Mike R asked:
My wife became pregnant unexpectedly, and had to go on bed rest. We were doing fine financially until then, but once she had to stop working, we lost a lot of income. I got behind on our bills, and had to use credit cards to pay the essentials. Now I have over 400 a month in minimum monthly payments alone, not including mortage payments. I want to ask my aunt to loan us a considerable amount of cash to pay off our credit card debt over a 4 year period. How should I ask her, or should I ask at all?
Alvin
My wife became pregnant unexpectedly, and had to go on bed rest. We were doing fine financially until then, but once she had to stop working, we lost a lot of income. I got behind on our bills, and had to use credit cards to pay the essentials. Now I have over 400 a month in minimum monthly payments alone, not including mortage payments. I want to ask my aunt to loan us a considerable amount of cash to pay off our credit card debt over a 4 year period. How should I ask her, or should I ask at all?
Alvin
Roberto
Take her to the side and say:
Look, auntie. Here’s the deal. Either you give me ten grand, or uncle gets it.
[Works every time for me!]
Zachary
Don’t ask her. Get a second job.
Darrell
I would try to refinance if you own a home pay off the credit cards and cancel them or get one with a low purchasing limit to avoid this problem from happing again. if your credit is really fucked up it might still be possible. I would try not to ask her make it your last option. If you have to tell her the truth your in a situation and need her help. the truth is always respectable ps buy some condoms that is a investment
Deborah
First, can you cut any non-essentials such as cable? Sell a new car and trade in for an older one that doesn’t need comprehensive insurance? Dine it (eating out is expensive). Maybe you have done all that and more, but that is the first step.
If you are living on a shoestring still, and if you have a good relationship with your aunt, just ask. She may not know, but would love to help you out. If she does, offer to write up a contract that you are willing and able to live up to. Be conservative.
The worse she could do is say no. And she might, because money and family don’t mix all that well.
Floyd
As long as she (and you!) knows that it’s a loan and not a handout, I don’t think you should feel bad about having to ask for money. Before you talk to her, figure out how much you need and calculate out payback plan with interest to present her with.
The bad part is that she might be asked this kind of thing all the time from other family members, so be very very tactful and be able to demonstrate that you are responsible, you have jsut fallen on hard times. Family should be able to help each other out, or why else do we put up with each other?
Patricia
The debt is your responsibility. You should not as your aunt for the money. If you need to get a second job to provide for your family, then you should do that. You need to own up to your responsibilities (Your debt and growing family) no matter what it takes, but borrowing money is not the answer, you’ll just be transferring debt from owing the credit card to owing your aunt.
Megan
Honesty is always the best policy. Tell her the situation you are currently in… offer to surrender all of your credit cards to her until she is paid back in full, as it would not be right to continue incurring debt on them. Write all agreements and arrangements down, and have everyone involved sign.
If she says no, then you will have to move to plan B.. the second dreaded job. – Or you can call Debt Relief Of America 800-732-1825
Good Luck
David
I think asking your aunt should your last ditch effort if all else fails. If you do decide to ask. Insist on a written contract to show how and when she’ll get her money back. Good Luck!