he has become disabled and can't work. where do i begin? anyone had experience with disability/debt consolidation? I know I'm not liable for the debt but I want to help him figure out what his options are.
Related posts:
- Can someone recommend a debt management program? I had previously anticipated cost of living adjustments (COSA’s) for...
Wed, May 6, 2009
May 6th, 2009 at 12:06 am
Tread very carefully. There are some awful, scam artists out there and mentioning his disability will bring them out of the woodwork.
Have you sat down and worked out what is owed on each debt? Interest rates? Could he go ahead and pay off some of them in full? Does he have assets like a boat or car that could be sold and immediately applied to those debt balances? Are there household expenses that can be shaved? (cellphone & landline phone, subscriptions, etc…)
Before you sit down with a credit counselor, do the number crunching yourself. It's important to not expect someone else to do more work than you are (on behalf of your family member.) And you want to make sure they quote you accurate numbers.
I definitely recommend you suspend all cards/accounts. You won't be able to close them with a balance but at least you can keep him from using those credit cards. Keep just one for emergencies only.