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PowerChat:
PowerChat: *** Entered MoneyWhiz 2 on 9/19/96 at 07:49 PM ***
PowerChat:
BEmory8705: I hope so
MW Bkrpt1C: Greetings all!!!
MW Bkrpt1C: Welcome to Credit & Debt 101!!!
KW Courier: Your qualifications, if you don't mind me asking?
BEmory8705: Does this group deal with bk?
MW Bkrpt1C: What's on your mind tonight?
MW Bkrpt1C: BE.. sure do! Got a question?
KW Courier: TOO MUCH DEBT....not enought income.
MW Bkrpt1C: KW... been bankrupt (in 1986), became a financial writer,
MW Bkrpt1C: now a publisher, wanting to help people.
BEmory8705: Yes! My husband and I just filed the other day and I am scared to death now.
MW Bkrpt1C: KW... How much debt, how much income?
MW Bkrpt1C: BE... What scares you most?
KW Courier: but while bankruptcy can help SOME...It would cause me to lose my security clearance.
BEmory8705: Never getting financing for the car I need desperately.
MW Bkrpt1C: KW... what type of work do you do?
KW Courier: Military
MW Bkrpt1C: BE... you can absolutely get financing for a car after you file.
KW Courier: with a very high security clearance...
MW Bkrpt1C: MadDog has some really good strategies in his boards.
BEmory8705: A couple of years ago we had A-1 credit now it is in the pits.
MW Bkrpt1C: Leasing is one really good option, especially through Ford Credit.
KW Courier: My boss is already on my case about being late on my AMEX bill.
MW Bkrpt1C: KW... were the AMEX charges job related?
MW Bkrpt1C: BE....was there something specific that happened to get you behind?
MW Bkrpt1C: KW... I've heard here in class and seen on the boards from other military folks
KW Courier: Yes,but still delinquent! While that is settled, I am still $30,000 in credit debt.
MW Bkrpt1C: that athere's common misonception that BK ruins security
MW Bkrpt1C: status, and is a black mark on your military record, it's not
KW Courier: And my annual salary is only about $26,000.
MW Bkrpt1C: true.
BEmory8705: One car dealer told me today we didn't stand a chance for 10 years of getting financing.
MW Bkrpt1C: Okay.. KW.. what types of debt are athey? All crdit
MW Bkrpt1C: card? Anything else? Mortgage? Car loan? Student
MW Bkrpt1C: loans?
KW Courier: By who's say?
MW Bkrpt1C: BE... that's when you go to another carr dealer!!!
BEmory8705: Specific, yes you might say that. Bank error on present car and son in legal trouble.
MW Bkrpt1C: KW ... they said they went to the equivalent of the "employee assistance"
KW Courier: When Def Invest. Services goes crawling through your life, they find everything.
MW Bkrpt1C: They actually helped straighten things out with their leaders.
Hzrduswste: Hello anyone
Hzrduswste: does anyone know what happened to Hershy's Foods this week
KW Courier: Employee assistance was a joke~!!! They shrugged their shoulders and told me to go toCCCS.
Hzrduswste: any help??????
MW Bkrpt1C: KW.. is there anyone else who can ehlp you?
MW Bkrpt1C: Hzd.. we're talking credit & debt here tonight.. sorry!
KW Courier: Is a consolidation loan a "bad" option?
BEmory8705: This whole thing is playing terrible mind games with me. I am imagining the worst.
MW Bkrpt1C: BE.. wht's the bank error say about the car?
MW Bkrpt1C: KW.. Consolidations loans are a good idea, as long as you completely eliominate
MW Bkrpt1C: any possibility of getting into new debt.
MW Bkrpt1C: That's the only pitfall.. and many people fall into it!
BEmory8705: It is a long story that started in 1991 with the bank putting 9800.00 on the account that
KW Courier: Mortgage is not included in that debt neither is car because they are auto deducted.
