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Co-worker asked for advice that I can't give
#2789471
04/20/19 08:41 AM
04/20/19 08:41 AM
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Joined: Feb 2002
Posts: 44,211 North Alabama
Wiley Coyote
OP
Freak of Nature
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OP
Freak of Nature
Joined: Feb 2002
Posts: 44,211
North Alabama
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I couldn't offer him anything as I've never been down the road he's on and so I'll ask in here. He has accumulated a lot of credit card debt...... about 50K and wants out from under it (I KNOW he should pay what he's accumulated but I'm not him, so....) and he asked me about the radio commercial where some outfit says you don't have to pay back all that the credit card companies are owed. Here's his scenario.....makes about 80K a year, has 25 acres free and clear that joins his 5 acres that his home is on that he still owes on. He's wondering if he needs to "move" that 25 acres into another family member name, trust or something like that so it won't be associated with him IF he tries to get out from under the debt. he also has several man toys...... 2 boats 2 ATVs several firearms, etc. He don't want to give up any of that either.
I wish he hadn't confided this to me but he did. And I know the RIGHT thing to do is pay the stinking debt, but that's me in my world. What say ya'll about his questions on the land and toys IF he plays ball with that outfit on the radio to negotiate his debt down?
I firmly believe that a double gallows should be constructed on the East Lawn of The White House. Politicians who willfully and shamelessly violate their oath to uphold and defend the Constitution of the United States of America should be swiftly tried and, upon conviction, publicly hanged at sunup the day after conviction. If multiple convicts are to be hanged they can choose with whom to share the gallows or names shall be drawn from the hangman's hat to be hanged 2 at a time.
NRA Life Member
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Re: Co-worker asked for advice that I can't give
[Re: Wiley Coyote]
#2789473
04/20/19 08:44 AM
04/20/19 08:44 AM
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Joined: Oct 2001
Posts: 1,343 Foley, AL
Acorn
8 point
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8 point
Joined: Oct 2001
Posts: 1,343
Foley, AL
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I’d recommend pointing him to a Dave Ramsey Financial peace class. I don’t follow it too closely, but definitely think it provides a clear path for situations like his.
Last edited by Acorn; 04/20/19 08:45 AM.
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Re: Co-worker asked for advice that I can't give
[Re: Wiley Coyote]
#2789475
04/20/19 08:45 AM
04/20/19 08:45 AM
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Joined: Jul 2011
Posts: 39,449 Marshall County
FurFlyin
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 39,449
Marshall County
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He accumulated the debt, he should pay it off. Plain and simple. Sell the boats, ATV's and guns. If he can get the credit card companies to settle for less than owed amount like I hear on some of the commercials, then good for him, but pay the man. If not that's just straight up sorry.
If my people, who are called by my name, will humble themselves and pray and seek my face and turn from their wicked ways, then will I hear from heaven and will forgive their sin and will heal their land. 2 Chronicles 7:14
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Re: Co-worker asked for advice that I can't give
[Re: Wiley Coyote]
#2789476
04/20/19 08:46 AM
04/20/19 08:46 AM
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Joined: Aug 2014
Posts: 668 Ms
FX4
4 point
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4 point
Joined: Aug 2014
Posts: 668
Ms
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I say he is the kind of low life that causes problems and cost to those of us who pay our bills. If you care about him tell him to quit being sorry and looking for an easy way out. Sell the boat, atvs, whatever he needs to do to pay his debt and be a freaking man. The kind of attitude he has really chaps my butt coming from a grown ass man.
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Re: Co-worker asked for advice that I can't give
[Re: Wiley Coyote]
#2789477
04/20/19 08:47 AM
04/20/19 08:47 AM
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Joined: Aug 2001
Posts: 63,821 Luverne, AL
Skinny
GUVNER
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GUVNER
Joined: Aug 2001
Posts: 63,821
Luverne, AL
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Sell the 25 acres, pay off the debt. He can buy 25 acres somewhere else later.
