Scared !

  • 33 Replies
  • 12847 Views
*

Lilly83

  • Jr. Member
  • **
  • 87
  • +0/-0
    • View Profile
Scared !
« on: January 04, 2011, 12:18:41 PM »
Considering a proposal. Have 30g in credit card debt. :( Been in contact with a trustee, and probably see him next week to look at my options.

But i'm scared. I just feel like my life will be so restricted.

Getting married in April, and really i'm doing this for my fiance. He is in a really good place financially (not many assets but no debt like me) and I want us to get off on a good foot for our marriage(i heard finances are usually the cause of divorces).

We have saved a bunch of money for the wedding, but i'm worried that if i file a proposal they will take it?! shoudl i wait till AFTER the wedding the wedding to file?

nice to find a place where I can relate!

how quick into proposal can you get a secured credit card?  :-\

*

mike72

  • Jr. Member
  • **
  • 89
  • +0/-0
    • View Profile
Re: Scared !
« Reply #1 on: January 04, 2011, 03:17:28 PM »
Hi Lilly
Nothing to be scared about.  Filing a CP will be the best thing you will do, besides getting married ;).  It will give you a piece of mine. 
I was in the same position as you. I filed my Cp in Aug last year, then got married in Oct.
 I don't think they can touch the money you saved, they never asked me about my savings.  My debt going in was about 25,000. My proposal was accepted at 16,000. I feel great for doing it.  No more harassing phone calls, no threatening letters, i even had a garnishment on my paycheck. That was stopped 3 days after i saw the trustee.
My wife is also very good financially. She has no debt, 3 credit cards which are payed off every month, a great credit score.  She has never been late with a payment to anything. It amazes me. She has been very supportive of me, and also has taught me a lot about finances.
Go for it.  Don't wait.  The faster you start the faster you finish ;D

*

CP Completed

  • Full Member
  • ***
  • 124
  • +0/-0
    • View Profile
Re: Scared !
« Reply #2 on: January 04, 2011, 09:32:31 PM »
HI Lilly 
There is nothing to be scared (easy to say now).  Mike is right, this was the best thing to do for us too.  As far as the saving, if it is under his name, I don`t thing there is nothing to worry, if it is in both name, you might have to proove that your husband to be save all of the cash, or the majority.

As for the secure credit card, it all depends on which company.  Home trust seems to want to wait after a few month before you can apply.  There are other like People trust and Capital one, and there is also TD that says they have one, but you have to go apply in the bank.  Personnaly we requested a prepais master card, and will be getting a secure card once our income tax comes in.

Good luck with the CP and congradulation on the wedding.

  there is nothing that stop your husband to be to request a card under your name from his credit card company.

*

Lilly83

  • Jr. Member
  • **
  • 87
  • +0/-0
    • View Profile
Re: Scared !
« Reply #3 on: January 05, 2011, 11:14:07 AM »
hmm i never thought about a supplementary card under his name.

I think initially you think, how do people survive with no credit card (of course coming from someone who uses them every other day it seems)

I guess i will meet with a couple trustees and see how it goes.

*

CP Completed

  • Full Member
  • ***
  • 124
  • +0/-0
    • View Profile
Re: Scared !
« Reply #4 on: January 05, 2011, 08:30:07 PM »
Before our proposal we used our credit card on a daily basis.  But since the proposal, I am happy to say that we have gone 9 months without credit card.  I never thought it was possible either, but it is fun to be after the holidays and not worryong about the credit card statements.

Good luck.

*

Lilly83

  • Jr. Member
  • **
  • 87
  • +0/-0
    • View Profile
Re: Scared !
« Reply #5 on: January 06, 2011, 04:02:08 PM »
I've been tons of reading online and i feel alot better abotu this option.

Appointment with a trustee on the 20th. I am a bit confused, do i need to bring anything with me? we talked by email very breifly, but when i asked what to bring he said "see you then"

lol, so i would think statement with balences etc. or maybe the first meeting is jsut to talk and discuss the options?


