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Bad credit blues????

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Old 04-03-2012, 09:45 PM
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Originally Posted by DALLAS2233 View Post
I have had boats for the past 30 years. Also had great credit. Last boat was a 28 Daytona . Because of a divorce it is forcing me into bankrucpcy. I know getting loans are hard enough with good credit. Does any one know based on say a 200,000 boat, how long do i have to rebuild my credit for and how much down i will need. Usually about every 2 to 3 years we would by a new boat. It kills me for my kids and my self who just love being on the water. Any advice would be greatly appreciated.
Maybe pay back the people you owe first, before you borrow more money. Take the down payment for the boat and start paying back the people you bailed on. Then go buy a boat.
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Old 04-04-2012, 06:24 AM
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Maybe pay back the people you owe first, before you borrow more money. Take the down payment for the boat and start paying back the people you bailed on. Then go buy a boat.
You took the words right out of my mouth. Instead of coming on here to figure out how to stiff everyone he owes and then go buy a boat for $200k he should put his efforts into paying his debts. It is not the banks fault that he is getting divorced.
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Old 04-04-2012, 10:44 AM
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You took the words right out of my mouth. Instead of coming on here to figure out how to stiff everyone he owes and then go buy a boat for $200k he should put his efforts into paying his debts. It is not the banks fault that he is getting divorced.
Maybe its me, but I dont think this is this guys intension. Hes probably hurt, pissed off and is just trying to talk to this oso community for support. Think he is just talking about the future, yes filing BK might not need to be done as far as "skipping out" so to say on his creditors. I just think the guy is just seeing if anyone else has gone through this, and yes he has a goal of a 200k boat, well ok cool good for him. I just dont think some of the comments fit the point of this guys thread. JS
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Old 04-04-2012, 11:28 PM
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Maybe its me, but I dont think this is this guys intension. Hes probably hurt, pissed off and is just trying to talk to this oso community for support. Think he is just talking about the future, yes filing BK might not need to be done as far as "skipping out" so to say on his creditors. I just think the guy is just seeing if anyone else has gone through this, and yes he has a goal of a 200k boat, well ok cool good for him. I just dont think some of the comments fit the point of this guys thread. JS
No it's just me, I just think its wrong to not pay money you owe. And then roll on down the road like you have done nothing wrong. Go get a second job and clean up your own mess you created. Then go buy a boat! Let someone take your pay check this Friday after you have worked all week, that would be stealing your money wouldn't it? That's wouldn't be right either, might even call the police and have them arrested and get your money back. Same thing brother!!!!
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Old 04-04-2012, 11:40 PM
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You took the words right out of my mouth. Instead of coming on here to figure out how to stiff everyone he owes and then go buy a boat for $200k he should put his efforts into paying his debts. It is not the banks fault that he is getting divorced.
It's the entitlement program, gets to hard you just bail on it. Then we all can pay for your bad judgement.
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Old 04-05-2012, 12:52 AM
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It's the entitlement program, gets to hard you just bail on it. Then we all can pay for your bad judgement.
All I mean is I'm giving the guy the benefit of the doubt, just don't think we need to slam him, never said running away and filing BK was the answer!!!
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Old 04-05-2012, 12:54 AM
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It's the entitlement program, gets to hard you just bail on it. Then we all can pay for your bad judgement.
We both don't know the guy, I see his original post in one light, u see it in another that's all, that simple.
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Old 04-05-2012, 09:38 AM
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I don't think this is the place to get financial advise!

While there are a lot of smart, successful people on here, I think you should talk to a bank, credit union or financial adviser to get accurate information. All you can get from here is anecdotes of what we have gone through and that may not apply to you (unless someone on here is an actual banker that does loans or a financial adviser).

My personal advise? Don't get into more debt, buy a cheap boat for cash so you can tale your kids out on the water. They're probably more interested in tubing, boarding and playing in the water than going 100MPH in an off shore boat anyway.

I recently sold my boat to become debt free. I own my house, cars, motorcycles, hot rods, etc and will not go into debt for anything (especially toys). I am now in savings mode so I can pay cash for my next boat. It may take a couple years but I know boating will be so much more enjoyable with a paid for boat. Gas, food and drinks will be the only expenses when I'm on the water.

Good luck to you.
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Old 04-05-2012, 04:34 PM
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The problem is people have been brainwashed into thinking it is ok to live beyond thier means. The fact is it is not, and any hiccup you are in default. You should buy no toy on credit that you cannot pay cash for. That means you may choose to take a loan, but must be well enough off net worth wise to be able to stroke a check at any moment for the entire amount owed to retire the debt. If you cannot do that you cannot afford it and need to adjust your expectations accordingly.

Dave Ramsey would be a good google search for dallas.
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Old 04-05-2012, 11:55 PM
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We both don't know the guy, I see his original post in one light, u see it in another that's all, that simple.
Your right, good point. I get cranked up on that BK stuff. Blue thunder and Baja fresh very good point to.
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