Pity me - got turned down for a bill consolidation loan

[MichaelD]

I am looking for sympathy *whiiiiiiiiiiiiiiiiiiiiiiiiiiiiine* b/c I got turned down for a bill consolidation loan. "Excessive outstanding debt" was the reason. Really? No sh1T! That's why I'm trying to get the loan, jerkoffs! :|

This was NOT a bill consolidation loan; that goes on your credit as a very bad thing. This was essentially a signature loan, but with the stipulation that the Credit Union will contact the creditors I'm paying off and close out the accounts for me. Ensures I do "the right thing" with the money.

I was expecting to get turned down anyway, but thought I'd give it a shot. Well, if I charge nothing else, I'll be debt free by 2023, so all is not lost.

Back to the old "pay double the minimum and make half the progress" anthem. Pity me.

 

[Migroo]

Sell your truck and get a smaller car (Civic? ) and with the money left over pay some loan back.

In all seriousness good luck though.

 

[Fausto]

I'll be sure to knock back an extra beer tonight in your honor.

Hey, I get about 400 pre-approved home-equity loans in the mail every day (despite having almost no equity)....want one of those? All I ask in return is that you live out back in my shed (it's a pretty nice one tho), clean my house, and refer to yourself in the third person as "The Gimp".:Q

Seriously, sorry dude. Credit debt is a PITA. I'm finally about to nuke the last of mine this year once I get my fed return back. Clever me getting a card at age 20, running it up, and just now finally paying it off.

Fausto

 

[Spooner]

How much is "excessive debt"?

 

[MichaelD]

<< Sell your truck... >>

OMG!!! NOOOOOOO! AIEIEIEEEEEE!:Q *stomps foot and pouts* No. I'm not selling the truck, darnit. I waiting a long time to be able to afford a really nice vehicle...unfortunately, that time happens to coincide with the same point in time that my credit card debt is haunting me.

What I need to do is sell my motorcycle. I'd about break even at this point, and I could use the money...I love my bike, though.....I have to give that some thought. *getting teary-eyed.*




<< How much is "excessive debt"? >>



That referrs to the fact that I owe everyone and their mom. I haven't been late on a single payment in eight years. That's pretty damn impressive considering how many creditors I have. My debt to income ratio sucks...on paper. But due to my second job, in which I get paid mainly in non-taxable tips (yeah, I know they are taxable, but I gotta eat...bite me, OK?) even though my debt to income is high, I live well b/c I always have cash in my pocket.




<< All I ask in return is that you live out back in my shed (it's a pretty nice one tho), clean my house, and refer to yourself in the third person as "The Gimp". >>



ROFLMAO! Hahahah! Good one. I almost (this close) spewed my coffee onto my screen. Good laugh..."live in the shed and refer to yourself in the third person as "the Gimp."


Thanks guys, I needed the pick-me-up.

 

[StageLeft]

<< I waiting a long time to be able to afford a really nice vehicle...unfortunately, that time happens to coincide with the same point in time that my credit card debt is haunting me. >>

Maybe you couldn't afford it Don't worry I drive a 93 sentra!

 

[Migroo]

I was sorta kidding of course

But yeah if you have 2 vehicles, and you can still function without one of them, then thats the way to go.

No point really getting rid of anything that wont amount to much in cash terms - unless you are really stretched.

Good luck anyhow

 

[Hammer]

Don't worry Skoorb, you'll be able to get something new soon.

 

[gunf1ghter]

<< What I need to do is sell my motorcycle. I'd about break even at this point, and I could use the money...I love my bike, though.....I have to give that some thought. *getting teary-eyed.* >>



Well, if you are serious about getting out of your bad credit situation you are going to have to sacrifice something... either now or later.

I made some pretty harsh sacrifices earlier in life to make sure that I didn't f*ck myself on the whole credit thing. While friends had cars in college, I sold my high school vehicle and walked to school and work... I lived in a rat trap with 4 other guys and ate Ramen noodles. All of this went on for a couple of years. I did end up having some CC bills that took many years to pay off.

The bottom line is that you can't "have it all"... I make close to six figures now and I still can't "have it all"....

Try living frugally for 12 months and see where you are.

 

[MichaelD]

<< I was sorta kidding of course

But yeah if you have 2 vehicles, and you can still function without one of them, then thats the way to go.

No point really getting rid of anything that wont amount to much in cash terms - unless you are really stretched.

Good luck anyhow >>




Well, compared to my younger days of Ramen noodles for a week come rent time, I'm doing very well. Hahahah! Actually, I live well. I have high standards. I am a Snob on a Budget. I have all the toys that i could live without, but "can't live without" now that I'm used to them. DSL/Cellphone/Standard Cable (as opposed to budget cable)/6 magazine subscriptions/etc. I like my toys.

I can pay double on my CC bills w/o a problem. The problem is that by paying ONLY double, you really don't get anywhere very quickly.



<< Maybe you couldn't afford it... >>



Well, um, heheh, um, errrrrrrrrrrr....I hate it when I'm busted! I like my Trooper though. I get nice looks from the good-looking 40-something MILFs; they think I've "got it like that" Impressions are everything, you know.

