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-   -   Someone please help me. I NEED HELP!!! (http://www.thefinanceforums.com/showthread.php?t=6939)

gregorysack89 06-18-2012 07:22 PM

Someone please help me. I NEED HELP!!!
 
I am twenty two years old and really want to get my life back. I am a former drug user and now that I am clean I am facing the financial back fire of my drug use. I was a heroin addict for two years. I dropped out of school, lost almost all of my personal valiuables to the pawn shop, and am in a bunch of credit card debt. I want to get back a comfortable state of existance and some financial stability. I am preparing to go back to school, I have a steady job and just want help in finding the right way to deal with my debt.
-I have three credit cards.
-Two are through my bank the other is a Capital One Card.
My two cards through my bank are both over their credit limit the sum of them both is around 4200 dollars.
- My Capital One card is also over its limit at around 3100 dollars.
I joined a debt consolidation program through Money Management International to help with my interest rates, but at the time I joined I was still using and now am worried because of missing payment that I will be thrown out of the program.

-I am behind on a paycheck advance from a local Check Smart and am going to have to wait another two weeks to pay them, and I have no idea how bad they are gonna rape me on interest but I have a feeling that will eat up the rest of my next pay.

I want to find the quickest way to get myself stable, Its hard enough for me in my situation but I need to be free of this weight on my shoulders I feel that my financial stress may push me back into using and I need help because I don't know what is the best way to deal with my debt.

I would like to take out a college loan to deal with my debt, even if it just buys me some time, and allows me to live more comfortably, I know this isn't the most advisable thing. I am blessed with parents that are willing to pay for my education and this loan I hope would help me get back on track. ,


Anyone have any suggestions on what I should do, or where should I get a college loan from? Also should I be worried about getting a college loan because of the size of my unsecured debt? Also my credit score is not that bad. I know it is right around 600. Someone please help!!!!

-thank you
Gregory

littleroc 06-19-2012 09:15 AM

Re: Someone please help me. I NEED HELP!!!
 
Personally I wouldn't go to college until you have paid off your debt, borrowing more money doesn't solve your problems. I would get a job, two or three and clean up your credit card mess, become current and pay them off asap. After this is done then if your parents are willing to pay for school then take them up on it if it's a gift. As you can see borrowing money hasn't had any positive effect in your life, so I'll warn you now and if you choose not to listen to some wisdom from someone whose been there then well, good luck with that!

Dawnstream 06-24-2012 01:45 PM

Re: Someone please help me. I NEED HELP!!!
 
I agree with littleroc, it sounds like it may be too soon for you to go back to school. Work a steady job or two or three, until you get some of those debts paid. If you do go back to school, you'll have to work your way through it. Colleges make it so easy to go into debt. Read through the forums and see how many people are at their wits end with $100G in student loans and a degree that isn't earning them squat. That said, the best thing you ever done for your life was to quit heroin. You aren't done yet. If you feel that college will provide you with the structure you need to stay clean, that is your priority. In that case, apply for financial aid and scholarships, go to school, borrow a little as you can from student loans, and come up with a plan to pay them back. Use the online loan calculators to see how much your monthly payments will be and how much you'll lose in interest over the life of the loan BEFORE you borrow. (The interest the student loans will charge is probably a lot less than that you're being charged currently.) There is no credit check for federal student loans, so your current debt won't affect your eligibility. Beware of private student loans. Only apply for fixed apr loans, which are really hard to obtain. The variable rate loans are nearly impossible to predict; your payments can nearly double in a single month.

By the way, living comfortably in college is not a good idea. College life will require a tight budget. One year, when I filed my taxes, I realized I had lived off of $6,000 (not including school expenses) that entire year. My school gave me a free bus pass. I lived in a dilapidated old house with four housemates. I did my grocery shopping at the food bank and never ate out. I only ran the heater in January and February, and I didn't have a cell phone. I made all my own money, and paid my own way at community college. Your budget should be tighter than you think it can get while you're in school.

Fredy Atwater 06-28-2012 11:08 PM

Re: Someone please help me. I NEED HELP!!!
 
Don't pay a loan with another loan .
Pay little by little with your own cash.
Start with the credit card with the lowest balance and pay the minimum on the rest.
Do this until you have paid off all of your credit cards.
Dispose of your credit cards whenever you can.
Stop making debt.
Pay with cash. Use no credit or debit cards.

wavc09 07-02-2012 11:06 AM

Re: Someone please help me. I NEED HELP!!!
 
I agree with the advice of fredy Atwater. You should cut down your expenditure and try to pay off your credit card. After paying off all your debt, let have a smart spending plan to keep out of this condition again.

Fredy Atwater 07-09-2012 03:29 PM

Re: Someone please help me. I NEED HELP!!!
 
