Determined to get their money back
- Thread starter Liger86
- Start date
You may want to try setting up a corporation with a partner and having that corporation pay you a salary. You will need to talk to an attorney to do this properly and before you get sued. If you get sued, it is too late. However, this is only an idea, and this is not legal advice, and I'm not an attorney.
When you are in any debt you are a slave.
You can settle with your creditors. Contact them and let them know your parents are willing to help but they canât pay it all. You can probably settle for 50% on your car deficiency and 60 â 75% of your CC bills.
Get a real job and save, save save, at least 10% off of the top. Start fresh and donât go in debt. When you have built up some savings, get a secured credit card off of your savings, say $500 and make sure you pay it off each month.
I suggest you watch http://www.youtube.com/watch?v=b-dib6hSlcU
Its 6 parts but start here. Donât fall into the credit trap. That is how they get rich off of you.
You can settle with your creditors. Contact them and let them know your parents are willing to help but they canât pay it all. You can probably settle for 50% on your car deficiency and 60 â 75% of your CC bills.
Get a real job and save, save save, at least 10% off of the top. Start fresh and donât go in debt. When you have built up some savings, get a secured credit card off of your savings, say $500 and make sure you pay it off each month.
I suggest you watch http://www.youtube.com/watch?v=b-dib6hSlcU
Its 6 parts but start here. Donât fall into the credit trap. That is how they get rich off of you.
Also, invest some of that money in an internet business that will generate income, and with no hard physical assets. That way, if they take everything you got, you still will have a way to generate income.
Quote from Liger86:
First I want to say is that I'm only 22 and I've made a ton of mistakes, most of which are financial.
To sum up the doo doo:
1. Two credit cards totaling $1000 that I don't make payments on for over 1.5 years.
2. -$600 bank account with National City, from 1 year ago.
3. $4000 repo balance on Toyota, which they are determined to get back.
Toyota called me to inform me that they are perusing this in court.
Other I'm guessing will follow similar route very soon.
Problem: I'm unemployed. All I have ever accumulated in my life is in my brokerage account, and it's only $8000. I used to work for automotive supplier in MI for 3 years, now unemployed and on unemployment.
I'm very much devoted to trading, and have almost doubled my account size. Now I feel like it's all about to go bye bye because creditors are not joking.
They can go ahead and garnish my savings account that has balance of less then $100.Only reason for bank account is to fund brokerage account. But my brokerage account is sacred.
Any advice to how I can prevent my trading account from those evil bastards? (It's not like I'll never pay em back, I would really like to, after I get situated, my credit is important to me no matter how messed up it is). After all, bank records will lead them to my trading account through history of ACH and Wire transfers (only activity on that account a side from deposits).
I need to be able to trade. It's like the only thing I'm good at - to my surprise. Taking this away from me would force me to enlist probably in army. I know that discipline helps out in trading but growing up with a strict father is also pretty darn chaotic.
you are in no position to be trading
Pay off 1+2 out of your broker account. They aren't that much. Negotiate with Toyota to get the balance down, and to pay it off over time, say $100-200 per month. Pay this out of your broker account too if necessary.
Take responsibility for your actions. Blaming the creditors might fly in the liberal media, but won't in the real world. As a trader you will need good credit. You should be considering futures trading, but you won't be able to open an account with your credit the way it is.
Arrange to never miss another payment in your life. That means exercising some financial restraint, even in times when you are doing well.
Quote from Liger86:
First I want to say is that I'm only 22 and I've made a ton of mistakes, most of which are financial.
To sum up the doo doo:
1. Two credit cards totaling $1000 that I don't make payments on for over 1.5 years.
2. -$600 bank account with National City, from 1 year ago.
3. $4000 repo balance on Toyota, which they are determined to get back.
Toyota called me to inform me that they are perusing this in court.
Other I'm guessing will follow similar route very soon.
Problem: I'm unemployed. All I have ever accumulated in my life is in my brokerage account, and it's only $8000. I used to work for automotive supplier in MI for 3 years, now unemployed and on unemployment.
I'm very much devoted to trading, and have almost doubled my account size. Now I feel like it's all about to go bye bye because creditors are not joking.
They can go ahead and garnish my savings account that has balance of less then $100.
Any advice to how I can prevent my trading account from those evil bastards? (It's not like I'll never pay em back, I would really like to, after I get situated, my credit is important to me no matter how messed up it is). After all, bank records will lead them to my trading account through history of ACH and Wire transfers (only activity on that account a side from deposits).
I need to be able to trade. It's like the only thing I'm good at - to my surprise. Taking this away from me would force me to enlist probably in army. I know that discipline helps out in trading but growing up with a strict father is also pretty darn chaotic.
When someone you owe wants you to repay, they become "evil bastards"? Sheesh.
Honestly, if you failed personal finance, how you think you will get a chance to succeed in trading? Go get a regular job and pay off your debt first.
Quote from Liger86:
First I want to say is that I'm only 22 and I've made a ton of mistakes, most of which are financial.
To sum up the doo doo:
1. Two credit cards totaling $1000 that I don't make payments on for over 1.5 years.
2. -$600 bank account with National City, from 1 year ago.
3. $4000 repo balance on Toyota, which they are determined to get back.
Toyota called me to inform me that they are perusing this in court.
Other I'm guessing will follow similar route very soon.
Problem: I'm unemployed. All I have ever accumulated in my life is in my brokerage account, and it's only $8000. I used to work for automotive supplier in MI for 3 years, now unemployed and on unemployment.
I'm very much devoted to trading, and have almost doubled my account size. Now I feel like it's all about to go bye bye because creditors are not joking.
They can go ahead and garnish my savings account that has balance of less then $100.
Any advice to how I can prevent my trading account from those evil bastards? (It's not like I'll never pay em back, I would really like to, after I get situated, my credit is important to me no matter how messed up it is). After all, bank records will lead them to my trading account through history of ACH and Wire transfers (only activity on that account a side from deposits).
I need to be able to trade. It's like the only thing I'm good at - to my surprise. Taking this away from me would force me to enlist probably in army. I know that discipline helps out in trading but growing up with a strict father is also pretty darn chaotic.