NoDebt w/ Bad Credit or Debt w/ Good Credit
26-Jul-2006, 12:50 PM
#43
Registered User
Join Date: Aug 2005
Location: Windsor
Posts: 2,641
I'd spend the 8k left in things I needed and then file bankruptcy cause it all gets included anyways... he will be alot less stressed as well. and have more energy and concentration to put towards his sick wife 
26-Jul-2006, 12:53 PM
#45
Registered User
Thread Starter
Join Date: Jul 2006
Posts: 146
he values my opinion, so i want to give him the best.
i was gonna loan him some money - [give it to him]..
just debating.
i think he should max out his cards/overdraft. it'll prolly get him 10K or so, I want him to get as much of it in liquid assests as possbile then do it.
After discharge, i heard capital one offers this semi-secured card and he can use that to re-build. 6 years after, he can start anew and be wiserr.
he's honestly a smart and reliable guy. he'd never borrow from other ppl and hence he used credit. i never even know of this mess until recently.
i don't know if any banks would be willing to give him a line of credit to consoldate the 45 K at a decent interest rate and allow him to pay 2% minimum payments -- if he could do that then that could buy him enuff time until he gets mroe income.
anyone know? - his credit score has prolly taken a hit because of his high balance percentage.
i was gonna loan him some money - [give it to him]..
just debating.
i think he should max out his cards/overdraft. it'll prolly get him 10K or so, I want him to get as much of it in liquid assests as possbile then do it.
After discharge, i heard capital one offers this semi-secured card and he can use that to re-build. 6 years after, he can start anew and be wiserr.
he's honestly a smart and reliable guy. he'd never borrow from other ppl and hence he used credit. i never even know of this mess until recently.
i don't know if any banks would be willing to give him a line of credit to consoldate the 45 K at a decent interest rate and allow him to pay 2% minimum payments -- if he could do that then that could buy him enuff time until he gets mroe income.
anyone know? - his credit score has prolly taken a hit because of his high balance percentage.
26-Jul-2006, 12:57 PM
#47
Registered User
Join Date: Aug 2005
Location: Windsor
Posts: 2,641
Originally posted by jeev155
he values my opinion, so i want to give him the best.
i was gonna loan him some money - [give it to him]..
just debating.
i think he should max out his cards/overdraft. it'll prolly get him 10K or so, I want him to get as much of it in liquid assests as possbile then do it.
After discharge, i heard capital one offers this semi-secured card and he can use that to re-build. 6 years after, he can start anew and be wiserr.
he's honestly a smart and reliable guy. he'd never borrow from other ppl and hence he used credit. i never even know of this mess until recently.
i don't know if any banks would be willing to give him a line of credit to consoldate the 45 K at a decent interest rate and allow him to pay 2% minimum payments -- if he could do that then that could buy him enuff time until he gets mroe income.
anyone know? - his credit score has prolly taken a hit because of his high balance percentage.
he values my opinion, so i want to give him the best.
i was gonna loan him some money - [give it to him]..
just debating.
i think he should max out his cards/overdraft. it'll prolly get him 10K or so, I want him to get as much of it in liquid assests as possbile then do it.
After discharge, i heard capital one offers this semi-secured card and he can use that to re-build. 6 years after, he can start anew and be wiserr.
he's honestly a smart and reliable guy. he'd never borrow from other ppl and hence he used credit. i never even know of this mess until recently.
i don't know if any banks would be willing to give him a line of credit to consoldate the 45 K at a decent interest rate and allow him to pay 2% minimum payments -- if he could do that then that could buy him enuff time until he gets mroe income.
anyone know? - his credit score has prolly taken a hit because of his high balance percentage.
Capital one does offer the secured credit card. That is what I am getting, I've already sent the money away just waiting for the card now.
CAPITAL ONE SECURED
Best of luck to your buddy, and honestly as much as you think it might help to lend money I wouldn't. Its a very nice thought but unless your making a TON of money and you have no bills yourself then I wouldn't. Your friend wouldn't want you to end up in the same situation.
BANKRUPTCY FACTS!
