Archive for August, 2010
August 30th, 2010 | 
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I made a personal loan to a “friend” who has not settled the debt ($2500 owed). No written agreement but I have emails between the two of us in regards to this loan and the amount owed. Can I use this in court?
Randell Soltys
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My BF has admitted that he has incurred some debt over the years due to buying a house, a jetski, a vehicle, and keeping up his property and house. At first he only told me he had about 8,000 US dollars of debt which I didn’t think was too bad. He has a good job and isn’t in fear of losing his job.
Then today he told me that he has about 15,000 in debt and the 8,000 was only the credit card total debt not the whole debt amount.
He has about 20 dollars in savings and hasn’t bothered saving any money. I want to get engaged and married but on the other hand I am worried due to his and my financial situation. I have no personal debt but I have only been able to find work 1 day a week, occasionally 2 days a week. If I marry him I will have to quit my job because it is located too far away from his house. So I will have to continue looking for work but doubt I will find any in my field. And if I stop working in my field (healthcare) I will never be able to get a job in my field later due to the fact that employers will say that I don’t have enough experience and will not like that I haven’t been working in my field.
I worry that supporting me will be too much for my BF. And I worry that we won’t have much of a wedding at all because he has no savings and only debt. Also we want children someday but with his 1 salary, no savings, and only debt I worry that he/we will just incur more debt and never be able to save money.
At my encouragement he has stopped using his credit cards and is paying off his debt (highest interest debts first). But he said it might take him years to pay the whole thing off (he estimates 3 to 4 years to pay it off).
My question is would you, as a woman or man, marry someone who has no savings and is only now starting to pay off their debt? Would you marry them if that person would have to be the sole provider for the family? I will try to work when I can but in this economy I may not be able to find a job. And the other problem is that my BF lives far from the city where there is less work and basically no work available in my career field. I have even applied for jobs unrelated to my training (lower level jobs) but have not even been called for an interview for anything not in my field. Due to the housing prices falling my BF can’t afford to sell his home and move closer to the city, where I have a better chance of getting a job.
I really don’t know what to do. I want to be with him but there is no work available for me near his home. And he has no savings and only some debt.
Yes my BF owns his house. This is his 2nd house. He owned a fixer upper house years ago and fixed it up a little and sold it (before the economy went bad). He bought a house in the part of my state where houses cost less. He was able to put about 80,000 down when he purchased the house and he did not buy a house beyond his means (like many people who are foreclosed on now did in the past). We are adults. He is 34 and I am 29.
Read my whole statements and questions before commenting please. Brookie I explained that I have been unable to find work, even in other fields unrelated to my training (lower level) and still can’t find work more than 1 day a week. And due to where my BF’s house is work is unavailable here in my career field. I have been on more than 40 interviews in the past year. And there are only about 10 job openings in my career field available every month for my entire state.
Josiah Werlinger
I am 28 years old. I have no credit card debt. I have $18,000 in a high yield savings account (5%). I have $2100 in Mutual Funds (made 8% so far YTD). I have $10,500 in my 401K. I own a house in Texas that I currently rent out. The rent pays for the mortgage. I rent in California and cannot buy as I am here only for a short period of time. I save approximately $1500 to $2000 a month. Where should I put this money? More mutual funds, high yeild savings, 401K or other? Do I have too much money in the high yield savings account? I am willing to take an average amount of risk but nothing too risky. Need some financial guidance world…please help! I know I’m not doing too bad, but I know I could be on my way to financial freedom in the future with some right guidance. Thanks!
Luis Marcon
I want to take out a loan to consolidate my debts and to invest in some things to spruce up my home. What is a good place to do this? I have heard Wells Fargo is good. Are they? Any other suggestions? I’m looking for like the $10,000-20,000 range.
Claire
If you have a small business will it effect it? Or is separate from personal debt? I was told about this DRO from charity debt advisor and I have not told them I run a small business. Any suggestions
Chung Vanweerd
Any advice on how to get out of bad debt besides loans?
Juliana Gervasio
As far as credit cards etc…
Ping Manring
I received a warrant in debt from Capital One. I am in Virginia, and the amount is over $6000 just for this one bill, which is ridiculously way more than the principal. I have a ton of other bills that accumulated from a rocky marriage (of which the divorce is not finalized yet) and needless to say the events of the past 2 years has caused off and on stress and hardship on me. I have way too much personal debt from the marriage and I am filing for bankruptcy.
I understand that a warrant in debt is a summons to appear in court over a debt. I also understand that showing up is optional, but not showing up causes the creditor suing me to get an automatic judgment against me, which would allow Capital One to get the maximum 25% garnishment Virginia allows. I notified Capital One of my intent to file bankruptcy and gave them my lawyer’s info, but I am also aware how aggressive Capital One is with giving warrants in debt to its customers. I am not sure if I should even bother showing up to court with Capital One since I am getting my bankruptcy case filed?
Fredric Janrhett
Currently, it’s over $10 trillion. $35,609.31 for each of us.
http://www.brillig.com/debt_clock/
US Treasury: http://www.treasurydirect.gov/NP/BPDLogin?application=np
That’s not including unfunded Social Security & Medicare, US insurance guarantees, personal debt or the debt that’s coming with the stimulus package.
According to reports, US Federal obligations exceed yearly world GDP:
http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=88851
It would take the world working for a year to pay of our debt.
Can we pay it?
Abbey Buck
The debt is under a corporation I formed. They gave me terms of 60 days on the container. They have no US operations. I had and have had a personal credit freeze since the po was issued.
Josh Parker