Help!!!

wallyworld · 03-04-2008, 01:55 PM

hello everyone im new here, dont know if this is the right place to post this but i need some advice, may be stupid but i need it, heres my situation, was married for 5 yrs got seperated , partied my butt off , buried myself in debt, any who i have a great job , moved into a house, got a 06 honda CBR , anywho last yr my brother was in a bad motorcycle accident and is now disabled, cant walk up stairs so he moved into my house with me, then my mother lost her job and her house, and moved in with me, now i have myself my brother , my mother and my little sister living with me, my brother found a job, but only makes 300 every two weeks, he pays the bills in my house. my mother is still looking for a job but no luck in a whole yr, now bills are kicking my butt , and i really cant afford my motorcycle anymore, with all the stuff ive had to help pay for my brother and mother , ive fallen way behind on my bike payment, and the interest is killing me and the late fees. i want to get rid of the bike but what can i do???? am i stuck??? is there anything i can do to get out from under this payment???? the 400 a month i pay sure can go to alot of other things i need help me please!!!! im 25yrs old single , and walk to work everyday , if that helps lol. thank you .

wallyworld · 03-04-2008, 01:58 PM

help me por fa vor....

lucille · 03-04-2008, 03:53 PM

a) sell it and pay off the loan.
b) turn it back into the bank and take the ding against your credit.

hermione · 03-04-2008, 04:06 PM

I'd try for Option A that Lucille suggested. Then B if you can't sell it at a good enough price to be able to pay down at least a good chunk of the loan.

And later when you're in a position to do so, try to re-build your credit by getting a credit card and paying it off in full every month (that means only charging things you actually have money in the bank to pay for - groceries and bills).

USCGamecocks · 03-04-2008, 04:26 PM

Sell the bike if you can.
Find another way to make some money to supplement your income. Go bare bones for a while and get rid of something you don't need. Scrounge up $400 dollars worth of something... e.g. a t.v., radio, something.

kav122 · 03-05-2008, 05:35 AM

Sell the bike. Whatever is left on the loan (because I would sell it as SOON AS POSSIBLE-even if that means less than the loan), go to your bank or credit union, take out a loan to cover what is left and pay off the remainder of the loan. Make your payments on this new bank loan faithfully and that will go far in helping you rebuild.

I agree with USCGamecock, looks like you need another source of income (I know you said you have a great job, but working a second job will get you out of this hole quicker! And without that extra time you will find yourself spending less, too) and get rid of any extra things in your budget (cable, netflix, gym, etc).

Don't have a budget? Easy. It is still close to the beginning of the month. Write down everything that you make, then subtract all of your monthly bills. What is left is what you have to spend. Subtract everything that you have spent from March 1-now, and that is what you have left for the whole month.

On a side note, your mom will see how SERIOUS you are about getting your life back in order, and that might be enough to get her into gear and get a job.

YOU CAN DO THIS! You are not so far gone! A few months of really digging in and you will probably be in a much better state by summer! And think of what a great role model you will be for your little sister! You can save your house, and your family will probably help after they see you kick it into gear. I can't know for certain, but it sounds like the house has some really negative vibes going on in there (accident, lost jobs, lost house, etc), so with you staying positive and working towards your goal, you will change the whole atmosphere!

khorrell · 03-05-2008, 05:39 AM

I don't know the whole family dynamics of your situation, but it might help to get the whole family on board. It might be an uncomfortable conversation, but you are going to be so much more successful with the whole household working together. It will take some stress off of you if this is a team effort. Everyone else has made some good suggestions: a second job, some serious belt-tightening, maybe helping your brother and mom to get jobs or better jobs. You can make this work but it probably won't be easy. Come back and let us know how you are doing!

