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Posted in Paying Your Bills
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gregandelsie

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Debt consolidation
Hello, our family is needing help keeping up with the bills now that my husband has lost his job. We won't be able to stay current on credit card, loan debt,mortgage etc. in a few more months. Has anyone in our shoes had a positive experience with someone who can consolidate debt? If so looking for a recommendation.

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Stay away from consolidation companies!

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Sorry to hear about the job loss and hope your husband can get other employment before long.  But I recommend NOT going to a "consolidation" company because of what I have read in other forums over the years.  First off, they charge for their "services." and you don't need additional bills right now.  Second (and there was a recent post here) they can be late in masking the payments, so your credit suffers due to their lack of integrity.

Concentrate on paying the basic survival expenses (housing, utilities, transportation, insurance). You may be able to get food stamps and could get help from a food pantry.  Notify the creditors of the situation and ask for their assistance. Be sure to send these notifications in writing and keep copies for your own records.  If these companies try insisting on getting their money as it was going to be while working, just ignore them because you have to go into survival mode for right now.

Is there a Consumer Credit Counseling Service office nearby?  That would be a good one to contact for budget assistance and they may be able to set up a payment plan for you.

Years ago, I got a divorce and the house was in my name.  I receive disability and it was much lower pay then than now.  I managed to hang in and found some jobs that didn't become careers, but any job is an income (as long as the work is legal).  Maybe you can find a job and he can take care of the children.  Depends on both of your skill sets, but it is an idea that many people have done.  But, don't give up.  Put out the job search information with all available friends, relatives, doctors, all contacts possible in addition to the employment office.

Hope this helps.

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