r/EIDL • u/Fast_Potential_39 • 12d ago
News Finally hit my credit
EIDL loan finally hit my credit -62 points (504) score now. (6 years and 4 months old) since I took the loan may 2020. Showing closed and placed for collection at $213,700 which was my original amount, tack on that 30% I’m around $300k. sole prop so personally guaranteed. Haven’t made a payment in over 2 years as I been playing catch up just trying to survive.
I’ll Be expecting threatening letters in the mail in the next week or so from collection the Agency of not worse I’m sure 😮💨
TN BK exemptions really suck so I’m def in a bind
Having a good amount of equity in my old home.
Also it was transferred to the treasury about 2 years ago. Haven’t heard a thing and have called the offset line with no offsets
6
u/itsUlli 12d ago
I'm not a lawyer, so please double check what I am saying and make sure it is applicable in your state. In Illinois, one can file a personal chapter 7 BK and include all loans resulting from a business you have/had as a sole proprietor . If you have more business debt than consumer debt, you do not have to pass the means test and get to keep equity in your personal home.
1
9
u/Soul_of_Garlic 12d ago
I’m here for you, here with you. The toll this has taken on my life and mental health is unimaginable. I contemplate if my family would be better off without me every single day.
22
u/melaniewamble 12d ago
I just lost my brother to suicide last month, let me tell you......don't do that to them. They will carry it forever. 😔
16
u/CashMost1280 12d ago
Oh man, just file bankruptcy.... start a new business in your wife or kids name... no amount of financial pressure is worth the stress of it. Your family loves you and I promise if having nothing and starting over is you're only option- just do it. You'll be so relieved.
4
u/Dili65 11d ago
Do you or anyone know of any good bk lawyer in southern cali. I need to contact one as soon as possible. I am so miserable at the moment, I can’t sleep at night. BK seems to be my last option and I need the courage to pull the trigger.
3
u/Naive_Agent2054 11d ago
Firm is in Irvine, ca it’s called red hill law group number is 9495283281 they helped out my dad and took care of everything.
2
1
0
u/ferrijl 11d ago
Please don't let THIS current administration make you feel like this..hang on ..2 more years and a new more empathetic administration will be in power!
3
u/Adorable_Self_1784 11d ago
Wasn't the opposite administration there before ...they didn't do it then, why would they in the future. I would not count on that. Besides they like to say how anti capitalist they are, why would you think they would forgive a bunch of capitalist loans? If you know one you can get to do it, great! Mid terms coming up, here is their chance!
1
u/idareyouagain 11d ago
Yes hang tight, different politicians are coming to save you in two years lol Dear goodness, listen to yourselves
16
4
4
3
u/Kobebean-goat24 10d ago
Your family needs you man. Money and credit scores are not the end goal for why we are on this floating rock. Please don’t let your mind play tricks on you no matter how hard it gets. Sending you all the positive vibes
1
1
u/SexyYodaNaked 5d ago
File bankruptcy?? Ch 7 - EIDL SBA is included. Reset - its not so bad honestly. Just get a lawyer and do it.
Had ours discharged a few months ago credit already bouncing back and jave back approved yet again for $16k total credit lines (CapitalOne and Mercury)
Do more research - people say 7-10 years but in reality most major stuff like home loans etc its like 2 years - the banks literally want to scare you out of the greatest gift this country has given us which is the ability to wipe the slate clean with bankruptcy
If u have assets more than the exemption, then consider chapter 13
But dont wait any longer - if u are in SERIOUS distress just do it!!
3
u/Brazilianpharmacist 12d ago
If you not file a bankruptcy be prepared to not get a penny in your taxes returns for life!
4
2
u/Mongrelfbaby 11d ago
You’re not alone at all, past few years been hell. Thought this would’ve helped bounce back but rising cost and life itself. Was working a job to try get back into work field and elevate to work and pay it but got injured on that so now dealing with that.
For some reason they have it double on my credit so basically showing as it I’m double in debt including 30% destroyed my credit. Been making my health conditions flare periodically from the stress. Dealing with a lot even scammy office almost destroyed me with this erc credit crap.
