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Question for the Money Doctors

Question submitted on Jan 3, 2020.

Question

I've been through a bad patch of unemployment in the last four months (I haven't had a professional job since August) and I've been living off my savings and credit card. Up till now I've always paid my cards off, but after a few emergencies have accrued a large debt. I found a new job 100 miles away, still in my state, and I am looking for a place to live, but I need funds, to make it to my first paycheck, and make the transition from one house to the new one (and all the coming fees) I am going to need my car - it is specially designed for the type of field work I do - but the payment is 300 and I owe 15k. I also have about 7-8k in debt on cards. How can I fix this? I need to make it to March, ,find a new house by Feb (march at the latest) and move myself into a new place. No one wants things to get like this - but my old job blackballed me for references because I reported them to the federal government. I've been paying for doing the right thing for a year now and I JUST want to turn around so I can get my new job started. Can you turn me toward debt consolodation? My credit is still good but every place I look seems shady as heck. Thanks!

Answer

Sorry to hear about your misfortune, but you will overcome!

Glad you found a new job.  Do a great job and continue to get raises.

Sounds like you are in a cash flow pickle right now.

Instead of expecting a loan consolidation will solve all your problems, contact all your creditors and explain your story to them.   Ask them for some relief on the payments so you can catch up.

Ask them to take a lower amount now and you will increase it once you start getting paid with your new job.

Take one step at a time.

Don't bite off more than you can chew.

You might want to find a lawyer about this blackball thing, there may be some money for you there.


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