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Yes I’ll send you an email so you can contact me in a more private and effecient manner.

thanks for the tip and no i dont have a cosigner i did it all at my own. in high school i had a job and got myself a credit card and started building credit like a king. i had my credit check at its peak like 1.3 years ago it was at 780. after i got my motorcycle im now at 620, but i purposly didnt pay any of my bills last month, because i was planning on going into my friends dads debt plan where i pay unsecure debt without consolidating and cutting what i owe by 50%…. anyways what do you mean by default and letting go?

its hard to let go of the bike but i know i have to, so do i just let it go to repo? im scared of when they will come, because i havent had time to get the after market parts off of it yet.

or do you want me to file bankruptcy?

i know repossession stays on your record for UP TO 7 years and bankruptcy for UP TO 10 years, but after the 7 and 10 years…. is that still permanently on my record if i file for them? can it still be searched?

also yes i do fairly well at school im never giving up my education and for school i dont pay for school thats the only thing my parents pay for so i dont need to worry about that and i can get scholarships and grants.

i dont need credit at the moment or anytime soon… i can always just use debit, but im more worried about being able to find a job if i file for something like this, unless all alone your just saying repo.

is there a way i can contact you privately for advice, so that i have an instant response?because time is cutting short for me soon. i believe you have my email, but i would rather call.

thanks,

phil

Now don’t be too down on yourself afterall I’ve done this too and nearly every American has in some way. Hell it’s quickly becoming part of the American Dream. It was just 3 years ago when I had 22,000 in credit card debt and 20,000 in secure debt. Yeah those motorcycles are usually a bad idea as you’ve learned. A young friend of mine just got burned on a bad financing deal on a sport bike. Live and learn.

In your case, unless your parents are going to pay this for you, I’d probably just drop all of it. Because the unsecure debt will just rapidly grow with finance and late payment fees. I think this will be a great experience for you because it looks like you are going to destroy the credit you shouldn’t have at a very young age. Believe me this is a blessing in disquise. You’ve had the pleasure of learning what credit and debt can do to a persons life.

Based on what I know today I’d let the bike go back and stop paying the cards. You’re not going to make the money at this time to pay the debts back on time. Trust me on this. And try to avoid loans when it comes to your college as well. In fact, you should seriously ask yourself if you are in college for the right reasons and can realistically graduate.

Sure this will not look good on your credit report but by the time you actually make money later on to use credit for a house - you’ll be able to anyway. But the real problem you’ll have is with the collectors. These guys are vultures and can make a bad day worse.

I’d let the bike go back, stop paying the cards (unless you have someone who can pay them for you!) and focus on my education and enjoying my life. If you ‘try’ and pay this when you can’t they’ll just treat you like a third class citizen. So I’d focus on school, default on these debts, and then just let the collectors know that you don’t have any money and won’t have any for a long time. Luckily, due to your young age, they won’t be able to collect on these debts. Sure they’ll make threats and tell you a bunch of lies - but the bottom line is they probably won’t be able to collect on it.

Lastly, if the unsecure debt is credit cards I’d sell anything I’d bought and make one final payment back to them. I’d let them know what happened in a letter (not on the phone) and would just tell them that I’ll make payments at a later date when you make the type of money that perhpas justifies the credit line these nutjobs gave you in the first place. Is there a co-signer on the bike? There probably is, well if so, this is the person who will end up having to deal with the collectors on the bike. This goes for any other debts in which you may have a co-signer. Moral of the story my friend is NEVER CO SIGN WITH ANYONE - NEVER USE CREDIT AGAIN - CREDIT IS USELESS.

Phil if you have more questions just hit me up. I’ll be glad to help you anyway I can.

best regards,

Barry Broome

so the secure debt is a motorcycle which is now worth about $6000, i was naive and bought it when i was 18 im now 19 and obviously have a spending habit on the unsecure debt, and i dont have the pink slip for it.

main problem is what should i do about the secure debt? is repossession just as bad as bankruptcy? or slightly better?

for the past 9 months now i havent used a credit card, because im stopping my habits. im also a college student and am living at home, and still have a long way for school left. i know i dont want to file bankruptcy, because some jobs want to know if you have filed or not in order to get the job.

what should i do about the unsecure debt? please email me back

I’m pretty sure that in California debts are considered to be joint. So I would think that it is possible for the collection to bleed over into your world. Do a little googling on “debt collection spouse california” and see what turns up.

Good luck!

Word to the wise though if you do not know how to go about dealing with the creditors and collectors you could find yourself in a horrible situation. I have spoken with many headstrong people who thought they could just do it on their own and ended up with lawsuits up the you know what. And at that point they did not know how to deal with the problem and got slammed with judgements.

Without proper knowledge of not only how to deal with your creditors but also the knowledge of which companies do what and when you can capitalize on great settlements could result in a very negative situation. Either with horrible settlement agreements that if not handled properly could be sold to another collector in which you will find that you now have to pay on a debt you thought you settled, or risk the possibility of being sued and not knowing how to handle it.

So can you do this on your own? Sure. Should you without putting in the proper time to know how the whole thing works? Hell No!