Never Trust Government
"You can be broke but you cant be poor." Ruthie-May Webster
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Re: Co-worker asked for advice that I can't give
[Re: Wiley Coyote]
#2789482
04/20/19 08:50 AM
04/20/19 08:50 AM
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Joined: Aug 2001
Posts: 63,821 Luverne, AL
Skinny
GUVNER
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GUVNER
Joined: Aug 2001
Posts: 63,821
Luverne, AL
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Those people on the ads are selling something that ends up costing something. Just tell him to sell the 25acres and move on. Its like pulling off a band-aid. Hurts fast at first but its healed and you move on.
Never Trust Government
"You can be broke but you cant be poor." Ruthie-May Webster
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Re: Co-worker asked for advice that I can't give
[Re: Wiley Coyote]
#2789483
04/20/19 08:51 AM
04/20/19 08:51 AM
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Joined: Aug 2014
Posts: 668 Ms
FX4
4 point
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4 point
Joined: Aug 2014
Posts: 668
Ms
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Also, I know if you try to hide possessions before a bankruptcy you can be charged with fraud. May not be the same thing with what he is talking about. Tell him to pay his debt, case closed. If he was sick or had sick family and medical bills caused a hardship, I might see it a little different.
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Re: Co-worker asked for advice that I can't give
[Re: Wiley Coyote]
#2789488
04/20/19 08:53 AM
04/20/19 08:53 AM
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Joined: Jan 2011
Posts: 38,489 N. Bama
257wbymag
Boo Boo Head
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Boo Boo Head
Joined: Jan 2011
Posts: 38,489
N. Bama
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If he moves that land under a trust or estate then files bankruptcy they’ll see that and it’s still for grabs as far as I know. There’s a certain time limit on those kinda moves
Quietly killing turkeys where youre not!!! My tank full of give a fraks been runnin on empty I'm the paterfamilias
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Re: Co-worker asked for advice that I can't give
[Re: Wiley Coyote]
#2789491
04/20/19 08:55 AM
04/20/19 08:55 AM
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Joined: Oct 2000
Posts: 7,236 Lee County
RCHRR
14 point
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14 point
Joined: Oct 2000
Posts: 7,236
Lee County
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Sell all of his chit and man up to pay his debt. I did not help create it but those people that get debt relief are nothing but leaches on the rest of society. Hrs got himself in this mess with all of his childesh toys and now it's biting him in the arse. Sell all that is necessary to pay his debt. Then he may learn a valuable lesson. Stupid people get stupid prizes.
Last edited by RCHRR; 04/20/19 08:58 AM.
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Re: Co-worker asked for advice that I can't give
[Re: 257wbymag]
#2789493
04/20/19 08:57 AM
04/20/19 08:57 AM
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Joined: Oct 2000
Posts: 7,236 Lee County
RCHRR
14 point
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14 point
Joined: Oct 2000
Posts: 7,236
Lee County
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If he moves that land under a trust or estate then files bankruptcy they’ll see that and it’s still for grabs as far as I know. There’s a certain time limit on those kinda moves 7 yrs and they were talking about 10yrs
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Re: Co-worker asked for advice that I can't give
[Re: Wiley Coyote]
#2789508
04/20/19 09:10 AM
04/20/19 09:10 AM
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Joined: Mar 2001
Posts: 11,147 Central Alabama
Cuz-Pat
Booner
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Booner
Joined: Mar 2001
Posts: 11,147
Central Alabama
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Wiley,
You can give him some solid advice.
Tell him to man up and pay the debts he owes.
Liquidate assets to pay off debt.
He created the debt, he owes the debt.
He will recover in time.
Cuz-Pat
Patton's European Mounts Professional Quality Skull & Antler Taxidermy Since 1998
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Re: Co-worker asked for advice that I can't give
[Re: Wiley Coyote]
#2789510
04/20/19 09:18 AM
04/20/19 09:18 AM
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Joined: Jan 2019
Posts: 413 Kims Corner, Al.
