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How did she miss that?

June 20th, 2008 at 02:08 pm

So my friend checked her free credit report yesterday and discovered that one of the cards that her debt settlement company (this company is gone now of course, they caused her lots of issues)was supposed to take care of 2 years ago was never paid off. Not only that but in that time it has jumped from $5700 to $9600.

So much for her being able to contribute to an IRA. I will have to change that contribution into a debt payoff fund. They will no doubt want a lump sum.

The best part was having her tell me that since they stopped contacting her or her mother (yes mom cosigned and who do you think daughter dearest learned her bad money management from) that they thought it was paid off. What was a little ridiculous about this is that she thought they took $530 for $5k! Uggg..

But at least she is catching it now so we can get everything taken care of and this is the last of the old monster debts when she went nuts.

Posted in Musings | 3 Comments »

3 Responses to “How did she miss that?”

  1. gamecock43 Says:
    June 20th, 2008 at 02:17 pm 1213971461
    1213971461

    I'm suprised she admitted all this to you. Thats really laying your financial mistakes out on the line. The fact that she is so open with you says alot for her desire to get on track.
    But yeah, it must be heartbreaking for her to think she is financially in the clear and boom- gets hit with a 10k bill. Does it qualify to be erased from her record soon if she continues to not pay it?

  2. Caoineag Says:
    June 20th, 2008 at 05:27 pm 1213982872
    1213982872

    The thing about written off debt is that unless you get it paid in full, it can keep coming back to haunt you. Not only that, my friend did spend some of that money so she needs to pay back what she spent. Its really the only way to learn the lesson.

    She is willing to pay back the part she spent (~5k) but not the fees they tacked on after since she didn't even know it was still out there.

    My friend has been seeing the progress I have made with my own stuff and she wants that for herself. I have never hid my failures or my successes so that she could learn how to do things right. We have also been friends for about 20 years so we might as well be family.

    She has made a lot of progress since she nearly had to file for bankruptcy 2 years ago so we should be able to fix all of this in less than a year. Its just a nasty surprise.

  3. gamecock43 Says:
    June 20th, 2008 at 08:38 pm 1213994326
    1213994326

    I agree with you, about having to pay back what she spent, its just that not many people are as honest and dedicated paying back debt. So I was curious if that was the route she wanted to take. I admire her (and your) dedication but also know that if I got hit with a 10k bill I really might just throw in the towel and just go max out everything I've got. Dramatic I know, but hubby and I combined make 29k a year!

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