... you have to LIST everything, but you can REAFFIRM, or agree to repay
MW Bkrpt1C: some debts.
MW Bkrpt1C: Eng.. did he have you fill out any paperwork that showed that card anywhere?
Hamelin45: MW given my situation...should I go ahead now or save my money and keep my one credit card that's up
MW Bkrpt1C: Dp.. how much debt are we talking about, what kinds and how much income?
Hamelin45: to date up to date?
EngzirBuny: Let me but it too you this way that Visa has no clue that I am fling Chapter 7
MW Bkrpt1C: Ham.. by up to date you mean paid off? Or current on payments?
Dpsing: Well, we have card debts of about 20K, and a loan by deed of trust on property that my
EngzirBuny: Nope the card is not listed on the chapter 7 any where
MW Bkrpt1C: Eng.. okay.. you may run into some trouble with the creditors, only because
MW Bkrpt1C: they are going to state that you're showing preference to that Visa.
Hamelin45: Current on payments...but can pay more to pay it off in a year if it's the only one
Dpsing: parents gave us. My husband makes about 40K a year, but we also have a son who has
Dpsing: high med bills, and a car payment of 260/mo.
MW Bkrpt1C: Ham.. Eng.. why do you want to keep a card that will take you a year to pay off
MW Bkrpt1C: when you can start with a fresh slate within a few months?
EngzirBuny: I got that Visa right before I filed chapter 7
Dpsing: The loan on the Deed of Trust is 55K
MW Bkrpt1C: Eng.. had you already seen a bk attorney before you got the Visa?
MW Bkrpt1C: Ms C... ***
EngzirBuny: That way i would have something in case of emergcy
MsCashonly: Hi, Paula
MW Bkrpt1C: Dp.. are you current on all the debts right now, or behind?
MW Bkrpt1C: How are you tonight, MsC?
Dpsing: No, we are current and have A+ credit
EngzirBuny: Yes but the card had zero balance at the time
MsCashonly: I'm doing pretty good. I know I've been talking about being cash only but today I actually
Hamelin45: I guess MW I feel so responsible that I've done such a stupid thing to get myself into this over
MsCashonly: decided to do what it takes.
Hamelin45: a period of 7-8 years...
EngzirBuny: What happens if I just don't mention that Visa
Hamelin45: I really would be doing great without the debt and could of lived miserly probable without getting
Hamelin45: so far in
MW Bkrpt1C: Dp.. at this point, you're probably better off trying to restructure your
MW Bkrpt1C: debt a bit, get interest rates down and pay off some of the higher rate
MW Bkrpt1C: ones.
MW Bkrpt1C: Since you're current on everything, you can get things organized without putting
MW Bkrpt1C: any marks on your credit report.
MW Bkrpt1C: Eng.. one of two things could happen.
EngzirBuny: And that is
MW Bkrpt1C: Eng. 1. They could know nothing about the card, and they will approve your bk.
Dpsing: Well, we have done that by transferring balances on the higher rate cards and have cut down
MW Bkrpt1C: Eng. 2. They could know about the card and could dismiss your bk on the
MW Bkrpt1C: grounds that you lied under oath at the creditor's meeting.
Dpsing: from 6 to 3, but now it seems that the balances are so high, we don't have enough in the mon
Dpsing: to go around.
MW Bkrpt1C: Dp.. What are the interest rates now?
MW Bkrpt1C: Issy.. Stephen.. parden my rude manners! Welcome to class!
ISSY2BLANK: Hi Paula
Dpsing: 5.9 and 8.2
MW Bkrpt1C: MsC.. so what steps have you taken to make it happen?
EngzirBuny: :::looking innocent:::
StephenM96: Thanks, just checking things out.
ISSY2BLANK: always enjoy your posts
ISSY2BLANK: hi everyone
MW Bkrpt1C: Dp.. fabulous interest rates.. what are your minimums right now?
EngzirBuny: I will mention the card I cannot lie under oath
MW Bkrpt1C: Issy.. :::blushing:::: thank you!
