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I Hate My Life Right Now... - Jessie T. Wolf
October 28th, 2009
01:31 pm

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I Hate My Life Right Now...
A crisis has come up suddenly (such seems to be the story of my life lately...).

Got called yesterday by a creditor, saying I owe $3,500 (roughly) on a business visa that used to be a joint account of mine and my very-soon-to-be ex husband. Apparently they can't find his information on the account, and they're saying that I'm the primary one on the account. Not sure how that's the case, but I do know that it was my husband's responsibility to have taken care of paying off the remaining debt, when the accounts were (supposedly) transferred into his name last fall. I guess that didn't happen after all, if the creditors are calling me now, because they can't get ahold of him.

I can't afford to pay off his debt, as I can barely afford to pay off my own credit cards with my bank, and I just applied for a consolidation loan today, actually.

The thing that makes this whole situation so crappy is that I only have until 2:30pm this Friday to pay the remaining balance, or my credit will be fucked for the next 6 years. Which means that I can kiss this consolidation loan goodbye, and I can't do anything like rent a new place, buy a car, start a business, etc. for the next 6 years.

I may be looking into filing for bankruptcy in the very near future. If that happens as a result of my having to take the hit for my husband's debt, I am so getting a lawyer.

...

Oh yeah, I also have to move AGAIN, because our current landlord is selling the place we're renting right now. Thankfully we have a new place lined up already for Nov. 1st, (that was another HUGE load of stress to deal with yesterday, in itself...) but my god, my brain feels like it's going to explode right now.

So stressed.

Current Mood: disappointedDefeated

(8 comments | Leave a comment)

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From:sci
Date:October 28th, 2009 09:34 pm (UTC)
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Argh. o_o; *hugs you!*
I think the biggest thing to find out here is just why this account was never transferred to his name. If it was a joint account there should at least be some record of him *previously* being attached to it, right? Dig out dates and any paperwork relating to it..

I think the bankruptcy status will be a bigger problem than the credit record damage if you're looking to starting your own business. In the UK at least, those who've declared such aren't allowed to run a business for some considerable time.
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From:kelbob
Date:October 28th, 2009 09:49 pm (UTC)

Just an idea,

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Check out Clark Howard's website. I heard a case very similar on his radio show just a week ago and you might be able to get advice on it. Also they have people through the site you can contact for advice.
Hope everything gets worked out for you.
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From:wilebobcat
Date:October 28th, 2009 10:24 pm (UTC)
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Yes, she absolutely can tell them his contact info, but if he is in the US, they can do nothing to take legal action against him, so they will likely keep after her.

unfortunately the verbal or written agreement means nothing to creditors here in BC. The promisary note you sign even takes priority over a court order in a divorce that one person is responsible to pay the debt.
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From:jaxxblackfox
Date:October 28th, 2009 10:04 pm (UTC)
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I'm so sorry to hear things are so shitty... I wish I could help. :(

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From:wilebobcat
Date:October 28th, 2009 10:09 pm (UTC)
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OK, I have been working for a local financial institution doing collections for over 8 years. I have a fairly large amount of experience with credit lines, small claims court, and bankruptcies here in BC. Unfortunately I really don't have a lot of good news for you, but here is some information, that may be useful to you.

Unfortunately, unless he applied, and got his own credit card, and had the old one closed, your name will still be on it. Creditors do not remove names from accounts, because they would rather have two people guaranteeing it, than one. You are both 100% responsible for the debt, no matter who is the "primary."

your options:
1. pay it off and go on with life.
2. tell them to fuck off. If you have nothing they can go after(own nothing,no savings, no auto payroll...), they will likely go away, and write it off. This is risky.
3. Settlement. Offer to pay them $0.50 (or another reasonable amount) on the dollar to settle the amount. debt is gone.
4. Buy the promisary note from them for the amount of the debt, and then sue your ex for it yourself, and get a judgment against him (only effective if he returns to canada where the judgment can be enforced).

As far as your credit rating. One bad account will not destroy it unless it sits there unpaid for a long time. Also, if the card was under a business account (you only garanteed it), then it will not be reported on your credit. If it was personal under both your names, it will be reported.

Bankruptcy rules are changing shortly to make is much more appealing to file a consumer proposal. As far as future credit, neither are bad for very long.

A consumer proposal is done through a trustee, like a bankruptcy, but in a proposal, you propose to the creditors to pay $0.50 on the dollar by monthly payment through the trustee for 3-5 years, and then your debt is paid. They can not go after you, and you will pay less than the total debt. A proposal has to be high enough that they will be willing to accept it. If it is not accepted, you are deemed bankrupt.

In Bankruptcy, as long as you hold up to the responsibilities you are required to do, you get discharged in 9 months, and you go on with life debt free. The bankruptcy stays on your record for 7 years, but that will not stop you from getting credit after you are discharged. You would not get amazing interest rates right away, but you could build back to that in a year or two.
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From:catwoman69y2k.insanejournal.com
Date:October 28th, 2009 10:36 pm (UTC)

Wow, they are really presumptuous

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Even if when all is said and done, you do owe this money...who has that kind of money on hand....especially these days?
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From:rozberk
Date:October 30th, 2009 01:29 pm (UTC)
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*hugs* First, sorry to hear about this - chat with you later about it.

But I believe Wilebobcat has the best solutions - especially see if you can offer to play for less than they are wanting. It sucks, but even if they accept $1500, then you can get that out of life and move on without any penalties. It's what a friend of mine did after his divorce.

Then you can take that out on the soon to be ex.
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From:staghorne
Date:December 10th, 2009 10:50 pm (UTC)
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Wait... what? The Doghouse moved? I hope the new place is good!
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