Debt Dumpers - 2013

[ceemys]

So we have yet to refinance, just no time with this new job. Need to do it soon though because the interest rates are creeping up.
But we have paid enough off to the point that I can do the mortgage and the HELOC, and refi for a 15 year loan instead of a 30 and the payment would equal what I'm paying now on both. No $400 savings but it will cut 5 years of interest off the mortgage I have now. That would line us up to have the house paid off before DD graduates from college if we didn't pay any extra.

I did however pay an extra $200 towards CC #1. I hope to have that paid off by August and then start moving on to the next in line.

I also need $7500 for tuition for the 3 little kids. I'd like to pay most of that off before school starts so I don't have $800 a month payments.

Very cool. Saving 5 years off of your interest pay, might even be better.
School tuition is crazy.

wow everyone is doing great! i haven't been checking in because i have been busy working overtime and then i was on vacation.

i just got my yearly raise and bonus, thankfully i got something as there were rumours that no one was getting anything. i will send 1/3 of that in towards my student loans 1/3 is already in savings and 1/3 is going to pay in part for my trip to disney i just booked i was not sure if it was in the budget but since i have $500 in visa rewards and that money i can swing it. i also did the math and have my loans down enough that i am going to increase my contribution to my 401K.

at the end of the year we should have everyone post how much debt they paid off and come up with a total for the chain

Yea for raises AND bonuses! Plus Disney.

 

[gracie1]

Bumping thread

You are all doing such a fantastic job

 

[mjlewis23]

Well....I have been doing so great on my debt elimination, even paying for my daughter's birthday present in cash (bed and mattress$$$). Then, we got our roof replaced. The roof that I saved up $5,000 cash to pay for! Turns out the company mismeasured by nearly 30%!!! They were halfway through and realized "uhoh...we aren't going to have enough to finish the job"

I'm a smart gal, and I had a very big feeling when I got the quote that they guy had mismeasured, but hey, what do I know about roofing? Long story short, the owner's wife called and apologized for the error and asked if there was any way I could pay an extra $600 for materials. I told her that I simply did not have that in cash and I didn't want to put any on a credit card. I said that I could meet them at $500, but anything more would put my finances in jeopardy. So, I'm having to come up with an extra $500 this month instead of putting it towards debt.

So that's this month, and then next month is the worst month financially besides Christmas for us, because car insurance, license plate renewals, and back to school shopping is August. Then September, I have a promotional plan expiring for my Care Credit card that will require a payment of $400. (at least that helps to tackle the debt mountain). Hopefully after September things will start to shape up!

 

[ruadisneyfan2]

Well....I have been doing so great on my debt elimination, even paying for my daughter's birthday present in cash (bed and mattress$$$). Then, we got our roof replaced. The roof that I saved up $5,000 cash to pay for! Turns out the company mismeasured by nearly 30%!!! They were halfway through and realized "uhoh...we aren't going to have enough to finish the job"

I'm a smart gal, and I had a very big feeling when I got the quote that they guy had mismeasured, but hey, what do I know about roofing? Long story short, the owner's wife called and apologized for the error and asked if there was any way I could pay an extra $600 for materials. I told her that I simply did not have that in cash and I didn't want to put any on a credit card. I said that I could meet them at $500, but anything more would put my finances in jeopardy. So, I'm having to come up with an extra $500 this month instead of putting it towards debt.

So that's this month, and then next month is the worst month financially besides Christmas for us, because car insurance, license plate renewals, and back to school shopping is August. Then September, I have a promotional plan expiring for my Care Credit card that will require a payment of $400. (at least that helps to tackle the debt mountain). Hopefully after September things will start to shape up!

That's awful about the roof. We're in need a new roof. Luckily dh has a long time friend that would do ours for $7300. I got another estimate prior to his and it was over $9000. It's not a large house but it is a rancher so every single room, closet, etc has roof over it.
I finally saved enough by the beginning of June. When we called him to tell him he got the job, he said he was running at around 3 weeks wait. Then we got huge downpouring rain almost every day for like 2 weeks straight which I'm sure put him further behind. Not his fault at all & that's a job that requires dry weather. I don't want to call him again to nag but now I wish I called him earlier. Hopefully, nothing huge happens soon where I'd need to tap into that.
Add to that, it seems like so many homes in our neighborhood are getting new roofs. I have roof envy. just kidding.

