Seriously, what should I do?

[FragTek]

Ok guys, I need some super serious advice...

I'm not going to go in to detail, but these charges against me recently have all come and gone, and I got screwed. It cost me about $5000 all together between my lawyer, court fees, and other associated fees.

My mom was nice enough to give me a loan for this amount to take care of all of those fees but she wants to be paid back in full in like 2 months.... I'm sorry but I don't make that much, even if I got this new job and took on a second job with it!

So here's my question... Should I sell my computer, sell my Deagle, rock the Dell, and get my mom paid back and then just keep it that way so I can pay off my other debts (totalling about $30,000 including my new car)?

Cash is tight right now and I'd really just like to get out of debt. One main problem I have is absolutely no will-power. Every time I sell my computer, I just end up buying another one that's usually better and badder than the last .

What to do, what to do?

 

[ai_01]

i would sell the phase, deagle, and every pc besides ur main pc. intrest on debt can be a biznatch, so id sell whatever u could to pay it off. sorry to hear about this thou

 

[Toxcity]

I would sell the most expensize item you are willing to part with..

I guess that would be the PC.

Man, keep your chin up! We all still love ya! Friendship is one of the strongest things on earth!

 

[PV5150]

You need to maximise your return for whatever you need to sell, and get your Mother paid back pronto. Are you able to walk/bus/train it into work, as selling your largest debt would work wonders in easing up the cash flow problem. Take a long, hard and honest look at what you really need and what your wants are. I'd prolly be looking at selling the Dell and your car (you save on fuel, registration, services, tyres etc) if you can find alternative arrangements. You enjoy your shooting, but perhaps you could trade the Deagle in on something cheaper. Unfortunately, you may have to unload the Vapo as well and just keep the current PC as it stands. I know it'll hurt whichever way you go, but getting the debts paid off as fast as you can is your priority and you prevent yourself being charged extra interest etc.

 

[nathan]

i agree with others, pay of your debts and get some money behind you, you never know whats around the corner!

 

[FragTek]

You need to maximise your return for whatever you need to sell, and get your Mother paid back pronto. Are you able to walk/bus/train it into work, as selling your largest debt would work wonders in easing up the cash flow problem. Take a long, hard and honest look at what you really need and what your wants are. I'd prolly be looking at selling the Dell and your car (you save on fuel, registration, services, tyres etc) if you can find alternative arrangements. You enjoy your shooting, but perhaps you could trade the Deagle in on something cheaper. Unfortunately, you may have to unload the Vapo as well and just keep the current PC as it stands. I know it'll hurt whichever way you go, but getting the debts paid off as fast as you can is your priority and you prevent yourself being charged extra interest etc.

Awesome post Mr. Peevles. Unfortunately selling my car is not an option as I commute to work every day. As it is I drive 30 miles to and from work and if/when I start this new job it will be about a 50 mile drive to and from work. I also don't have anyone I can hitch a ride in with or a public transportation system that takes me to the places that I need to get to. I did at one point look at selling my car and getting something less expensive but I purchased the car for $15,000 and have paid about $4000 on it (including the down payment) which leaves about $11,000 still owed by the bank. Trade-in value is $10,500 so I can't trade it in, and prive party sale is worth about $12,000 so that would only give me $1000 which would only be enough for a down payment on another car or not enough to outright buy a car I could trust to get me to and from work every day. So that = out. The Dell is worth about $200 since I bought it for about $300 from the Dell dent and scratch site, not enough for me to hock it as I use it as my backup all the time when the main computer decides to obliterate itself.

Now, the Deagle definitely holds it's value, I could sell that for about $1250 and my computer is still fairly new and has some top of the line components in it... I haven't tallied up the total on it yet but I'm sure it's worth about $3000 used.

Gotta go help a customer, to be continued.

 

[llwyd]

What about selling your car an getting a motorbike ? I would also sell the Deagle and spare computer bits. What about offering a local computer repair service in the evenings? People who have no other option will pay mad money for a call-out.

 

[Toxcity]

All i can say now fraggles is Good luck matey!

 

[FragTek]

What about selling your car an getting a motorbike ? I would also sell the Deagle and spare computer bits. What about offering a local computer repair service in the evenings? People who have no other option will pay mad money for a call-out.

I've actually already started an IT consulting company with my friend who is A+ and Novell CNA certified. We have our business cards and trying to get some good adspace already. www.novacconsulting.com is the site that I recently got started on a few days ago, I need to get back on it and get it completed. I've been giving out business cards and have a few leads on some odd-jobs as it is.

