Hello, I am in quite a situation here and do not know how best to proceed. PLEASE HELP ME!
To start off, I just recently landed a new job, which pays exactly $68,122, bi-weekly $2,838. I started mid-December.
I just moved into a room in someone's house to save money. The room is costing me $850/month. Now I got myself in a mountain of debt because I was a heroin addict, and have been in recovery for the past 5 months. However, in the 4 years of active addiction I screwed myself over significantly, financially speaking, and in other respects, however, I am now trying to pick up the pieces of my life and put it back together.
Now I was going to ask you guys first how to proceed regarding all of my debt, and whether to pay it off or declare bankruptcy... but now things have gotten more complicated. I was just in an accident (my fault) and the insurance company is saying that they want to total my car instead of paying to fix it. The payoff amount they are telling is $23,500. However, I can choose to keep the car and fix it myself, in which case they will give me the car back, and about $16,000. However, the car will have a salvage title.
What exactly happened was the car hit a parked car (not a big or fast impact), however, it caused my car to flip on it's drivers side. The driver's side of the car is thus in pretty bad condition, and the mirror is broken off, however nothing beyond cosmetic issues. Additionally, the right bumper is a little dinged. They are now saying that there might also be some suspension damage, and in case there is anything wrong with the engine, they want to just total it. I am not sure if this is the best decision, and want to keep the car because I doubt I will be able to afford another one considering my credit score. I also do not know what to do now about getting a new car, in case it is best to let this one go.
I got this car about a month ago. I owe exactly $21,559, with a 10-day payoff amount of $21,988. I paid $3,000 down and pay $428/month for 72 months for my car, which is a 2014 Lexus is 250. The loan was at 11.9% for me considering my credit score was 580 for it. Now my credit score is 480, and I need to quickly decide what to do about my car since I have a rental only until end of business Tuesday, and I need a car to get to work, so please help me make the best informed decision as to whether I should keep the car and try to fix it with the money they give me, or use their money to buy a new car and keep this one for the loan, or let it go and try to get a new car, which means I lose thousands and risk not being able to afford a new one!
Now, here is how the rest of my debt look... I warn you, it is bad... please let me know how to even begin paying this back, or whether I should declare bankruptcy:
Open credit cards:
Capital One: $2,024/$2k limit, interest rate at 24.99%
Discover: $5,326/$5.5k limit, no interest until august on 5k, rest is at 24%
Amex 1: $4,600/$4.6k limit, interest rate at 18%
Amex 2: $1.900/$2,000 limit, no interest until may
Citibank: $1,924/$2k limit, no interest until october
Closed credit cards:
Chase 1: $5,200/$5k limit, 2% interest
Chase 2: $2,100/$2,500 limit, 2% interest
BOA 1: $7,100/$7,300 limit, 2% until March
BOA 2: $1,800/$2,000 interest rate at 26.99%
Open Loans:
Upstart $12,000 at around 13% ($300/month for 60 months, 1 year in)
Best Egg $8,580 at around 14% ($325/month for 36 months, 11 months in)
Navient
$5,900 at 6.8%
Great Lakes
$28,000 at between 6-6.8%
So altogether: $34k student loans, $21k other loans, $15k open CC, $16k closed CC, $22k car
I should also mention that I have exactly $7k in the bank, and so I have a little bit of money, not much, but enough to pay a bill or two, or perhaps put down a little bit in terms of a down-payment, or even to pay down some debt. I do not know what to do with this money, so if you have any suggestions I would like to hear them please and thank you!
I'm in the hole over $100k and I have no idea what I should do. Please help me. First and foremost, what should I do with the car issue? Then, how should I approach my huge mountain of debt? I am so grateful for your help, it means the world to me. Thank you for everyone taking the time out to help me. I can't wait to hear your suggestions and follow them thoroughly. Here's to a successful 2019 everyone!
Submitted January 07, 2019 at 03:40AM by MyCrazyLyf http://bit.ly/2Qq1did