KW Courier: all 30k is credit
BEmory8705: shouldn't have been there and they took it out in three days but credited the account
MW Bkrpt1C: KW.. so we're talking credit card debt?
MW Bkrpt1C: Okay.. KW.. are you current on all your accounts?
KW Courier: suks, huh?
MW Bkrpt1C: Or are some behind?
MW Bkrpt1C: KW.. yeah, but there's gonna be a solution here, I promise!
BEmory8705: for 2 years so they said we didn't have any payments during that time and they sold the
MW Bkrpt1C: BE.. do you have any of this in writing anywhere?
KW Courier: A bit...but I have talked to them and explained that my wife was injured and can't work now,
BEmory8705: contract in 1994 to another bank and the problems mount and I do have thing in writing.
MW Bkrpt1C: KW..are any of the crditors willing to work with you.
MW Bkrpt1C: Fabulous!!! BE!!!
KW Courier: To a point...
MW Bkrpt1C: You don't have anything to worry about in getting a car loan.
MW Bkrpt1C: All you'll need to do, when your BK is discharged, is go to the bank and say, look
MW Bkrpt1C: I'm in the market for a car loan, used, new whatever. Tell them that
MW Bkrpt1C: you're going to see a bk on my record. Here's what I've done to get back on my feet
MW Bkrpt1C: (getting secured card is a rreally good way tos how new positive credit info).
MW Bkrpt1C: Then say, here is a letter that shows this error on my credit report...
BEmory8705: Now the present bank wants us to pay 12,000 balance on the car and it is a 1989.
MW Bkrpt1C: That should be eenough to let them help you without feeling like your'e a bad credit r
MW Bkrpt1C: BE.. what kind of car is it? What's the current value?
KW Courier: But I have to resolve this ASAP....at least get started on it. $25 a month to each does not
BEmory8705: It is only worth about 4000.00 and the attorney said not to pay any more. It's an Olds 98.
KW Courier: help eliminate debt!
SkipnAmy: hey, is your book in bookstores?
BEmory8705: We bought it new and with paying 15,000 in interest, I feel we have paid for the car.
MW Bkrpt1C: KW.. how much can you put toward your debts each month?
MW Bkrpt1C: BE.. did you include the car in teh BK?
MW Bkrpt1C: Skip.. sorry, my book's only available through mail order
MW Bkrpt1C: right now! But we're working
BEmory8705: What is going to happen trying to get a different car. Yes it was included in bk.
MW Bkrpt1C: g it into bookstores! Even got our ISBN number!
KW Courier: average is $75 and 125
SkipnAmy: okay! next question....
BEmory8705: We could try to reaffirm the loan after it goes into court.
MW Bkrpt1C: BE.. was there something specific that caused you to get
MW Bkrpt1C: behind on stuff? That will bode well for creditors too.
MW Bkrpt1C: BE.. I wouldn't bother to reaffirm that debt.
SkipnAmy: We did a 13 but converted to 7 later....2 of the Big 3 have only th 13 but Equifax shows the
MW Bkrpt1C: I'd wipe the slate clean and start anew!
SkipnAmy: conversion....does that fall off in 7 or 10 years?
MW Bkrpt1C: KW... You might not be able to get a consolidation loan,
MW Bkrpt1C: do you have any equity in a home?
KW Courier: great
MW Bkrpt1C: The 7 will fall off in 10 years, Skip.(thanks for coming here out of IMs!)
BEmory8705: Yes, I have diabetes and fibromyalgia and I can't work anymore because of pain.
KW Courier: even though we've had A1 until three months ago? That is ridiculous!
SkipnAmy: :-)
MW Bkrpt1C: The 13 will fall off 7 years after it's declared discharged.
BEmory8705: What is the likelyhood that they would take a care back that is that old?
MW Bkrpt1C: BE.. medical bankruptcies are very common. Don't worry so much!
MW Bkrpt1C: KW... Do you have any equity?