*

mike72

  • Jr. Member
  • **
  • 89
  • +0/-0
    • View Profile
Re: Scared !
« Reply #6 on: January 06, 2011, 05:20:36 PM »
When i went for my 1st meeting. I was told to bring 2 pay stubs, tax return to make sure i don't owe the government. A list of my expenses, like what bills you need to pay, any payments to car, insurance, gas, kids, school,maybe you have  a gym membership, some money for entertainment, like movies, or even a dinner out once a month. things like that.
2nd meeting, i was told to bring a check for 1st payment, and a void one for the remainder payments.
It wasn't so bad. The trustees are very nice. You'll be fine ;D

*

mike72

  • Jr. Member
  • **
  • 89
  • +0/-0
    • View Profile
Re: Scared !
« Reply #7 on: January 06, 2011, 05:22:23 PM »
I forgot the most important one. Who do you owe money to. Letters, bills, company names, things like that. they need to see that one for sure ;D

*

Lilly83

  • Jr. Member
  • **
  • 87
  • +0/-0
    • View Profile
Re: Scared !
« Reply #8 on: January 06, 2011, 05:32:58 PM »
I figured i'd need to bring stuff like that, but you think he would tell me that.

What if i show up with nothing?! (I am to organized to do that) but it woudl be like a waste of time :|

*

RedPine

  • Guest
Re: Scared !
« Reply #9 on: January 06, 2011, 06:27:23 PM »
Bring what you think you'll need. they may have an application form which will tell you what you need to have for the next meeting. they may ask you for your budget so you can put something together for that too.
redpine

*

CP Completed

  • Full Member
  • ***
  • 124
  • +0/-0
    • View Profile
Re: Scared !
« Reply #10 on: January 06, 2011, 08:57:12 PM »
This is what I brought for my first meeting:

Summary of all debt, copies of all the latest statement, copie of both of our pay cheques, and a budget that I had completed on Excel, base on a site that I found.

Do the budget as detail as you can, and make sure you include everything.  And then lesson to what you opton are.

Good luck

*

Lilly83

  • Jr. Member
  • **
  • 87
  • +0/-0
    • View Profile
Re: Scared !
« Reply #11 on: February 16, 2011, 01:30:38 PM »
Going in tomorrow for the meeting. Hopefully I like the trustee and all goes well.

As for wedding fund savings, technically wouldnt that be an asset? i'm not sure how it works. I'm going to talk to my trustee about it. We dont have much, about $1800 in the joint bankaccount(we have more but it's cash at home in the safe) that is at a seperate bank then we both use, and my fiance will not sign to with draw the monies for my debt. So I dont know how that would even work.

i'm hoping everythign is ok. I was on a trip in January, and i tried not to use my CC, but unfortunatly my canadian debit didn't work everywhere. So i had to a few times. I'm goign to ask my trustee if I can pay back those amounts also. Like i dont want to make it a unfair payment" so much as using that card when I knew I was goign to be insolvent.

Will have to see what he says. It deffinatly is a scary thing.

However he did explain to me in email that with a CP you are offering something and they have a choice. If i just went Bankrupt without offering then that could be considered fradulent etc.


*

Sunny

  • Guest
Re: Scared !
« Reply #12 on: February 19, 2011, 07:16:22 PM »
Good luck Lilly! I understand your nervousness COMPLETELY!!

*

Lilly83

  • Jr. Member
  • **
  • 87
  • +0/-0
    • View Profile
Re: Scared !
« Reply #13 on: February 21, 2011, 10:40:38 AM »
Filing this week!

The trustee was great. He was very objective and made me feel not even terrible about my situation.

Will be filing this week. Just waiting to get together all of the papers etc.


*

JEC

  • Sr. Member
  • ****
  • 304
  • +0/-0
    • View Profile
Re: Scared !
« Reply #14 on: February 21, 2011, 07:22:21 PM »
Good for you Lilly. You must feel better already!!

My trustee made me feel very much at ease and I didn't feel that he felt any criticism or judgement about my situation..he was very professional and humorous about all sorts of things.  Perhaps he sensed my nervousness and shame and was trying to put me at ease.....and it worked!!

I'm now making my 9th payment and have not used credit cards in 9 months...and it feels so good.  One can change one's spending habits.....I even have savings.... :o

You'll be smiling for more reasons than most will think, at your wedding....best of luck to you both!!!

JEC

 

Sitemap 1 2 3 4 5