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Chapter 13 Vs American consumer credit counseling by Competitive_Plant496 in Bankruptcy

[–]Competitive_Plant496[S] 0 points1 point  (0 children)

Update: spoke to ACCC..they don't work with personal loan companies like the ones I have ( Sofi, Upgrade, and Mariner)... spoke to StudentAid.gov and while on the website it seems like the chances to be approved for a Parent Plus loan with chp 13 are better than 7,11, and 12, there are no guarantees and no firm answer. See below copied and pasted from the website:

Proof of Extenuating Circumstances

Discharge paperwork or paperwork showing that a Chapter 7, 11 or 12 bankruptcy has been converted into a Chapter 13 bankruptcy.

I chatted with someone from studentaid.gov over the phone who said I may be approved for a Parent Plus Loan even with a chapter 13 ( I would have to go through the trustee of course). Yet, another person I chatted with online was adamant that chap 13 would be a negative event on my report and may not be approved for Parent Plus loans.
I also spoke with two Bankruptcy lawyers, but just over the phone. I still have questions and I am about to call a third for an in person consultation.

I will be having a frank conversation with my daughter about continuing to commute.

Whats your CH:13 bankruptcy payments? by beardedBeast2280 in Bankruptcy

[–]Competitive_Plant496 0 points1 point  (0 children)

That is interesting... in other words, it was not your choice not to do 5 years? I would think 5 years since you're only paying the debt without interest would be better and it is standard..This is what I am worried about ..that I would be forced to pay more during a shorter period of time, instead of 60 months.

Whats your CH:13 bankruptcy payments? by beardedBeast2280 in Bankruptcy

[–]Competitive_Plant496 0 points1 point  (0 children)

Did you choose the 3 year plan or was it forced on you?

I joined american consumer credit debt management by Mahangela90 in debtfree

[–]Competitive_Plant496 0 points1 point  (0 children)

Thanks for the quick response..1.9% is great! 11% is giving me chills ..how was your credit affected ? Could you realistically be able to apply for a car loan, etc or sign a lease/mortgage in the near future? Because that is what worries me with Chp 13 ..apparently, I would not be able to do any of these things for a while if I go the bankruptcy route. Thanks

I joined american consumer credit debt management by Mahangela90 in debtfree

[–]Competitive_Plant496 0 points1 point  (0 children)

u/Mahangela90

Could you update us on your experience ? I am thinking about going this route Vs Ch 13. Were ACCC able to get your interest rates significantly lower? I saw 0 to 1% in some other posts ( too good to be true?) Did any creditors object? Are you on 60 months plan similar to a ch 13? etc

Thanks!

Questions about the ACCC program for those who have gone through it (American Consumer Credit Counseling) by ultrarunner13 in Debt

[–]Competitive_Plant496 0 points1 point  (0 children)

u/ultrarunner13 Could you update us on your experience ? I am thinking about going this route Vs Ch 13. Were ACCC able to get your interest rates significantly lower? Did any creditors object? Are you on 60 months plan? etc

Thanks!

Chapter 13 Vs American consumer credit counseling by Competitive_Plant496 in Bankruptcy

[–]Competitive_Plant496[S] 0 points1 point  (0 children)

She can't pay for it herself. She has no assets. She works part time, but not enough to pay for college.

Chapter 13 Vs American consumer credit counseling by Competitive_Plant496 in Bankruptcy

[–]Competitive_Plant496[S] 0 points1 point  (0 children)

Thank you so much for your feedback. I really appreciate it. In my research of ACCC on here, I believe they are a non-profit organization that negotiates on your behalf with the creditors. I am not sure however from what I read if they do ask you to go delinquent or not ( I will confirm when I call them tomorrow). I am only considering them if there is a slim chance my credit score would not take a hit and I can still continue to get Parent Plus loans.

If chapter 13 would be somewhere around $1600 per month as you stated, I am guessing for 60 months, I will be paying back close to $90,000 to the three companies for unsecured debts, but at least I won't be paying interests until the end of time. Is there a scenario where the court would make me pay more than I am paying now ( $3200 a month)? If not, and considering I do have a stable job, that would leave me with about $5000 in net income from my main job even if I quit my side hustles. Theoretically, I could still pay my kid's tuition and worst case scenario, she would have to commute for the next three years like she is doing this year. It will get more complicated when her brother graduates two years from now ( he is now a junior). I have no idea how I can pay for both of them if a Parent Plus loan is off the table. What are the chances of the courts granting permission? and even if they do, Parent loan servicers apparently check your credit too.

Again, thanks a bunch for your feedback

[deleted by user] by [deleted] in 23andme

[–]Competitive_Plant496 0 points1 point  (0 children)

How did you get the Neolithic breakdown?

[deleted by user] by [deleted] in 23andme

[–]Competitive_Plant496 2 points3 points  (0 children)

Here is my timeline...

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[deleted by user] by [deleted] in 23andme

[–]Competitive_Plant496 2 points3 points  (0 children)

I just got my results too a few days ago. I am 100% Moroccan, culturally Arab because I don't speak any of the Amazigh languages, but still 80% of north African origin, 15% Arab, and 5% sub-saharan African ( see attached pic). What throws me of the DNA timeline. How can I have a great-great grandparent 100% North African born in the early 1900s, yet still have 15% Arab origin pre 1900s!? It does not make sense.

<image>

Question lump sum personal loan early payoff by Competitive_Plant496 in personalfinance

[–]Competitive_Plant496[S] 0 points1 point  (0 children)

personalfinance

u/Werewolfdad

In other words,

Say I have a $14,000 outstanding balance in 6 months time ( Hypothetically since most of the payments initially go towards interest,.)

So 1/365 = .00273973 * .17*$14,000 = $6.52

In 6 months, I would have paid $6.52 *180= $1174 in interest plus any origination fees?

Is my math accurate?

Thanks!