Debt Dumpers - 2016

Angeejoe · Feb 9, 2016

Eureka said:
Hi all, hope everyone is doing well. January was good for us, money-wise. We didn't "borrow from ourselves" (from the set-aside funds I have designated) at all, paid a good chunk on the credit cards and got the appendectomy medical bill payments underway (lots more to go, but 0% payment plans work for me!). DH's health insurance increase catch-up week was last week, so this week we should know what his checks will be from now on. Feels like we're off to a good start. Cross your fingers Murphy doesn't strike. Our washing machine spin cycle is sounding a little "rough" lately after one load a couple weeks ago that didn't drain right, but since then has been working fine aside from the noise, so I have held off on making a service appointment.

Got our yearly mortgage adjustment statement this week. Our payments are going down a tiny bit and we got a small escrow overage check that I cashed to bring with me to FL when I go next week. Turns out my sister may have a working dinner somewhere in Disney Springs on that free day I have, so while I can't go to dinner with them, I can tag along over there, browse and eat on my own and meet up with her later. Anyone have good restaurant suggestions for me? I've eaten at House of Blues and was not impressed, and there's an Earl of Sandwich in a rest area that we stop at sometimes when we travel, so not interested in that either. Thanks.

I really liked the quick service at Wolfgang Puck if you want a quick service that tastes more like a sit down, plus they brought your food to your table.

ruadisneyfan2 · Feb 9, 2016

dayvewc said:
Well, I did it.

Beginning March 14, I will start a series of 7 week (5 week in summer) online sessions to attain my Masters Degree in Curriculum and Instruction.

I'm taking it as a sign that after I paid my application fee and faxed in the initial paperwork (still waiting on some documents from my building administration), I received an email that the one missing night at the Grand Californian Resort came through on my waitlist.

Spring Break and the summer trip to DL 60th will probably be my last vacations until at least Fall of 2017. And, I will have to add to the debt with student loans to pay for the classes. Hopefully (and I'll chat with the admissions counselor tomorrow) I can qualify for some forgiveness on those.

Wish me luck. No more sleep for 18 months!!

Congrats! This is great news! Not only for school but also the GCR night. I hope you're still able to squeeze in some long Disney weekends between semesters.
If not, you know you have plenty of people here willing to rent your points. lol! :thumbsup2

potterfanatic said:
I officially paid off my first credit card of 2016! It was my smallest amount and interest free, but I'll be happy to put that money toward my next lowest balance!

Isn't that the greatest feeling? :thumbsup2

(ok, maybe the 2nd greatest...)

mrsabbott · Feb 10, 2016

I just paid off $5600 in debt and put $2000 into our emergency fund!! Oh my goodness, it felt so great! I feel like I can breathe a little bit now, you know? Not only that, one of our payoffs were a little lower than I expected, so when we get our state returns back, I will be able to pay off 2 of our smaller credit cards! We also got back an overpayment amount of about $250 from our mortgage company (I guess we overpaid on the escrow account??) that we will be able to use to pay our vehicle registrations AND they notified us that starting in April our mortgage payment will go down $40 a month!!

ruadisneyfan2 · Feb 10, 2016

mrsabbott said:
I just paid off $5600 in debt and put $2000 into our emergency fund!! Oh my goodness, it felt so great! I feel like I can breathe a little bit now, you know? Not only that, one of our payoffs were a little lower than I expected, so when we get our state returns back, I will be able to pay off 2 of our smaller credit cards! We also got back an overpayment amount of about $250 from our mortgage company (I guess we overpaid on the escrow account??) that we will be able to use to pay our vehicle registrations AND they notified us that starting in April our mortgage payment will go down $40 a month!!

Awesome!

stayhomemom77 · Feb 10, 2016

mrsabbott said:
I just paid off $5600 in debt and put $2000 into our emergency fund!! Oh my goodness, it felt so great! I feel like I can breathe a little bit now, you know? Not only that, one of our payoffs were a little lower than I expected, so when we get our state returns back, I will be able to pay off 2 of our smaller credit cards! We also got back an overpayment amount of about $250 from our mortgage company (I guess we overpaid on the escrow account??) that we will be able to use to pay our vehicle registrations AND they notified us that starting in April our mortgage payment will go down $40 a month!!

