Thursday, October 25, 2007

Cleaning Up My Mess

I was swimming in debit owing dozens of companies, 29 days late on both my house payments, and now came my first small court claim. I had to come up with something to fix this mess I created.

I managed to borrow $10,000 from my aunt and uncle. The terms were that it would be a secured loan in that it was tied into my investment property. When I refinanced or sold, they would get paid back in full. In theory, I could have done a similar thing to my own house, thus making them feel better about loaning my that much money.

So, I paid off most of the people I owed, but there was a few left. I finally found a buyer for my old car bringing in another $4,500. I used that extra money to pay back the last few lingering bills.

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