MW Bkrpt1C: PC.. Gina.. welcome.
MsCashonly: I made a big mistake this month and sent all of my money to creditors at the beginning of
Gina McC1: thank you
Dpsing: 120, 150, 100 plus the loan payment of 560
MsCashonly: the month (I get paid once a month). I had to borrow money to survive the month and I was
MW Bkrpt1C: And monthly income, Dp?
EngzirBuny: If I reaffirm Visa will that Visa cad be notified of what I have done
ISSY2BLANK: I heard that Joe Dominguez died last month
ISSY2BLANK: has anyone else read his book?
MsCashonly: miserable. So today I paid the bare minimums to get caught up and what I have at the end
Dpsing: 3k
MsCashonly: of the month I will send to creditors. That way I don't enter that ugly cycle of debting.
MW Bkrpt1C: Eng.. if you reaffirm the Visa, it just means that you agree to pay the
MW Bkrpt1C: debt and not include it in the bk. You still risk the creditors claiming
MW Bkrpt1C: preference, but since the balance was zero at the time you filed, that
MW Bkrpt1C: shouldn't be a problem.
MW Bkrpt1C: MsC.. atta girl!
MW Bkrpt1C: Dp.. so about 1k goes toward the debts each month...
EngzirBuny: oh okay thanks
MW Bkrpt1C: Eng.. you still sound anxious.. what else can I tell you about it?
Dpsing: Credit cards, but we also have 900 rent and med bills that we are still paying
MW Bkrpt1C: Eng.. did you get my last question?
MW Bkrpt1C: Dp.. how much are you paying toward the medical bills each month right now?
EngzirBuny: NO I did not sorry
MW Bkrpt1C: Dp.. are any of the med bills charging you interest?
MW Bkrpt1C: Eng. I said you still sound anxious.. what else can I tell you to ease yoru mind?
StephenM96: MW, I live in Texas, just bought a house in August. Do you think a bank would give me a
StephenM96: consolidation loan?
IBangura: NOPE
Dpsing: It seems about 150 plus car payment of 270
Dpsing: Med bills no interest at this time
Hamelin45: Oh, MW an interesting event on my medical bill I owed a total of 4600 on which I faithfully paid 50
MW Bkrpt1C: Step.. how much did you put down on the house?
EngzirBuny: If Sears is the only creditor that shows up, then I only have to worry about them objecting
EngzirBuny: to my reaffirming my visa
StephenM96: 5%
MW Bkrpt1C: Eng.. yup. and you've already said they could have the boots.. any other big
MW Bkrpt1C: purchases from Sears?
Hamelin45: a month until Sept...then I skipped a payment..th first in 3 years..haven't heard from them,,,isn't
IBangura: I don't have any consolidation loan and I really want to apply this. It is hard to get appro
MW Bkrpt1C: Steph.. it would be stretch to get a consolidation loan, but worth a try!
EngzirBuny: Hmm just my car tires anda
MW Bkrpt1C: Eng.. probably. And by reaffirming the Visa, you avoid having to purjure yourself.
EngzirBuny: battery from the year before
MW Bkrpt1C: BE.. welcome!
StephenM96: Well, I've been getting notices in the mail that I'm preapproved for up to $25K for hm imprv
BEmory8705: HI
StephenM96: what's the difference.
MW Bkrpt1C: Steph.. the money store?
StephenM96: Not the money store, but some unknown mortg. companies.
Hamelin45: Oh, there's that word pre-approved Stephen!! Run fast!
MW Bkrpt1C: Dp.. how many different med bills are there?
MW Bkrpt1C: Steph.. was yours a FHA loan?
Dpsing: Just one right now
StephenM96: yes MW
MW Bkrpt1C: Dp.. great! Here's what you can do to free up $140 a month!
BEmory8705: How hard is it to get a new mortgage after going through bk?
MW Bkrpt1C: Steph.. great! I'd check out the offer from the mortgage company, especially
MW Bkrpt1C: interest rates and costs...