1955Retiree
4 point
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4 point
Joined: Jan 2019
Posts: 413
Kims Corner, Al.
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You cannot always just live beyond your means. This sounds like what this guy did. He should do his best and learn From his mistake. I am not going to pass judgement, we all make mistakes. He can recover, but it will not be easy. He should not try to hide any assets. If he files bankruptcy, they will catch him. As previous posts said, sell rhe 25 acres and move on.
It's not how much money you make, but how much you can keep.
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Re: Co-worker asked for advice that I can't give
[Re: toothdoc]
#2789511
04/20/19 09:18 AM
04/20/19 09:18 AM
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Joined: Aug 2001
Posts: 63,821 Luverne, AL
Skinny
GUVNER
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GUVNER
Joined: Aug 2001
Posts: 63,821
Luverne, AL
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When he’s ready to make an adult decision and get out from under that debt, point him to Dave Ramsey. If he’s not willing to sell those toys he can’t afford, then he’s not ready to be free of debt. Or like you just said... be an adult.
Never Trust Government
"You can be broke but you cant be poor." Ruthie-May Webster
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Re: Co-worker asked for advice that I can't give
[Re: toothdoc]
#2789512
04/20/19 09:19 AM
04/20/19 09:19 AM
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Joined: Feb 2015
Posts: 7,201 Meridianville
DryFire
14 point
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14 point
Joined: Feb 2015
Posts: 7,201
Meridianville
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Welcome to the new America. The borrower is slave to the lender. I call BS in this case. He borrowed to support his lifestyle then wants to avoid the responsibility of paying for it. He can negotiate with the CC companies. Usually they will close the account, lower the interest rate and sit up a payment schedule. But, if he skips one payment, deal is off and accumulated interest charges are added back.
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Re: Co-worker asked for advice that I can't give
[Re: toothdoc]
#2789516
04/20/19 09:25 AM
04/20/19 09:25 AM
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Joined: Jun 2012
Posts: 6,384 D'Iberville, MS
MS_Hunter
12 point
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12 point
Joined: Jun 2012
Posts: 6,384
D'Iberville, MS
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When he’s ready to make an adult decision and get out from under that debt. If he’s not willing to sell those toys he can’t afford, then he’s not ready to be free of debt. You don't accumulate all that debt instantly, it isn't going to go away instantly. Unless you win the lottery or something like that.
Last edited by MS_Hunter; 04/20/19 09:28 AM.
In your darkest hour when the demons come, call on me brother and we'll fight them together.
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Re: Co-worker asked for advice that I can't give
[Re: MS_Hunter]
#2789525
04/20/19 09:38 AM
04/20/19 09:38 AM
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Joined: Dec 2009
Posts: 9,519 Trussville
toothdoc
14 point
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14 point
Joined: Dec 2009
Posts: 9,519
Trussville
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When he’s ready to make an adult decision and get out from under that debt. If he’s not willing to sell those toys he can’t afford, then he’s not ready to be free of debt. You don't accumulate all that debt instantly, it isn't going to go away instantly. Unless you win the lottery or something like that. Agreed, and that’s the advice Dave Ramsey would give him. Snowball. It grows the more you pay off. If he’s not willing to sell off toys he can’t afford to start the snowball, then he will never be out of debt.
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Re: Co-worker asked for advice that I can't give
[Re: Wiley Coyote]
#2789530
04/20/19 09:42 AM
04/20/19 09:42 AM
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Joined: Oct 2006
Posts: 7,753 Montgomery, AL
Hunting-231
14 point
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14 point
Joined: Oct 2006
Posts: 7,753
Montgomery, AL
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Since he owns the land free and clear, get a HELOC - pay off the credit cards, burn all but one credit card (don't use except in the case of an emergency) - payoff HELOC in 2-years and change his lifestyle.
Last edited by Hunting-231; 04/20/19 09:43 AM.
"The struggle you're in today, is developing the strength you need for tomorrow."
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