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I was with a company for 14 years and got laid off (office politics), but life goes on. The unfortunate thing was the layoff occurred after a VA loan home purchase. I had two years of on-time payments, but had to apply for a loan modification which was recently approved. My income level is higher, but I have some close credit card accounts and car repo to deal with. How should I approach these creditors, as I desire to do the right thing since income is coming in again. I just received a demand letter from Navy Federal, I wasn't shunning my responsibility, but simply got laid off. Should I see if they will take a monthly payment? if not I have no choice but to look at filing bankruptcy to avoid any future harassment.
Write to each creditor explain your layoff and that you are working but due to the layoff you have many debts. Suggest a payment schedule. Ask that any interest and penalties be waived if you keep to your schedule.
Might add a note to your credit agency reports after you do the above.
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