IBangura: MW... can you help me how to obtain a bill consolidation loans or any loan to approve with
Hamelin45: BEmory, I don't know about a mortgage, but a car dealer told me after pulling my report that if
MW Bkrpt1C: Steph.. then I'd call The Money Store and find out what their rates are.
EngzirBuny: MW wanna fly to Philly and hold my hand next Wednesday at court
MW Bkrpt1C: IB.. what's your income and expenses right now?
MW Bkrpt1C: Eng.. I'll be there in spirit!! What time is it next Wed?
Hamelin45: I filed BK he would be able to finance me in 9 months He said it's not a big deal like people think
EngzirBuny: 1 pm
Hamelin45: He even told me how to go about establishing enough credit so that I could be approved
StephenM96: MW, I found the card. Have you heard of American Home Loans? are they legit?
MW Bkrpt1C: BE.. have you checked all your credit reports since the discharge was finalized?
EngzirBuny: thanks MW good night
IBangura: MW...my income and expense is 500 dollars right now
MW Bkrpt1C: Steph.. I haven't heard of them, but there are lots of them out there.. what
MW Bkrpt1C: interest rate are they offering?
MW Bkrpt1C: Eng.. I'll mark my calander to send you warm supportive thoughts!
StephenM96: It doesn't say. I have to call a 1 800 number.
MW Bkrpt1C: Dp.. are you still with us?
Dpsing: Yes
BEmory8705: No I haven't checked them. I took all the discharge papers to the credit bureau, that's it.
MW Bkrpt1C: Steph.. call it and see if they will be upfront with the rates and points and other
MW Bkrpt1C: expenses. .and ask them to put them in writing!
BEmory8705: I didn't have any problems getting a car loan. My husband wants to retire in about 18 month
MW Bkrpt1C: BE.. once everything is current and reported correctly on the reports, then you're
MW Bkrpt1C: ready to get a secured credit card; with a 6 month history of pay, you can qualify
MW Bkrpt1C: for a mortgage. Do you have a mortgage now?
StephenM96: Thanks MW. My concern is that I may have to sell my house within the next 5 years
StephenM96: Will there be a lien against my mortgage?
MW Bkrpt1C: BE.. that's right! The car loan payments will also help build the credit!
StephenM96: and will this prevent me from selling the house?
MW Bkrpt1C: Steph.. not a lien, a second mortgage.
MW Bkrpt1C: Dp.. here's how you can save $140 a month and use it to pay off one of the other
MW Bkrpt1C: debts, to free up that money.
BEmory8705: I have my mortgage now. If we move in a year and a half what will we be facing then?
StephenM96: So then, if I sell. Will I have to pay off the second mtg. as well., since there will be no
MW Bkrpt1C: Dp.. write to the medical creditor; tell them you're having a cash crunch and can
MW Bkrpt1C: send them $10 a month for the next 6 months.
StephenM96: collateral remaining?
MW Bkrpt1C: Dp.. In most cases, they'll find that acceptable and will say okay.
BEmory8705: The attorney told us we could just walk away from this place when the time comes. TRue?
IBangura: MW...Did I miss your reply about my situation?
MW Bkrpt1C: BE.. after a year and half of good pay on the mortgage and the car loan, you
MW Bkrpt1C: should have no problem getting aconventional mortgage at a competitive rate.
Dpsing: I'll give them a cll tomorrow...anything is worth a try. I really appreciate all your help.
MW Bkrpt1C: IB.. I asked what your income and debts were.. do you own a home? Any collateral?
BEmory8705: What about a VA mortgage?
MsCashonly: Hey Effie
Effie lin: Hi, MsC
MW Bkrpt1C: Dp.. also, sit down with your family and see where you can find ways to free up
MW Bkrpt1C: money.. anything around the house you haven't used in a year? Sell it and put it
MW Bkrpt1C: toward the debt with the highest interest rate!
MW Bkrpt1C: Effie.. Nette.. I've been rude, forgive me! Welcome!
