Should I make this payment?

[music12]

i thought she made BOTH a $12,000 transfer AND a $16,000 cash advance.

anyway, we'll find out when (if?) she posts again

[StartingOver08]

i thought she made BOTH a $12,000 transfer AND a $16,000 cash advance.
anyway, we'll find out when (if?) she posts again

That's what it looks like from her posts plus she charged $700 on supplements (which could be considered non essential items). It is certainly more than the $500 threshold in 90 days.

To the OP: just based on your posts it sounds like you need to wait a while before you file. How long? I don't know without knowing more details. But just on the few items you have posted you may want to first consider getting your budget together and living without credit cards for at least six months and possibly longer to let both the large cash advance and large balance transfers age. JMO.

[jribe]

Mary,
people here really try to help others.

But you don't post enough detail for anyone to give accurate advice. Please post more detail next time- especially with a question such as this.
It's important to know what the $16,000 was used for. Is there any left? Did it go to your mortgage? Pay off other debt? This all makes a difference.

When you post "i took a 16,000 cash advance and made 2 payments, do i have to pay any more" it makes people assume you're trying to defraud or "get away" with something. That's when you're going to get a little less than forgiving responses. It's all about your wording...

Don't be frightened away because of the responses received so far. Just give us some more detail.

I did a cash advance for $16,000.00 3 months ago.
I made 2 minimun payments on it so far.

Now the minimun payment has been raise by almost half and I
will definately not be able to continue paying this card anymore.

I can afford one more payment on this card
(by not paying other cards that I haven't used in about a year) .

Question:

Since I am not going to able to pay this card anymore,
will making that 3rd (and final) payment make any difference?

[music12]

i am afraid we scared mary away. i hope she will figure out we all mean well. we just want to help, and everything is completely anonymous anyway.

half the time it feels like we are talking about mary behind her back. it's so strange!

so please, mary, do come back and say something, at least tell us we didn't scare the hell out of you. we are really all very nice people here and we pretty much love each other - we're like a family. and that includes you too.

[Mary123]

Ok, I'm back
Sorry for the delay and thanks for the reponses.
I made a mistake about the 12k in the other post, it's 16K.
That cash advance went to pay off people I owned money
to and to fix my car and some dental.
Right now, I have about $3000 in the bank and the minimum payments
for all my cards is probably over $2000 a month, I don't even want to look.
Take $1000 for rent this month and another for other expenses and that's it.

The card I did the $16,000.00 cash advance with was 3 months ago and I made 2 payments on it.

The last card before that one with activity was a balance transfer in Feb. 09.

I would like to stop paying all the cards except the 16K one. And I can probably only pay one more payment on it, for a total of 3.

I can wait 6,7,8, or 9 more months to file BK if necessary. I'm sure I'll have to.

So, is it worth making that $700.00 payment on the 16K?

The payment was only $275.00 2 months ago before they decided to cancel my 3.9 apr that was suppose to be good until Dec 09, raise it to 27.9 . . AND lower my credit line $3000 below my balance. I called them about this and they didn't care.



>> we're like a family. and that includes you too

You're sweet

[kenshirley]

If you are going under I would not make any payments I did not have to. You are going to have to pay an attorney and lots of us stop paying to get the money together for that.
It's good that you can wait.
Do you know if you qualify for a chapter 7 yet?
Have you talked to an attorney yet?

[Mary123]

>> Do you know if you qualify for a chapter 7 yet?
Does that mean the "means test"?
It that basically about how much you make and what expenses you have?
I'm collecting umemployment right now and I'll be lucky if I can get a job paying more than $35,000.00.

>> Have you talked to an attorney yet?
No. Is it too early? Will they think I planned this?

[hamburgervol]

If you decide to keep paying on the $16,000 CC, at least call them and as to speak to their hardship department. Ask for a lower interest rate. Tell them the current rate is driving you to BK and you need help. I may be way off base but 27.9% is criminal.

[Mary123]

I did call them and they said they could give me a "payment plan".
They asked me how much I'm making and how much is my rent.
Then they wanted to know how much I was paying on my other cards.
I didn't want to give that information to them and do they have the right to ask that? So I said no thanks, bye.

[kenshirley]

By all means get to an attorney.
It does not matter that you are out of work now.
What matters is the income you had in the last 6 months before you file.
And you have to give an attorney some details or they cannot answer your questions. Period.

[music12]

in my opinion, if they just raised your interest rate like crazy, and you talked to them and couldn't get them to help you, then you don't need to pay this third payment. it's their fault for working against you and not with you. keep a record of when you talked to them and who you talked to (i hope you got a name).

btw, if you are not paying the other cards at all, my feeling is that you could just tell them that. i think they were trying to see if you are trying to screw them while paying everybody else. since you were trying to pay only them, they might have helped. however, being careful with giving them info is also important.

since you will be waiting a few months, there shouldn't be a problem of preferential payments. are any of the people you paid family? if yes, maybe wait so it's a full year after the $16,000 (or, actually, a year after you paid them) so that it won't be considered an "insider payment" for which the lookback period is a year.

[LuciluS]

I agree with Music. Don't make another payment on that Credit Card. Make sure you document the date & who you spoke with.

I would definitely set up a couple of Free Consultations with Bankruptcy Attorneys. Some people think it is best you have a job before filing BK, as once you file, you can no longer include any other bills. Usually without a Job you don't have medical insurance and something could drastically happen.

It did to us. I almost lost my hubby this past April as his blood pressure bottomed out & his organs were shutting down due to a severe case of Cellulitis. The cellulitis was cause from him having 5 bypass surgery in 2/07 followed with a pacemaker in 6/07.

Just got the insurance statement in the mail late this past week. With insurance, we owe the hospital $1,695.12. There is no way we can afford to pay that. So yep, it's going into our BK filing on 9/30/09.

So with our experience, unless you have medical insurance, something Catastrophic could happen after you file BK and you wouldn't get your 'Fresh Start'.

Try to get at least 1 appt. before that CC is due. I know BK Attorneys business are booming right now and it may take awhile to get in to see an Attorney.

Good Luck

Luci

[Mary123]

thanks all . . .

>> are any of the people you paid family?
No

>> keep a record of when and who you talked to (i hope you got a name).
I didn't. I'll call back today and get names.

I don't know if I'm going to be able to see a BK attorney. It would be too stressful right now.

Maybe I'll just make that one last damn payment and hope for the best later.
I hope your husband is doing better Luci.

[Strapped4Csh]

thanks all . . .

I don't know if I'm going to be able to see a BK attorney. It would be too stressful right now.

Maybe I'll just make that one last damn payment and hope for the best later.
I hope your husband is doing better Luci.

Mary,

I know how you feel, but we waited quite a while to meet with an attorney, only to feel much better afterward. Making the payment isn't going to do anything other than keep them from calling for a month or so (maybe). I'd put that money aside for when you do file - you'll need it for the legal fees, credit counseling, and other fees you'll need to pay.

We met with our attorney last week, and we'll probably wait until the end of August or early September to file, but now that we've met with someone, we know what to expect, and more importantly what to plan for.

[kenshirley]

I am telling you that talking to an attorney is going to take some of that stress away and give you some much needed answers.