I am currently 53 years old and single (never married). I am a licensed practical nurse. I was working full time until 2005 – when I went into kidney failure and had to go on dialysis. Because of my illness I had to stop working and go on Social Security Disability. I was living with my Dad ( and still am) at the time.
Very unfortunately – because I had just purchased a new car and had other outstanding bills (mostly credit card debt – of approximately $8,000.00 – I had to file bankruptcy. (I was “Devastated”)… The wonderful news is – I received a kidney transplant 10 months after being on dialysis – but due to other medical issues – I have remained on SSD.
I am working part time and earning under $1,000 a month – as allowed by SSD. My SSD is approximately $1,300 monthly. I am now on Medicare – but due to the many medications I am on – I have to purchase a supplemental policy which costs me approximately $200 a month and I am sure is likely to soon increase. I have other medical bills which cost me approximately between $300 and $400 a month.
I currently have 3 personal loans out – (1 with Lending Club – for $5000 – which now carries a balance of about $4,300 – 2 others with a credit union (1 secured by my car for $8000 (now approx. $7200 and another non-secured personal loan for $4,000 – now approx. $3500).
I also have 3 credit cards 1 carrying a balance of around $1,800 and the other 2 carrying $1,000 each. I also put 2 other credit cards I had with InCharge – because I was trying to lower my interest rates on each of them – both were about 22%. One is down to $1700 from $2000 and the is down to $300 from $500. (In hindsight – I should probably never went with In Charge and just tried paying them down my self)….
My goal or desire – is to consolidate all of these debts, into one payment. However, I have turned down for another loan by Lending Club and also from Prosper; in addition to the credit union I am with.
My current credit score ranges between 684 and 712. I am working with a credit improvement company (Lexington Law) – in attempts to remove any negative reports on my credit history. They have removed 3 of 7 negative reports I have – so far… I am living with my 80 year old father – and the house is in both of our names and is valued at $150,000. I would try to get a home equity loan – but my father currently has one out for approximately $28,000 – and because of his very limited social security and pension (approx. $1400 a month) – I am also trying to help him in paying this off as well.
So it is a pretty complicated situation. I always pay much more than the minimum on my credit cards and I am never late on any of my payments. What would you recommend for me to try to consolidate/pay off debt? Any suggestions would be “Very Greatly Appreciated! Thank You Steve!!
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.My Medical Situation Has Me Hurting Financially. - Louise by Steve Rhode