IBangura: My income is lower between 500 and 700 per month and I have many heavy debt like Credit card
Effie lin: Hi, Paula. How goes it tonight?
MW Bkrpt1C: BE.. by "walk away" you mean?
Dpsing: That's another good idea!
MW Bkrpt1C: Effie.. jumping!! Can hardly keep up with the crowd!!!
MsCashonly: I watching Paula in awe, Effie
StephenM96: MW, did you get my last question. I know you're busy. :)
BEmory8705: He said we could leave it in the hands of the bank and we didn't have to worry about selling
MW Bkrpt1C: IB.. what are you rminimums on the ccs each month?
IBangura: , loans, the total debts between 5 thousand dollar and 7 thousand dollars. It is hard for
BEmory8705: He said because the house had been named in the bk, they couldn't collect from us if it did
MW Bkrpt1C: Dp.. my spouse did that with old Nintendo games.. netted $79. I did it with
MW Bkrpt1C: books.. netted $64! Paid for a very nice valentines day!
Hamelin45: IBangura, I would take care of basic expenses and let it go..how are you surviving?
IBangura: MW..me to pay off the debt. By the way, what do u mean ccs?
Dpsing: There's hope...thanks!
MW Bkrpt1C: BE.. Walking away from the house would make it more difficult for you to get a
MW Bkrpt1C: new mortgage.
BEmory8705: not sell for the appraised value. and we didn't have to worry about the second mortgage eith
MW Bkrpt1C: Steph.. scrolling backwards....
BEmory8705: That is what I had thought.
MW Bkrpt1C: Steph.. after 5 years, you may not have much eqity built up, but the house value
MW Bkrpt1C: shouldhave risen enough to cover it. I took out a 25k on my 121k house (which
MW Bkrpt1C: had a 121k mortgage..) Three years ago. Now, house is valued at $162,500.
Hamelin45: Thanks, MW goodnight all
StephenM96: Oh, wouldn't that be wonderful!
MW Bkrpt1C: IB.. meant credit cards..
StephenM96: Thank you MW. At least I know there is hope out there. I'll sleep easier. Goodnight!
MW Bkrpt1C: Night Stephan, Hamelin.
MW Bkrpt1C: Come back again!
Dpsing: Thanks again MW...I'll put your suggestions to work. Goodnight
MW Bkrpt1C: IB.. How much are you paying toward the credit cards now? Are you current on
MW Bkrpt1C: them or behind?
MW Bkrpt1C: Dp.. let me know how it goes! Rmember, I'll be out next week, teaching a
MW Bkrpt1C: Prosperity Class in real life.
IBangura: MW... my credit card as 4,000 dollars in debt
MW Bkrpt1C: PB.. you're awful quiet tonight!
MW Bkrpt1C: You too Effie!
MW Bkrpt1C: Tear.. welcome!
MW Bkrpt1C: Ib.. Are you paying anything on the card each month?
IBangura: MW.. Right now, no since I have a tight budget
Effie lin: Paula, I really don't have any problems - I just really enjoy this chat group
MW Bkrpt1C: IB.. how many months has it been since you paid anything?
MW Bkrpt1C: Effie.. Feel free to jump in with suggestions, experience, etc!!!
PBC4000: MW . . Sorry - I've had a hectic week.
Effie lin: I learn a lot while I sit around waiting for old medical bills to fall off credit report
MW Bkrpt1C: PB.. here's an ottoman, and a recliner.. put your feet up and rest.. we're glad
MW Bkrpt1C: you're here!
MW Bkrpt1C: Effie. LOL
MW Bkrpt1C: Deanna.. welcome!! Good to see you!
IBangura: MW.. the last time I paid was almost one year ago
Deanna500: Hi there :)
MW Bkrpt1C: Speed.. glad you cuold join us!
MW Bkrpt1C: IB.. What are your prospects for being able to pay them?
MW Bkrpt1C: IB.. in the future I mean?
MW Bkrpt1C: IB.. are you able to get by on what you make, if you didn't have the debts
MW Bkrpt1C: hanging over you? Are there other debts you're paying, other than credit card?
