View Full Version : In Financial Hell


NickL30
01-11-08, 12:39 PM
I know I posted this a few months ago, but my financial situation has gotten even worse even though on paper I look like I am doing well (working at a good company in my industry, making decent money which can equate to over six figures before taxes).

But it is anything but, I think that the long manic period that I was 'stuck' in untreated had something to do with it. I am maxed out on credit cards, have a negative bank balance and charged over $100 in returned item / NSF fees just this week. I couldn't even pick up the meds that were prescribed at last weeks psyc visit b/c I don't even have $75 to cover copays. I have been using what is left of available credit to buy gas and one meal a day at the co cafeteria. Just self medicating with Adderall, Prozac, and now have to goto a cardiologist for high blood pressure later today.

I am seriously thinking of going to speak to an attorney and discussing my options about Chapter 7 or 13 BK and how to go about filing. I am approaching the 60 day mark on a past due AMEX bill (the one that must be paid in full) and several of my credit cards have not been paid this month.

Even though I realize what I done and taking steps to get better the 'damage' will likely haunt me for time to come especially likely getting sued for back rent & property from the apartment that I rented near Hartford in CT before I got fired back in October.

Matt S.
01-11-08, 12:48 PM
Those annoying credit card people call me six times a day, welcome to the wonderful world of mania buddy.

NickL30
01-11-08, 12:55 PM
Those annoying credit card people call me six times a day, welcome to the wonderful world of mania buddy.

My compulsion to shop has dropped significantly, not really at the bad OCD compulsive point of a year ago. The key is too keep very busy so there isn't the opportunity to goto a store or mall. I think that the 'mood stabilizing' effects of Adderall while in affect and the anxiety & depression from the crash at night has helped at least stem some of the compulsion.

I still have occasional major slip ups, but I usually return the stuff (even if it is worn). I have been trying to desperately match receipts to clothes with tags that can still be returned for refund.

But I have been slammed with 'overlimit fees', monthly finance charges of over $100 (WAMU is now at 31.99%), and so many CC accounts I can't keep track of everything.

NonSequitor
01-15-08, 06:03 PM
I was lucky enough to get bad enough credit at such an early age (19) that I cannot even get a credit card at this time. It is what happens when a stubborn BP/ADD choses to live on one's own and defaults on numerous utilities and other random things sent to collections, evictions etc. This totally sucks but I am slowly learning. Very slowly. I cannot imagine the trouble I could get in with plastic.

My biggest manic spree however, was cashing out the $8k I'd rolled over from a previous job's 401k. I did this in summer of 06 and within a very short time I'd spent it all. I am sorry to hear the conundrum that you are in, and wish you the bast of luck.

Chap 13 is not a bad idea. I know someone about to do that so he can keep his house.

cameron
01-15-08, 06:21 PM
Nick, sorry to hear about the problems. We have emailed each other a few times, and I know about your frustrations. Do you have family to help you out? right now, I'm not working, and don't have unemployment checks coming in, I'm hoping my family will bail me out(again!). They are always there for me. Luckily, my parents both make good money, and have quite a bit of it. This is a problem though. At my age relying on my parents to bail me out is in a word...pitiful!

good luck man! I think a few of us on here need it--including me!!

older'nwiser
01-15-08, 06:37 PM
I don't envy your hell at all--
Since I been there done that; prior to my ADD diagnosis.

It's never too late to learn. (I'm 58, and with intention, learning/growing.)

You might want to see IF there is a Consumer Credit Counseling center ( a non-profit) in your area. I found that they were incredibly knowledgeable, understanding (initially--it's a part of the process) and helpful.

If you are accepted by them, CCC determines the monthly amount (1 check) you pay to them , then CCC pays in your behalf. Part of their process is to 1st negotiate with eachl of your creditors.

Their process does take a bit of time to initiate and set up; IF accepted you will learn how handle your $$.

(Hopefully, it's recognized by those who read the above that $$/finance is my #1 downfall--I thank my lucky stars that my non-ADD wife understands this and has taken over OUR finances--and again, most thankfully, that she knows that I do have many other positive attributes that make up for those that we both know/understand that am lacking. And for those that may have seen other posts of mine, my wife IS ON MY TEAM!)

DeloresMelon
01-15-08, 07:03 PM
I second the CCCS approach. I went through it with them back in 98 I think. Made a major difference in my finances and didn't leave a nasty mark on my credit report.

Good luck filing for bankruptcy. The new laws make it nearly impossible.

sometimes, simply calling each creditor and explaining your situation could grant you some leeway.

lostranslation
01-16-08, 01:45 AM
Just to let you know...I feel your pain. We have practiced what I now call "masterful financial mismanagement" for years. Credit is trashed. We are very slowly digging our way out of it by living in a very cheap rental in a pretty bad area, driving 15+ year old cars that we paid cash for, and just paying on our depts as we can. We don't make much money, but eventually, by being really frugal, (and paying cash for things) We'll get there.

justhope
01-20-08, 02:15 AM
I feel your pain. And am digging out of the exact same thing. I have always been a miser. And the smash and grab of my finances was just one of the extremes that led me to diagnoses. Unfortuantely , the waiting on meds to work and the length of time it takes to not only level out but unlearn bad habits, left me financially ravaged. I am in the process of filing Chap 13 to save my home.

I knew I was nutso when I was struggling before financially and came up with the bright idea to purchase a home and car in the same month. Neither of which was less....than what I was paying for before....Then I got stuck in the credit card, payday loan, and bouncing check account nightmare.

Even after I leveled out it was just too far gone.

I will tell you I have gotten rid of the bank account, except a savings that I can't touch, the credit cards took care of themselves, won't get them again. and now I do lists, and take just enough to cover a few extra things if needed, no debit cards allowed.

It was extremely hard to give up the bank account for me. It was like admitting defeat. But my friend was the bank manager and bailed me out a few times....I never asked she just did it. I finally sucked it up, went in and told her look I have to close it. I am just not capable of having on at this time. I told her about my BP and I said at some point I will have it managed enough to have one, for now I don't. She was really great about it. But it really was so very difficult to swallow my own pride and admit it to myself and then someone else. But after it was over, it was like I don't know going to confession or something and geting it off my chest, I felt free.

My bankruptcy attorney is aware of the issue as well. Sad thing is I work on "for the otherside" and they don't care. It was just too late for me to fix anything and months of denial and mania left me ignoring the issues. I have learned some really hard truths about myself and this disease. It hit where it hurt the most, in my pocket and my pride. But I have 3 kids to support, my pride just had to take a chill.

There are things you can do in the beginning to get out. First don't do what I did and avoid it all, sometimes you can work with creditors to get on a payback plan, this rings true for car financers, and mortgage companys.
If you have already tried it all and they are refusing to work with you, then you might have to bite the bullet and do what I did.

Just make sure along the way to get rid of temptations as much as possible, like I did wiht the bank account. Don't be afraid to talk to someone you trust about it, and ask for help. And certainly don't get stuck there. You made some mistakes, there is nothing you can do about it now, but find a way to not make them again.

Hang in there, it's a common issues, but still seems to be taboo to discuss even in the world of BP's....It took me months to post about it here ....and I know this group well and know they don't judge.


Let us know how you are doing.

Hope :)