I appreciate your positive comment Wavc09.
Thank you very much !

mithelamithi 10-01-2013 09:37 AM

Re: Someone please help me. I NEED HELP!!!
 
I think banks will not give you loan if they will heard all about you. If you have good credit then you can try bank loan. You also can try hard money loan. Hard money loan is a kind of loan which can be obtained within a few days and easily also.

igneous 01-03-2014 01:11 PM

Re: Someone please help me. I NEED HELP!!!
 
Declare personal Bankruptcy

scooterchip 01-03-2014 01:25 PM

Re: Someone please help me. I NEED HELP!!!
 
Have you tried talking to your bank and Capital One about possibly lowering the interest rates and extending your payments on your credit cards. I was $40,000 in credit card debt five years ago. I called all my credit card companies every day asking them to work with me, by either lowering my interest rate or extending my payment. I got the usual, "there is nothing that we can do for you" treatment for awhile. They finally got so tired of hearing from me, that they finally agreed to work with me. It takes some persistence, but it paid off for me and maybe it will work for you? Today I am debt free!!!

Anna McNally 01-10-2014 02:54 AM

Re: Someone please help me. I NEED HELP!!!
 
Hi!

Well ! do not get hard. You should do a job and get relief from your debt and clean sweep your credit cards asap. You took up decision for your future on the right time, so get off all the debt first, and carry-on your education as well. My all wishes with you, stay blessed and have a bright future.

mira 01-29-2014 09:33 PM

Re: Someone please help me. I NEED HELP!!!
 
If your parents are willing to pay for your education, they might be willing to pay for your loan too to help you get on track. Seek their help.

Pawnbroker 07-26-2016 08:25 PM

Education Good - Title Pawn is Bad
 
Quote:

Originally Posted by littleroc (Post 30752)
Personally I wouldn't go to college until you have paid off your debt

I respectfully disagree. An education (if in the right field) unlocks the doors of opportunity to higher paying jobs. Investing in your own education can be the best investment you ever make (unless you're an Arts major, eh.)

Now, some things aren't such a good idea. Should your first choice be a title pawn? Not necessarily. Nor one of those cash advance places. But you can still do yourself a favor by going to college with a lower interest student loan. Just be careful and don't go crazy with the living expense money. I've seen students do that and buy a nice car or other things, all while doing it with money that doesn't belong to them.

Best of luck, you can do it kid.

Daniel Gibson 09-07-2016 12:00 PM

Re: Someone please help me. I NEED HELP!!!
 
ask for close people around you(good friend, family) to help you to recover from the mess your in.
only after you finish with the debts go to college in clean head

financialadvisory 10-20-2016 09:40 AM

Re: Someone please help me. I NEED HELP!!!
 
Quote:

Originally Posted by gregorysack89 (Post 30707)
I am twenty two years old and really want to get my life back. I am a former drug user and now that I am clean I am facing the financial back fire of my drug use. I was a heroin addict for two years. I dropped out of school, lost almost all of my personal valiuables to the pawn shop, and am in a bunch of credit card debt. I want to get back a comfortable state of existance and some financial stability. I am preparing to go back to school, I have a steady job and just want help in finding the right way to deal with my debt.
-I have three credit cards.
-Two are through my bank the other is a Capital One Card.
My two cards through my bank are both over their credit limit the sum of them both is around 4200 dollars.
- My Capital One card is also over its limit at around 3100 dollars.
I joined a debt consolidation program through Money Management International to help with my interest rates, but at the time I joined I was still using and now am worried because of missing payment that I will be thrown out of the program.

-I am behind on a paycheck advance from a local Check Smart and am going to have to wait another two weeks to pay them, and I have no idea how bad they are gonna rape me on interest but I have a feeling that will eat up the rest of my next pay.

I want to find the quickest way to get myself stable, Its hard enough for me in my situation but I need to be free of this weight on my shoulders I feel that my financial stress may push me back into using and I need help because I don't know what is the best way to deal with my debt.

I would like to take out a college loan to deal with my debt, even if it just buys me some time, and allows me to live more comfortably, I know this isn't the most advisable thing. I am blessed with parents that are willing to pay for my education and this loan I hope would help me get back on track. ,


Anyone have any suggestions on what I should do, or where should I get a college loan from? Also should I be worried about getting a college loan because of the size of my unsecured debt? Also my credit score is not that bad. I know it is right around 600. Someone please help!!!!

-thank you
Gregory

First congratulations for leaving that world.

first don't panic, then talk to each of those credit agencies one by one, explain the situation and they will help you restructure.

Jovanny 10-28-2016 01:56 AM

Re: Someone please help me. I NEED HELP!!!
 
You can get loans at affordable price at Greater Central Texas Federal Credit Union.


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