MW Bkrpt1C: Or is everything going for basic living expenses?
MW Bkrpt1C: What's on your minds tonight Deanna, Speed?
IBangura: MW.. I want to have a house, car, and loans. My prospects for being able to pay them I gue
Effie lin: Paula, am I the only one who finds credit reports very confusing?
MW Bkrpt1C: IB.. I can understand wanting to have a house and a car but wanting to have LOANS????
Deanna500: Oh....still the contemplation of whether I shld go bk, or let the debt ride on my credit
MW Bkrpt1C: Effie.. credit reports are written by the guys who flunked "bicycle assembly
MW Bkrpt1C: instruction writing!"
MW Bkrpt1C: Deanna.. what are the pros adn cons?
Deanna500: report for the next 3 years. (It has already been 4 years )
IBangura: MW... yes, you re right
Speedoric: BK was discharged in September and was just wondering where to go from here. Also hoping
MW Bkrpt1C: IB.. what do you spend your income on right now each month?
Effie lin: Do they do it on purpose?
IBangura: MWW. . Suppose I don't have debts, I could approve loans and get a car and house.
Speedoric: to get info on the book, "Bounce Back From Bankruptcy"
Deanna500: Well, I owe $50K mainly credit cards. There is nothing they can seize, none have my
Deanna500: place of employment, bank account number etc. Its just that I have $150,000 in business
IBangura: MW.. I spend Almost all rent money and food that s all
MW Bkrpt1C: Speed.. as the author of that book, I can help you get info on it.. LOL... How are
MW Bkrpt1C: you feeling after the discharge?
MW Bkrpt1C: Effie.. of course they do!!! It makes them feel better!
Deanna500: losses that I could write off the next 10 years on my taxes. If I bk, I lose the writeoffs
MW Bkrpt1C: IB.. could you afford the payments on a car loan? A mortgage? What's yoru rent now?
Deanna500: as well as everything else I lost from being in rehab since Nov/90
Speedoric: Thought it would be easier to manage. Money's still tight and learning to live w/o credit is
Speedoric: tough
MW Bkrpt1C: (Speed.. the ordering info for my book is in my profile).. is there
MW Bkrpt1C: anything specific you want to know about the book?
IBangura: MW... I could afford the payments on a cr loan even mortgage too. My rent is 600 dollars
MW Bkrpt1C: Deanna.. what are your goals over the next three years?
MW Bkrpt1C: IB>. and your income per month?
Deanna500: I am starting a night course in May for 2 years to become a law clerk & trademark agent
Speedoric: I've already printed the list of secured cards you recommend. It's just that we had so many
MW Bkrpt1C: Speed.. what is your income and what are your expenses now?
Deanna500: At that point in time I could go back to my own business, or work at a law firm.
MW Bkrpt1C: deanna.. what do you want to do?
IBangura: MW..my income is 700 dollars per month
Speedoric: Between my husband and myself we make around $50k yearly. Our mortgage is $1100 and
MW Bkrpt1C: IB.. your income is $700 per month and your rent is $600 per month?
IBangura: MW.. Yeah, that s right
Speedoric: car is $254 plus insurance and all. Soon we should be on top of things again but it's a
Speedoric: struggle
MW Bkrpt1C: Speed.. I predict that in the next six months you'll be on the upward side of the
MW Bkrpt1C: curve!
MW Bkrpt1C: Speed.. what's your bigget worry about a secured card?
MW Bkrpt1C: IB.. what do you use to pay electric, get food, etc? How much of a mortgage are
MW Bkrpt1C: you looking for?
Speedoric: Well, we never have been able to save so I don't have anything to secure one with right now
Speedoric: anyway
MW Bkrpt1C: Deanna?
MW Bkrpt1C: Speed. .have you heard of my penny a day savings plan yet?
Effie lin: You tell him Paula!!!!
