In 2010, I lost another job and decided to try freelancing as a career. I did what many others do: used credit cards to maintain my lifestyle without any concern for how much debt I was accumulating. That’s when credit cards came into the picture and started to play an important role in my financial story. While I was able to get another job, the pay was significantly less, which only increased the financial strain because my expenses had not changed. When I lost a job for the first time in my career, it was a real blow to my ego as well as my already depleted bank account. So, I was, in effect, supporting two households, while at the same time, maintaining my unconscious lifestyle. I re-married soon after to a woman who had been single most of her life and was very independent, especially when it came to money. Things started to unravel when I divorced my first wife who took half of what little we had saved. Or, maybe to put it another way, I was a sucker when it came to giving my money to people who guaranteed that it would grow in multiples and make me a rich person. I was never a good saver because when you’re young and making good money you think you are invincible and that the money will always be coming in. The problem was, as good as I was at making money, I was equally talented at squandering it. At a fairly young age, I was making a six-figure salary along with all of the material benefits that came with that type of income. I had been successful in my career and moved up the corporate ladder fairly easily. I have always fortunate when it came to making money. NOTE: This is an inspirational scenario created by Unifund as an example to assist consumers who may by facing their own financial challenge.
And the good news is, we have both been responsible about our finances, especially keeping our debt obligations manageable. I am happy to report that my 2nd husband and I have been married for more than a decade. This is a lesson that will stick with me for a long time.īut hopefully, I won’t have to worry about it. Divorce does not get you out of your personal obligations when it comes to debt.
#UNIFUND CCR FREE#
I assumed that the judge’s word was final, and that I was free and clear. I paid the settlement and received a “paid in full” letter from the bank for my records. I made sure to have that settlement offer sent in writing and for the communication to include the account number of the loan. Fortunately, they were reasonable and agreed to reduce the outstanding amount by 20% and allowed me to settle the account for $4,000. I contacted the bank to see if we could work out a payment plan or a settlement. Once I reconciled myself to the fact that I needed to pay the debt, I started to take action. I tried to find a way out, but I kept hearing the same thing: this debt obligation was mine and there wasn’t anything I could do about that. I knew he didn’t have the money to pay the debt and I was worried about having debt collectors contact me and disrupt plans with my new fiancé. I was nervous, scared and angry with my ex for failing to live up to his obligation. They told me he had not paid it and that it was my responsibility, despite the fact that the judge assigned that debt to my ex husband. As the primary source of income, it was critical for my credit to be in good condition in order to qualify for the mortgage.Ībout a year after the divorce was finalized, I was surprised to hear from the bank that held the lease my ex was supposed to pay. We decided to get married and buy a new home together. The problem was: the lease happened to be in my name. One of the things the judge assigned to my ex-husband was the balance of one of our automobile leases. The judge assigned each of us a portion of the marital debt based on our income levels. The good news was that the divorce was amicable. The problem was, like many young couples with similar dreams, we racked up a lot of debt together: a mortgaged home, several cars and high credit card debt. We grew apart and realized divorce was the only answer to finding the happiness we both sought.
#UNIFUND CCR FULL#
We met in college and were full of hope that we’d live the rest of our lives together.īut, as often happens, we matured and found that we wanted different things out of life. We were young and in love when we got married.
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