So cool!!

stayhomemom77 · Feb 10, 2016

Good luck, Dayvewc. And I hear sleep is overrated. Or at least that's what DH says when we go on vacation. LOL

gracie1 · Feb 10, 2016

mrsabbott said:
I just paid off $5600 in debt and put $2000 into our emergency fund!! Oh my goodness, it felt so great! I feel like I can breathe a little bit now, you know? Not only that, one of our payoffs were a little lower than I expected, so when we get our state returns back, I will be able to pay off 2 of our smaller credit cards! We also got back an overpayment amount of about $250 from our mortgage company (I guess we overpaid on the escrow account??) that we will be able to use to pay our vehicle registrations AND they notified us that starting in April our mortgage payment will go down $40 a month!!

Wow!! That is huge! Way to go!!!

mrsabbott · Feb 10, 2016

Thanks, guys! Sadly, it is a small dent in what we still owe, but at least we have made a step in the right direction!!

scdak · Feb 10, 2016

Anyone want to cry with me or throw up with me? I made the HUGE mistake of looking up my retirement account online today, I knew that it had been losing money - $11,270 in January was bad enough but another $10,000 is gone in the first 10 days of February! That's $21,270 in 40 days of 2016, plus NO contributions from my employer like we were led to believe would happen when they took us over from another company Jan.1, 2015! I have lost my retirement almost totally twice in the past due to the stock market but it had improved, rough calculations indicate I would have had $1,000,000 in my account had I not lost it those 2 times! I accepted it at age 30 and 40............but at age 56 with the hopes of retiring in the next 6-9 years its rather disheartning to say the least!

Shmily1 · Feb 10, 2016

I am in the same boat with the losing money but have a bit longer before I "should" retire. I have lost so much lately with all this down market stuff. Shares are tanking and big.

Gr8t Fan · Feb 10, 2016

@scdak I know how you feel. I just got back into the stock market at the end of January after losing about $40,000 in 2009 and keeping my money safe in a CD from Discover bank for the past 7 years at 4.15%. I'm down about $7,000 in the past two weeks, but I have a bit more time to go before retirement. All of the financial advice I've read over the years tells me that the stock market is still the best place to park my money so I've decided to stop checking my balance at Vanguard, because it will only drive me nuts.

Here's to hoping to a huge stock market rally that makes us all rich!

scdak · Feb 10, 2016

It helps to know its not just me, the sad thing is the loss is mainly in stocks which is how the previous companies paid into the account and I can't change that. I have been employed at my hospital for 38 1/2 years - so many years ago when we were first bought out by private company (it was owned by the county) I was 100% vested in the retirement account. Thousands of shares of stock in my account are KILLING me! I hope the stock market rebounds fast and furiously soon so when I decide to retire or leave my current employer for a job change I can rollover a nice retirement account into another type of retirement account!

I agree with Gr8t Fan - I hope the stock market rally makes us all rich!

Eureka · Feb 10, 2016

scdak said:
Anyone want to cry with me or throw up with me? I made the HUGE mistake of looking up my retirement account online today, I knew that it had been losing money - $11,270 in January was bad enough but another $10,000 is gone in the first 10 days of February! That's $21,270 in 40 days of 2016, plus NO contributions from my employer like we were led to believe would happen when they took us over from another company Jan.1, 2015! I have lost my retirement almost totally twice in the past due to the stock market but it had improved, rough calculations indicate I would have had $1,000,000 in my account had I not lost it those 2 times! I accepted it at age 30 and 40............but at age 56 with the hopes of retiring in the next 6-9 years its rather disheartning to say the least!

Yeah, not happy with it. I am about 10 years behind you but DH is closer to your age. Oh well, not much we can do about it.

gracie1 · Feb 10, 2016

That is why I won't put my retirement in the stock market. I know when the stock is up things are great but I would be sick if I were losing all my money in the stock market. I rolled mine over to a fixed annuity from my previous employer to my bank. Then I have a cd and just savings that I put into. I need to look at a higher interest cd or something though. 4.15% would be nice to me!! I have to start shopping around or maybe just open an ira that I can contribute to

AquaDame · Feb 10, 2016

scdak said:
Anyone want to cry with me or throw up with me? I made the HUGE mistake of looking up my retirement account online today, I knew that it had been losing money - $11,270 in January was bad enough but another $10,000 is gone in the first 10 days of February! That's $21,270 in 40 days of 2016, plus NO contributions from my employer like we were led to believe would happen when they took us over from another company Jan.1, 2015! I have lost my retirement almost totally twice in the past due to the stock market but it had improved, rough calculations indicate I would have had $1,000,000 in my account had I not lost it those 2 times! I accepted it at age 30 and 40............but at age 56 with the hopes of retiring in the next 6-9 years its rather disheartning to say the least!