Speedoric: I have a 2 year old and by the time he's old enough to understand money I'd like to be able
IBangura: MW.. My rent is everything included ultities. I get some money from my family and food stam
MW Bkrpt1C: Speed!! You're a prime candidate for the Penny a Day cause you can have your
MW Bkrpt1C: two year old help you save money!!!
Deanna500: Im not sure whether to wipe the slate with bk, it only stays on record in Canada for 7 years
Speedoric: to set a good example-I don't ever want him to worry about money or be ashamed of his
Speedoric: parents
IBangura: I would like to have 400 dollars per month on mortage
MW Bkrpt1C: Deanna.. since you don't have plans to buy a car or a house in the next few
MW Bkrpt1C: years, you might as well let it ride.
MW Bkrpt1C: IB.. what are houseing prices in your area?
Speedoric: Tell me about the penny a day savings
Deanna500: Unless one of the creditors decides to take me to court. Right?
MW Bkrpt1C: Effie.. Ms C.. tell speed how much you guys are saving this coming week!!!!
MW Bkrpt1C: Deanna.. Are the all unsecured, credit card debts?
MsCashonly: 16 cents starting today.
MW Bkrpt1C: Deanna.. are any of the in collections!
MsCashonly: that's per day
Effie lin: we started with one penny
MW Bkrpt1C: Speed.. And MsC and Effie have been in the program 5 weeks!
Effie lin: for a week
IBangura: MW... Most are between 90,000 and up on housing price
MW Bkrpt1C: Speed. starting today, get yourself a jar and start putting one penny a day into
MW Bkrpt1C: the jar..
Deanna500: All of them are R9's. This was happening since 1993. They have given up calling me for
MW Bkrpt1C: Ask your two year old to say "Penny time!!!"
Deanna500: years now. Once in a while I receive a threatening letter
MW Bkrpt1C: Deanna.. chances are you're pretty well judgment proof then.
MsCashonly: Cute Paula
Deanna500: Well, actually they know there is nothing for them. When I tried for lower payments in 1993
MW Bkrpt1C: IB.. you're not going to be able to get a mortgage of $400 for a $90,000 house.
MW Bkrpt1C: My house was 121k when I bought it, and my mortgage is $1100 a month.
MW Bkrpt1C: Speed.. still with me?
Deanna500: they refused and asked for 4X the payments to not take me to court.
MW Bkrpt1C: Speed.. one penny, nothing more, nothing less, for the next seven days.
MW Bkrpt1C: Deanna. and what happened then?
Effie lin: we want to buy the house we are renting -50,000, payments around $500
MW Bkrpt1C: IB.. I'm sorry to have to break that to you.
Speedoric: Yup, I'm here just taking it all in-this is only my second time in a chat room!
IBangura: MW..I see that and What can I do ? Could you do for me like to research on finding low inco
Deanna500: Nothing. Seems they were waiting thinking I was going to get a insurance settlement, and
MW Bkrpt1C: Speed.. that 's okay. The next tuesday, put 2 pennies in the jar every day; then
MW Bkrpt1C: the next week, put 4; the next 8.. and so on..
MW Bkrpt1C: Deanna.. you learned the valueable lesson called "Collectors Bluff #1"
Deanna500: I didn't get anything. (I found out from one lawyer they thought I was hiding 300K ) LOL
IBangura: MW.. and Housing of Urban Development or FHA. What is the solution and to have things
IBangura: MW.. that I want?
MW Bkrpt1C: IB.. You might be able to get a really good deal on a house that's in a HUD
MW Bkrpt1C: program. That's what my sister in law did. She bought this gorgeous victorian
MW Bkrpt1C: home in indiana, within a year of declaring bk; and they gave her money to fix it
MW Bkrpt1C: up.
Deanna500: Actually one did serve me with court papers. I entered a defense, they took me for a
MW Bkrpt1C: Speed.. think your two year old would have fun with this savaings plan?
Deanna500: discovery proceeding. They finally dropped the case after they had spent $20K for their
IBangura: MW..How can I reach or contact HUD?
