Thursday, June 25, 2009

Cash It or Keep It?

I have $9K in credit card debt. I recently quit a position and saved $12K during my 4 years there. I can either keep my money where it is, and if I ever return there or any other Texas state job, my savings and years of service would pick up where it left off. In fact, after 5 years, my money would double. And, since I already have 4 years, in one more year, I would have $24K. My other option is to cash out. There is no guarantee I will ever go back there or any other state job. Plus, I really want to get rid of this debt. If I do cash out, I would have to start at ground zero with savings and years of service. I don%26#039;t want to be hasty and cash out, since this is my only savings. But, it doesn%26#039;t make sense to leave the money there, if I have this looming credit card debt. What do you think I should do?



Cash It or Keep It?

Since the only way the money doubles is if you return to a state job, I%26#039;d take the cash out and pay off the credit card debt.



Unless the investments are making at least as much interest your credit card debt is costing you, then you%26#039;re really just going in the hole on it anyway.



I know what you mean about starting all over there, as I%26#039;ve been there myself. But if you take out this money and get the debt off your back, you should be able to put the money you were paying toward the credit cards into savings of one type or another.



And this time, you can choose an investment that isn%26#039;t tied to staying in a certain job or with a specific employer.



Cash It or Keep It?

Pay off The Card And Trash It ..It%26#039;s Costing More money Than Your Gaining



Cash It or Keep It?

YOU CAN TAKE IT OUT AND PAY OFF DEBT...



IT YOU RETURN TO STATE JOB YOU ARE ENTITLED



TO PAY THAT MONEY BACK FOR THE YEARS YOU WITHDREW..



ITS WIN WIN FOR NOW...



Cash It or Keep It?

i would pay your monthly payments for the next year, then wait for the money to double and then cash out and pay off your debt. then you would be ahead that much more money....



Cash It or Keep It?

Ok personally, I would cash out since your not sure if you would go back. Second, take the extra $3k and put it in a savings account, that way you dont have to start at zero. You will have your debt paid off and have a little savings to work on. And wherever you end up working, take a little out of your check each paycheck and put straight into savings. In time you will be back where you started.



Cash It or Keep It?

I would have to agree with Muffin on this one, continue paying off your debt for a year, wait for your money to double then cash out. Excellent idea.



Cash It or Keep It?

If you%26#039;re not sure, you can always go half-n-half. Half the debt and keep the rest.



Cash It or Keep It?

Don%26#039;t gamble, get out of debt..

Help Needed, upside down car loan, divorce, no refi option?

My wonderful ex husband left me with a ton of credit card debt and a car worth 12K that we owe about 18K on. I signed the loan while married because I felt intimindated and pressured (really wish I hadn%26#039;t..) I owe on this car for $400/mo for 4 more years. Present bank won%26#039;t rewrite loan and have offered no assistance when I tried to talk to them about this. My ex husband has been court ordered to pay credit cards he racked up in our joint account (he isn%26#039;t doing it) but I%26#039;m stuck with the car that%26#039;s now been in two accidents. I%26#039;m drowning under this debt and can barely pay rent. I%26#039;m contemplating a voluntary repo but wonder if they will really come after me for the difference (I now live in a diff state). Should I just take my chances and deal with bad credit for a while (already did that once before when ex caused us to file for bankruptcy..he%26#039;s a peach of a guy!) any advise appreciated. thanks in advance.



Help Needed, upside down car loan, divorce, no refi option?

If you say you owe $18K, that is your principle balance as of today; The loan most likely started off as more, as you said you had 4 MORE years to go......Some people don%26#039;t understand interest accrual and loan amortization. Try to sell your self for what you owe (payoff balance, not principle)....if it is repoed, you will not only be responsible for the deficiency (and they will auction it off, not sell it like you, they will get less), you will have legal fees, repo fees and any other junk fees they feel like tagging on, and yes, you WILL be responsible for this...if you can%26#039;t make payment arrangements for what is left, they will sell the debt to a third party collector who will possibly sue you, garnish your wages and basically make life miserable for you. You will come out in the best way by selling ithe car yourself. Also, consider speaking to a debt management company (reputable) to work with you on your credit cards. You need to take control!



Help Needed, upside down car loan, divorce, no refi option?

THE ANSWER IS GO BANKRUPTCY.CLEAR AND SIMPLE.YOU CAN%26#039;T SURVIVE.LOL DO AS I DID..SAY REWRITE LOAN OR I GO BANKRUPTCY..SEE HOW FAST THEY WILL RESPOND THEN..MOST BANKS OR CREDITORS DON%26#039;T WANT YOU TO TAKE THAT ROUTE.THEY BE MORE THEN HAPPY TO HELP.



YOU CAN GO BANRUPTCY MORE THEN ONCE..BUT THIS TIME KEEP THE EX FAR AWAY FROM YOU!!!



Help Needed, upside down car loan, divorce, no refi option?

