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looksbothways

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looksbothways last won the day on April 15 2009

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  1. If they're seizing your tax return, it's a federal student loan. Wage garnishment is a very real possibility. Of course, it being a federal loan doesn't mean it can't also have been obtained fraudulently. Have you contacted the ombudsman?
  2. A consolidation may stop your garnishment for a time, but it will also be a new loan, which will start the reporting period over. In addition, the reporting period expiring means pretty much nothing with regards to student loans. They are still owed and garnishment and seizure of tax returns will resume at some point and continue until the loans are paid in full if you don't set up an arrangement to pay them voluntarily.
  3. Opened my November statement to find that my Redcard limit has been raised to $1,000 from the $200 I've had since March of 2008. I'm not actively monitoring my credit score at this point, so I don't know if anything significant changed, but my spending habit on the card itself hadn't changed. Still no visa, but I'm not actively seeking new credit (or even using what I have other than here and there to keep it open), so it's no biggie.
  4. Have you tried other financing sources? Unless one of your blemishes is a repo, I see no reason you'd be struggling so hard to get financing with negatives over 6 years old. Of course, maybe the luxury car market is just stricter with regards to those things.
  5. I can't speak to anywhere but my neighborhood, but around here houses are still languishing. There are three houses within one block of me that have been for sale since February at least (I looked at all three when I was house hunting in February). Another just went on the market in July. If I go two or three blocks further there's an additional half dozen houses that have been on the market at least 6 months. My neighbors walked away from their home about six weeks ago, leaving me with essentially an abandoned house next door. The house next door to me is the biggest house anywhere around here. This is a neighborhood of 1-3 bedroom homes in the 800-1100 sq foot range. The house next door to me was renovated in 1992 and is currently sitting at 5 bedrooms/3 baths, and over 2500 sq feet. I think, unfortunately, that addition priced it out of the market for people who usually look in this neighborhood. The people who did the addition sold in 2000 and it's been sold twice since then. The current owners just bought it in 2007 and have now walked away. Anyway, anecdotally speaking it doesn't seem that the tax credit is having much of an effect around here, if any. Either that or the economy is just so depressed that people can't buy even though they really want to. Our county currently has a 10% unemployment rate. My city has an average annual income of less than $40,000 so home ownership can be a bit of a pipe dream for many people even in good economic times.
  6. The above poster is right. It doesn't look too good for you. Both Texas and Nevada are community property states. According to multiple sources I found (though I am quoting only one): In a community property states, debt acquired during the marriage (as opposed to debt acquired prior to the marriage) is owned jointly by both spouses and is divided upon divorce, annulment or death. Joint ownership is automatically presumed by law, unless there is specific evidence that would point to a contrary conclusion for a particular debt. If you live in a community property state (listed below), both spouses are held accountable for any and all debts acquired during the marriage, even if the account was is listed exclusively in one spouse's name.
  7. Ok, July's statement has come and gone and I still have not gone unsecured. This makes 13 months with the card. I will call them and post back... Edit: Heh, that was easy. According to customer service, the 99/500 does not go unsecured automatically. They unsecured it for me and bumped the limit to $1,000 effective immediately. Total time on the phone: 4 minutes 39 seconds and that included being transferred to the right department from the general credit card line. Considering the similarly good customer service experience I had when I called the BoA mortgage division regarding an error in my social security number, I might just be moving to a BoA bank account soon.
  8. The only letter I've gotten from BoA is one telling me my annual fee is being charged. Nothing about the card going unsecured. I guess I need to call and see what's going on.
  9. The absolute most important thing to understand about defaulted payday loans is that, no matter what they tell you, it is NOT the same as writing a bad check. You are NOT going to go to jail. They may sue you, but it would be a civil suit, not criminal. Treat this like any other defaulted loan, but do make sure that whatever account secured the loan is closed and do not reopen another account with the same bank either. Also understand that courts are increasingly unsympathetic to payday lenders, so that does play in your favor a bit.
  10. You could always use something like http://www.research.att.com/~ttsweb/tts/demo.php and type what you wanted, then download the .wav file. You can convert it to mp3 if necessary. I would keep it simple, like "This call may be recorded for record keeping purposes." or something.
  11. Does it have a basement you could finish? Basements are a great way to add extra living space and are generally cheaper than adding on to the house (though still not cheap for a good finish) My house is an 880 sq foot 3 bedroom but with the family room, 4th bedroom, and second bath in the basement, the house feels spacious even with the two kids, three cats, and a dog. To me, the most important question is whether you can live with the location. Is this house in the neighborhood you want to be in? Make sure you visit at all sorts of hours and on different days. I bought the smallest, most outdated, house on my block simply because I absolutely adore this neighborhood and the peace and quiet that come with it. You can always upgrade and alter a house, you can't change the neighborhood. It won't hurt kids to share a bedroom. My kids (boy and girl) shared until a couple months ago and they are 12 and 10. Growing up I shared not only a room with my sister but also a bed because we only had one full size bed. My aunt and uncle raised three boys and a girl in a two bedroom house (the kids all shared one room with two sets of bunk beds). Sure, it's ideal for each of them to have their own room, but it's not going to damage them if they don't. edit to add: If you really really want a three bedroom house, though, keep looking. With the current market, there's a lot of inventory to choose from.
  12. Does the BoA 99/500 card go unsecured on it's own or do I need to call? June's statement makes my 12th month with this card and considering that I have a year of perfect history on this card as well as a year (or more) of perfect history on my other credit cards AND a 3 month old Mortgage that Bank of America now owns (It was through Citywide), I would really like to flip this to an unsecured card. Mind you, I'm not actually using my cards other than charging a few things and paying in full, but I'd still like to drop the secured part if I can.
  13. I know on another board I'm on, we have an issue with spam private messages. If the spammer sends you a PM, though, and then the mod deletes their account before you retrieve it, you'll get the notification but then not have a message waiting. I don't know if that's what's happening here, but thought I'd throw it out there anyway.
  14. If you can make your mortgage, and you don't *have* to move, just stay in the house. Who cares if you're upside down if you're not selling? What you are proposing is unethical and fraudulent. I'm not sure on the intricacies of the law, but it would seem to me you could be prosecuted for that sort of maneuver even assuming you could pull it off.
  15. The alternative is to pay of your debts in full. You have more in the bank than half the adults in the United States make in a year. The majority of people on this board would have quite willingly paid all of their debts in full if they hadn't made some unfortunate mistakes along the way. I'm afraid you'll find very little sympathy here for your plight of wanting the creditors to cut you a break just because you don't want to pay it all. If you're looking for legitimate advice on how to get out from under the credit card debt you have, with your current bank account, I would say use $20,000 of it to pay off or down your cards (Leave $10,000 as an emergency fund unless you have a separate emergency fund). Pay off the ones you can, pay down the others, and it should reduce your payments significantly. Use the "extra" savings from the reduced payments to put more towards the other cards while simultaneously not using any of them. Concentrate heavily on the cards with the smallest balances and cut them up as you pay them off then start applying their payments to the next card up on the chain. If you're capable of amassing $30,000 in the bank, you're capable of paying off these cards in a relatively short amount of time. Alternately, default and cross your fingers that they'll settle with you for a lesser amount rather than just sue you for the higher amount plus extra fees and legal expenses. I'm assuming you don't have sixty $1,000 balances, so some card somewhere has an awful lot to gain by suing you. Your call. I think people are reading about these settlements and not understanding that it's a settlement of the balance months or years after defaulting. After the interest has piled on, after the late fees and penalties. It's not a portion of the original balance, it's a portion of the inflated balance.
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