wallyworld · 03-05-2008, 06:46 AM

ahhh thanks guys , thank you very much, yeah im at the point right now where i feel i just want to flea to the carribean and just open a small bar on the beach haha...... again thank you , selling the bike is what ive been leaning towards already, sell it and pay down my loan with the money i get, and try to get back on top of the payments and pay the low down and be done with it..... as far as a second job it would be very tough for me, but ill try , with my job now im pretty much on call 24/7 and that goes for the weekends as well, but i used to work fri nights and sat nights bouncing at a local club here, pays about 80 a night. so i guess ill try and look for that kind of gig for right now for some extra cash.......as far as house hold bills go, i do have a car paid off, my gym is paid in cash every yr by my boss, and my internet, phone and cable bill is paid by my boss as well...... and my lil bro pays the utilities. i know i can do it cause i dont spend any money ie goin out, buying stuff i dont need, im just so far in the hole sometimes i feel like there is no bottom. but im gonna buckle down set up my budget and sell my bike, i figure i can get 3k for my bike, ill will keep you all posted. again thank you guys very much.

lucille · 03-05-2008, 06:57 AM

Another source of funds might be to have the brother who can't work and the mom who has been on a long term job search look into food stamps. They might qualify depending on your state and that would allow money currently spent on food to be spent on other things like utilities and other expenses.

If your young and ambitious multiple jobs is always an option. I had four part time jobs at one point in my younger days when the economy was bad. Nobody would hire full time for anything, but part time jobs were plentiful. There's no way I could do that now.

wallyworld · 03-05-2008, 02:16 PM

Quote:

Originally Posted by lucille

Another source of funds might be to have the brother who can't work and the mom who has been on a long term job search look into food stamps. They might qualify depending on your state and that would allow money currently spent on food to be spent on other things like utilities and other expenses.

If your young and ambitious multiple jobs is always an option. I had four part time jobs at one point in my younger days when the economy was bad. Nobody would hire full time for anything, but part time jobs were plentiful. There's no way I could do that now.

thanks lucille , yeah my mother does get welfare, right now the job market in el paso is horrible , but my mother is looking..... its gonna be hard for me to get a second part time job only because my job right now is very demanding , im a freight broker here in el paso, but with the season change its slowing down right now , but i have to be on call , normally i dont finish work till about 7 pm, and i begin taking phone calls at about 5 am.... that s mon - sun..... im gonna sell the bike , right now im testing the waters on several forums and around my city see what i can get for my bike.... then im planning on getting a loan and pay off the rest of the bike loan , and get away from the high interest. i hope i can get out from under this.... im very stressed right now , and ready to just call it quits lol....

03-04-2008, 01:55 PM	#1
wallyworld Junior Member Join Date: Mar 2008 Posts: 5 Reputation: (11)	Help!!! hello everyone im new here, dont know if this is the right place to post this but i need some advice, may be stupid but i need it, heres my situation, was married for 5 yrs got seperated , partied my butt off , buried myself in debt, any who i have a great job , moved into a house, got a 06 honda CBR , anywho last yr my brother was in a bad motorcycle accident and is now disabled, cant walk up stairs so he moved into my house with me, then my mother lost her job and her house, and moved in with me, now i have myself my brother , my mother and my little sister living with me, my brother found a job, but only makes 300 every two weeks, he pays the bills in my house. my mother is still looking for a job but no luck in a whole yr, now bills are kicking my butt , and i really cant afford my motorcycle anymore, with all the stuff ive had to help pay for my brother and mother , ive fallen way behind on my bike payment, and the interest is killing me and the late fees. i want to get rid of the bike but what can i do???? am i stuck??? is there anything i can do to get out from under this payment???? the 400 a month i pay sure can go to alot of other things i need help me please!!!! im 25yrs old single , and walk to work everyday , if that helps lol. thank you .

03-04-2008, 04:06 PM	#4
hermione Senior Member Join Date: Jan 2008 Location: California Posts: 404 Reputation: (126)	I'd try for Option A that Lucille suggested. Then B if you can't sell it at a good enough price to be able to pay down at least a good chunk of the loan. And later when you're in a position to do so, try to re-build your credit by getting a credit card and paying it off in full every month (that means only charging things you actually have money in the bank to pay for - groceries and bills). __________________ My blog: Pecuniarities ~ Creative frugal living and personal finance My CafePress Store: Mozartini \| Follow me on Twitter!

