Debt Dumpers - 2014

[crazycatstacy]

Wow that's horrible. We are still paying off some of my student loans but our payment is about $250 a month (and I owe in the neighborhood of $40,000). Just wondering, how much did you borrow? Can you get the loan company to reduce the monthly payment?

I owe a lot. About $130,000. My justification (more like excuse) is that I took max available while doing my undergrad because I got divorced and had a young child and I would use the excess and my tax return to pay my rent a year in advance. I still worked full time but didn't make enough
If it doesn't get figured out soon I will talk to them about lowering the payment but that won't be instantaneous either. I will be able to make the payment but life will be very tight!

 

[momof2gr8kids]

WOW! Some of your stories are amazing. I keep switching between feeling inspired and so far behind that I want to bury my head in the sand.

Long story short, I've got a ton of debt and I'm trying to get everything under control. I know it's possible, but my wife and I haven't been very disciplined in the past and it seems like such a long journey.

Well... I've got some motivation, anyway. One of my options is selling off my DVC points Which I REALLY do not want to consider... so I'm looking for other options now.

Thanks for sharing, everyone!

Is your DVC paid for or do you still have outstanding debt on it? Renting your points could be an option to at least cover your costs of your DVC until you get rid of some of your debt. There's a DVC rent trade board here and lots of DISers are always looking to rent ponts. (Once we have our debt paid off, we will be too! LOL)

As long as you and your wife are on the same page with being disciplined, you will be amazed at how much you can put towards debt and savings that you thought you didn't have before. Good luck. It's a really great support network on here, so keep coming around for motivation.

 

[LilacBarries]

We'll be paying a cc off any day now, super excited!

I just finally got my final W2 so we can get started on our taxes. I'm really hoping we get money back this year as we've owed the last 2 years. We've just finally paid off from 2011. We've managed to put some money aside in case we do but I would even prefer coming out even. I would so much rather have money to go towards the last 2 credit cards, paying of our cruise, anything really!

 

[gracie1]

We'll be paying a cc off any day now, super excited!

I just finally got my final W2 so we can get started on our taxes. I'm really hoping we get money back this year as we've owed the last 2 years. We've just finally paid off from 2011. We've managed to put some money aside in case we do but I would even prefer coming out even. I would so much rather have money to go towards the last 2 credit cards, paying of our cruise, anything really!

Way to go It's a great feeling when you get one paid off!! Hoping that you get a refund this year and don't have to pay in

 

[gracie1]

Advice needed-Ok debt dumpers I need some help. I have a decent amount of money coming in between our tax return and a bonus my husband will be getting. So I can pay off one big bill. Do I pay off our home loan which has just under 5k left on it or do I pay off our credit card with 3500 on it. Now I know that I should pay off the cc first, but if I get rid of the home loan we will get rid of a 310 dollar payment each month. The CC only has a minimum of 75 dollar payment each month.

Any thoughts appreciated. Thanks!

I would pay whatever makes you comfortable - since they both have a low amount. Is the cc charging a ridiculously high rate? Or you can pay off the cc and use the rest towards the mortgage. Hmm... I gotta say if the cc didn't have a high interest rate I would pay off my mortgage. Then sink what you were paying on your mortgage onto the cc. Just remember with the mortgage at this rate you really are paying the principal.
Whatever you decide - congrats

 

[gracie1]

I owe a lot. About $130,000. My justification (more like excuse) is that I took max available while doing my undergrad because I got divorced and had a young child and I would use the excess and my tax return to pay my rent a year in advance. I still worked full time but didn't make enough
If it doesn't get figured out soon I will talk to them about lowering the payment but that won't be instantaneous either. I will be able to make the payment but life will be very tight!

Are you able to talk to them to let them know that you are doing a consolidation and it's taking longer than expected and if they could lower the payment until the paperwork is processed? I don't know a lot about student loans, never had one.
Sorry for all the trouble your going through

 

[Holly Quinlan]

Advice needed-Ok debt dumpers I need some help. I have a decent amount of money coming in between our tax return and a bonus my husband will be getting. So I can pay off one big bill. Do I pay off our home loan which has just under 5k left on it or do I pay off our credit card with 3500 on it. Now I know that I should pay off the cc first, but if I get rid of the home loan we will get rid of a 310 dollar payment each month. The CC only has a minimum of 75 dollar payment each month.