SkipnAmy: Another question, which would be easier to get in a post bk situation
SkipnAmy: now that most of the bad stuff is gone from our record,
BEmory8705: It wasn't really filed because of medical as much as over burdened with debt.
SkipnAmy: Amex or Diners Club?
KW Courier: House is brand new < 3 years old. 2,500 in a life insurance policy, own a car, payments on
KW Courier: another...
BEmory8705: We are able to keep everything and the house with continuing the mortgage payments.
MW Bkrpt1C: Skp.. actually a VISA or MC is easiest; although I've heard
MW Bkrpt1C: Amex also has a secured card now (but don't have info on
MW Bkrpt1C: it yet!)
MW Bkrpt1C: Could you do without the second car, KW?
BEmory8705: What is going to be on the credit report that is going to kill us in the long run?
SkipnAmy: A secured Amex? Wow! That would help because we need to buy plane tix a lot....
KW Courier: not really....also have two kids and I work 25 miles away from home.
MW Bkrpt1C: BE.. they consider that the same thing. It will just be the bankruptcy. You'd
MW Bkrpt1C: update the rest of the info to show that the accounts were included in the bk.
SkipnAmy: it's a pain to have to pay cash, or write a check with the ailines thinking anyone with cash
SkipnAmy: is a terrorist!
MW Bkrpt1C: KW.. okay. Did you go see CCCS? What did they say?
KW Courier: Skip---that or a drug dealer~~~ !! :-)
MW Bkrpt1C: Skip.. what airline do you regularly fly?
BEmory8705: The attorney said it is a fresh start. Is it?
MW Bkrpt1C: My book comes with a special report called how to travel without credit.
KW Courier: Yeah, they said we'd have to destroy all credit cards, but my wife needs one to do her
MW Bkrpt1C: BE.. ABSOLUTELY!!!
SkipnAmy: American or Delta...sometimes at the last min so the tix can be costly!
KW Courier: latest business venture as abook distibutor....still not paying off yet.
MW Bkrpt1C: Skip.. any chance you could fly USAir? They have electronic capabilities, where
MW Bkrpt1C: you call the reservation desk, book your ticket and they'll
MW Bkrpt1C: take the money out of your checking account for you!
MW Bkrpt1C: Better than credit, Skipk, cause there's no interest!
KW Courier: maybe we should do the secured card thing for that.
BEmory8705: The attorney said last week on the court docket there were 40 bk cases in 1 hour.
KW Courier: or the credit/checking card.
MW Bkrpt1C: KW.. as an aside, please have ayour wife email me.. I'm
MW Bkrpt1C: lloking for a book distributior!
SkipnAmy: really? hmmmm I'll have to see about that!
MW Bkrpt1C: KW.. that's the best route, for post bankruptcy.. secured card.
BEmory8705: In the eastern district of Virginia it is at a record high.
MW Bkrpt1C: Be.. absolutely, I talked with a new customer ysterday
MW Bkrpt1C: who had 31 cases coming up mondal that he wanted
MW Bkrpt1C: flyers for
KW Courier: These are Educational books mostly for kids(Dorling Kindersley Family Library), but I'll
KW Courier: tell her.
MW Bkrpt1C: to tell his clients abouat my book!
KW Courier: NO---I CANNOY DO A BK!! NO WAY!!!
MW Bkrpt1C: KW.. easy! It's okay if you can't do a bk!
BEmory8705: KW, I said the same thing and here I am.
KW Courier: then what??? Bank robbery is also OUT of the question :-)
KW Courier: BE--my security clearance and career would be GONE.
MW Bkrpt1C: KW.. if you could safe up $200-$500 for the secured credit
MW Bkrpt1C: card, could you then followthe plan CCCS wants to set
MW Bkrpt1C: up?
SkipnAmy: Hey KW I have a clearance....
KW Courier: yeah
MW Bkrpt1C: That would be "save up".
MW Bkrpt1C: Skip! I knew that was you!!!!
