The charge offs have to be reported on your income taxes as income I believe.
I did not know this...I've never put this on my taxes...never income? I still have to pay it
What do you have left after current living expenses like home, food, and utilities. You have to live first.
I am living paycheck to paycheck right now (for the last year)
My plan of attack would be to definitely sell the vehicle and get a personal loan for the difference if upside down. That is going to be awfully tough with your history, but $26k+ verhicle is gonna get repo'd if you don't do something fast.
Sell the vehicle...get a junker? I need reliable transportation, I have two children, one is autistic and a severly disabled husband...I can't have a junker even for a year...I get the cost thing but with my credit there is nothing I am going to purchase that is not going to be crazy...I'm the only one working in our family, I can't afford to lose my job because I don't have transportation...as far as a personal loan is concerned, I've gone to all the banks around here (which hurts my credit even more) I've even asked the local bank (have known that family since I was a child) and I've been told no each time...I have even taken in a workable budget...no go. I wish there were someone who could consolidate all this debt for me...I would at least feel less stressed because I have less bills to pay...
The bank will work with you if you sit down with them and show them your budget. I have known people who actually did this! Ask them if you can pay them $50 a month and you will meet with them every 3 months to show them your progress and rework your payment plan to suit your needs. They will do it because otherwise they may never collect the $5800.
But honestly without the vehicle you are much better off than you seem to think.
I am not sure if you own or rent a home, but you could babysit or do in home daycare to make extra money. Our friend did it 24 hrs a day when she divorced her abusive ex and had a paid for home and money in the bank within 8 years...just a 2 bedroom very modest home.
Our home is in my husbands name, he did not want to chance having it taken away because of my credit...he will not put it up to bail me out...
Point is at $2-$3 an hr per kid you can make an extra $100 per week while the kids sleep if you do 3rd shift daycare. My current daycare lady does it on first shift only, so she can be with her 2 kids in the evening and still does fairly well. I pay her $3 an hr for 1 kid during my school hrs and she is very flexible on the schedule.
I have a very violent autistic child, I can not have other children in the house, I acutally thought about this for a while...trying to figure out how I could do it...by the way I was home with him for six years, the 15th is my 1 year anniversary at my current job...Friends or family may be able to help you get a reliable vehicle at a good price if you can find one who is looking to move up. Don't ask for a loan since it may ruin the friendship. Just ask if they know someone who is selling a good car. Try traveling salespeople since they put massive miles on very new vehicles and it tends to be easy miles. We purchases a 1 1/2 yr old Grand Prix with 83K on it for $6000 and it now has 125k and barely any repairs 5 yrs later...knock on wood. I wouldn't sell it for less than $3k because I know how good it is and we have owned it free and clear for 4+ years.
Well there is my 2 cents.
Hope this helps some!
PS Listen to Dave Ramsey live show here
http://www.daveramsey.com/radio/home/
He also has archives of his radio show on his site here
http://www.daveramsey.com/radio/home...ShowArc hives
He will give you some extra inspiration that you can work your way through this debt!