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Archive for September, 2011

25 Years Old, 52k in Debt

September 12th, 2011 at 04:32 pm

I have a client. She's 25, three kids, no job, no child support, on public assistance, living with mom. She's trying to get her own apartment through subsidized housing. She wants to get a job but I can't imagine what she'll end up with because she doesn't have any solid employment history. At least landing a job that will be able to support herself and her three children. She's trying to finish her degree but approx $25k of her $27k in student loans is in collections and she will need to establish a payment arrangement and be on time for at least 9 months before she can get them deferred and finish school. This on top of trying to hold down a job to cover basic necessities.

I know what kind of plan she needs outlined in order to move forward and she does too but she isn't motivated to do anything. At this time she's content with being on welfare and living the life that an assistance check can provide. Despite the fact she has 36 months and then welfare will cut her off for life.

I'm at a total loss. I've never met someone so obstinate. She wants to go back to school but doesn't want to make any of the changes I've suggested to get her on that track. The steps I suggested she follow are:
1. Find Employment
2. Come back for a budget review so we can set up a payment arrangement for your student loans
3. Talk with a bankruptcy attorney if your employment doesn't leave you with enough income to sustain repayments to the remaining $25,000 in debt (which includes two buy here pay here cars that have been repossessed, various credit cards, and a $1200 utility bill.)

I feel like she's wasted my time…her time. I mean…Why did she come here? Was it that someone finally pulled the covers off and exposed the truth of her situation and now she doesn't want to face it?

I don't know. Just thought I'd share.