03-04-2008, 04:26 PM	#5
USCGamecocks Senior Member Join Date: Feb 2008 Location: Columbia, SC Posts: 123 Reputation: (19)	Sell the bike if you can. Find another way to make some money to supplement your income. Go bare bones for a while and get rid of something you don't need. Scrounge up $400 dollars worth of something... e.g. a t.v., radio, something. __________________ Timemakeover.com - Time Management Articles & Resources

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

03-04-2008, 01:58 PM	#2
wallyworld Junior Member Join Date: Mar 2008 Posts: 5 Reputation: (11)	help me por fa vor....

03-04-2008, 03:53 PM	#3
lucille Senior Member Join Date: Dec 2007 Posts: 487 Reputation: (33)	a) sell it and pay off the loan. b) turn it back into the bank and take the ding against your credit.

03-05-2008, 05:35 AM	#6
kav122 Senior Member Join Date: Dec 2007 Location: Minneapolis, MN Posts: 506 Reputation: (238)	Sell the bike. Whatever is left on the loan (because I would sell it as SOON AS POSSIBLE-even if that means less than the loan), go to your bank or credit union, take out a loan to cover what is left and pay off the remainder of the loan. Make your payments on this new bank loan faithfully and that will go far in helping you rebuild. I agree with USCGamecock, looks like you need another source of income (I know you said you have a great job, but working a second job will get you out of this hole quicker! And without that extra time you will find yourself spending less, too) and get rid of any extra things in your budget (cable, netflix, gym, etc). Don't have a budget? Easy. It is still close to the beginning of the month. Write down everything that you make, then subtract all of your monthly bills. What is left is what you have to spend. Subtract everything that you have spent from March 1-now, and that is what you have left for the whole month. On a side note, your mom will see how SERIOUS you are about getting your life back in order, and that might be enough to get her into gear and get a job. YOU CAN DO THIS! You are not so far gone! A few months of really digging in and you will probably be in a much better state by summer! And think of what a great role model you will be for your little sister! You can save your house, and your family will probably help after they see you kick it into gear. I can't know for certain, but it sounds like the house has some really negative vibes going on in there (accident, lost jobs, lost house, etc), so with you staying positive and working towards your goal, you will change the whole atmosphere!

03-05-2008, 05:39 AM	#7
khorrell Senior Member Join Date: Jan 2008 Posts: 424 Reputation: (60)	I don't know the whole family dynamics of your situation, but it might help to get the whole family on board. It might be an uncomfortable conversation, but you are going to be so much more successful with the whole household working together. It will take some stress off of you if this is a team effort. Everyone else has made some good suggestions: a second job, some serious belt-tightening, maybe helping your brother and mom to get jobs or better jobs. You can make this work but it probably won't be easy. Come back and let us know how you are doing!

03-05-2008, 06:46 AM	#8
wallyworld Junior Member Join Date: Mar 2008 Posts: 5 Reputation: (11)	ahhh thanks guys , thank you very much, yeah im at the point right now where i feel i just want to flea to the carribean and just open a small bar on the beach haha...... again thank you , selling the bike is what ive been leaning towards already, sell it and pay down my loan with the money i get, and try to get back on top of the payments and pay the low down and be done with it..... as far as a second job it would be very tough for me, but ill try , with my job now im pretty much on call 24/7 and that goes for the weekends as well, but i used to work fri nights and sat nights bouncing at a local club here, pays about 80 a night. so i guess ill try and look for that kind of gig for right now for some extra cash.......as far as house hold bills go, i do have a car paid off, my gym is paid in cash every yr by my boss, and my internet, phone and cable bill is paid by my boss as well...... and my lil bro pays the utilities. i know i can do it cause i dont spend any money ie goin out, buying stuff i dont need, im just so far in the hole sometimes i feel like there is no bottom. but im gonna buckle down set up my budget and sell my bike, i figure i can get 3k for my bike, ill will keep you all posted. again thank you guys very much.

03-05-2008, 06:57 AM	#9
lucille Senior Member Join Date: Dec 2007 Posts: 487 Reputation: (33)	Another source of funds might be to have the brother who can't work and the mom who has been on a long term job search look into food stamps. They might qualify depending on your state and that would allow money currently spent on food to be spent on other things like utilities and other expenses. If your young and ambitious multiple jobs is always an option. I had four part time jobs at one point in my younger days when the economy was bad. Nobody would hire full time for anything, but part time jobs were plentiful. There's no way I could do that now.