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We are struggling financially. With the mortgage, car note, car insurance (on two vehicles) credit card debts, student loan payments and monthly utilities ( electricity, and water) not to mention phone bill, etc etc, my husband and I are falling deeper and deeper into the hole each month. We have three kids and we have to keep in mind that we need money after all the bills are paid to feed our family. We keep bouncing checks just to make it from month to month therefore spending money before we have it and putting us deeper and deeper into the hole. My husband and I talked about what we should do. We are going to cut back on expenses and get rid of extras….also we have a truck that is paid for. We are still very much in debt with the car and owe somewhere around 10k still. If we were to let them come and pick up the car, our family would be saving 500/month. We only need one vehicle anyways. Should we go ahead and do this? I’ve never had to do something as drastic as this before. What are some of the things that will be involved? I know it will effect the credit for 7 to 10 years. Also, we have consoladated our credit card bills and we pay one payment a month. When the car is auctioned off and the remaining balance is put forth to us, we plan on consoladating that as well with the other debts. Please, anyone have any advice or any other approaches to this difficult situation?
we’ve tried food stamps and medicaid but we do not qualify.

3 Comments »

1. 

   sadly you are in the same boat as many of us today. a voluntary repo will look better on your credit than a forced repo would, but with that said, yes, it will affect your credit for some time to come. you are taking all of the right steps to avoid bankruptcy, including debt consolidation, but in the long run, you may wish to consider filing a BK as it and debt consolidation have the same negative impact on your credit, despite your desires to "do the right thing" by attempting to pay off your debts through consolidation. i am guessing that you no longer have any equity in your house to utilize for some bill payments so you are truly faced with only choices. file BK, in which you might end up keeping your vehicle. or, let them take your car, and use the five hundred you no longer owe to live on while you pay everything off.

   Comment by olderwiser100a — November 14, 2010 @ 4:15 am

2. 

   Let them take it. Maybe you can work out an agreement where it wont mess up your credit. A lot of people are falling behind in their bills and some companies are becoming more lenient.

   It’s better to not pay the bills than to bounce checks doing so, btw. You’re getting charged every time you bounce a check. That adds up.

   Also, with all your dependents you might want to try getting food stamps to feed the kids. They might reject you, but it’s worth a shot.

   Comment by Elayne — November 14, 2010 @ 4:15 am

3. 

   Why don’t you just try to sell it? Getting something repossessed can really hurt you but selling it won’t. Is there a busy corner that you can park it on with for sale signs on it? We’ve never had any luck using the classified ads but when we park a car on a busy corner it usually sells within a weekend. Hope things work out for you.

   Comment by blt830 — November 14, 2010 @ 4:15 am

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