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

I think this may be the case with him. I don't know if he's been just making minimum payments or what (I didn't ask), but I suspect the radio ads pulled him in by making him think he would have several hundred dollars 'extra' if the radio ads are accurate. Anyway, his crap don't rub off on me.

I do real estate for a living. It is all I do at many different levels. I am very well schooled on all lending options on all types of properties.

Those would be 2 different properties, on two separate DEEDS. It is attached in his mind only, not legally. And in fact is just "the property he owns NEXT to his house and 5 acres" . Also ,I would assume that the one with the house ALREADY has a mortgage. He didnt say that was free and clear...JUST the land next door.

So that would be 25 acres of undeveloped land. Not a good risk for any lender. It is just how it works.

Also, This guy would be foolish to even think about attaching his house to any other debt. he seems very irresponsible and hed be losing his home shortly no doubt for non payment.

Doesn't matter what he does with that thought process. He'll probably get out someway and then end up in debt again.

Yes buddy, that would be the RIGHT way to do things. Instead hes trying to find out about redeeding the land and hiding the toys!

I think that says it all. The funny thing is that company is going to charge him to do it...but I guarantee you they wont send him a bill..theyll want their money UPFRONT! What a scam huh?

Yep, just like the "If you owe more than $10,000 in taxes you don't have to pay!" scams.

People for hundreds of years have preyed on weak-minded individuals and those who want the easy way out. Scams are nothing new. Today's ease of electronic media - TV, radio, social, tests, apps - just make it easier for the scammers.

Do you have more than $10,000 in credit card debt?
It's not YOUR FAULT!
Call Willie, Cheatum & Howe, the law firm who doesn't believe you are responsible for anything, except our bill.

Borrowing money and then intentionally trying to find ways to not pay it back is stealing. This is absolutely a character issue!

His debt, his responsibility, just as others have said. Take out a bank loan using the 25 acres as collateral, although the bank probably won't advance him more than 65% of the value. EX: 25 acres x $1700 p/a = $42,500. $42,500 x 65% = $28,475. Use the $28,475 to pay off a portion of the debit and sell the rest of the stuff to pay off the other. Cut up credit cards. Based on his credit and lack of discipline, bank should issue the checks directly to the CC companies and require cards to be closed.

Paying a bank loan at 5% - 7% is a heck of a lot cheaper than the credit card rate that is probably paying that is double or triple that. Steer clear of debt negotiation services. Just my opinion.

He’s a big boy. He needs to pay the debts that HE created. He needs to quit being selfish, sell his toys and pay his debts.

Yup. My SIL, aka all hat and no cattle, makes over 6 figures a year and has gone bankrupt twice. Still lives paycheck to paycheck and will always be broke.

he new what the consequences were when he ran them up.So did the dam credit card company’s just let it ride like all the rest does

Hell with a $80,000 salary I could pay off the bill in 3 years easily, unless his house payment is crazy high. I don't own a credit card, havn't used one in close to 30 years.

How have you ever survived without all those cash back bonus points?

Hahahaha the cabelas points scheme. What a joke.

7mm Aubie will be along shorty to tell us how credit card points will make you a gazillionaire.

He’s too busy changing out the batteries in his Camry.

Camry? Thought he was into Range Rovers and girly-short-shorts.

Call the credit card companies and work out a plan to repay. If creditors give him a break, so be it. But he needs to own up that the debt is legitimate and his responsibility.
Then start liquidating things and freeing up income:
Sell the boats, atvs, toys, and all of the guns except for the bare sportsman necessities (may vary, but basic deer gun, bird/small game shotgun, pistol, maybe a cheap 22 too).
Sell the cars and get cheap transportation.
Get some immediate financial counseling and start living on a very strict budget.
Go through Financial Peace course or Crown Financial programs through a church or small group.
It may take selling the land or house.
It definitely takes stepping up, getting priorities straight and being fiscally and personally accountable/responsible.

^^^^^

He has been recklessly living beyond his means. Sell the boats and atv's and if that's not enough, sell the land. That interest must be adding up quick.