Have you ever hit rock bottom financially ????

[3_little_pigs]

Just wondering if any members have ever hit "rock bottom" financially and if so were you able to bounce back without claiming bankruptcy?

If you were able to bounce back, how were you able to do so?

All my life i was ok financially but now I seem to have this cloud over my head that I can't seem to escape.

Unfortunately, I have no family to help me and the few friends I have are struggling as well.

anyone willing to share their life stories ????

 

[Lenny Weinrib]

Why are you trying to avoid bankruptcy? I went through it and it was the best thing ever.

 

[janus]

Yeah, around 1995. I was doing picture and sound editing on a no budget independent feature. I won't name it here. I spent six months eating at a soup kitchen down the road from the Cameron House and spent most nights sleeping in the edit suite, which was really just a storage locker in the director's condo. It was the best time of my life.

 

[xmontrealer]

There are alternatives to bankruptcy such as consumer proposals, etc. Speak to professionals in the field of debt consolidation and reduction to see if they can help.

Also, terb-style "hobbying" is expensive and addictive. If it is impacting your financial well-being to a significant degree it should be the first thing to go or at least be substantially reduced.

Btw, if you have a mortgage, it should be the last thing that doesn't get paid. Lenders are very unforgiving when it comes to extending credit to borrowers who have defaulted on a mortgage, even well after they have been discharged from a bankruptcy.

 

[Butler1000]

Came very close. Like about 200 to my name. And no place to live. Then my mother's valuable advice came to pass. You never know if someone can help you unless you ask.

It helped get me a part time job and a room in a shared house. That and my hard work brought me back from the edge and to a good place fairly quickly.

It's when you lose hope that it all falls apart. Never give in to despair.

 

[exceed]

I was completely broke at one point lost everything to a bad habit. i just worked and got a second job. I stayed away from people who are broke. Got to a point where I took every opportunity to save money back up. I buy the most basic food at grocery and not spend a dime on anything else... It was tough but time passes

 

[xmontrealer]

Came very close. Like about 200 to my name. And no place to live. Then my mother's valuable advice came to pass. You never know if someone can help you unless you ask.

It helped get me a part time job and a room in a shared house. That and my hard work brought me back from the edge and to a good place fairly quickly.

It's when you lose hope that it all falls apart. Never give in to despair.

True on all counts.

1. As Stephen Hawking said, "Where there is life there is hope." So absolutely don't give up!

2. Don't let pride or embarrassment get in the way of asking friends and relatives for help. While you should do your best to mitigate the situation over the long run, you may be surprised how willing friends and relatives will be to help you in the short and even medium term.

3. Make up your mind to work hard to improve your situation, whether it be by reducing your spending, finding a way to earn more income, or hopefully a combination of the two.

 

[LeeHelm]

Never. Always been frugal. Never had a balance on a credit card. No loans except for a student loan which I paid in a few years. A home loan which I paid off in a little over 15 years. The occasional car loan. I usually keep my cars for 15 years. And I have always been a worker. Never lacked work since I was 15 years old (now 57) except for 6 months when I was laid off.

Way too many people today buy too much house and too much car.

I lived in the same crappy townhouse for 30+ years. Finally went out and bought a new home. It is driving me crazy because I still have not sold the old place and have a loan on the new. But I would probably be in jail today for murder if I stayed where I was.

 

[wazup]

Never. Always been frugal. Never had a balance on a credit card. No loans except for a student loan which I paid in a few years. A home loan which I paid off in a little over 15 years. The occasional car loan. I usually keep my cars for 15 years. And I have always been a worker. Never lacked work since I was 15 years old (now 57) except for 6 months when I was laid off.

Way too many people today buy too much house and too much car.

I lived in the same crappy townhouse for 30+ years. Finally went out and bought a new home. It is driving me crazy because I still have not sold the old place and have a loan on the new. But I would probably be in jail today for murder if I stayed where I was.

You were there for 30 years?

 

[LeeHelm]

[/U]
You were there for 30 years?

Yep. It really was not that bad for 30. Maybe the last 10 the ahole neighbors moved in on both sides of me.

Little privacy in my backyard and no garage for 30 years. No garage sucks in the winter.

I was able to save a TON of money living there. Low taxes.

I didn't grill out for most of that time due to lack of privacy. Now I am making up for it.

 

[3_little_pigs]

Came very close. Like about 200 to my name. And no place to live. Then my mother's valuable advice came to pass. You never know if someone can help you unless you ask.

It helped get me a part time job and a room in a shared house. That and my hard work brought me back from the edge and to a good place fairly quickly.

It's when you lose hope that it all falls apart. Never give in to despair.

Taking your mom's advice.

Any private lenders in the house ???

(Nothing but crickets chirping lol)

 

[Butler1000]

Taking your mom's advice.

Any private lenders in the house ???