 

[Dav0s]

glad to know you are trying to get out of this mess Frag, best of luck..

I think the best thing to do is keep your mainpc, because like you say you will only end up buying another anyway.

Sell the phase, its only costing you more money anyway

Sell the Deagle, it has no practical use really, and us and all your friends are impressed enough that you had it in the first place!

Car situation is up to you, in the UK public transport is more expensive than driving anyway, so might be best to keep that for now.

is there anyway you can pay your mum bck at a later date? your mum wont (shouldnt) charge you interest, but the bank will. the quicker you can start paying back the main loans the better it will be for both you and your mum if she has to lend you money again at a later date.

if your debt really is too large to pay off now you may want to think about consolidating them and setting your self up with a long term payment plan you can stick to and still have enough money to buy new things and enjoy yourself in the coming years.

again, good luck dude

 

[markkleb]

This is a LOT easier for us than for you. PV is right though $1000 now is better than -$400 a month for the next 5 years +ins.

Get a junk car (like the rest of us own) buy Liability ins. instead of full coverage.

Sell the stuff that is worth selling (Gun, Phase first) Leave urself enough parts to have a usable comp.

Its not talked about much but debt is the Achilles heel of the USA now. We keep buying stuff that we are programmed to think we need. You are in a position now (before your debt gets REALLY bad) to help yourself. How you handle this can change your life.

Hope this works out for you Frag.

 

[FarFarAway]

I agree with dave

Sell everything but the main parts for your main PC. Keep CPU/memory/GPU/HDD's/mobo/case/screen etc and sell every other part you have

Consolidation loans are good but they tend to fleece you.

You need to resist temptation. Hey that's easy saying it and I'm pretty bad bt I generally only buy what I can afford nowadays

 

[Dav0s]

Consolidation loans are good but they tend to fleece you.

yeah, but sometimes it can work out best for both parties, paying extra interest fees to loan company and your debt getting smaller instead of accumulating debt by extra interest fees to the bank/credit card companies

 

[nathan]

if it makes you feel any better, i've just been paid and have £37 in the bank. I also have £4000-£5000 debt. Although £3000 is to my dad for my little fiesta

I work my bollacks off, yet i never seem to get any pay rise's, really annoys me.

 

[FarFarAway]

I have 160k+ of debt

I own a flat tho so it's not all bad

 

[mVp24]

I think we have like 200k in debt but thats just mortgage

Dad's credit score was an 800 or 760-80 I think

Anyways, Frag, just try and resist temptation. Sell some stuff, sell your rig if needed. What's worth more

No debt or an uber computer?

 

[markkleb]

if it makes you feel any better, i've just been paid and have £37 in the bank. I also have £4000-£5000 debt. Although £3000 is to my dad for my little fiesta

I work my bollacks off, yet i never seem to get any pay rise's, really annoys me.

The solutions are pretty easy,

1- Marry a rich girl

2- live cheaper

3- get a better job

4- buy a house (eventually it pays off)

Me personally I am trying for #1 but there arent that many rich girls that want a guy that closely resembles Hams Avatar:corn:

 

[Rastalovich]

I`ve kinda sorted out my finances prior to christmas and job situations can boost things quite abit, including u`r outlook.

What to sell etc, the guyz have already covered - what and which is pretty objective.

What I will say Frag, and I`m deadly serious, is when u do sell something - pass the monies onto whichever debt u`r managing quickly. I only say this for 1 reason, similarly to how I used to look at things, if u suddenly have $1000 in the bank - and it`s there for a good few days - u`r gonna start thinking "well, it`d be ok if I spent $300 on xxxxxx" - DONT! Get the cash, and pass it on smoothly-quick.

 

[glocktodahead]

Yea you definitely need to get this mess sorted out. You don't want to sit on debts too long or they will end up biting you in the a$$. Sell whatever you can to pay your mom back even if you have to sell the things you love. After everything is settled you will be able to get your cool gear again. Prioritizing sux, but it has to be done.

 

[Sticky Mick]

And here was me panicking my nuts off and on the verge of suicide 2 years ago after having to quit work through ill health and ending up with a £2000 overdraft, 2 months behind on the rent and the credit card Co buggin me 'cos I'd gone just £14 over the limit.

What can I say Frag? I'd be really gutted if I had to sell any of my personal belongings, especially my PC. I've trained myself now to walk past a shop if I see something in the window that I like and want. I ask myself "do I need it?" and 9/10 the answer is no, so it stays there.

It's gonna be a hard slog, you're doing the right thing by going out and finding paid work. I just hope you get it all sorted.