26-Jul-2006, 12:57 PM
#48
Senior Member
Join Date: Dec 2003
Posts: 23,881
max out all overdraft and credit card cash advance all credit cards...make a new bank account at pc financial...deposit all funds there...file for bankruptcy...done deal...thats the best option I see
capital one offers a secured card like instantly after you file so he can start earning back credit right away
capital one offers a secured card like instantly after you file so he can start earning back credit right away
26-Jul-2006, 01:07 PM
#49
Registered User
Join Date: Aug 2005
Location: Windsor
Posts: 2,641
Originally posted by Cynikal.Mindset
max out all overdraft and credit card cash advance all credit cards...make a new bank account at pc financial...deposit all funds there...file for bankruptcy...done deal...thats the best option I see
max out all overdraft and credit card cash advance all credit cards...make a new bank account at pc financial...deposit all funds there...file for bankruptcy...done deal...thats the best option I see
26-Jul-2006, 01:31 PM
#51
Originally posted by jeev155
he values my opinion, so i want to give him the best.
i was gonna loan him some money - [give it to him]..
just debating.
i think he should max out his cards/overdraft. it'll prolly get him 10K or so, I want him to get as much of it in liquid assests as possbile then do it.
he values my opinion, so i want to give him the best.
i was gonna loan him some money - [give it to him]..
just debating.
i think he should max out his cards/overdraft. it'll prolly get him 10K or so, I want him to get as much of it in liquid assests as possbile then do it.
The bank is not allowed to take money from your chequing account after you file for bankruptcy, so if such a thing were to happen inform the Trustee.
26-Jul-2006, 02:53 PM
#57
Senior Member
Join Date: Dec 2002
Location: Pickering
Posts: 3,984
after 9 months of bankrupcy, you are legally allowed to apply for any type of loan. The problem is, "will any bank give you a loan?"
You get credit where you put down say $2000 and they give you a card specially for that amount of money.
Most people just tell the judge they have a gambling problem and all the money is gone.. Judge will ban you from all casinos for like 10 years and done.
Or you can R-9, try to settle with the credit card companies for a much lower debt amount.
You get credit where you put down say $2000 and they give you a card specially for that amount of money.
Most people just tell the judge they have a gambling problem and all the money is gone.. Judge will ban you from all casinos for like 10 years and done.
Or you can R-9, try to settle with the credit card companies for a much lower debt amount.
26-Jul-2006, 02:58 PM
#58
Senior Member
Join Date: Dec 2002
Location: Pickering
Posts: 3,984
Originally posted by ROBB
Be like me:
$100,000+ in my bank savings (earns 3% interest per year)
no debt
2 cars (crx + civic)
work 32 hours a week.
Be like me:
$100,000+ in my bank savings (earns 3% interest per year)
no debt
2 cars (crx + civic)
work 32 hours a week.
26-Jul-2006, 03:05 PM
#59
Originally posted by Cablerat
after 9 months of bankrupcy, you are legally allowed to apply for any type of loan. The problem is, "will any bank give you a loan?"
You get credit where you put down say $2000 and they give you a card specially for that amount of money.
Most people just tell the judge they have a gambling problem and all the money is gone.. Judge will ban you from all casinos for like 10 years and done.
Or you can R-9, try to settle with the credit card companies for a much lower debt amount.
after 9 months of bankrupcy, you are legally allowed to apply for any type of loan. The problem is, "will any bank give you a loan?"
You get credit where you put down say $2000 and they give you a card specially for that amount of money.
Most people just tell the judge they have a gambling problem and all the money is gone.. Judge will ban you from all casinos for like 10 years and done.
Or you can R-9, try to settle with the credit card companies for a much lower debt amount.
27-Jul-2006, 08:19 PM
#60
Registered User
Join Date: May 2004
Location: North York, Toronto-Downtown, London
Posts: 2,316
Originally posted by jeev155
I spoke to him last night. His wife is slowly getting better. He thinks he can do part-time now, but he says its no point because EI will pay more for him to NOT work [if the only choice is p/t].
He figures he can do full-time starting Jan/Feb 2007.
From what I've gathered, he owed 45K on a combination of credit cards and a line of credit. his total available credit is 53K. [cause he tells me he can use his credit for another 8K].
My estimate is that he pays 1300 a month in minimum payments, of which, 500 or so is interest.
I spoke to him last night. His wife is slowly getting better. He thinks he can do part-time now, but he says its no point because EI will pay more for him to NOT work [if the only choice is p/t].
He figures he can do full-time starting Jan/Feb 2007.
From what I've gathered, he owed 45K on a combination of credit cards and a line of credit. his total available credit is 53K. [cause he tells me he can use his credit for another 8K].
My estimate is that he pays 1300 a month in minimum payments, of which, 500 or so is interest.
or if your friend owns a house, tell him to sell it... or if he doesn't own a house, but its on mortgage, sell it off and clear the mortgage...
if he can full time again in about 6-7 months, there's really no point of declaring bankrupcy... if you're capable of helping him out for now... either he makes multiple payments back to you.. or sell the house, and then mortgage another house again later next year... he can rent a place to live for now with the money from the house he sold... what kind of assets does he possess?