 

[Mac4life30]

Has anyone here ever heard of or used NFCC for Counseling? How did it go?

 

[ceemys]

Well....I have been doing so great on my debt elimination, even paying for my daughter's birthday present in cash (bed and mattress$$$). Then, we got our roof replaced. The roof that I saved up $5,000 cash to pay for! Turns out the company mismeasured by nearly 30%!!! They were halfway through and realized "uhoh...we aren't going to have enough to finish the job"

I'm a smart gal, and I had a very big feeling when I got the quote that they guy had mismeasured, but hey, what do I know about roofing? Long story short, the owner's wife called and apologized for the error and asked if there was any way I could pay an extra $600 for materials. I told her that I simply did not have that in cash and I didn't want to put any on a credit card. I said that I could meet them at $500, but anything more would put my finances in jeopardy. So, I'm having to come up with an extra $500 this month instead of putting it towards debt.

So that's this month, and then next month is the worst month financially besides Christmas for us, because car insurance, license plate renewals, and back to school shopping is August. Then September, I have a promotional plan expiring for my Care Credit card that will require a payment of $400. (at least that helps to tackle the debt mountain). Hopefully after September things will start to shape up!

aw man. The roof situation is messed up. Can you delay the BTS shopping? Or get part of it on sales? In IN we have book fees in addition to the supplies we have to get. If we call the office, they let us set up a payment plan to pay it off by December 1st rather than all of it in August. Can you do that? My kids book fees are going to cost close to $250. Can you defer the clothing shopping and just do a few pieces at a time?

 

[pryncess527]

Well....I have been doing so great on my debt elimination, even paying for my daughter's birthday present in cash (bed and mattress$$$). Then, we got our roof replaced. The roof that I saved up $5,000 cash to pay for!

Sorry to hear about your roof, but it's awesome you had saved up most of the money for the job!! Being able to weather an unexpected surprise without adding on more debt is such a critical part of recovery

Has anyone here ever heard of or used NFCC for Counseling? How did it go?

I haven't used them, but they are the only credit counseling group I know of that Clark Howard has recommended, and I'm always comfortable taking his recommendations on financial products & services.

 

[mjlewis23]

aw man. The roof situation is messed up. Can you delay the BTS shopping? Or get part of it on sales? In IN we have book fees in addition to the supplies we have to get. If we call the office, they let us set up a payment plan to pay it off by December 1st rather than all of it in August. Can you do that? My kids book fees are going to cost close to $250. Can you defer the clothing shopping and just do a few pieces at a time?

Luckily we don't have book fees here in MI. I'm really also lucky that my 14 year old's birthday is in July because her aunts (my sisters) bought her some really nice Nike tennis shoes (which she has agreed to save for school), socks, and a t-shirt. Her friends gave her $50 worth of Aeropostale gift cards, and my mom bought her a sweater and jogging pants from clearance. My daughter knows her gift cards are going towards BTS shopping, and she's perfectly ok with that I have a great kid! The other supplies are definitely going to be sale purchases. Also, luckily we don't have to go back until after labor day, so I plan on spending a little at a time, and we should be ok.

 

[mjlewis23]

Sorry to hear about your roof, but it's awesome you had saved up most of the money for the job!! Being able to weather an unexpected surprise without adding on more debt is such a critical part of recovery .

Thanks! The roof was what opened my eyes to the mess we had created. That and the fact that my husband became a SAHD (by choice). I have a great paying job, but while he was working, we spent, spent, spent. When I finally put it all down on paper, I was humiliated. Now that he's at home, we are on a budget, paying off debt, and saving for expected (and I guess unexpected) expenses. The next few months will be rough, but it will be ok, because I feel much more in control of things.

 

[mommytoxzande]

I find September to December a huge financial drain, with kids back to school and sports, etc and something always went on the cc. Last pay though I paid half of ds' hockey and put some money away towards dd's installment for her diving. So when Sept. comes it's there, and the savings (or cc) won't get used this year.

I completely understand the sports fees! I have 3 boys that play hockey. Luckily I was able to teach summer school for some extra money to put towards the fees.

 

[milwaukeemommy]

Add me to the list of roof-needers LOL. That's what made us refinance our mortgage, there was no way we were going to be able to pay for a new roof. We closed on our refi Friday, but still have to wait 3 days to get our money (that's the time we have to back out - as if we would LOL). We took out $7000 but somehow ended up with $7900 - she explained why but wasn't really paying attention, all I could think was "good, because we probably should have taken out $10000" LOL!

