I Don’t Want to Claim Bankruptcy But Have No Means to Pay Our Debt. – Dawn

“Dear Steve,

I work full time, and do extra jobs just to make it each month. We have credit card debt (our own fault) approxiamately 20,0000.00 with the economy inflation paying monthly bills-home, food, electric etc. has been a struggle. We have stopped paying 3 credit cards due to being short on money, we did contact them prior to stopping payments, and communicated with them.

We just want to pay them off and have no means to.

We have sold extra vehicles and other items and paid off one school loan and other credit cards. I am curious if we would still be eligble for a loan? My husband is disabled, I work full time-approximately 60,000.00 gross income. Health insurance is over 400.00 a month, house payment approximately 1100.00, electric bill is up to 260.00 a month, we have medical bills due to a surgery I had, heating fuel has increased for the winter, etc.. I can go on, but I honestly don’t think there is enought space. Our credit score was arou nd 730-750 before we stopped paying the 3 credit cards. Never missed payments before all this happened. Can you please send us in the right direction. I do not want to claim bankrupsy. Thanks

What should we do?

Can we really get a loan to help us get out of debt?

How soon can a loan go through?


Dear Dawn,

The two most important items you said for me were, “We just want to pay them off and have no means to” and “I do not want to claim bankruptcy.”

Why don’t you want to file bankruptcy?

It sounds like you’ve been in a downward spiral for some time. I would even be willing to bet that some of the balances on the cards you are not paying is the result of using the cards to make ends meet.

Winter is coming and it seems like you live in a climate that will require additional fuel to heat your house. Now is the time to do something.

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I’m not sure what your credit score is now but with the current delinquencies I doubt you will find a loan. Rather than go on about what I think you should do, I’m going to assign you some homework.

In fact, unless a legitimate lender like LendingClub.com will give you a debt consolidation loan, I predict you’ll be a prime target for scammers who will promise you a loan, charge you an advanced fee and never give you the loan. Desperate people are easy picking for this type of scammer. I’ve seen it happen thousands of times.

I’d suggest you first read How to Get Out of Debt. The Honest and Unvarnished Truth and The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy. They will give you a great overview of what we need to deal with to get you moving in the right direction.

Then use the free How to Get Out of Debt Calculator to review your options.

Once you’ve identified a company you want to work with, then follow my step-by-step guide on how to check out a debt relief company.

Please post your responses and follow-up messages to me on this in the comments section below.

Damon Day - Pro Debt Coach

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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