- May 27, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Escaping Financial and Physical Abuse: Rebuilding Credit and Finding Financial Freedom
After finally breaking free from a physically and financially abusive relationship, I find myself in dire need of rebuilding my credit and reclaiming my financial independence. The trauma of the abuse has taken a toll on my credit score, making it difficult for me to keep up with my bills and debts. Despite being a small business owner, I struggle to make sense of my financial statements from before, during, and after the abuse, lamenting the impact it has had on my once stable financial situation. At 27 years old, I realize that I was in my financial prime when I first met him at 24, and I am determined to regain control of my finances and move forward with my life.
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– By using AI Legalese Decoder, you can easily navigate through complex legal jargon and terms that may be present in financial agreements or credit reports, helping you to rebuild your credit and financial stability with confidence.
– AI Legalese Decoder can provide you with valuable resources and guidance on how to tackle the challenges of fixing your credit, offering support and advice tailored to your specific needs as a survivor of abuse.
Overall, by utilizing AI Legalese Decoder, you can take the necessary steps towards rebuilding your credit, regaining your financial freedom, and moving forward on your journey to healing and recovery.
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****** just grabbed a
I’m so sorry you’ve experienced this. It’s brutal. My partner went through almost the exact same thing. It was rough, and it has taken a few years. Here’s what I’ve learned. Please keep in mind that I don’t know anything about your situation other than what you’ve posted, and none of the below is meant to be judgmental or anything other than helpful.
1. **Get a secured credit card and keep it paid off.** A secured credit card is a special type of credit card. You pay the credit card company a certain amount (like $200), which they keep on file. Then you use the credit card for one or two small purchases per month, and pay it off in full at the end of each month. Once your credit improves, you can close the card and get your $200 back. My partner used the OpenSky secured credit card, but there are other good options out there.
2. **Once you have obtained this credit card and have your living situation figured out, freeze your credit.** There’s no way of knowing whether your abuser can open up cards or other accounts in your name. To freeze your credit with all three credit bureaus, [check out this resource](https://www.usa.gov/credit-freeze). Note that some of the credit bureaus have an option that sounds like freezing, but it costs money. Don’t fall for that. You do not have to pay money to freeze your credit.
3. **Consider getting traditional employment**. I have no idea what the cash flow situation is for your business. But my partner also had a small business, and it was ultimately getting her more and more in debt. She currently has traditional employment to help get her out of debt and to bootstrap her small business (although she is also having to return to school). I realize this might be the hardest advice of all to hear, but take it from someone who watched the situation directly – guaranteed, stable income is really important at this stage.
4. **Follow the Prime Directive**. The [Prime Directive](https://www.reddit.com/r/personalfinance/wiki/commontopics) is a resource here on /r/pf that is so useful for getting back on track with handling money.
5. **This setback is temporary, if you make it so.** My partner suffered years of financial abuse. When she got out of that situation, she was left with no alimony, no recent job history (having quit traditional employment to work on her business and be a stay-at-home wife), no property, and five figures worth of credit card debt. By staying really disciplined, she has almost climbed out of that hole over the course of a year. It’s been impressive to see.
You can do this!
To get a handle on debt, you may want to try a debt management/credit counselor non-profit company to help you with your debts.
The [Consumer Financial Protection Bureau](https://www.consumerfinance.gov/consumer-tools/debt-collection/) has a good description of [the differences](https://www.consumerfinance.gov/ask-cfpb/whats-the-difference-between-a-credit-counselor-and-a-debt-settlement-or-debt-relief-company-en-1449/) between a debt management/credit counselor and debt relief/settlement companies. They also have a webpage on spotting [a scam](https://www.consumerfinance.gov/ask-cfpb/how-can-i-tell-a-credit-repair-scam-from-a-reputable-credit-counselor-en-1343/). [This](https://www.consumerfinance.gov/ask-cfpb/what-is-credit-counseling-en-1451/) recommends that you look at your state attorney general’s office and your state’s consumer protection agency to ensure the company is reputable. Also, your credit cards may be closed at the end of the debt management program. Ask before you become enrolled.
Double check the contract with any company you choose to see if there are any financial penalties to ending the contract before all payments are made. If you don’t feel comfortable, then give it to a lawyer to review.
-The [National Foundation for Credit Counseling](https://www.nfcc.org/) (NFCC) does debt *management* (no loans) and budget analysis. They do charge but take a look at their [FAQs](https://www.nfcc.org/faqs/) under *What do NFCC members charge for counseling services* to see how much. It says it varies, but the page does state that the majority of cases are low cost to nothing–although not guaranteed.
-The [Financial Counseling Association of America](https://fcaa.org/) is another resource as well. Under [here](https://fcaa.org/find-a-credit-counselor/), it says that your counseling session is free, although some services may charge a fee. You are not obligated to enroll in any of the debt management plans.
-You can look into the Justice Department, which has a list of [approved credit counseling agencies](https://www.justice.gov/ust/list-credit-counseling-agencies-approved-pursuant-11-usc-111) to possibly assist you. Look for the non-profit ones.
Still be cautious about signing up with one of these because they have done everything correctly to get approved by the Justice Department, the NFCC, and the FCAA but may have become less reputable once they got approved.
You have the [right to cancel credit repair services](https://www.consumerfinance.gov/about-us/newsroom/consumer-advisory-people-have-the-right-to-cancel-credit-repair-services/) within three business days for whatever reason.
Good luck! It’ll take a few years, but you’ll get back on track!
It depends on why you have a bad credit.
You should get a credit report service like credit karme and go over the factors for your creditscore so you can see what needs to be fixed. all anyone here can do is tell you how you build a decent credit score starting fomr ground zero. but that does not sounds like it you. it appers you might have some credit report “Baggage” that needs to be dealt with first.
So get to understand the problem first