[USER]

Since y’all are so smart, helpful and innovative with issues so many are dealing with (Thank you), I have a conundrum you may be able to help with.

I would love nothing more than to get rid of my $600 per month van (our ONLY vehicle) and save $$ , to buy something reliable with small or no payment, but I am WAY upside down on the loan. Like around $12,000 difference between Kelley blue book value and balance to pay off the loan.

Hubby is permanently disabled with a progressive disease. I just closed my antiques store (lifelong dream – I’m over it) after 2 1/2 years because we were just barely paying the bills. No profit/income. (And believe me, we worked our butts off and did everything we could possibly do to make it a success)

I’ve been working on building up my credit score, but there’s no $$ to get ahead so it hasn’t budged much. I don’t believe I could qualify for a refi at a lower rate.

Is there anything I can do to get out from under this van debt, short of making high monthly payments for the rest of my life?

It was a bad decision on my part. When we bought it, over 3 years ago, I was an office manager with good, reliable income but ended up leaving there (another long story) so decided to try opening a store. Right smack in the middle of a pandemic and street construction.

Anyway, I’m fully aware of what I SHOULDN’T have done, so no lectures, please.  

Just suggestions, info that could help me dig out of this situation, please.

Personal circumstances do not currently permit me to secure a good paying job unless it’s online or work from home. Also cannot lower rent at home. Have cut just about every expense I can think of.

Just throwing all this out to see if anyone has ideas that I’ve not thought of.  If you’ve read this far, Thank you!!

[Devin]

If you can type and have the means, become a transcriptionist.

Also, may not be a good option with the car situation but uber/DD/instacart support flexible schedules.

[Michelle]

When my dad was sick with cancer and heart problems, he couldn’t drive. There were times I couldn’t be at every appt.

I found a gentleman who owned a business. He transported people in his van to and from dr appts, grocery store etc. He made it into his business so he was able to write his van off and also made $.

He also partnered with Medicare and other insurance companies. Just a thought….

Don’t miss: I have a medical debt from 2.5 years ago.. So

[Bettina]

If you are a full time caregiver, you might be able to get paid for that. I’m not sure if it’s through Medicare, Medicaid or government but I’ve seen ads for it.

Maybe go on your state’s government site.

[Chris]

Will you need the van to transport your husband?

It may be worth it to keep it rather than try to find another later. You said you were an office manager before. Keep looking.

There’s a job out there that will allow you to work from home with those skills!

[Noreen]

Can you rent out a room! We have had good luck, 7 years and 2 years with the other.

One works 6 days a week but neither get in our space. Each room has a small fridge and microwave.

[Pam]

Many of the previous ideas are good. My first step when my husband disappeared and left me with 2 young kids, a car loan, and a mortgage payment and no income was make a basic budget.

First determine what you need week to week to keep a roof over your head and food on the table. I had to know how much I needed minimum to survive. You’ve got good work experience unlike me. I went to night school and worked part time while the kids were in school.

If you can’t survive on your current income with the car payment, you may need to file some kind of legal paperwork to declare bankruptcy. I agree there’s no shame in going to a food pantry or in my case I did recycling. My neighbors knew my situation and saved their aluminum cans for us, and we cashed them in once a month. We lived bare bones. I kept clothes on our back by going to thrift stores and garage sales.

I also called the phone company and utility companies and got on special programs for those who qualify. Utility companies across the country have special programs to help those in your situation.

With the high cost of utilities these days that’s another place to start. Dog walking, house sitting (watching someone’s home while their out of town and watering their plants or caring for their pets) is easy money too. I’ll be praying for you!

As someone else stated, I needed to lean into God when I was going through the worst of it.

I really was desperate and in a state of confusion in the beginning. God really took over and brought people along side to help guide and direct me.

Explore these too: I have gotten myself into some pretty decent bad debt – Not sure what I should do

[Margie]

You made the right decisions at the time, with information that was available to you.

I am so sorry your business was break even. Owning and running a business is not at all easy, or always profitable.

I hope some pieces of advice here help you to find your way through, xxxx

[Sandy]

Use the food banks if at all possible. Offer babysitting or pet sitting. Give plasma.

Insurance companies hire wfh jobs. Anyone with customer service needs.

[Dorothy]

If your credit is already upside down, I would negotiate turning it in. Then you can start on rebuilding credit.

[Author]

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