I've gotten myself into a mess. I bought a new boat last year. I'm single and in my 30s. I lost my job three months ago and have come to the realization that I can't keep paying my bills and no job is in sight. I am considering taking what money I do have left and taking my boat and cruising. I have a house that I will have to pay money out of my pocket to sell. I have a truck that I owe more then it's worth and I would also believe I would have to pay money out of my pocket to sell the boat. Which makes me think the best thing to do is to stop paying all my bills and go cruising. I've only been a day and weekend sailer and don't know what would happen if I do this. If the coast guard pulled me over and saw my papers are expired, would they take the boat? What are the chances I would be pulled over by the coast guard if I'm out of US waters? What do finance companies do when somebody stops paying on a boat? I know these are unusual questions but I'm desperate. I would rather be cruising and making my living off the sea with an unpaied for boat then become homeless and nothing to my name.
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wow
Man...I feel for ya. I've been wondering how much I need to save up to do cruising. Only one question: how can you have enough to cruise on and not enough to pay your bills while you look for a new job?
Man...I feel for ya. I've been wondering how much I need to save up to do cruising. Only one question: how can you have enough to cruise on and not enough to pay your bills while you look for a new job?
Good question
Because I have a ton of bills. I have 10k in the bank. That will last me two months at present rate. I think cruising, if I really cut my expenses down and do a whole lot of fishing, that can last me a long time.
Because I have a ton of bills. I have 10k in the bank. That will last me two months at present rate. I think cruising, if I really cut my expenses down and do a whole lot of fishing, that can last me a long time.
Sell everything. You have no net financial worth other than what you can make. Figure out what you can make and then live accordingly. In a few years, you'll have enough to go cruising and you won't have to look over your shoulder.
Paul
1.Get a job. Ben trying.... 2.Liquidate. Love my boat too much to let them take it away. 3.Pay your bills. Ben doing that...but now feel it's time to make a decision. 4.Remember the lesson. Lesson I am learning here is no heart from strangers. I have to make a decision now. I would like all the facts before I make the decision. Any facts or answers to the questions I asked? Bashing me doesn't help.
1.Get a job. Ben trying.... 2.Liquidate. Love my boat too much to let them take it away. 3.Pay your bills. Ben doing that...but now feel it's time to make a decision. 4.Remember the lesson. Lesson I am learning here is no heart from strangers. I have to make a decision now. I would like all the facts before I make the decision. Any facts or answers to the questions I asked? Bashing me doesn't help.
An option..
Take any job, sell the truck and get something cheap, rent the house and live on the boat.
Take any job, sell the truck and get something cheap, rent the house and live on the boat.
Steve
"Sell everything." To sell my house at market price I would owe the agent 3Gs after all is done and it took my neighbor 4 months to sell his house below market value. 4 months has been the average around here because they are still building new homes right around the corner. Sell my Truck...I would need to trade it in for a cheap car. That would cost me about 2gs because of what I still owe on it verses the value of it. Got to have something here to get to and from interviews/work. Sell my boat...the boat was for sale for 6 months before I bought it. So how can I sell everything before I loose every dime I have and they forclose on it all? I've looked into bankrupcy and think that's worse then my current alternative. PLEASE LET THE THREAD DIE IF NO ANSWERS TO THE QUESTION ARE AVAILABLE. I'M NOT PROUD OF THE SITUATION I'M IN AND BASHING ISN'T HELPING.
"Sell everything." To sell my house at market price I would owe the agent 3Gs after all is done and it took my neighbor 4 months to sell his house below market value. 4 months has been the average around here because they are still building new homes right around the corner. Sell my Truck...I would need to trade it in for a cheap car. That would cost me about 2gs because of what I still owe on it verses the value of it. Got to have something here to get to and from interviews/work. Sell my boat...the boat was for sale for 6 months before I bought it. So how can I sell everything before I loose every dime I have and they forclose on it all? I've looked into bankrupcy and think that's worse then my current alternative. PLEASE LET THE THREAD DIE IF NO ANSWERS TO THE QUESTION ARE AVAILABLE. I'M NOT PROUD OF THE SITUATION I'M IN AND BASHING ISN'T HELPING.