Deanna500: lawyer.
MW Bkrpt1C: Deanna.. sounds judgment proof to me!
MW Bkrpt1C: IB.. look in the blue pages of your phone book for your local HUD office, or call
MW Bkrpt1C: your library and ask for the reference desk.
MW Bkrpt1C: Speed?
MW Bkrpt1C: New.. welcome!
Speedoric: I think he'd love it-I guess part of our problem was(and is) we were never able to start
Speedoric: small
MW Bkrpt1C: Speed.. I know what you mean.. too many people thing "starting small" means
MW Bkrpt1C: $25-$100 a week!
Deanna500: I have worries though. Such as when I move from this place, landlords here love to do
MsCashonly: Speed. As silly as it sounds, I look forward to dropping that change in my container every
Deanna500: credit checks. Also employers etc.
MW Bkrpt1C: With pennies a day, anybody can do it!
MsCashonly: morning. It's the first thing I do when I get up.
Deanna500: Im not worried about credit cards. I have never used them for personal items. It was all
Deanna500: business, so I have not missed them.
Effie lin: and its my last thing every day - I feel like I have accomplished something!
IBangura: MW..Can you help or any suggestion abt my heavy debts to obtain an approved loan ?
MW Bkrpt1C: Speed. when you get to the point where you can't double your money each
MW Bkrpt1C: week, empty the jar take it to the bank and open a savings account; then start
MW Bkrpt1C: again at a penny aday!
Speedoric: We've been married for 12 years and often think "if only we just would have put $5 a week"
MW Bkrpt1C: Speed.. a penny a day and you're on your way!!!
MW Bkrpt1C: Effie.. MsC.. I'm so proud of you!
MW Bkrpt1C: Deanna.. how long have you rented where you're at?
MsCashonly: That's actually a great way to look at things Speed so that in 12 years you won't still be
MW Bkrpt1C: Deanna.. how has your rental payment history been?
MsCashonly: saying that.
MW Bkrpt1C: Heck, MsC... in one year you won't be saying it!!!
MsCashonly: I'm tired of having regrets. It's just time to get started in some way.
Deanna500: 7 years. Payments have been fine. On time and no bad cheques ever. But I do want to move
Deanna500: in the next 6 months
Speedoric: Sounds good. It's just hard to believe we're in this situation. Up until spring of '96 we
MW Bkrpt1C: Deanna.. when you get ready to move, ask your landlord for a letter of reference,
MW Bkrpt1C: showing your payment history.
Speedoric: perfect credit-just too much of it
PBC4000: MW: I would appreciate your input on approaching debt reduction with a spouse?
MW Bkrpt1C: Show that to any future lender and you'll have no problem getting the partment
MW Bkrpt1C: you want!
Effie lin: Paula, MsC I have to go and head off to bed. Paula, you'll be back in 2 weeks?
MW Bkrpt1C: Speed. it happens.. and now you hve a fresh start. Make the most of it!
MsCashonly: Good night Effie
Deanna500: Yes, I have thought of that.However some people seem to insist the necessity of credit repor
MW Bkrpt1C: Night Effie.. yeah back in two weeks.
MW Bkrpt1C: PB.. do you and your spouse have the same ideas about money?
Effie lin: see you all then. Good luck everybody
MW Bkrpt1C: PB.. the same feelings?
PBC4000: No!
Deanna500: reports for verification. We are not given the opportunity up here for a 100 word summary
Deanna500: on our bureau report. I think we can put in 25 words. :(
MW Bkrpt1C: deanna.. even with the credit report, they'll see from your landlord that you're a
MW Bkrpt1C: perfect tenant.
MW Bkrpt1C: PB.. I take it you're worlds apart???
Deanna500: That might be true. Landlords are begging for people here. What about employers though?
PBC4000: Yes. I've just about rid myself of all credit card debt and he's not working at it at all.
IBangura: MW.. Did you read my messages? Can you answer my question ?
