Doing debt settlement but not making it … trapped by flex loan
I’m into my second year of a debt settlement program with ClearOne Advantage. It was going fine until they started asking for additional payments to settle individual loans. It got to be so much, I’ve been getting local and online installment loans to make it. Then I did the most foolish thing over the holidays.
I was paid early before Christmas and then there was a very long stretch till my next payday on Jan. 31. I fell for this flex loan from Advance Finance. It was ok when I was just getting a little, but then when I maxed it out, whoa–$600 a month and that’s just paying interest, and the $2000 I borrowed has risen already to $2500 owed! It’s got me shaking in my shoes and wringing my hands trying to figure out what in the world I’m going to do.
I’d already given up cable tv and internet months ago, barely eating anymore, know I will be out of debt except for the house in a couple years, but not sure how to make it till then. My credit score has fallen, mainly because one of my settled debts is still reporting that I owe and that I have missed over a year of payments, so there’s no way I can get a decent loan to pay off the flex loan. Any suggestions?
Bankruptcy is the fastest way out of debt for the least amount of money. It will give you the fresh start you need now and get you back to a position where you are able to save money every month.
Here are a few articles that will surprise you:
You can limp along and struggle to live on the unsafe edge or you can learn from your financial mistake, regroup, and do better moving forward. The choice is yours.
The reality is you are not trapped by the Advance Finance loan but because your underlying financial situation is so tight with trying to settle or repay your debt that you can’t make it.