SkipnAmy: they still cleared me for a SAR/SAP project with a Ch 7 and 13!
MW Bkrpt1C: Talk to KW abouat this, would you?
KW Courier: Skip...but how high?
KW Courier: relly?
KW Courier: really?
KW Courier: civilian or military?
BEmory8705: I did it because my quality of life was going. Medical problems and counceling. Not good.
SkipnAmy: civ via DISCO, Secret with SAR/SAP/SCI and WINTEL
SkipnAmy: don't need TS, yet....but they say so long as it's "taken care of" then I'm clearable
BEmory8705: It was my sanity and my husbands or pleasing some billion dollar company. We come first.
KW Courier: That's a good start, but I have to maintain a TopSecret-SCI and SAP/SAR w/ caveats.
KW Courier: Since I already have it, they are *^&*( holes about any reason to take it away...really.
BEmory8705: I figure if we were dead they wouldn't get paid so why should we feel like we were dead.
KW Courier: Good point, BE
MW Bkrpt1C: BE.. here here!!!! Family always should come first!
SkipnAmy: I think the big thing--especially with the caveat access-- is that you take care of it
KW Courier: My family is ok for now....food, house, clothes, LOTSA love...
SkipnAmy: remember "adverse info" rules? NOT taking care of it would be adverse!
KW Courier: I am trying,,,but I don't know where to get started.
BEmory8705: Do you know companies hire people to just appear in bk court and nothing else?
MW Bkrpt1C: Kw.. first step is to take a deep breath. Second step
MW Bkrpt1C: you've already done.. comeing here for help!
KW Courier: Yeah, and I have been upfront about everything...So I just need to trust the system.
MW Bkrpt1C: BE.. appear to do what?
BEmory8705: They put clothes on their backs and food in their stomachs because we can't.
KW Courier: <<<=====Holding breath.....turning blue.......getting dizzy.
MW Bkrpt1C: KW.. EXHALE !!!! EXHALE!!!!
SkipnAmy: That's right KW! besides, they will find out on your next update!
SkipnAmy: Do you have to have poly? They'll find out then!
BEmory8705: They appear in the court to represent the company they work for bk presidings.
KW Courier: I know....luckily that is another 5 years from now!! Just did one...
KW Courier: Yeah, poly too.
SkipnAmy: ooooo lucky! heh heh
MW Bkrpt1C: KW.. I've found that being upfront is a really big bonus!
MW Bkrpt1C: People trust you more because
KW Courier: not a fun thing to have on your conscience.
MW Bkrpt1C: you've told them that there's a problem and you're taking charge of it.
MW Bkrpt1C: Otherwise, when they find out, they immediately wonder
MW Bkrpt1C: what else you haven'ta told them.
KW Courier: MW, that's why they gave me a security clearance, i guess! :-)
SkipnAmy: You don't know how right THAT is Paula! Worked with a guy who didn't tell them he
MW Bkrpt1C: KW.. probably! So trust that they want you to keep that
MW Bkrpt1C: clearance, and keep your job!
MW Bkrpt1C: Give them the benefit of the doubt and you'll be surprised how they come through.
SkipnAmy: got busted last year for buying a hooker....no big deal for them...but he LIED about it!
BEmory8705: KW, there are a lot of government people out there that probably shouldn't have clearance.
SkipnAmy: THEN they went over his life with a fine tooth comb!
KW Courier: Anyway, I guess I should go the CCCS. I know that's right, BE!
BEmory8705: I don't think it is because of financial situations either.
KW Courier: please don't get me started on that!!
KW Courier: If you only knew...
SkipnAmy: Yeah BE we know! we know!
KW Courier: HAHAHA!!!
MW Bkrpt1C: KW.. I"d say that going to CCCS should be your next
MW Bkrpt1C: step.. Find out if it's okay if your wife has a small secured
MW Bkrpt1C: card.
BEmory8705: Sorry I am not military but living in the DC corridor, I see and hear a lot.