(Nothing but crickets chirping lol)

Actually it wasn't about a loan. But a job opportunity and a place to start fresh. I didn't take a dime. Some friends would take me out for a few beers or bring some over to cheer me up while I sorted things out.

It wasn't a debt issue. Just bad economy, bad luck, family took a big hit too. We were all scrambling. Made for a big growing up moment for me.

Don't look for money. Look for the opportunity to make it.

 

[janus]

Common denominators seem to be the goodness of others and one's own hard work. I've benefited from both at various times in my life. When I was 16 a kind woman and her family gave me a place to live when I had none, and probably saved my life in the process. And after months of soup kitchen eating and sleeping on a yoga mat, I got decent paying work that allowed me to get a room in a house, and an actual bed.

Unfortunately it was an Anarchist Communal House. That was a whole other sort of hell.

 

[kkelso]

2. Don't let pride or embarrassment get in the way of asking friends and relatives for help. While you should do your best to mitigate the situation over the long run, you may be surprised how willing friends and relatives will be to help you in the short and even medium term.

To be more specific, in my experience people will go the extra mile to help someone who is helping themselves.

I've lent money to friends or acquaintances who have cut back visibly on lifestyle, sold off extra vehicles/jewelry/cars/possessions, taken on crappy second jobs - and never regretted it even if I didn't get paid back.

I've also been hit up by friends or family members who are buying coffee at Starbucks and calling me on an iPhone. Um....no.

KK

 

[peeler_feeler]

There are alternatives to bankruptcy such as consumer proposals, etc.

I think consumer proposal is one step above bankruptcy. It is noted on your credit history. Yes it sounds better than bankruptcy, but in essence you are still asking lenders to forgive some of the debt.

 

[3_little_pigs]

My biggest problem right now is that I'm being turned down for jobs in my field because I have a low credit score. 2 years ago my mother got sick and that's pretty much when things started to fall apart.

Are companies legally allowed to turn you down for a job based on credit score and if not how do they get away with this?

I don't want to do anything illegal (sell drugs, pimp women, rob banks etc) as that has never been my nature so I'm not sure what to do.

I don't want to file bankruptcy and feel like a failure.

I think I could recover if I could get a consolidation loan but that's not gonna happen.

Are there any American companies that lend to Canadians?

Maybe I should just suck it up and file.

 

[Butler1000]

My biggest problem right now is that I'm being turned down for jobs in my field because I have a low credit score. 2 years ago my mother got sick and that's pretty much when things started to fall apart.

Are companies legally allowed to turn you down for a job based on credit score and if not how do they get away with this?

I don't want to do anything illegal (sell drugs, pimp women, rob banks etc) as that has never been my nature so I'm not sure what to do.

I don't want to file bankruptcy and feel like a failure.

I think I could recover if I could get a consolidation loan but that's not gonna happen.

Are there any American companies that lend to Canadians?
Maybe I should just suck it up and file.

Get a job in a different field. Skills translate. Ask friends, ex bosses, ex workmates if they know of any positions. Speak plainly with your creditors. Tell them what's what. See if they will work with you. If you have to take a Joe job and work like a dog.

It will make you appreciate things a lot more to spend some time in the muck.

Or file. But your next seven years will also be hell without the ability to get any credit.

 

[nottyboi]

I watched my parents struggle at times and struggled a bit myself when I was in University. But once I started making money I lived well within my means and I am in a good place now. (or so I think) but I think of my finances now like a company. How much liquidity can I access in short notice. But of course I would only take on debt if it made sense to me financially.

 

[fuji]

Nope.

I was flat broke sometimes in University but that's not rock bottom. Not like I was losing a house or a car. I was filled with hope and possibility and plans for the future, I just didn't have the money to go to the pub as often as I wanted. Probably a good thing as I spent more time in the library studying that way, for lack of the cash to do much else.

Since I've been working I've been lucky, remained employed through every recession, never had any problems making my mortgage payments, etc.

Never really been in debt other than my mortgage and my student loans both of which I managed to pay down faster than schedule.

Knock on wood.

 

[fuji]

My biggest problem right now is that I'm being turned down for jobs in my field because I have a low credit score. 2 years ago my mother got sick and that's pretty much when things started to fall apart.

Are companies legally allowed to turn you down for a job based on credit score and if not how do they get away with this?

I don't want to do anything illegal (sell drugs, pimp women, rob banks etc) as that has never been my nature so I'm not sure what to do.

I don't want to file bankruptcy and feel like a failure.

I think I could recover if I could get a consolidation loan but that's not gonna happen.

Are there any American companies that lend to Canadians?

Maybe I should just suck it up and file.

What lowered your credit score? Was it missed payments? Did you default? Stuff go to collections?

It's going to take a few years to repair that. Maybe try for a job with a smaller company that might be less likely to do a credit check and more likely to look at your experience.

Failing that, can you work overseas, or in the US? Unlikely they would even look at your Canadian credit.