Regroup
I am not bashing, but it sounds as if you have made up your mind, but you simply want others to agree with you. Not likely to happen, but not because we are heartless.You agreed, that in exchange for a creditor lending you money, you would repay that money with interest. The boat is not yours to loose until the debt is satisfied. With 10k in reserve, you are in better shape than a lot of us. Talk to the mortgage holder, they will work with you, they don't want the house. I suspect the other creditors will as well. I know this from working for banks for more than 12 years.
I am not bashing, but it sounds as if you have made up your mind, but you simply want others to agree with you. Not likely to happen, but not because we are heartless.You agreed, that in exchange for a creditor lending you money, you would repay that money with interest. The boat is not yours to loose until the debt is satisfied. With 10k in reserve, you are in better shape than a lot of us. Talk to the mortgage holder, they will work with you, they don't want the house. I suspect the other creditors will as well. I know this from working for banks for more than 12 years.
You are giving us all a bad name
This kind of thinking is what gives all sailors a bad reputation. Taking a boat that you have not paid for is theft. The bank can reposess your house or your truck or the boat. The finance company can also file a lien on the boat. You will not be able to sell it either. Registration - I'm not sure. There are other choices than running from your responsibilities. They will catch up with you. Even if you get away with the boat, you will know what you have done and it will cost your peace of mind unless and until you make it right. You can find financial assistance if you just look for it. You may not be able to support yourself in the lifestyle you have presently but you will sleep at night instead of wondering if the Coast Guard is going to take your boat. I do not know if the CG can take your boat but I suspect they can if you do not pay for it and register it properly. What employer will hire someone who has done this? It is easy to find out about someone who has. What kind of life do you want anyway? My advice is talk to the bank, do what you can, and sell what you must. Take the first job you can find and communicate with your lenders. There are lots of boats on eBay which you could buy and fix up without having to worry about the CG, finance companies, jobs, etc.
This kind of thinking is what gives all sailors a bad reputation. Taking a boat that you have not paid for is theft. The bank can reposess your house or your truck or the boat. The finance company can also file a lien on the boat. You will not be able to sell it either. Registration - I'm not sure. There are other choices than running from your responsibilities. They will catch up with you. Even if you get away with the boat, you will know what you have done and it will cost your peace of mind unless and until you make it right. You can find financial assistance if you just look for it. You may not be able to support yourself in the lifestyle you have presently but you will sleep at night instead of wondering if the Coast Guard is going to take your boat. I do not know if the CG can take your boat but I suspect they can if you do not pay for it and register it properly. What employer will hire someone who has done this? It is easy to find out about someone who has. What kind of life do you want anyway? My advice is talk to the bank, do what you can, and sell what you must. Take the first job you can find and communicate with your lenders. There are lots of boats on eBay which you could buy and fix up without having to worry about the CG, finance companies, jobs, etc.
Geo
Now talking to creditors is something that I might be able to use. The house creditor is something I might be able to swing. I've paid my note ontime for 5 years so maybe they will work with me. The truck...maybe...two and half years with it. The boat is where I think I will not get any help. Only been paying on it a little less then a year. I think they will have less desire to work with me and if they foreclose on it, I think that will make it very hard for me to ever get a new one without paying cash for it. There is another option that I just thought of and might work. I called an old boss who layed me off a few years ago because he ran out of money. He might be willing to pay the boat loan and for a mobal dish (internet and phone) for the boat so I can cruise and work at the same time. He knows I'm a great worker and he would love to have me, just not sure he can afford me...but at that cheap rate it should look very attractive to him. That's what I'm hoping for now. In any case, thanks for the idea Geo.