KW Courier: Feel sorry for you, BE.
KW Courier: DC=YUCK!
MW Bkrpt1C: BE.. where do you live.. I'm here in MD outside of DC!
BEmory8705: Me too.
MW Bkrpt1C: Hey, KW.. not all of DC area is yucky!!!
BEmory8705: I am in Virginia about 50 miles south of DC.
KW Courier: True,,,
SkipnAmy: Been there once....Crystal City...never want to go back
MW Bkrpt1C: I'm 20 minutes south of Annapolis, at the end of Route 4.
MW Bkrpt1C: Skip.. Crystal City is where the Wizard of Oz lives, not real people!
MW Bkrpt1C: Anybody got another question for me????
KW Courier: been there too many times on tdy...also never want to go back.
BEmory8705: All the commuters traveling south seem to wind up here in Fredericksburg.
SkipnAmy: Yeah one more....
MW Bkrpt1C: GA, Skipn...
MW Bkrpt1C: That's short for Go Ahead!
BEmory8705: Are all you guys or gals on line tonight military?
SkipnAmy: Two of my old banks say that since it "takes a while" for the Ch13 stuff to come in, they
SkipnAmy: went ahead and charged off the account....
KW Courier: <--- GI Joe w/ Kung-Fu grip.
MW Bkrpt1C: Be.. not me!
MW Bkrpt1C: Skip... what did the trustee say?
SkipnAmy: so they show up as charge offs with a date about 4 months after the Ch 13 date....
BEmory8705: I am a 50 year old ( old lady)
SkipnAmy: should I dispute it or wait?
SkipnAmy: Haven't asked the trustee...the Ch 13 was 7 years ago!
KW Courier: <===Extracting!!!! Thanks for the advice, ya'll...'Night.
MW Bkrpt1C: Skipn.. but they were listed on the Chapt 13 right?
SkipnAmy: I'm not military...a civilian contractor
MW Bkrpt1C: Night KW.. thanks for coming!! Please come back again!!!
BEmory8705: If anyone want to talk e-mail me. Sometime just support helps.
MW Bkrpt1C: BE.. I'd say you're a mature lady, not old!
MW Bkrpt1C: Skip? Listed on the 13, right?
BEmory8705: I am aging fast. 10 new gray hairs today I bet.
SkipnAmy: yes they are on the 13...I have a copy of the papers from the federal archives
BEmory8705: I am worried about getting a different car and my husband has worked for General motors 29 y
MW Bkrpt1C: Great.. send the credit bureau forms back to them
MW Bkrpt1C: questioning the items. If that donest work
MW Bkrpt1C: send a copy of the bk papers to the credit bureau and ask
MW Bkrpt1C: them to update your account.
SkipnAmy: okay! will try it that way!
MW Bkrpt1C: BE.. are you eligble for a employee discount?
SkipnAmy: BE good luck! I'm sure you'll do okay!
MW Bkrpt1C: Skip.. let me know how it goes!
BEmory8705: Yes 18% on an ordered car and 5% on a new car on the lot.
SkipnAmy: Hey, we have places here that will give credit to anyone who will pay the $50 doc fees in
SkipnAmy: cash!
SkipnAmy: g'night!
BEmory8705: My husband makes roughly 66,000 a year.
MW Bkrpt1C: Night Skip!
MW Bkrpt1C: BE.. and what about fionancing?
BEmory8705: We are being made to feel like paupers. I don't know if we can get financing anymore.
MW Bkrpt1C: BE.. what's making you feel like paupers?
MW Bkrpt1C: Or shuld I say who?
BEmory8705: filing bk. We have never even had any repo's or judgements or anything like that so we take
BEmory8705: the big plunge and file bk.
MW Bkrpt1C: BE.. please dont' beat yourself up. BK is the only thing that will help you get back
MW Bkrpt1C: on yoru feet at this point so you can eventually retire without winding up in the
MW Bkrpt1C: poorhouse. You'd be a pauper if you DIDN'T declare bankruptcy.