Cindy,



I want you to re-read your Yahoo! answer question. Where in the course of this diatribe about your trifling husband did you take accountability for your judgment in selecting this man, in spite of all of his faults, as the man that you wanted to spend the rest of your life with?



Chances are that his credit was a hot mess when you met him and marrying him only exacerbated his problem and bad habits.



Anyway. That is spilled milk but YOUR concern right now is RENT first. If you can pay the car note -- pay what you can. If they repossess the vehicle, then my next suggestion for you is to stay SINGLE for a while, give yourself some time to get out of the nightmare that both YOU and HE created, and adjust your PICKER for men!



Help Needed, upside down car loan, divorce, no refi option?

They will turn you over to a 3rd party collection in the end if it%26#039;s repo%26#039;ed. I have one option: try a pvt. party sale. If you%26#039;re payments are $400 a mont, then you don%26#039;t owe $18,000. That%26#039;s interest on the loan, too A rough guess is about $13-14K owed if the pay-off were today. You have to make up the difference to the loan if it falls short of expected pay-off. It could be a couple of grand out of your pocket vs. a repo which will be on your credit report for a long time to come. If you do indeed let it go to repo, then there isn%26#039;t much they can do. They can%26#039;t get blood out of a turnip. But they will threaten you for years to come. I am so sorry. Next time you want to pick a b/f, have mine interview him for you in advance.



Help Needed, upside down car loan, divorce, no refi option?

The best thing to do is sell the car and try to get a loan for the remainder..Better 4k in debt then 18k. Second, get a copy of the court order and send copies via certified mail to all the credit card companies. Include a letter demanding that your name be removed from the accounts. Then if your ex is still not paying the credit cards file a contempt motion against him. If you can not afford an atty check for legal aid in your area. If you do a voluntary repo they will sell the car at auction and then come after you for the difference.



Help Needed, upside down car loan, divorce, no refi option?

I dont have the best of credit, well in fact its kinda bad, but I was able to get car loan since I do have a job which is mainly what this place cared most about for me. They are one of these places that have multiple sources and they say like 99 percent approved. So I would give this site a try....



http://auto.deal4-you.com



Good luck.

Is this a good divorce (pre-divorce)strategy?

I have recently discovered that my wife is secretly inquiring about divorce with local attorneys (reverse phone search),online research (history on PC)and co-workers (text messaging). I have asked if %26quot;we%26quot; are okay, unhappy and she tells me everything is fine. Her text messages are quite clear that she is waiting for the right time, depending on housing and a possible promotion. I have for so long been driving a lemon, she has a nice truck. I want to refinance my house,cash out 6,000 and use it to pay her credit card debt. I also want to purchase a truck. I want to do these things before she files because once she does, I cannot accrue,sell, transfer, redesign or refinance any new property,insurance or financial accounts until the divorce is finalized. Paying off part of credit card debt would be less debt to take to the courts. Once I refinance too, I would have a months period where I have no mortgage paymt. I plan to use that $ to secure an attorney...retainer fee.



Is this a good divorce (pre-divorce)strategy?

Dang, son - that is rough!



OK, refinance the house ONLY if it is in BOTH of your names!!! Take the money and put it in the bank. Immediately buy another (reliable) car or truck. But don%26#039;t pay off her credit cards yet. As soon as you have the truck, take the money you can and get a lawyer.



Do you all have kids? If so, it%26#039;ll be a mess. Lawyer up right away! Let the courts decide who should pay on her credit cards. I%26#039;d hit her with divorce papers before she can get you.



Good luck! :)



Is this a good divorce (pre-divorce)strategy?

Sounds like you have it all planned out..



Is this a good divorce (pre-divorce)strategy?

Don%26#039;t spend any money at all. You should file for a divorce right now, if you have those on file and saved. Get an attorney and present them in court tell the judge that you were aware of these accusations and you feel like you shouldn%26#039;t hold on to the marriage if she is wanting a divorce. Tell your boss what%26#039;s going on (if you can trust him). Next marriage if there is any doubt in your mind, you should strongly think about a pre-nup.



Is this a good divorce (pre-divorce)strategy?

Just because your the husband, doesn%26#039;t mean your going to get stuck with all the bills. Get copies of all the text messages, phone calls, and other proof that this is her plan to divorce you.



Fight for yourself. Don%26#039;t allow her to take it all unless you feel she deserves it.



Is this a good divorce (pre-divorce)strategy?

What about trying to do something to make it work. Marriage councleing or romantic dinners. something. dont just give up! she might not have made her mind yet.



Is this a good divorce (pre-divorce)strategy?

I can see why she would want to divorce you. It seems you are looking for ways to take instead of ways to give.



Is this a good divorce (pre-divorce)strategy?