 

[StageLeft]

<< Don't worry Skoorb, you'll be able to get something new soon. >>

Eh, not if I don't find a job.

 

[Texmaster]

Sorry about that Mike

 

[wyvrn]

Debt sucks. I am working so ass-hard to get out of it. At least my student loan consolidation will cut my montly bill in half. But looks like we have to get a new vehicle so there goes the difference

 

[MichaelD]

<< Try living frugally for 12 months and see where you are. >>



Good advice, and actually what I was planning on doing starting very soon. 12 years ago, I was the college kid with defaulted credit cards/student loans. It took me many years to pay all the collection agencies off and to rebuilt my credit to it's current state. My empirical score is low (debt to income) but my payment history is superb, which is why I got a decent rate on the truck. (6.6%..not bad at all).

I refuse to let anything damage my good credit.

"I owe, I owe....so off to work I go. I work I work I bitch and moan, I owe, I owe"

 

[gunf1ghter]

Well, another option would be to take a part time job evenings and weekends at a super market stocking shelves, a hardware store, etc.... should bring in an extra $500 or more a month for you after taxes... do that for 6 months and pay one of the toys off.

I agree with you that the more stuff that you have the harder it is to live w/out it. It is a sad by-product of our otherwise excellent free market system.

 

[Texmaster]

<<

<< Try living frugally for 12 months and see where you are. >>



Good advice, and actually what I was planning on doing starting very soon. 12 years ago, I was the college kid with defaulted credit cards/student loans. It took me many years to pay all the collection agencies off and to rebuilt my credit to it's current state. My empirical score is low (debt to income) but my payment history is superb, which is why I got a decent rate on the truck. (6.6%..not bad at all).

I refuse to let anything damage my good credit.

"I owe, I owe....so off to work I go. I work I work I bitch and moan, I owe, I owe" >>



hahaha great attitude Mike

 

[MichaelD]

<<

<<

<< Try living frugally for 12 months and see where you are. >>



Good advice, and actually what I was planning on doing starting very soon. 12 years ago, I was the college kid with defaulted credit cards/student loans. It took me many years to pay all the collection agencies off and to rebuilt my credit to it's current state. My empirical score is low (debt to income) but my payment history is superb, which is why I got a decent rate on the truck. (6.6%..not bad at all).

I refuse to let anything damage my good credit.

"I owe, I owe....so off to work I go. I work I work I bitch and moan, I owe, I owe" >>



hahaha great attitude Mike >>




Thanks Tex; you're a great bud!

 

[Ameesh]

<<

<< Don't worry Skoorb, you'll be able to get something new soon. >>

Eh, not if I don't find a job. >>



you'll find one! your the best canadian evar!

 

[Texmaster]

<<

<<

<<

<< Try living frugally for 12 months and see where you are. >>



Good advice, and actually what I was planning on doing starting very soon. 12 years ago, I was the college kid with defaulted credit cards/student loans. It took me many years to pay all the collection agencies off and to rebuilt my credit to it's current state. My empirical score is low (debt to income) but my payment history is superb, which is why I got a decent rate on the truck. (6.6%..not bad at all).

I refuse to let anything damage my good credit.

"I owe, I owe....so off to work I go. I work I work I bitch and moan, I owe, I owe" >>



hahaha great attitude Mike >>




Thanks Tex; you're a great bud! >>



So are you.

Just don't leave us bud I'd miss your posts.

 

[MichaelD]

Oh don't worry; I'm not going anywhere! It's not like I'm selling my possessions or any crap like that. I have money...I also have lots of bills. Feh, "join the crowd, Mike!" right?

The last thing I'd get rid of is DSL! Gotta have that broadband! Dialup? What is this "dialup" you speak of?

 

[StageLeft]

Get a room guys!!!

--

Then tell me the room number

 

[RossMAN]

I know how you feel. I was stuck with several credit cards and personal loans, applied for a "debt consolidation personal unsecured loan" and was DECLINED for various reasons which I thought were stupid. I had agreed to payoff and close whatever cc's/loans the new loan paidoff but they still wouldn't go for it.

It sucks, I know.

 

[Texmaster]

<< Get a room guys!!!

--

Then tell me the room number >>



HAHAHAHA

and Dialup is da DEVIL!

 

[MichaelD]

<< I know how you feel. I was stuck with several credit cards and personal loans, applied for a "debt consolidation personal unsecured loan" and was DECLINED for various reasons which I thought were stupid. I had agreed to payoff and close whatever cc's/loans the new loan paidoff but they still wouldn't go for it.

It sucks, I know. >>




Wow. My experience mirrors your to a "T." That's exactly what I had tried/agreed to do. I'm not alone! Hooray!

 

[Sir Fredrick]

Yeah, paying double the minimum isn't really going to get you anywhere.
I don't charge anything unless I know I can pay it off completely as soon as I get the bill.


If you could pay off your bills by selling your motorcycle, I say do it. Then you can save up for a new motorcycle, probably a lot faster than you could pay off your bills, because none of it would be going to interest.