MW Bkrpt1C: Things happen in life; disability happens.
MW Bkrpt1C: That's why there's no debtor's prison anymore. and why we have bk laws...
BEmory8705: Yes I suppose your right, it is so new. I am waiting to get hounded by the creditors now.
MW Bkrpt1C: to help people like you, like me, get a fresh starat.
MW Bkrpt1C: Be.. geuss what.. you'll probably never get another call from another creditor!
BEmory8705: What kind a car could you get after filing?
MW Bkrpt1C: Now that the BK has been filed, by law, they can't contact you.
MW Bkrpt1C: If they do, just say, I've declared bankruptcy, please contact my lawyer and give
MW Bkrpt1C: them your laywer's name and number.
MW Bkrpt1C: You could probably get any GM car you want. Do they offer financing to employees?
MW Bkrpt1C: TEN MINUTE WARNING... CLASS ENDS IN 10 MINUTES!
BEmory8705: HOw much did you have to pay down and how high is the interest.
MW Bkrpt1C: PLEASE AKS ANY BURNING QUESTIONS NOW!!!
MW Bkrpt1C: BE.. I bought a 7k car and put 1k down.
MW Bkrpt1C: My interest rate was 9%.
MW Bkrpt1C: That was five years ago.
BEmory8705: All gm financing goes through gmac.
MW Bkrpt1C: Do you know of anyone else who works at GM who's gone bankrupt?
MW Bkrpt1C: You might want to post that question in the boards, BK or Been BK here.
BEmory8705: I have been looking at used cars and they all seem to be 12 to 15 thousand.
MW Bkrpt1C: But I would think that GMAC would be fine for financing.
BEmory8705: They don't discuss their financial situation where my husband works.
MW Bkrpt1C: Especially if they offer any type of "payroll deduction" where car payments can be
MW Bkrpt1C: paid automatically.
MW Bkrpt1C: I'd call GMAC and ask them what you'd need to do if you
MW Bkrpt1C: had a bankruptcy, also, go see your local banker.
MW Bkrpt1C: Who was the dealer you went to see?
BEmory8705: We have paid two trucks off early and they were financed through gmac. Payroll deduction. Hm
MW Bkrpt1C: Great! So you have a good history with them!
MW Bkrpt1C: They'll loev you!!!!
BEmory8705: You don't think reaffirming on my present car for maybe a couple thousand would be good?
MW Bkrpt1C: Not since it's worth one third of what you owe on it!!!!
MW Bkrpt1C: What type of car is it?
BEmory8705: Oh. It an 0lds 98 regency (1989)
MW Bkrpt1C: I'm a bit ignoraant.. is Olds a GM?
BEmory8705: We have been paying a high interest rate since 1989 and yes olds is a GM car.
BEmory8705: It has been a LEMON ever since we bought it.
MW Bkrpt1C: That was before Lemon laws, eh?
BEmory8705: When are you online again. Your good and I would like to talk to you more.
MW Bkrpt1C: do you have all the repair records?
BEmory8705: Pohanka does.
MW Bkrpt1C: Thank you! I'm always here every thursday, 10pm est...
MW Bkrpt1C: Also, reading my boards, different times, feel free to add me to your buddy list
MW Bkrpt1C: and IM me! Or email me!
BEmory8705: So does the oldsmobile head in Detroit.
MW Bkrpt1C: Good.. an even better reason for them to want to make good by you on yoru next car!
MW Bkrpt1C: Gotta close up shop for tonight.. will I see you here next thursday?
BEmory8705: I sure hope so I change the billing on aol to take it out of my checking account so I hope s
MW Bkrpt1C: THANKS FOR COMING TO CLASS EVERYBODY.. WE'RE OUTTA HERE!!!
BEmory8705: Bye
MW Bkrpt1C: Great! See you soon!
MW Bkrpt1C: Paula