Might want to get a new truck now so you at lest have reliable transportation, I would get all your legal papers together and file first, otherwise she is going to take you to the cleaners. I would also make sure you print out any of her text messages you find, write down all teh times she has called attorneys and so on that way when she acts surprised ...you can show her why you took action adn secured your finances. Separate your money asap.



Is this a good divorce (pre-divorce)strategy?

Hi Bryan,



This is so sad. I am sorry you are having to figure things out this way. I guess you are already resigned to the fact that you are going to get divorced. It sounds like you both already have issues with communication if she can%26#039;t tell you how she is honestly feeling and you are having to snoop through her things. I think you should at least try to seek legal advice before you make any moves and see what they can suggest. Hopefully at some point you can confront her and be honest about what you know - although she will probably be upset that you violated her %26quot;privacy%26quot; and don%26#039;t trust her.



Is this a good divorce (pre-divorce)strategy?

LOL file for divorce right away. Do not wait.



A debt load is split between the parties. If her truck is in both your names take the truck and sell it tomorrow Use what%26#039;s left after paying the truck loan to reduce the debt and put the house on the market. You%26#039;ll have to sell it anyway if you live in a community property state. Tell her you know what%26#039;s what and are just getting a head start on what the law will require you to do anyway.



Stop snoopig now. Take action, don%26#039;t delay. She%26#039;s only got her best interst in mind...clearly. It does not cost a fortune to get a divorce research your county%26#039;s divorce proceedure...you can do most of it yourself. Clearly she is not going to contest it you can even get a dissollution which is even cheaper.



Is this a good divorce (pre-divorce)strategy?

Seems to me that while she is working on the divorce in secret, you need to do that as well. Stay one step ahead her, but since it seems alot to do to catch up, you better get off the computer and get to work or she%26#039;s gonna have the upper hand take you to the cleaners.



Is this a good divorce (pre-divorce)strategy?

Can you add info to your question about whether or not your state is a %26quot;community property%26quot; state? That takes a lot of the decisions on who gets what decided. (if it is %26#039;community prop%26#039;).



I think you ought to take the element of surprise and use it to your advantage. She thinks you are just poking along happy as a clam...spring this on her when she is unguarded, she%26#039;ll say a lot more damaging stuff than if you let her pick the time and place. Don%26#039;t be a victim.



Is this a good divorce (pre-divorce)strategy?

You know I think I would confront her about it, let her know that you know, how much worse can it get. Sounds like you both have trust issues, because your both doing things behind each others back. I%26#039;m not sure if you would able to resolve anything by confronting her, but each of you are trying to be the person that comes out ahead in this if it happens. It doesn%26#039;t seem to me like you want to divorce. The way I look at it is that your relationship is at rock bottom, I know everyone is saying go for the divorce, but know that it doesn%26#039;t have to be that way, divorce is very painfull on everyone and it usually doesn%26#039;t end well, I really think you need to fight for what you want, fight for the relationship and if she still leaves you, you won%26#039;t have the guilt in the future that says %26quot; If I would have done this, this wouldn%26#039;t have happened or its my fault, etc.%26quot; and you won%26#039;t carry the guilt into another relationship. Do you know why she wants out? it just sound like you both need to communicate with each other more and let each other know always where you stand, and stop hiding things in your life.



I know the effects of divorce and I would recomend you go through it, in fact I would encourage you to do whatever it takes to not get a divorce, lots of people look at it as %26quot;this is the only way out%26quot; and are unwilling to fight for it, they just want to give up. I bet you didn%26#039;t say on your wedding day %26quot; I want to one day divorce you%26quot;, you married her because you loved her and I%26#039;m just saying you can try to bring all that back before its to late. If she thinks its all fine right now and all this is going on, and you don%26#039;t want to loose her, get a marriage counseler like right now and find the root of your problems. I pray that everything will work out in one way or another.



Is this a good divorce (pre-divorce)strategy?

This sounds like the makings of a sad ending. It is time for you to become a real man. Stop snooping around and confront your wife with what you know already. When you communicate with her (listen to this part as this is what I think makes a real man) remember that you loved and probably still love her and talk to her in a manner that is very respectful. She apparently lost her respect for you by opening secret accounts and consulting with friends instead of coming directly to you to resolve your marital issues. This is probably your fault cause you can%26#039;t keep a conversation without letting all your speculation get the best of you. Calm yourself down and write down what you want to say and remember she is still your wife so keep it very respectful. If your past conversations have been out of control, I suggest you write her only and remember this will get used in a court of law just as you can use the statements you found in text message format on her phone. If you can%26#039;t resolve your issues go through mediation as a next step. If she is determined to divorce you make the attempt of being graceful. Don%26#039;t be so caught up with the material things like the truck you want but be more concerned about being able to defend yourself with a attorney if need be (this would be the best strategy for you). Last, if you need to search through your wifes things you are defintely unhappy so don%26#039;t ask her these kinds of questions. To be a real man to me means to keep a cool head. Mediate if you can or get yourself a lawyer not a truck.