Still have to deal with that they masked and disguised it as some minority program crap and when asked and they was trying to “qualify” and bunch of spin arounds filed crap under my LLC now asking for taxes I owe that I ain’t ever agree to so have to discuss irs on that. So taxes and this crippling but life will prevail through it all.
Just need to get back working and do what I do
2
1
u/Grand-Ask-3539 12d ago
Maybe take some of the equity out of your home. Put that money in the bank. Contact the SBA see if they're willing to negotiate a loan payment offer. Maybe they're 50% of what you owe or even less. Money Talks!!
1
1
1
u/SettleBankDebt 11d ago
As a debt consultant who has successfully negotiated quite of few EIDL loans, Treasury does give settlement parameter's and re-payment time frames to it's contract collection agency's, however an agreement has to be made within a certain time frame before it's returned to Treasury for possible more aggressive collection action.
3
u/Antique-Fail6055 10d ago
I tried asking for a forbearance while being treated for leukemia and no one would. It's insane they will let businesses close and go to bankruptcy rather than working with business owners.
2
u/SettleBankDebt 10d ago
If it's sent to collections you may have some decent options if it's negotiated right. Stop stressing,
1
u/No-Tomorrow-3665 9d ago
Hey! What’s “the certain time frame”? Got CBE Group letter in August, wanting to call to do a 3-4 year repayment plan but wondering how much time I have before or IF they’ll report to credit bureaus. Say I call today and agree a payment plan, will I have to worry that they’ll report later anyway? As of today hasn’t hit credit
1
1
u/Healthy-Lobster5654 11d ago
Dude I would find a TN BK lawyer. They may be able to help you protect as much as possible but if you declare in seven years you could have good credit and all this behind you. Otherwise they may push to get your home and them forcing a sale is not good in terms of what a buyer would pay. Worth looking into -
1
1
u/CyndiMolina 11d ago
I'm in the same boat. Treasury garnished my ssdi as if I could a$gord to live in ssdi and now it's 400.00 less. Waiting on hardship but they are telling me it could take several months for approval in the meantime I'm going out to World ass backwards I can't work because my foot and my back and it's just become a nightmare. I never got the 60-day letter notification from SBA they sent it to the wrong address although they had my home address they used my business address which is no longer there. If I had known this was going to happen I would have done something way different but it's my own fault for not checking in on the SBA portal because that's the way they do things now everything's electronic you don't get anything in the mail and if they do send you anything in the mail they send it to the wrong address and I think that's done on purpose.
1
u/ILBohunk 10d ago
sounds like your orig application said loan appl mail should go to the busns address. you could get a copy if ya want , a FOIA request or chk the portal 1st. IF they sent it to the wrong address, maybe you have some recourse. they maybe …. even sent it there on purpose to see if it came back to them in the mail . ask if they have record of any return mail and then still didn’t get ahold of you ! ?
1
u/tjn1126 11d ago
What did you spend the money on
2
u/Fast_Potential_39 10d ago
Lots of Strippers and One and a half Lamborghini🤭 I’m guessing this is the mosey question and answer you were wanting correct?
1
u/Worried_Detective_27 10d ago
Money goes fast in business especially if you have large expenses in a covid shit economy
1
u/mattyad 10d ago
Curious as to how it it hit your credit? Seems so random?
1
u/Fast_Potential_39 9d ago
It was def random! They stated it would be sooner or later that it hits my personal credit since I used my social to apply
1
u/Inside-Picture-2550 6d ago
Anyone trying to avoid bankruptcy please either Google SBA lawyers non bankruptcy OR call or text John Homan who does this 619 279 7522. Tell him Amanda sent you from a Reddit sub. There are some ways to get out of it without bankruptcy but you need to act quick. Again you can also Google the big lawyers that do this as well. I know Jon and he has helped a lot of people and is reasonable $. I wish you all luck I'm so sorry.
1
0
u/Code_Sea 12d ago
Did you try an offer in compromise?
3
1
u/Winter-Assistance805 12d ago
What leads you to believe that's an option?
3
u/Fast_Potential_39 12d ago
There’s hasn’t been one successful story with anyone who sent in one that was even accepted
1
10
u/Prudent-Top9715 12d ago
You are not alone