 

[WeLuvDiznee]

We are also in of anew roof.The company who has done severals jobs in our neighborhood suggested we wait until Jan/ Feb when they aren't in high demand,and the price for it dips.

 

[Susiesark]

Well, I haven't checked in in months, but I've been following your victories against debt. As stated before, my situation is, DH has been out of work now for about 2 1/2 years. While working I saved, saved, saved, and we got by without any debt for over a year. But each passing day, we are more in debt. I try not to charge anything but at times there is no other way. Each month we have to make late payments on bills because there just isn't enough to cover them. I work part time, in special education, and my next check won't come until October. My car registration is due, but car won't pass the smog check (in CA) because it needs repairs, which we can't afford to do. It's a vicious cycle and I see no way out. I'm beginning to think that the house, our home for 20 years, is the next thing we will lose. I feel physically sick, every day, because of the worry and stress.

 

[AuroraRora]

Well, I haven't checked in in months, but I've been following your victories against debt. As stated before, my situation is, DH has been out of work now for about 2 1/2 years. While working I saved, saved, saved, and we got by without any debt for over a year. But each passing day, we are more in debt. I try not to charge anything but at times there is no other way. Each month we have to make late payments on bills because there just isn't enough to cover them. I work part time, in special education, and my next check won't come until October. My car registration is due, but car won't pass the smog check (in CA) because it needs repairs, which we can't afford to do. It's a vicious cycle and I see no way out. I'm beginning to think that the house, our home for 20 years, is the next thing we will lose. I feel physically sick, every day, because of the worry and stress.

So sorry you're having to deal with that Susie!! Is there any way for you to get a second job, or your DH to find a temp job until he finds a new job? (unless that's not possible... sorry, I don't know your previous situation). I've been there, when all the bills are getting paid late and the money coming in isn't enough, and it's SO stressful and scary. Are there any of your bills that you can get on a lower payment plan, maybe temporarily pause payments or anything? If you really feel like your home is at risk, it sounds like a good time to start looking for some kind of free financial adviser help or maybe a Citizens Advice Bureau situation, so that you can be prepared and know your rights and things?

Not much debt-dumping happening with me the last few days, but in the last 2 weeks I've managed to pay off just under 1/3 of my student loan that I've been praying I could pay off by mid-October I was lucky in that I got a lot of overtime this month though, and I think it'll slow down in August, boo. I'm going out of town tomorrow to Baltimore and DC through Saturday for work but my paycheck from that will just cover all my bills for the end of the month, which is great it'll pay them all at once but I don't think there'll be much left over for debts. And for some reason I'm feeling really anxious about the trip and don't want to go. I already can't wait to be home *sigh*

 

[ceemys]

Well, I haven't checked in in months, but I've been following your victories against debt. As stated before, my situation is, DH has been out of work now for about 2 1/2 years. While working I saved, saved, saved, and we got by without any debt for over a year. But each passing day, we are more in debt. I try not to charge anything but at times there is no other way. Each month we have to make late payments on bills because there just isn't enough to cover them. I work part time, in special education, and my next check won't come until October. My car registration is due, but car won't pass the smog check (in CA) because it needs repairs, which we can't afford to do. It's a vicious cycle and I see no way out. I'm beginning to think that the house, our home for 20 years, is the next thing we will lose. I feel physically sick, every day, because of the worry and stress.

Is there a way one of you two or even both can get some part time paying job? I didn't pay attention to your signature line, but if you don't have small kids, maybe you can find a job at the same place in the evening and save gas by getting some of the same shifts. Have you called the CC companies or your mortgage company? When I adopted my oldest daughter, I had a great house and when all the extra bills started coming in, I couldn't stay afloat. The stress I went through was insane. I did lose my house. I had my Mortgage and my equity loan. I didn't have CC's but the cost of increasing interest rates and daycare...the money was just not there. But I didn't know back then you could call the mortgage and ask for help. I'm really sorry you are going through this.

So sorry you're having to deal with that Susie!! Is there any way for you to get a second job, or your DH to find a temp job until he finds a new job? (unless that's not possible... sorry, I don't know your previous situation). I've been there, when all the bills are getting paid late and the money coming in isn't enough, and it's SO stressful and scary. Are there any of your bills that you can get on a lower payment plan, maybe temporarily pause payments or anything? If you really feel like your home is at risk, it sounds like a good time to start looking for some kind of free financial adviser help or maybe a Citizens Advice Bureau situation, so that you can be prepared and know your rights and things?