MW Bkrpt1C: Deanna.. I don't know about Canada's laws, but in the U.S. it's illegal to fire
MW Bkrpt1C: anyone because of a bk; and in the government, it's illegal not to hire someone
MW Bkrpt1C: because of bk.
MW Bkrpt1C: IB.. I would check with CCCS and see if they can help you work out a payment
Speedoric: We got a few applications for unsecured cards with $40-$75 application fees-possible?
MW Bkrpt1C: plan; but since you ahven't made payemnts in a year, you might want to go see
MW Bkrpt1C: several bk attorneys to explore your options.
Deanna500: I believe its the same, however without the bk, just having the R9's, they pass you over
MW Bkrpt1C: PB.. are his debts in both names or just his?
MW Bkrpt1C: PB.. do you live in a community property state?
PBC4000: Just his.
MW Bkrpt1C: Speed. the best cards are listed on the secured credit card boards and in my
MW Bkrpt1C: book. what companies did you get applications from?
MW Bkrpt1C: FIVE MINUTE WARNING
IBangura: MW.. That's great and Could you email to me see what CCCS do with me, My email address is
Speedoric: I don't remember because the last thing on my mind at the time was another credit card
IBangura: MW..IBangura@AOL.Com
MW Bkrpt1C: deanna.. was there a specific reason that you got caught behind.
Deanna500: Yes, when I was off with the car accident, I received disability payments and was able to
PBC4000: His not at the bk stage yet, but we're both appraoching 50 and it's time to think of
MW Bkrpt1C: IB.. I can't help with what CCCS can do.. You'll need to contact them drecitly; for
MW Bkrpt1C: more info on WHAT they do, in general, check out the Moneywhiz boards!
MW Bkrpt1C: Speed.. I understand.
PBC4000: retirement.
Deanna500: just keep up the min. for 2 years, Then they cut my dis. from $600/week to $600/month
Deanna500: and I couldn't pay. Then I was cut off completely. We have this no-fault insurance up
MW Bkrpt1C: Deanna.. I would bring that up to any potential employees. when they ask "what
MW Bkrpt1C: do you consider your biggest strength.." or biggest achievement in life...
Deanna500: here. My business and all my stores fell apart.
MW Bkrpt1C: PB.. how much debt is it?
IBangura: MW... What does CCCS stand for and In Moneywhiz board which topic sh ould I click?
PBC4000: $15,00 to $20,000
PBC4000: credit cards only
MW Bkrpt1C: IB.. Consumer Credit Counseling Service.. you'll find them under "credit repair" in
MW Bkrpt1C: the phone book.. Check under "Serious Debt Problems; go back about 2
MW Bkrpt1C: months and you'll get all sorts of great info!
MW Bkrpt1C: PBC>. can you come back in two weeks? It;s time to go and I think we can
MW Bkrpt1C: offer some good support to you.
PBC4000: Absolutely!
MW Bkrpt1C: Deanna.. are you feeling any better toward making a decision?
Speedoric: Can you really offset many negative entries on your credit report little by little-it just
Speedoric: seems too immense!
Deanna500: Not yet really. I have seen some trustee's, and of course they all want me to bk.
MW Bkrpt1C: THANK YOU FOR COMING EVERYONE.. SEE YOU IN TWO WEEKS.. Yes,
MW Bkrpt1C: speed, you can.. and if you come back in two weeks.. I'll show you exactly how
MW Bkrpt1C: to do just that!!!
IBangura: MW.. thank you for giving me the info and have a good night bye for now
Deanna500: I am starting to think that it is my only option
MW Bkrpt1C: You're welcome, IB.. let me know how it oges1
MW Bkrpt1C: That would be "goes!"
MW Bkrpt1C: Deanna.. come back in two weeks and let's talk about it more.. go see two bk
MW Bkrpt1C: attorneys and see what they say.
MW Bkrpt1C: Night All!!!!
IBangura: MW.. sure, no plms good night
MsCashonly: Good night Paula
Speedoric: Goodnight-thanks-and I will be back in two weeks! My e-mail address is Speedoric@aol.com