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    #1

    Getting Started

    Hi, I posted earlier - but didn't get in the right area. Hopefully, I will do better this time.

    I am just getting started. My attorney advised me to buy a new car, my old car was 15 years old. I got a 2009 Nissan for a good deal - monthly, but the interest was 13%. My credit rating is low due to the debt/income ratio. My payments are all on time - Today.

    I will not be able to make CC payments starting this month. I will need to wait 3 months after buying the car - so my attorney advised. When will the CC people start calling? Will my employer know what is going on? I need to pay an unfront fee to the attorney before he will do anything. After I start paying him - can I tell the callers to call him for more information? Or do I have to wait until I actually go to court?

    Thanks for any help. Getting scared.
    Tags: None
    #2
    Hi there and welcome to this forum. Our attorney advised us to get a new vehicle too before we filed our ch 13 (haven't filed yet). I stopped paying my cc's in mid May '08 at the advice of our attorney. I started receiving calls from crediors within 2 weeks of the overdue payment. I was able to direct all calls to my attorney (we retained him at our 1st meeting) and it's taken all this time to collect the $$ for our ch 13. Life happens. We hope to be filed this month. Did you retain your attorney? I would call and ask if you can send the calls his way. Don't worry about calls to your work, they will only call IF they can't get hold of you, so once you retain your attorney, answer the calls and send them his way (ask him first)!

    Good Luck!
    May 2008 Hired 1st Attorney/Stopped paying CCs
    May 21, 2009 Retained 2nd Attorney
    May 28th - Filed for Ch 7 (FINALLY!)
    9/11/09 - DISCHARGED!!!!

    Comment

      #3
      We bough 2 new vehicles before we filed.

      When did you last used your credit cards?

      When did you make your last cah advance?

      Do you own a house?

      Are you going to pay for the car with the plan?


      As for creditors calling, they will start calling shortly after you miss a payment. It is up to you if you answer the phone. I would not bother. All it will do is raise your blood pressure.
      Golden Jubilee was a year-long celebration held every 50 years in which all bondmen were freed, mortgaged lands were restored to the original owners, and land was left fallow: Lev. 25:8-17

      Comment

        #4
        Welcome - I just wanted to extend a greeting from a fellow newbie. I have been reading and lurking around here for about a month now and have been amazed by the wealth of information that is available. Our attorney suggested we purchase a new vehicle and we did right after our consultation while we knew our credit was still pretty good and got a 1.9% interest rate on a Saturn Aura. It's for a six year loan and not a five but the payments are reasonable.

        We started getting calls from American Express almost right away after not making our February 2009 payment and the others have started to call now too. Home mostly but some at work. Fortunately, I have a direct line and they call me so I don't answer. Same at home thanks to caller id. We have an appointment to meet with a second attorney this weekend and if he pans out we'll retain him and hopefully start sending the creditors his way.

        I wish you the best on your journey to a fresh start!
        Filed: 8-19-09
        341: 9-21-09
        Notice of Discharge: 11-28-09

        Comment

          #5
          So glad for all those who are able to buy new cars BEFORE filing. I am about to file but my credit is already shot and I was offered 21% interest for a car loan!!!

          Comment

            #6
            Originally posted by spearmint View Post
            So glad for all those who are able to buy new cars BEFORE filing. I am about to file but my credit is already shot and I was offered 21% interest for a car loan!!!
            Keep trying. Try for a new car with 0% down. Who knows, somebody might bite.
            Golden Jubilee was a year-long celebration held every 50 years in which all bondmen were freed, mortgaged lands were restored to the original owners, and land was left fallow: Lev. 25:8-17

            Comment

              #7
              I agree with the previous poster - keep trying. We were turned down for credit when we tried to buy a used Honda (I almost forgot about it now!). I was actually surprised GMAC was willing to finance us. You just never know. I hope you are able to find something at a more reasonable interest rate.
              Filed: 8-19-09
              341: 9-21-09
              Notice of Discharge: 11-28-09

              Comment

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