“Dear Steve,
I lost my job in July 2009. Just moved to SC, 3yrs. ago. I bought home which of course the value has dropped. I now have credit card debt of $14,000. I am only getting unemployment which does not pay the bills. My family has been helping, but it is not fair to them to continue to do so. I am a 56 yr. old female, who has always been on time paying bills. I worry all the time. I have called Bank of America which have mortgage and credit card. They don’t seem to care, yet have a financial hardship number on their web page.
How do I go about offering a pay off amount or can you offer me some suggestions?
Please Help
Donna”
Dear Donna,
There is no reason for bank of America to offer you any sort of help if they don’t want to. It doesn’t have to be logical, it is what it is.
So if you’ve already reached out to Bank of America for assistance and they don’t give a damn then you have two options and only one if you want to force them to do something.
If you can afford to make at least the monthly minimum payment on the credit card debt you could explore a credit counseling solution. You interest rate to Bank of America would be reduced but the monthly minimum payment would remain about the same as it is now.
But from what you’ve said I don’t think that is possible without outside help to keep making your payments. In that case the most logical approach and the only way you have any power over the bank is through the law with bankruptcy. In bankruptcy a payment plan will be created based on what you can afford and you will be able to keep the house.
Click here to find a local bankruptcy attorney you like and make a free appointment to talk to them.
Bottom line, it would be better for your friends and family to pay for you to go bankrupt than to continue to pour money down a drain without any expectation it will lead to you getting out of debt.
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
Do you have a question you'd like to ask me for free? Go ahead and click here.
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