“Discovering debt in Columbus Ohio…”
He has spent most of his life in the drywall business and he has been self-employed for around seven years now. He rounded out his credit card balances to $20,000 for his visa card and $30,000 for his MasterCard and $40,000 for his American Express card. The submission comes from Brent in Columbus Ohio who is swimming in the deep debt because he’s lost his main clients for his drywall business.
Visa Card Debt for Brent: $20000
The focus of this submission is his credit debt and his settlement, but there is much more to it than just the card balances. It’s his livelihood and his family home that are truly at stake here.
He also has a credit card with the Home Depot commercial account for $10,000 roughly. Note that he has rounded up and down for all of his credit card balances hence the title of this submission. He has run into some tough luck here with his small business is operating in Columbus. Unfortunately he was gambling on the fact that is to mean clients would always need his services in the future. Even when he was going through the great recession he managed to keep everything intact as far as his small business goes and he was able service all of his debts no problem.
This is not uncommon for many small business owners but nevertheless for Brent this has been the most stressful time of his life. He is trying to find some other clients as soon as possible so he can regain some of the employees he lost in this downfall. Below we get into his submission in more detail including is basic data of his debts and his situation and background.
MasterCard Debt for Brent: $30000
A special concern is that Brent may lose his family home due to The fact that he use the family home and security on most of his credit to run his business with. Some of you reading this may think that the choice to use his family own as collateral was extremely irresponsible. However, this is extremely normal for many small businesses because banks will not provide credit to start up companies without some form of security.
“Self employment…worst boss I ever had…..”
So not only is Brent really worried about keeping his employees working he is absolutely stressed out of his mind because he thinks he might lose the family home and this will really affect his wife and his children badly. Brent has four children ages three, eight, nine, and 12. So is DTI is rather high considering he has to support six different mouths to feed.
American Express Card Debt: $40000
He has even sought out professional help for his anxiety due to his financial situation. We think that is a really wise thing to do when you were suffering in the throes of possible bankruptcy. The only way for him to avoid bankruptcy at this point is to find some more customers to get his cash flow going again and then he could possibly carry out a debt settlement plan with all of his creditors. This is what we will be working towards as we were trying to avoid bankruptcy at all costs.
Credit Card Debts – $20000, $30000, $40000
How Did You Find Us: Facebook
May We Publish Your Story? (we PROTECT YOUR PRIVACY!): Yes
What Debt Service Are You Considering?: Debt Settlement
Ever Claimed Bankruptcy?: No
If Yes, What Type?: None of the Above
Have Collection Agencies Contacted You?: Yes
Any Repossessions?: Yes
First Name and Initial: Brent H.
Visa Card Debt?: 20000 dollars
MasterCard Debt?: 30000 dollars
Amex Card Debt?: 40000 dollars
Other Credit Card Debt?: $10000 for Home Depot Commercial credit card
Personal Bank Loans?: I have one consolidation loan for the balance of $50,000 rounded up
Vehicle Loan(s)?: Two. My work truck for $70,000 and a car for $3000 also rounded up
Student Loan Debt?: No
Other Debts?: I have a shareholders loan debt to my own company for $15,000
Mo. Payment You Can Afford?: Should be able to afford 500 a month fairly soon
Credit Score(s): Equifax 532, Experian 521 TransUnion 553
Main Bank (won’t contact): Bank of America Columbus Ohio
Credit Card Debt Settlement 20000, 30000, 40000
I have been self-employed for seven years now and I had to mean contracts that I made money from so I had a fluctuating income but on average I would say my income was a take-home of $17,000 after all deductions accounted for. I have no other income besides myself employment income so that makes it very simple. However my income is next to nothing now because all of a sudden I lost my two main contracts.
“Stand up to attention…”
My Work History
I went to university for a while in Ohio when I got out of our school and then I purchased for a contractor in Columbus. After that I got into the drywall business as a young man in my 20s and in my early 30s I started my own growing business based out of Columbus Ohio.
We have had contracts all of the state and places like Cincinnati and Cleveland of course in that group. Business got really hurt bad in the 2008 and 2009 great recession. Somehow we managed to stay afloat and I only had to layoff one employee during the time.
Unfortunately we lost our two main contracts and that has devastated my cash flow. Meanwhile I have a lot of debt on different credit cards and with different vendors out there. I have accounted for most of these debts in the submission but there are other ones as well but I could talk about later.
You can see how unless I get some more work for my company we will be in a position where we have to go into bankruptcy, or the very least enter into some kind of debt settlement plan. I don’t really have any other work history besides my drywall business because that is been the major focus of my work for the last decade. I suppose I could consider other things but I think right now I have to focus on getting my business back on track.
Reason For 20000, 30000, 40000 Credit Card Debt
The main reason for my debt is losing these big contracts and without them we can service the debt we have. There’s no question that I will have to get some more clients or we will be sinking below the waterline for good. The reason we have that we have is very typical for any small business and that we need to have supplies before the job is paid out and I have to pay my employees. You can see this in my credit card balances due to a lack of income right now.
Second Reason(s)s for Debt
I suppose the second reason for our debt is because I should have had other irons in the fire so to speak. I should’ve had other feelers out in the industry possible drop we could pick up just in case I lost these two main clients. I don’t want to call it bad plumbing because this is very normal for a small business to operate this way. A lot of it is just plain bad luck and I except responsibility for the debt that I have.
“Family home for security means no security…”
Extra: 20000, 30000, 40000 Credit Card Debt
Unfortunately I have my house up as collateral for all of my small business financing with the Bank of America here in Columbus Ohio. I had to do that in order to secure my lines of credit as well. I manage to pay off the lines of credit but still have the large credit card balances to deal with of course the bank loans for the vehicles. So if I don’t find some new clients quickly I will be losing my house as well in this great this great debacle. I have had a real tough time emotionally because I have had to lay off some employees that were with me from the very start of my dream.
I’m doing everything I can to get things back a float and make sure I can rehire these people but it looks like they will have gone off to other jobs by the time I get everything sorted out. In the meantime I am looking for some kind of debt relief in the form of a settlement perhaps. Any advice would be very helpful for me and especially for my wife who is beside herself or our current financial situation.
Brent hammered out a deal with his credit card companies for paying back a percentage which damaged his credit score, but he kept his business and his house because he managed to sign a lucrative contract with a large Cleveland Ohio based client.
20000, 30000, 40000 Credit Debt Settlement Collage Video
“Sweet dreams aren’t made of these…”
“A collage of debt…”