Home     Forum     401k     401k Rollovers
    Register   Login   Members   Search   FAQs     Recent Posts    




YIKES! I need advice quick!!!

Reply to topic
Money Talk > Personal Finance

Author Thread
atlas_jones
New Poster


Cash: $ 0.45

Posts: 2
Joined: 01 Nov 2014
Location: USA
YIKES! I need advice quick!!!  Reply with quote  

hello!
I have recently, come into car troubles and I did a car title loan. I was able to repair my car but now, I am unable to pay the car title loan off completely, immediately. I already have credit cards, and a small personal bank loan that I am only 1/3 of the way paying off. I have made every payment on time for the last 7 months on the bank loan, since opening my account with them. When I got the bank loan originally my credit was 695.

My credit score went from a 695, to a 595 in the last 3 months, because I have been late on 3 months payments to Belk. My my hours have been cut at work recently and my pay has decreased dramatically. I cannot afford to pay all the credit card payments. I am on a payment arrangement schedule with Belk now, but the mark is still on my credit report, until the balance is paid in full. I owe $ 300, half of this amount is for the 3 monthly minimum payments,and the other $150 is from the 3 months of late payment charges.
I also have a best buy credit card,balance is $800 out of the $1,000 card limit.
I have a discover card with a maxed balance of $1500. I maintain the monthly minimum payment.

All this being said, is there anywhere I could get a short term loan for around $1,700 to pay back the car title loan and get the title back. Maybe a balance transfer credit card?
I can sell the car once I get the title back to pay for the full loan amount.

Overview:
-Blk ($-300) balance $1,200 Limit $3,200
-BBuy balance $800 Limit $1,000
-Guardian balance start: $4,500 current owe: $3,000
-Dscvr balance $1500 Limit $1500
-Crtitle original loan: $1,700 currently owe: $1,700
credit being marks: 2 credit cards high balance ratio to credit limit
3 mos. late payments, Belk credit card

Financial Need: my paycheck cannot cover my credit card debt and having a bank loan on my credit report. I am currently in great standing on the bank loan, however without help it will not remain that way long.

Overall, I feel like I am in quick sand, and no where to turn. My family is unable to help. A friend of mine suggested I post to this forum, so I am hopeful for some good advice.
Thanks in advance!!!
Post Tue Nov 11, 2014 10:18 pm
 View user's profile Send private message
oldguy
Senior Member


Cash: $ 749.25

Posts: 3643
Joined: 21 May 2006
Location: arizona
 Reply with quote  

First - what's a Belk?

Second - do you own anything of value, eg, is the car worth much?

What is your annual gross income?

Your debt adds to about $10,000, you've just let it spiral out of control - borrowing on store credit cards and pay-day type loans. If you cannot get more income and cannot sell some things, you may need do bankruptcy.
Post Tue Nov 11, 2014 11:40 pm
 View user's profile Send private message
blixet
Preferred Member


Cash: $ 32.55

Posts: 156
Joined: 28 Apr 2013
Location: Southern California
 Reply with quote  

Get a second job, third job, sell everything of value...

Information is more valuable sold than used – Fischer Black
Post Wed Nov 12, 2014 1:40 am
 View user's profile Send private message
atlas_jones
New Poster


Cash: $ 0.45

Posts: 2
Joined: 01 Nov 2014
Location: USA
I meant to add...  Reply with quote  

I have a job lined up but do not start until 2 weeks.
I just talked it all over with my family and they were willing to help me with half of the car title loan. They have given me $800, but I need the $900 to pay off the car title loan so that I can turn around and sell the car, valued at $2,100.
If there is any option that you can think of that would let me borrow the money ($900), and turn right around immediately and sell the car and pay off the loan.
Then, after the sell, and paying off the car title loan, I will be able to gain the profit past paying the car title and be able to check the car title loan off the list of my expenses.
Post Wed Nov 12, 2014 2:03 am
 View user's profile Send private message
oldguy
Senior Member


Cash: $ 749.25

Posts: 3643
Joined: 21 May 2006
Location: arizona
 Reply with quote  

Paying the title loan with $1700, then selling the car for $2000 gets you $300. The debts are $10,000 - how will you pay the other $9700? And how will you get to work?
It looks like you need to get more work - multiple jobs or lots of over-time.
Can you sell any of the stuff that you bought with the loans to raise some money?
Post Wed Nov 12, 2014 2:13 am
 View user's profile Send private message
Wino
Senior Member


Cash: $ 113.80

Posts: 560
Joined: 03 Aug 2012
Location: Dubai
 Reply with quote  

The credit cards are unsecured. I would stop paying anything on those, as your credit is already ruined. Get the payday loan finished first, and NEVER even go inside another place like that, ever. If you need money badly enough to get a car title loan, then sell the car, instead.

Once you get the payday lender out of your life (forever), go back to the bank and credit card folks and negotiate removing the fees for some figure. By the time you get to these lenders, you'll probably be several months late, so they might be willing to negotiate.

Lastly, stop borrowing money. You are not borrowing responsibly, and that's why you're in trouble.
Post Wed Nov 12, 2014 3:57 am
 View user's profile Send private message
Offshore-Wealth.com
Senior Member


Cash: $ 10.65

Posts: 581
Joined: 20 Jul 2005
Location: FREEDOMLAND
 Reply with quote  

Why wouldn't you just sell car, then pay off title, and lein release will be in your hands from bank same day, then tranfer title to new owner, common practice.

Sounds like you need help with handling your finances, and falling behind on car loan is a killer on credit score. You should have went to bank to work it out before being late, most would forgive a payment or two without reporting as unpaid, sounds like you got some bad advice.

Payday loans are poison, never take this option. Family and friends before ever going to loan sharks. If you want a viable option, set up a CrowdFunding site for yourself and you would be surprised how many are willing to help you out, works for thousands who get into a financial jam or trying to save a car or house from repo or foreclosure or to start a business. You can set up a CrowdFunding site for as little as $10.00 and then tell your story and put it on FaceBook or other social media sites and watch the money roll in, worked for me on alternative energy technology I was developing.

Success to all,

FREE PAY IT FORWARD OPPORTUNITIES
http://FORCED-SUCCESS-SYSTEM.com
http://FREEDOM-FOREX.com
Post Sat Nov 15, 2014 11:57 pm
 View user's profile Send private message Visit poster's website
littleroc02us
Moderator


Cash: $ 384.35

Posts: 1891
Joined: 09 Feb 2009

 Reply with quote  

Go out and get a pizza deliver job tonight. They will take anyone, plus they pay out cash every night with tips. It's a great gap job that pays well. You've got to stop borrowing money for debts, how does that make sense???

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Mon Nov 17, 2014 10:15 pm
 View user's profile Send private message

Reply to topic
Forum Jump:
Jump to:  
  Display posts from previous:      





Money Talk © 2003-2018