I’m in a tough situation and appreciate any advice I can get. Sorry for the length, feel free to check out the TLDR, skip the story, and check out the numbers and questions towards the end.
TLDR; I went from a $90k job, debt free and $15k in savings, to just over $25k in debt. I haven’t found regular employment yet, have past due payments, my bank account has been shut down, and now I don’t know what to do. I’m almost 40 years old, have a good resume, and I live in the U.S.
My Story
First my wife left me, she was an alcoholic and really just needed to figure things out on her own, she’s doing better now. Then I was let go from my job of about 10 years when a toxic coworker pretty much forced me out. In the same month, I had a medical situation that ended up taking me 2 years, out-of-work, to figure out (it’s stabilized now). That wiped out most of my savings but I got a decent $40k+ part-time job when I was able to return to work.
My first serious partner after the divorce moved in with me. I originally didn’t think I would get married again, we talked about it, she swore she was 100% serious and seemed genuine, so I chose to make decisions and act with long-term planning. She started an RN (Registered Nurse) program which would bring in $70k+ a year. I agreed to use the last of my savings to buy a $2.5k car and put all other expenses on credit while she did that, with the agreement that she would take over the expenses and I would pay that debt off when she graduated. We could get back to debt free, increase our combined income, and start building a life together.
She left me a few weeks before getting her degree, kept the car, refused to give me any money because “that agreement was made while we were together and now we aren’t, so I’m not responsible for it any more” and then ghosted me while getting together with the person she said was not why we were breaking up.
Shortly after that and a week before Christmas I got laid off again. Big surprise because I had just had a glowing review that said my organizational development work had a huge impact and my marketing work had been great. I believe they were having financial troubles that they were hiding. A few months without work and then I landed a high paying freelance gig that told me it would be long-term and a lot of regular work would be available.
I got two months in and they announced there would be no new work for a few months. It’s been over 6 months, I was never officially let go (which I believe broke our contract), and they keep saying they aren’t issuing new assignments yet. I recently stopped asking. I started job searching after 2 months when my gut said something was wrong.
I haven’t found regular employment since and have been surviving by selling off my music gear, some other belongings, and getting the occasional freelance gig. I met an awesome new person, we moved to a new place, she’s putting all of her paychecks into rent and food, but she doesn’t get paid much and it’s not enough to cover her and my share while I’m still applying to jobs.
Debts and Expenses
- Credit Card 1 - $14,216.45 on a $14k limit - Already past due, next minimum payment is $825.17 by March 23rd.
- Credit Card 2 - $11,190.38 on an $11k limit - Also past due, next minimum is $539.00 by March 1st.
- Bank Account - $827.57 overdrawn and bank account shut down.
- Car Payment (Leased) - $281.69 a month, one month overdue, next payment due on March 5th. The lease matures on 09/08/2021.
- Car Insurance - $115.13 a month.
- Cell Phone - $75 every 3-months, next due 06/14/2020.
- Rent - $900 per month, all included. My gf pays half of it and is currently paying more than half.
- Food & Gas - I haven’t calculated this but it’s only essential gas for her to get to work and for us to grocery shop. For food we are shopping smart and eating cheap; rice, beans, chicken, cabbage, broccoli, and that sort of thing.
- Taxes - I don’t have the money to get my taxes prepared and will owe quite a bit from freelance work. I had put it aside but then needed to use it to keep a roof over my head and eat.
What I've Been Doing
I don’t buy any “stuff” that I don’t need, stopped drinking and smoking to save money, cook food for both of us from scratch everyday on the cheap, don’t subscribe to any services like Netflix or Spotify, know how to fix household and electronic things that break, and I would say that overall I’m a minimalist who doesn’t need much.
Almost everyday I spend 8-10 hours applying to jobs online. I’m primarily looking for remote work for a number of reasons; medical issues prevent me from standing for long periods of time or doing physical labor, there currently isn’t work in this area that I’m qualified for and pays enough for me to tackle this debt.
I only have an Associate’s degree but I have a diverse and high level skill set in several industries, a proven success record with great results, a good resume that includes time as Director of Operations, marketing strategy and branding work, project management, I customize my resume to the job and always write a new cover letter. I still apply to jobs I believe I’m qualified for but say they require a BA and have had some responses but no hire’s yet.
I’m also applying to a few jobs that would require relocation, both in the U.S. and abroad. I think I would need to make at least $60k a year and I would probably need a relocation package if I were to take one of those.
Questions
- When I do get work, it will likely be remote, what can I do about having a bank account to get my pay wire transferred to?
- What do I do about my maxed out credit cards and other overdue bills? I want to be able to pay them and will when I have money but it is impossible right now.
- What do I do about my vehicle and how long until it gets repossessed?
- Do you have any general advice for me or suggestions about what to do next?
I’m feeling super overwhelmed but I’m pushing through and working as hard as I can to get back to stability. This whole series of unfortunate events and bad decisions has already changed my approach to life, finances, and relationships for the better. I believe failure and learning from mistakes is an important and unavoidable part of living a fulfilling life. My life has had a lot of ups and downs but this is by far the worst it has ever been for me.
Submitted March 02, 2020 at 09:32PM by platypus_and_sloth https://ift.tt/3com4yI