Wow... you weren't kidding. I kind of wish I hadn't looked when I read that now. :mad:

gracie1 said:
That is why I won't put my retirement in the stock market. I know when the stock is up things are great but I would be sick if I were losing all my money in the stock market. I rolled mine over to a fixed annuity from my previous employer to my bank. Then I have a cd and just savings that I put into. I need to look at a higher interest cd or something though. 4.15% would be nice to me!! I have to start shopping around or maybe just open an ira that I can contribute to

To an extent I agree with you, however some of us don't have much choice. My company will only match my funds if it goes into a 401K and our profit sharing is direct deposited there as well. My husband's company wants to move from their pension system to a 401K as well.

scdak · Feb 10, 2016

Trust me, if I could get my money out of this retirement account I would do it tomorrow, but short of leaving my job after 38 1/2 years there, I can't do anything except stop making contributions to it and starting my own IRA somewhere else, in which case I can have more control over it!
Oh well, the damage is done - I won't open my 401K site then I won't be sick from seeing it

IF I hear others at work talk about the plan recovering, I will look again then. In the meantime I have plans to talk with someone Friday to look at my options for a regular IRA or Roth account and think about my options then. I can change my percentage of income placed in the 401K at any time but since its pay week, the money for this pay period has already been accounted for, I can change it to 0% contribution before the next pay period ends though!

On a positive note, I did a little fun "retail therapy" yesterday and spent far less than I planned to and I didn't charge a thing! Sometimes I just have to get out and do some fun shopping instead of routine grocery shopping, I didn't spend any money for the past 2 weeks, I didn't eat out etc so I used the money that would have been spent on meals and unneeded groceries by indulging in myself just a little! Well, plus some things at a consignment shop for my little great nephew that is due in mid-June :cool1:

BernardandMissBianca · Feb 10, 2016

Finally have something to contribute, I paid off 2 credit cards yesterday and about $850 in various doctors bills. The credit cards were small but when they get small like that, I feel like they are hanging over my head and I want them gone.
Also looks like we are getting a decent refund from taxes, which we were not expecting. That is going towards debt and truck repairs for DS19.

bcwife76 · Feb 10, 2016

So today I received a call from the insurance advisor who works for the company my dad had his life insurance policies with. The cheques have been cut and are being mailed out tomorrow, I should receive mine early next week. And it's a bit bigger than the lawyer told me it would be. Pretty amazing to think that before the end of this month our Home Equity line of credit will have a ZERO balance! And all cards can definitely be paid in full without having to use the line of credit. Now, we just need to stay in the BLACK!! pirate:

scdak · Feb 10, 2016

bcwife76 said:
So today I received a call from the insurance advisor who works for the company my dad had his life insurance policies with. The cheques have been cut and are being mailed out tomorrow, I should receive mine early next week. And it's a bit bigger than the lawyer told me it would be. Pretty amazing to think that before the end of this month our Home Equity line of credit will have a ZERO balance! And all cards can definitely be paid in full without having to use the line of credit. Now, we just need to stay in the BLACK!!

I know that you are excited, some day I hope I can say I just need to stay in the black!

gracie1 · Feb 10, 2016

bcwife76 said:
So today I received a call from the insurance advisor who works for the company my dad had his life insurance policies with. The cheques have been cut and are being mailed out tomorrow, I should receive mine early next week. And it's a bit bigger than the lawyer told me it would be. Pretty amazing to think that before the end of this month our Home Equity line of credit will have a ZERO balance! And all cards can definitely be paid in full without having to use the line of credit. Now, we just need to stay in the BLACK!!

So this means you will be debt free? That is fantastic!!

Debt Dumpers - 2016

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Dieting my way to Disney!!

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