On Topic Discussion Debt Management Services - Any Experiences?

[TickTockMan]

Completely agree.

I should add that some people leapfrog over the paying back debt part and just forget about the debt. I've lost thousands to such attitude. This is why I will only lend money to family nowadays. Unlike western culture, our family connections are rock solid. I know the American saying that never get into business with or lend money to family. For us, family members are the only ones we will get into business with and lend money to.

When I had money I would only lend money to people I cared about enough I didn't care if they paid me back. I only lost money to one person, but he was the one that meant the most to me. I know he was never in the position to pay me back though so I don't mind, much.

 

[TickTockMan]

My credit score has already went up 5 points for one service and 29 points for another.

 

[gsdx]

^ Slow and steady (emphasis on the 'steady') wins the race.

Well done, and keep it up.

 

[TickTockMan]

I am glad and proud to say as of today I am 10% debt free!

 

[gsdx]

Excellent. Now, try or 20%.

Slow and steady wins the race.

 

[TickTockMan]

Excellent. Now, try or 20%.

Slow and steady wins the race.

Oh I am not going to try. I am going to do it. I should be debt free in May 2022 or before.

 

[gsdx]

Attitude is everything. That's how I quit smoking after 40 years.

I always failed when I decided I wanted to quit smoking. I wanted to quit, but I didn't really want to stop smoking. I finally succeeded when I decided I didn't want to smoke anymore. Believe it or not, they are not the same thing. Wanting to quit is 'negative thinking'. Not wanting to smoke anymore is 'positive thinking'.

 

[TickTockMan]

I am at 30% paid off now.

 

[Latimer]

Great to read.

I have no debt now, but some years I need to borrow money to make the required minimum payment into my defined benefit pension plan (It's complicated.), or to meet monthly expenses when clients are late in paying. It's never taken me longer than 4 or 5 months to pay off the loans.

3 years ago my partner suggested I borrow money from him at a more attractive rate than what I was paying my bank, but at a higher rate than he would be getting from a CD, and paying him back in monthly installments, for whatever period I chose, so what would have been 5 or 6 months with a bank, because 2+ years with my partner. Easier, but after a while I didn't want to be in the position of owing him money--I didn't want him to be in a position of judging how I was spending my income--so 4 months ago I paid back everything I owed. Last week I obtained a new, low 6 figure line of credit at an excellent rate from my bank, and it's a relief to know I have it to fall back on if needed and won't be depending on him.

 

[NotHardUp1]

I'm wondering if there is not some way you can bring in modest income by buying and reselling, either online, or via thrift store purchases.

Just a little turnover of a few items sounds like it could help you gradually accelerate your loan payoff and after that, supplement your income.

The trick would be to find items that are small enough and light enough and durable enough to ship easily, especially via Priority Mail to keep it simple. I believe the Post Office still delivers boxes and supplies to patrons at their homes, or think I saw that somewhere online.

Lots of collectible categories out there, replacement parts, and clothing sell for pittance at thrift stores but decently online on Etsy or eBay or Amazon.

 

[TickTockMan]

I'm wondering if there is not some way you can bring in modest income by buying and reselling, either online, or via thrift store purchases.

Just a little turnover of a few items sounds like it could help you gradually accelerate your loan payoff and after that, supplement your income.

The trick would be to find items that are small enough and light enough and durable enough to ship easily, especially via Priority Mail to keep it simple. I believe the Post Office still delivers boxes and supplies to patrons at their homes, or think I saw that somewhere online.

Lots of collectible categories out there, replacement parts, and clothing sell for pittance at thrift stores but decently online on Etsy or eBay or Amazon.

It's not a loan. It is a payment plan service.


As for selling stuff I have been weeding out my things, but I am broke after paying bills and for food. All of my "extra" money goes to things I need like cleaning supplies, TP and the alike. Stuff I have to buy, but not monthly.

With that said I am in some selling groups on Facebook and it seems a bit dangerous to sell. At least the groups I am in a lot of people don't make much and some lose money by scammers and those that "buy" but don't pay, but the seller still gets stuck with fees for the "sell."


I do have some of my movie banners and other things on Let Go though. No fees there, but also a lot smaller chance of selling anything. And I have been trying to sell my leather books for a year now in a few places. No luck so far.

 

[NotHardUp1]

I meant buying and reselling. You'd obviously have to start small, but build up.

And by loan I just mean money owed.

 

[TickTockMan]

I did it and now I am scared to death I did the wrong thing. I was told I should be debt free in about 3 1/2 years. I hope so.

As of today I am 77% debt free and still on track to be debt free by May of 2022. It will be nice to have a bit of extra money again.

 

[rareboy]

Well done!

 

[Rickrock]

Congratulations, keep it up.

 

[TickTockMan]

As of today I am 93% paid off. My last payment if I didn't the math correctly will be March of 2022. Then I start working on paying off my one credit card I actually use.

 

[rareboy]

Wow. Well done. Congratulations.

There is almost no better feeling than being free of credit card debt.

Press on.

 

[TickTockMan]

Wow. Well done. Congratulations.

There is almost no better feeling than being free of credit card debt.

Press on.

Thanks. It will be nice to be done with debt management and credit card payments. I will then start saving for a lift and other things.

 

[Kulindahr]

I did it many years ago. I was close to bankruptcy and began investigating it. The advice I was given was to talk to my creditors and 'work a deal'. The deals were reworked, my payments went down to an affordable rate, and I was out of debt before I knew it.

It's not a secret. Creditors would rather work a deal with a debtor who faces bankruptcy and take a bit of a hit than to lose it all.

I helped a friend with debt, and the agency (a not-for-profit) did the talking. They convinced all but one creditor to take forty-five cents on the dollar; my friend paid the agency at fifty cents on the dollar -- the difference was what kept the place running.

As for selling stuff I have been weeding out my things, but I am broke after paying bills and for food. All of my "extra" money goes to things I need like cleaning supplies, TP and the alike. Stuff I have to buy, but not monthly.

With that said I am in some selling groups on Facebook and it seems a bit dangerous to sell. At least the groups I am in a lot of people don't make much and some lose money by scammers and those that "buy" but don't pay, but the seller still gets stuck with fees for the "sell."

Advice from a guy who pretty much lives on doing sales: for Facebook, only sell local! And at the moment Facebook Marketplace is waiving fees at least on 'small' items (not sure what constitutes "small").

Thanks. It will be nice to be done with debt management and credit card payments. I will then start saving for a lift and other things.

In a way I was thankful that I had to take out a home equity loan to be able to afford to inherit the parents' house: what I needed was less than 10% of the value of the property, so I took a loan big enough to pay off all credit card and medical debt. It is SOOOOOOOOOOOO nice only having to worry about one long-term debt instead of three or four!

BTW, it wounds like you're going to be debt-free before I am!

 

[TickTockMan]

I am proud to say as of today I am debt free beside the one credit card I keep. And it will be paid off really quick now that I don't have the other debt to worry about.