Aldeer.com Forums Alabama Deer Talk Aldeer General Forum Co-worker asked for advice that I can't give

Hunting-231's is probably the best route to go to pay it off the quickest. I'm guessing the guy probably has zero dollars in the bank or savings and lives check to check as well, so that doesn't help.

The commercials about getting rid of credit card debt, basically they negotiate a settlement with the credit card company for you. You can do that yourself if you wanted to, but they aren't going to negotiate with you as long as you are making your minimum payments. So you basically have to stop making your payments before they will come to the table and even think about a settlement.

It's pretty easy to understand how he got into this situation. He has the assets to liquidate and take care of debt he created on his own but doesn't want to bite the bullet and do the ethical thing. He wants to do the easy thing and scam his way out of a mess he created.
Give him a little time and he'll right back in the same situation again unless he feels the pain of what he created. He's a lowlife scumbag and will probably be one until he meets his maker, stay the hell away from this guy

If he's not willing to give his luxury items up to pay his debts then, no matter how he gets out of paying his debts this time, he'll be right back in the same boat (pun intended) shortly after. Sounds like he's one of those people that are determined to live beyond his means.

That said, he doesn't need a debt reduction agency to negotiate on his behalf. If he calls his credit card companies and tells them he can't make his payments at the current rates and is considering bankruptcy but wants to make an effort to work out a payment plan first, most all companies will work out a payment plan on his balance and reduce the interest to a very low rate, or many times 0% interest. They may even reduce his balance because they'd rather get something than nothing. I don't agree with not paying what you owe but those debt reduction agencies are , many times, a scam.

I doubt he would take that advice because it would still mean starting to live within his means and he doesn't sound like he has any intention of doing that.

Well...at least dont let him ever borrow $50 til payday....

But honestly, he has all those things and that is no doubt the CAUSE of his debt...he just doesnt want to have to PAY for them.

That is freaking ridiculous. Sell the dang things, responsibly honor his financial obligations and act like an adult is the advise you need to give him.

I’d be asbsolutely sick, and stress would consume my everyday life knowing that I owed that kind of money on CC debt.

First off, he should pay it off, and there have been some good ideas posted. But, I do know from all the crap people leave when they move out of rental property, I have seen letters from credit card companies offering to settle for a quarter to a third of what is owed. I really doubt credit card companies are going to come after assets anyway so I would forget any of the concealment of asset strategies unless he gets a lawyer involved and does it by the book. I will also tell you a lot of bankruptcy attorneys just want you in and out and get paid their fees, they don't care about you once you sign the papers. They make money on volume and speed and do it every day. I am sure there are good ones as well but you need to keep that in mind.

Another thing is a HELOC is out. Its called a "HOME Equity line of credit" because there is a HOME there. People are less likely to default on a LOAN on their house. On a piece of Vacant land, not so much.

Lenders tend to lend a lot less on vacant land you own. You get a LELOC a "LAND equity line of credit.

Heres a quote from APRfinder , a lending website:

"Because there is no structure developed on land, lenders are less likely to lend 80 or 90% of the value of the land with an equity loan or line of credit. Instead, most land lenders cap equity loans for vacant land at 35% of the property’s value."

And that will STILL leave him with the same debt, just consolidate it under a different lender. He needs to sells stuff and pay down his debt. Plain and simple.

Anyway...the guy should be an adult and pay his debts, Marlon you should steer clear of him until the dude gets his sh1t settled.

I don’t feel sorry for folks like this,get rid of chit you don’t need and can live without,he’s no different then a non working SOB on welfare and food stamps in my opinion

Most credit cards are unsecured lines of credit. If you don’t pay they will wreck your credit and hound you to death, but they will not/cannot confiscate your assets. If you pay off credit card debt with a home equity loan, you just secured a non-secured loan with the most important piece of collateral you have.

Well the easiest and most honest thing to do is finance the free and clear land to pay off the credit card debt and maybe one of the cars. Then he’s freed up some monthly payments. Then he needs to cut them up and live within his means. Usually when someone asks for advice they already know the answer they just wish that wasn’t the answer.

Simple...man up & pay your debts. Good salary can knock it out quickly if there is a written game plan. Until he is ready to live within his means & not feel he's got to have a new toy cause the Jones bought something nothing will change. Can't have your cake & eat it, too. Sell toys & anything not bolted down to apply to this debt, then get on a written budget.

The OP stated, "has 25 acres free and clear that joins his 5 acres that his home is on that he still owes on." Therefore, when he goes to the bank - I would think he should be able to get an appraisal for the home including the land. I am not a mortgage lender, banker, or an appraiser - but unless something would prevent a lien against the dwelling and attached land - I would assume a HELOC could still be an option.

Wiley- your friend does not have a debt problem. He has a character problem. Leave him to deal with it.

I bet he put his wife’s fake boobs on the credit card too

The credit card companies can sue you for the owed money. If they get a judgement against you and you do not pay, they can get a writ of garnishment and garnish your wages or levy on property and auction it off. It happens here in Florida all the time! If you have paid off vehicles that will be one of the first things they go after.

Amazing that this would even be a question.

The radio ads are bullchit ploys feeding off people wanting an easy way out.

Sell the 25 acres, sell the "man toys" boats, ATVs and some guns (not all, gotta have some) and pay off the debt. Beans-rice Rice-beans for a while.

great point!

how the heck do you get 50k in credit card debt on 80k a year? I freak out when mine get over $2k I never put a balance on it I cant pay back within 3-6 months