Now talking to creditors is something that I might be able to use. The house creditor is something I might be able to swing. I've paid my note ontime for 5 years so maybe they will work with me. The truck...maybe...two and half years with it. The boat is where I think I will not get any help. Only been paying on it a little less then a year. I think they will have less desire to work with me and if they foreclose on it, I think that will make it very hard for me to ever get a new one without paying cash for it. There is another option that I just thought of and might work. I called an old boss who layed me off a few years ago because he ran out of money. He might be willing to pay the boat loan and for a mobal dish (internet and phone) for the boat so I can cruise and work at the same time. He knows I'm a great worker and he would love to have me, just not sure he can afford me...but at that cheap rate it should look very attractive to him. That's what I'm hoping for now. In any case, thanks for the idea Geo.
Short term expenses
look to lower your cost of living in the short term - you'd be surprised by how much you can save. Things to consider 1. cable 2. cell phone 3. regular phone - eliminate everything but the necessary expenses 4. utilities - lower ac and heating 5. food - lower to bare minimum 6. landscaping - you said you have a house - cut all costs for maintenance if you can 7. internet - go to the library if you need internet 8. Insurance - call auto insurance people and tell them that your car is used for 'leisurly' purposes only. Also - if you sell the truck and get a cheaper car (civic?) your insurance cots will drop as well. 9. life insurance - cancel/suspend if you have it 10. you get the idea. Talk with the bank as well - they'll help and dont sell - try to keep the house and sell everything else, including the boat. houses keep their value more than cars and boats. Rent the house if you need to supplement the cost - not the entire house - maybe live in the basement. As for CG, etc - the previous thread was dead on - when ever you return or look for a new job, all of the information will be present on you. Finally, there are plenty of agencies that assist with bankrupcies - I'm surprised you think it's not in your financial interest. Good luck
look to lower your cost of living in the short term - you'd be surprised by how much you can save. Things to consider 1. cable 2. cell phone 3. regular phone - eliminate everything but the necessary expenses 4. utilities - lower ac and heating 5. food - lower to bare minimum 6. landscaping - you said you have a house - cut all costs for maintenance if you can 7. internet - go to the library if you need internet 8. Insurance - call auto insurance people and tell them that your car is used for 'leisurly' purposes only. Also - if you sell the truck and get a cheaper car (civic?) your insurance cots will drop as well. 9. life insurance - cancel/suspend if you have it 10. you get the idea. Talk with the bank as well - they'll help and dont sell - try to keep the house and sell everything else, including the boat. houses keep their value more than cars and boats. Rent the house if you need to supplement the cost - not the entire house - maybe live in the basement. As for CG, etc - the previous thread was dead on - when ever you return or look for a new job, all of the information will be present on you. Finally, there are plenty of agencies that assist with bankrupcies - I'm surprised you think it's not in your financial interest. Good luck
Re-group is the best advice
Go visit the bank, you have nothing to lose. Also, check out some of the debt counseling services, they have some very creative ways of consolidating debts. Also they will work with your creditors to suspend or reduce payments. They are effective at this because the banks feel that by working with a service, you're making an effort. I see no upside to going cruising. Banks will reposess. If you stop making payments on the boat, they will take a very dim view of you cruising on THEIR boat, particularly if you cross state/national boundaries etc. If you do take off, try heading for the Pitcairn Islands, they have experience in this kind of thing ;-)
Go visit the bank, you have nothing to lose. Also, check out some of the debt counseling services, they have some very creative ways of consolidating debts. Also they will work with your creditors to suspend or reduce payments. They are effective at this because the banks feel that by working with a service, you're making an effort. I see no upside to going cruising. Banks will reposess. If you stop making payments on the boat, they will take a very dim view of you cruising on THEIR boat, particularly if you cross state/national boundaries etc. If you do take off, try heading for the Pitcairn Islands, they have experience in this kind of thing ;-)
SoupT
"If you do take off, try heading for the Pitcairn Islands, they have experience in this kind of thing " Care to expand? I looked it up and see that it's a very small island and only has 50 people there. Sounds interesting even if I'm not hiding.
