Here are the Questions That Were Answered on
MoneyHelp Radio Show #30

Tammy Asks…

I AM A SINGLE MOM OF 5 CHILDREN. I RECIEVED A STUDENT LOAN APPROX. 16 YEARS AGO. IT WAS ABOUT 5,000.00. I WAS IN A VERY ABUSIVE MARRIAGE AND ALTHOUGH I DID COMPLETE THE 6-MONTH COURSE, IT WAS IN COMPUTERS AND OFFICE SKILLS, I WAS NOT ABLE TO WORK ON A COMPUTER VERY MUCH BECAUSE 1/2 OF THEM WERE ALWAYS BROKEN AND I HAD 3 KIDS TO GET TO DAYCARE AND SCHOOL. NOW I HAVE PAID BACK AT LEAST 8,000.00 AND OF COURSE WITH THE PENALTIES, I STILL OWE AT LEAST THAT MUCH. MY QUESTION IS: I FILED BANKRUPTCY AND THE JUDGE SIGNED OFF ON MY LOAN, BUT THEY SAY I AM STILL RESPONSIBLE FOR THIS. I KNOW THER ARE SOME WAYS TO GO AROUNMD THIS, I AM A SINGLE MOM AND I HAVE 2 CHILDREN THAT ARE HANDICAPPED, SO WOULD I BE ELIGIBLE FOR ANY KIND OF ASSISTANCE IN THIS MATTER?

Lori Asks…

My husband and I are both diabled, he from a broken back that has lead to nerve and bone damage, myshelf I have CHF with COPD. We have a combine monthly income of 1955.00, with one child at home, a l3 year old boy. Our monthly mortage in around 460.00 a month, a truck payment of 222.00, electric, phone, tv and such run about 376.00, and our credit card and furniture debt run 322.00 a month. All of this comes to close to 1400.00 amonth not counting insurance cost, home and auto. We are lucky that we don't have to pay insurance premiums a month, as my husband has Tricare for life for us. We do pay the usally 20%, so we always have a running bill with the doctor and hospital. My question is we have nothing in savings, nothing saved for our later years. We are working to pay off our debt, we have been paying the lowest balanced debt double and triple the monthly payment, than take what we where paying on that one when paid off and adding that amount to the next! low balance's monthly payment and paying that debt off. I know it is a slow and long process, but we really need to start saving. What type of savings plan would you recomment for us. We don't have access to a 40lk plan, with not working, the only type of savings that we seem to come up with is just a regular savings account. But to me that seems not to go anywhere. Plus we don't ever seem to put any in, it seems to be gone by the time all monthy bills are paid and the little things that it takes for the rest of the month. What would you suggest for us to beginning saving?

Sara Asks…

Hi Steve, I read your book "Eliminate Debt like a pro" and I thought it provided a lot of great information. I am ready to take some action and I was hoping you might be able to help.

My situation:
I have 3 credit cards that total $13,000 of debt. I accumulated most of this debt after college when I was working in lower paying jobs and needed to use credit to keep up with my expenses. Now, four years out of college, I feel that I am more stable in my income and daily expenses, however I am struggling to pay off my credit on top of my current household bills. I can only afford to apply $250-300 total to my credit cards.

I have spoken to several debt counselors who have offered to set up payment plans for me, but they all create payments that are too high for me.

After reading your book, I thought about trying to contact the credit card companies to offer them a lump sum payment to eliminate my debt to them. So, I contacted a couple of banks to see if I can get a personal loan to have the ability to make a lump sum offer to the cc's. The bank where I have my checking account seems to have a good loan offer.

Does that seem like a good idea? Who can I contact at the credit card companies to discuss this?

My creditors are Chase, Captial One, and Wachovia.

Thank you for any help or advice you can offer. Your book and website has already helped me see light at the end of this very dark tunnel.

Sara

Your Money Coach For Comfortable Success,^sm