Not much debt-dumping happening with me the last few days, but in the last 2 weeks I've managed to pay off just under 1/3 of my student loan that I've been praying I could pay off by mid-October I was lucky in that I got a lot of overtime this month though, and I think it'll slow down in August, boo. I'm going out of town tomorrow to Baltimore and DC through Saturday for work but my paycheck from that will just cover all my bills for the end of the month, which is great it'll pay them all at once but I don't think there'll be much left over for debts. And for some reason I'm feeling really anxious about the trip and don't want to go. I already can't wait to be home *sigh*

Great job on your student loan! October is only 3 months away!!

 

[gracie1]

Is there a way one of you two or even both can get some part time paying job? I didn't pay attention to your signature line, but if you don't have small kids, maybe you can find a job at the same place in the evening and save gas by getting some of the same shifts. Have you called the CC companies or your mortgage company? When I adopted my oldest daughter, I had a great house and when all the extra bills started coming in, I couldn't stay afloat. The stress I went through was insane. I did lose my house. I had my Mortgage and my equity loan. I didn't have CC's but the cost of increasing interest rates and daycare...the money was just not there. But I didn't know back then you could call the mortgage and ask for help. I'm really sorry you are going through this.



Great job on your student loan! October is only 3 months away!!

Any word on your pre approval?

 

[gracie1]

Well, I haven't checked in in months, but I've been following your victories against debt. As stated before, my situation is, DH has been out of work now for about 2 1/2 years. While working I saved, saved, saved, and we got by without any debt for over a year. But each passing day, we are more in debt. I try not to charge anything but at times there is no other way. Each month we have to make late payments on bills because there just isn't enough to cover them. I work part time, in special education, and my next check won't come until October. My car registration is due, but car won't pass the smog check (in CA) because it needs repairs, which we can't afford to do. It's a vicious cycle and I see no way out. I'm beginning to think that the house, our home for 20 years, is the next thing we will lose. I feel physically sick, every day, because of the worry and stress.

So sorry to hear what you are going through. You may have already done this, but I think if it's coming down to paying cc bills and the mortgage - I would just make sure the mortgage is paid for and then worry about the other. Maybe look into a credit counseling or even filing for bankruptcy?

 

[ceemys]

Any word on your pre approval?

I did email my mortgage guy and this was his response. I'm guessing maybe I misunderstood. It sounds like they aren't doing another check until later.


Hi Austin,

I had my pre-construction meeting yesterday and Joe said you will have to do another pre-approval. Can you let me know how things are looking when you get it done? I am doing exactly what you are telling me to do with the CC. What are the interest rates at right now?

Christine

Hi Christine,
Thank you for the heads up. We will be updating your file closer to closing. Good to hear about your CC. that will make those scores go way up. Rates are kind of all over the board right now. have you been watching the news?

I am very nervous about the rates. I wish he would do another check just to set my mind at ease. And after this, all my kids want to do is go out to eat. sigh. 1% will increase my mortgage about $100.

 

[pryncess527]

Well, I haven't checked in in months, but I've been following your victories against debt. As stated before, my situation is, DH has been out of work now for about 2 1/2 years. While working I saved, saved, saved, and we got by without any debt for over a year. But each passing day, we are more in debt. I try not to charge anything but at times there is no other way. Each month we have to make late payments on bills because there just isn't enough to cover them. I work part time, in special education, and my next check won't come until October. My car registration is due, but car won't pass the smog check (in CA) because it needs repairs, which we can't afford to do. It's a vicious cycle and I see no way out. I'm beginning to think that the house, our home for 20 years, is the next thing we will lose. I feel physically sick, every day, because of the worry and stress.

I'm so sorry Susie. As for the car, have you looked into California's Automotive Repair Consumer Assistance program? If you need repairs to meet smog standards, you may qualify for repair assistance (or even a waiver). http://www.bar.ca.gov/01_ConsumerActivities/01_GettingSmogged/index.html

 

[gtrist4life]

Saw and posted to an older thread before seeing this one.

We're on the Dave Ramsey Debt snowball.
Just a little Credit card debt which will be knocked out at the end of the month.
Then $5K on one car, and $17K on another, Hope to be out of these chains and working the other baby steps by late 2014 early 2015

Good luck to everyone else!!