"If you do take off, try heading for the Pitcairn Islands, they have experience in this kind of thing " Care to expand? I looked it up and see that it's a very small island and only has 50 people there. Sounds interesting even if I'm not hiding.
Bill some info
I've done some collection work. Boat lender will sit on their hands for a couple of months without payment and without contact with you. Then they will act, how fast depends on how much you owe ( I dont know if you owe $20K or $200K) what they do depends on whether boat is documented and any specificics of Texas law if not documented. Coast Guard or county sheriff will give you a ticket if no current registration, no boat seizure since boat is not stolen. Lender will hire a repo company, which will try to find the boat, with the amount of effort expended increasing with the amount of the debt. Whether, lender needs to file suit and get a court order for seizure and sale, is a detail I don't know, but if required you will not receive notice becuase you will be sailing around without a mailing or physical address. Anyway, at some point, if the boat is docked, you will return to the boat or wake up in the morning and find the boat chained to the dock. If moored or anchored if you are absent, the boat will be taken. If you leave the county, a court order allowing seizure will be granted without actual notice to you and if you owe enough to make it worth their while the repo guys will eventually find the boat, take it, and you will be on foot in your last port. Defaulting on your boat loan and sailing off into the sunset is not a crime. My 2 cents. As another post recommended, fess up to your creditors about job loss and request a couple months suspended or reduced payments. Your lenders all know they are "undersecured" and will loose money on foreclosure and repos and will have to show your debt as in default on their books. They don't want to do this, since they cant bundle your loan together will a couple hundred others and sell it to a pension plan. If your credit is good today, don't see why they wouldn't work with you to see if you pull yourself out of this. On your truck, go buy a $1,500 car as you were thinking and tell the truck lender to come get the truck. The lender will sell the truck and add on a few hundred bucks for picking it up and costs of sale. Then you will get a bill in a couple of months and make payments on that. Your truck is loosing value faster than you can reduce the debt is my assumption. Finally, in bankruptcy you can choose to reaffirm (keep) any debt you want, so can dump the house, truck, and credit cards and keep the boat loan. Legal fees and court costs figure $2,500. Final finally, any chance you can lease your boat out or sell a partial interest?
I've done some collection work. Boat lender will sit on their hands for a couple of months without payment and without contact with you. Then they will act, how fast depends on how much you owe ( I dont know if you owe $20K or $200K) what they do depends on whether boat is documented and any specificics of Texas law if not documented. Coast Guard or county sheriff will give you a ticket if no current registration, no boat seizure since boat is not stolen. Lender will hire a repo company, which will try to find the boat, with the amount of effort expended increasing with the amount of the debt. Whether, lender needs to file suit and get a court order for seizure and sale, is a detail I don't know, but if required you will not receive notice becuase you will be sailing around without a mailing or physical address. Anyway, at some point, if the boat is docked, you will return to the boat or wake up in the morning and find the boat chained to the dock. If moored or anchored if you are absent, the boat will be taken. If you leave the county, a court order allowing seizure will be granted without actual notice to you and if you owe enough to make it worth their while the repo guys will eventually find the boat, take it, and you will be on foot in your last port. Defaulting on your boat loan and sailing off into the sunset is not a crime. My 2 cents. As another post recommended, fess up to your creditors about job loss and request a couple months suspended or reduced payments. Your lenders all know they are "undersecured" and will loose money on foreclosure and repos and will have to show your debt as in default on their books. They don't want to do this, since they cant bundle your loan together will a couple hundred others and sell it to a pension plan. If your credit is good today, don't see why they wouldn't work with you to see if you pull yourself out of this. On your truck, go buy a $1,500 car as you were thinking and tell the truck lender to come get the truck. The lender will sell the truck and add on a few hundred bucks for picking it up and costs of sale. Then you will get a bill in a couple of months and make payments on that. Your truck is loosing value faster than you can reduce the debt is my assumption. Finally, in bankruptcy you can choose to reaffirm (keep) any debt you want, so can dump the house, truck, and credit cards and keep the boat loan. Legal fees and court costs figure $2,500. Final finally, any chance you can lease your boat out or sell a partial interest?
