/biz/ - Business & Finance

>>58489988
30K in debt making 70K? lets say the debt is settled somehow, who's to say she won't rack up debt again lol

>>58490010
I understand that line of questioning, but dealing with one thing at a time.

She lived on her own for years taking care of her mother, she's learned a lot, and she makes more money now

I'm just trying to be clever on how to handle it.

>>58489988
Unironically, do the sam hyde technique.

>>58490023
What does that entail my good man?


To elaborate on my thinking..
Let's say..

I have 50k saved up and make 100k a year
I'll be buying the house and marrying her, etc
She is goin to make 70k under the table

She has 30k in debt that she's having trouble getting out of due to interest rates and regular expenses keeping her around Zero savings..
If she can pay 10k to these banks and have 5 to 10 years of bad credit, and get rid of 30k debt..
Do you think I should go down that road?

>>58489988
Cash out her 401k to pay off as much as she can. She probably had one and didn't know what it was. Afterwards, you need to take control of all of her money. Give her a specific budget, cash only. When it's gone, it's gone. The Britney method.

>>58489988
Settling a credit card balance for less than the full amount can indeed hurt her credit score, but I'm not sure how big the effect is. And maybe her bank won't agree to a settlement anyway.

She can probably pay the balance the old-fashioned way, through some combination of: living frugally, canceling subscriptions, selling possessions, selling investments, getting another job, etc. She's probably not doing this as much as she could.

>>58490106
>>58490064
She's always worked under the table


I mean yes I'm sure we can pay it off the old fashioned way but..

Let's say hypothetically she was in 40k of debt and had 40k of cash

I'm curious if it's even a good idea to pay the bank back, if she's not gonna use her credit for anything any time soon.

>>58489988

Hi anon,

I did this strategy for a family friend.

If she is OKAY hurting her credit score for 1-2 years, then she should simply stop paying on the cards.

>>58490023

Ah, jeez, dude..
https://www.youtube.com/watch?v=oD2gXY4piF4&t=15s

Like this anon mentioned, if she stops paying, they will eventually sell her debt to a third-party collection agency -- maybe a law firm or something like that, that handles these affairs.

They will send you a bunch of mail and call. Then they will start to send letters and eventually threaten to sue in court. This is when you take action and offer a one-time lump-sum payment to the creditor(s). She can say she is broke and can't pay, but has some inheritance or a chunk of change coming (but it won't be for long as she has other expenses). Cue the sob story.

Sometimes they will settle for 40-50% of the balance. Maybe less if they desperate. So instead of paying 30k, maybe you can get it down to 15k. The key is you gotta have the money ready to go and settle.

Does it save money? Yes.
Does it hurt your credit score and feel embarrassing, also yes. But it does save some coin and she can rebuild her credit as she goes.

Ultimately as another anon mentioned. Sounds like she isn't a credit card person. So as soon as you sort this out, make sure she doesn't use a credit card. Or if she does, have it set to auto-pay total balance end of month with linked bank account. No excuses.

>>58489988
So despite not paying taxes on $70k she still can't control her spending and is paying over $6k a year in interest as a result. Holy shit man do not marry this retard. Also, there's a good chance her money comes from a sugar daddy. Drug dealers don't even make $70k a year tax free.

>>58490247
Cuck faggot. 90+ day deliquesces stick around for 7 years just like bankruptcy

>>58490260
Ah jeez dude, you can rebuild the credit still. Cope more you salty dog.

>>58489988
nigga i'm tweak

>>58490247
>>58490260

>Stop paying

I was under the impression you can keep paying..
but literally call the bank and say she is considering bankruptcy and ask what's the minimum they would take to settle all debts..
(Instead of stopping paying and letting it go to collections, etc)
Am I incorrect?

>>58490241
>if she's not gonna use her credit for anything any time soon.
You might already know this, but just in case: credit scores aren't just used by lenders deciding whether to lend you money. They're also used by employers when deciding whether to hire you, by landlords when deciding whether to rent you an apartment, and so on.
>I'm curious if it's even a good idea to pay the bank back
It seems like a good idea to me. If she doesn't, it's possible that her life will get unpleasant beyond just destroying her credit score: she and her family may be bothered by debt collectors, she may get taken to court, a court could take her money, her possessions, her income, etc. And if she's doing anything illegal (e.g. working illegally, not paying taxes), that could be discovered and cause even more problems.

>>58490289
Sorry I meant "not pay back in full"
And look to settle as I'm saying here
>>58490288

Your first point..
She works as a nanny and makes legit 80k a year after bonuses under the table,
She's gonna keep doing it for a few years
and she's going to be a house wife, really.

>>58490288
In my situation, they stopped paying so it went to collections. Paying only prolongs the process. Collections is where you can negotiate.

>>58489988
>My GF is 30k in credit card debt cause she's an idiot.

then she shouldn't be your gf anymore

>>58490288
Also, IDK if it mentioning bankruptcy would be strategic. My experience was with collections...

She could also do a credit card balance transfer and find one that is 18 months interest free.. gives her more time to save/figure this out.

>>58490247
Does the debt go away after 7 years?

>>58490318
It goes away when you settle. The credit score history will show settlement or charge-off. As soon as you get the collection agency to agree, you pay, and move on. No more debt.

>>58490302
Oh, I see. Perhaps the first step is to ask her bank what kind of settlement they're willing to do, if any. She wouldn't have to take a settlement offer; it would only be an option. Once she has an offer, you can estimate how severe the hit would be to her credit score and decide whether the trade is worth it.

>>58489988
it's still funny to me that everyone goes through hell with credit cards, I mean, just save a little man
it's because of this kind of patience that I make good profits from shitcoins on dextools

Based debt maxing gf. You should get her to buy you guys a vacation on the free money card

>>58489988
I dont think i can really help you with that since i credmaxxed buying pajamas and luckily made all the money back thanks to the pump, but i had the money to pay it up if worst came to worst
maybe this is an "old yeller" type of situation where its better to put her and her unnecessary spending down

Bump

>>58489988
holy shit, 30k?!? bro ditch that bitch, women are a dime a dozen lmao imagine helping a bitch pay off 30 grand LOL if you stick around OP you deserve what will inevitably happen to you. godspeed

I wouldn't entertain being with a woman who does shit like that anyway. Cut her off.

>>58490020
Just make sure not to use your money to pay off her debt.

>>58489988
>Any ideas here?
Yeah, dump her worthless ass. It’ll cost you far less in the long run.

>>58490258
This. How the fuck is a woman making $70k under the table if she’s not a paid whore?

>>58489988
this tax-evading, sugar daddy milking, smooth brained female credit debtor is going to financially ruin you.
I hope for your sake the pussy is worth it.
if you solve this $30k credit card problem, she's still a tax evading retard who will create new drama and ruin in your life.

>>58489988
dump that bitch, that solves all your problems

>>58489988
I had one that had 100k in college debt. At the time I was debt free. I found out about her debt and left her cause I'm not going to be anyone's nigger and pay their debt off. Plenty of fish in the sea. Go find what you want.