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Anyone go through this? I think I will have to look into it- I'm drowning here. Between several catastrophic vet bills, another catastrophic car repair bill, losing my job, the market has dropped out of the bottom on the Minis- I can't even sell horses at half the price I paid for them- and just the general economy, I'm screwed. I'm late on two CCs and my house (which will get paid Friday, thank God).

My A/C died in Sept 2008, I did manage to survive with two window ones last summer. One of those has since died. My washer broke- I think it needs a new belt, but I sure can't swing that right now. Car needs it's oil change soon. Dogs will need their yearly vaccs soon. Horse trailer tags are expired. *sigh*

I did get another job, but it pays almost $2.00 less an hour. I'd get a part time job, but there aren't many around here....

If you have any ideas, please LMK. Email me at my addy if you'd rather not post here: txminiaturehorse at aol dot com.
 

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I'm so sorry. I know the market has dropped out of horses in general in the US. The stables where my mom boards her horse had been taking a lot of gaited horses from some guy in Tennessee, because he couldn't afford to keep them. (I do think she bought them, but not for as much as he could have sold them before the housing market crashed).

Anyway you can trade for an oil change? Get a friend or relative to help you DIY?

Pay the minimum on your CCs or get a line of credit at a lower interest rate? My CC rate is 18% and my line of credit is 9%

Sorry, I don't have more ideas for you. Good thoughts headed your way. Have thought of selling your minis cross-border. The economy here (Canada) didn't collapse quite the way it did there. You might be able to sell a few horses?
 

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I'm sorry you are facing this, but know you are not alone. I'm pretty much in the same boat. As soon as I begin to see some light, BAM, something else breaks or there is a vet bill, or a medical bill. I have resigned myself to the fact that I am not a rich girl. In fact I am not even middle class anymore. I have sunk to lower class income. It hurts big time. I am managing to pay my bills, but there is literally nothing left at the end of the month.

Hang in there.
 

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I'm sorry.

Check out the Today Show website. They've been having financial segments weekly, if not daily, for the last several months. They have a bunch of info on their site.
 

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Be very careful about choosing a credit counselor. My sister-in-law signed on with a credit counselor and paid them $5000.00. They did nothing for her. She did however call the credit card companies directly and negotiated settlements with all of them. She did it all herself and is now trying to get the $5000.00 back from the credit counseling company.
 

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Obviously lots of scams for credit counselors out there right now. Check the National Foundation for Credit Counseling for a legitimate counselor in your area.

NFCC.org or 1-800-388-2227.

Clark Howard recommends them all the time as a good place to start without having to worry about the scammers. Good luck.
 

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Sorry you have to deal with this. I second everyone here who has said pick your counceling service carefully, there are a lot of scams out there, and you might be better off at least starting with negotiations yourself. Good luck and good thoughts.
 

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Call your mortgage company. Call your CC companies. Work out a payment plan. If more people would call up front and not wait until they are 3 months behind, there wouldn't be as many foreclosures.
And I'll echo everyone else---be very careful about the credit counseling company you pick. Some of them do nothing but destroy your credit.
 

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I'll second Robin's suggestion of NFCC. A good friend found a counselor through them after a nasty divorce, unemployment, and a move to a new city for a new job put him over the edge. He got his debt down to a manageable level in a couple of years by following their advice.
 

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Make sure the CC service you go with is not for profit. The for profit ones (most of them out there) are in it to make a buck and don't care a rats a$$ about you.

Hope they can help you get back on your feet. A lot of people are in the same boat with you so don't be ashamed ...keep your head high.
 

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I am sorry. =(

You are not alone. I don't know how it works in the US, but we recently found out over dinner that good friends of ours filed for bankruptcy (here in Canada). They said their trustee told them that it is all looked at the same credit-wise, and with bankruptcy the debt would be gone after the period, and eventually wipes clean after x amount of years, whereas in a consumer plan, they'd be paying forever because of the payment reductions. But that was their personal situation because of their debt load. from what they said, it didn't sound like they could have gotten out from under that amount.

It would depend on your personal situation, what you choose, though. They had a very large amount of credit debt, from what she has told me, plus more house than they could afford with the debt, they had just built a beautiful new home 2 years ago after her promotion. Her job was downsized last year, so her job change which meant less money coming in. It finally got to be unmanageable for them. If your debt could be managed over time, then counselling may be the best option for you. It didn't sound like theirs could have could have. but I only know what i am told.

Anyway, if it were me, I would talk to a real bankruptcy trustee and see what they advise. They will tell you if counselling is the way to go, or what other options may be better. Trustees are supposed to be neutral, working for you and the creditors, so I don't think they'd give you false advice. I can't imagine they charge much, if anything at all for an initial meeting/assessment .


Good luck in whatever you choose.
 

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I excho T's suggestion - I just came out of bankruptcy here in Canada. Talk to a good bankruptcy trustee - it shoudl be free for consult - and they willhelp advise you as to the best course of action. Go in with your latest statements so they can see the income vs the expenses so they can advise if counselling, proposal or bankruptcy is the best route. Make sure they tell you everythign that each will "do" to you - my understanding is that a proposal is often worse than a bankruptcy as they can come back at you years down the road but i am not sure.

For me I had no choice - Bankruptcy was the only option. I sold the house and the trustee got all the income from that, I paid $350/month for 5 or 6 months as I was over my "allowance" and they do my taxes this year - if I get a refund they take it - if I have to pay the bill comes to me. I am currently trying to get back on track with re-establishing credit. I am still waiting for my one credit card to come in and then (once I know if I am going to trial or not for my divorce) I can get a term loan - they give me the money but put it in a GIC or other investment where they actually have the money so it is no risk to them. At the end of the loan I have the amount of the loan saved and the interest earned but it gets reported to the credit agencies so I can start building again. It is a tough road but I am debt free and will be trying to remain that way (other than a mortgage eventually). Good luck and i hope you find a solution that works for you
 

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I have, about 5 years ago.

As has been said, make sure they are not for profit. You do not have to pay a fee for this service, it is paid by your creditors. You normally stay in the program for 5 years, sending money each month which they send to the creditors. Once a bill is paid off that money is put towards another bill on the list and so on until all are paid off. If your circumstances change for the better you can pay them all off early, if it changes for hte worst you can claim bankruptcy.



You can also do this yourself by calling all your creditors and asking for hardship help. Most, if not all, will help you out.

Good luck.
 
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