Thank you All
"Final finally, any change you can lease your boat out or sell a partial interest? " Don't know anything about this. Will have to look into it. Thanks for the info. You've given me some hope.
"Final finally, any change you can lease your boat out or sell a partial interest? " Don't know anything about this. Will have to look into it. Thanks for the info. You've given me some hope.
Tounge in Cheek of Course
Park the truck in the garage and if it is one of those with the defective Cruise Control swithches it will catch on fire burn down the house and you will let the insurance company pay off the leins. Then go cruising. You can always work the rigs or shrimp boats.
Park the truck in the garage and if it is one of those with the defective Cruise Control swithches it will catch on fire burn down the house and you will let the insurance company pay off the leins. Then go cruising. You can always work the rigs or shrimp boats.
A few additional suggestions
You CAN find a job...not necessarily the right job, or even a good one...but any money coming in is better than none. Not only will it help you with your creditors to show that you're doing all you can, but it will also impress the right employers as you look for a good job. Besides, having ANY job does a lot more for your mental health and attitude than crawling under the bed and curling into a foetal position while you wait for the roof to cave in on you. Home Depot, Lowes, Walmart/Sams etc are always hiring...and the pay for people with any skills is in the $8-10 hr range. Not great, but better than nothing. Are you eligible for unemployment insurance payments? If you don't know, check into it. Sell the boat and everything else you don't NEED (unless you're in a condo, you NEED a lawn mower, but you don't NEED a boat). A roomate could cut your housing expense in half. Just a few ideas from someone who found herself in a similar position when I was your age.
You CAN find a job...not necessarily the right job, or even a good one...but any money coming in is better than none. Not only will it help you with your creditors to show that you're doing all you can, but it will also impress the right employers as you look for a good job. Besides, having ANY job does a lot more for your mental health and attitude than crawling under the bed and curling into a foetal position while you wait for the roof to cave in on you. Home Depot, Lowes, Walmart/Sams etc are always hiring...and the pay for people with any skills is in the $8-10 hr range. Not great, but better than nothing. Are you eligible for unemployment insurance payments? If you don't know, check into it. Sell the boat and everything else you don't NEED (unless you're in a condo, you NEED a lawn mower, but you don't NEED a boat). A roomate could cut your housing expense in half. Just a few ideas from someone who found herself in a similar position when I was your age.
Now here's an idea
You love the boat, you want to know more about sailing and the job market has burned you out-work out on boats! Find a dealer that will hire you to work ( you will learn more about boats than you would cruising), in exchange for low compensation, he may be able to buy your boat and let you "demo" the boat (keep it in Bristol fashion) with a top dollar price tag-if it sells, you "move on" to the next boat he wants to sell. Do your best to keep the mortgage payment on time-it affects you credit more than any other payment! Do you have your boat listed for sale on HOW? Maybe you could trade down on boats too. Trade new nice boat for older boat and reliable truck/bike?
You love the boat, you want to know more about sailing and the job market has burned you out-work out on boats! Find a dealer that will hire you to work ( you will learn more about boats than you would cruising), in exchange for low compensation, he may be able to buy your boat and let you "demo" the boat (keep it in Bristol fashion) with a top dollar price tag-if it sells, you "move on" to the next boat he wants to sell. Do your best to keep the mortgage payment on time-it affects you credit more than any other payment! Do you have your boat listed for sale on HOW? Maybe you could trade down on boats too. Trade new nice boat for older boat and reliable truck/bike?
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