Any thoughts appreciated. Thanks!

I would pay the home loan first then put that $310 towards the credit card each month.

 

[delmar411]

I owe a lot. About $130,000. My justification (more like excuse) is that I took max available while doing my undergrad because I got divorced and had a young child and I would use the excess and my tax return to pay my rent a year in advance. I still worked full time but didn't make enough
If it doesn't get figured out soon I will talk to them about lowering the payment but that won't be instantaneous either. I will be able to make the payment but life will be very tight!

Can you apply for the pay as you earn plan? That way you would only need to pay 10% of your disposable income towards the loans and the max payback period is 20 years (possibly 25, I forget off the top of my head).

 

[ceemys]

Ugh. Those neighbors I was complaining about struck again. We went to a hockey game last night and got home around 10:30 or so. There was a SUV parked in our driveway. They don't have a car so we knew it was one of their friends. I honked the horn, knocked on their door, no one would come out to move it. I didn't want to park in the street because there's ice and snow everywhere but I didn't really have a choice. So I did just that and hit a big chunk of ice. When I came out this morning I noticed that the bumper of the front side passenger tire was cracked and hanging off. It's $107 to get it replaced from a junkyard part. Needless to say I'm NOT happy. Any other person would tell their friend 'park in the street, my neighbors use the driveway.' Their friends obviously do not pay rent or live there so I don't know why they'd assume it's ok. I'm so fed up with them. Next time I'll call the cops and have the car towed.

Rude Neighbors!! They are the worst. I would call the police next time. I bet having them towed or ticketed would change their mind next time. Bummer about your car...hope you can get it replaced cheap.

I am frustrated and a little more than irritated. I have a LOT of student loan debt that was to be paid back starting this year. my first payment was due in February and in January I applied for a consolidation loan so that I can do the public service loan forgiveness (if you work in public service and pay your loan for 120 consecutive months on time they will forgive the balance). The consolidation said it would take between 3-4 weeks to complete. After consolidation loan payment would be $700, before loan consolidation loan payment is $1,200. Well February comes and still not finalized. Call numerous times and get no real response. Call mid February and they apologize for delay but look at account and say nothing is wrong and nothing I can do to speed it up but should be done by end of February. Friday (last day of February) I call and it is still NOT done! Now they are saying they need documents from one of my loan holders- call the loan holder and they say consolidation place has to request it. Consolidation place says no they don't do that. Try to call loan holder back but their officers are closed so I am stuck until tomorrow when I can call back. Super frustrated and irritated not to mention broke as i don't have $1200 to pay!!! Thanks for listening to me vent!

What a runaround! If you can't make the payment this month, were you able to at least talk to the original loan holders and let them know? Hope the loan finishes up quick!

Advice needed-Ok debt dumpers I need some help. I have a decent amount of money coming in between our tax return and a bonus my husband will be getting. So I can pay off one big bill. Do I pay off our home loan which has just under 5k left on it or do I pay off our credit card with 3500 on it. Now I know that I should pay off the cc first, but if I get rid of the home loan we will get rid of a 310 dollar payment each month. The CC only has a minimum of 75 dollar payment each month.

Any thoughts appreciated. Thanks!

I would pay off the house. That would leave you $310 each month and it might lower your insurance.

We'll be paying a cc off any day now, super excited!
I just finally got my final W2 so we can get started on our taxes. I'm really hoping we get money back this year as we've owed the last 2 years. We've just finally paid off from 2011. We've managed to put some money aside in case we do but I would even prefer coming out even. I would so much rather have money to go towards the last 2 credit cards, paying of our cruise, anything really!

Yea for paying off debt!

 

[PrincessKymm]

How is everyone doing?

I'm not doing too well this week. Hoping for some good news soon, still no refund. Finally got through to the IRS and found out someone didn't do something right so now I'm waiting on paperwork from the courts so the government will release my refund. Soooo frustrated! Also, forgot about a check so I bounced one. Whoops! That's $100 I'll never see again. Grrrr!! So mad at myself but also mad because I thought it had been cashed but I forgot I wrote 2 checks (not 1) for the same amount around the same time so it was my mistake. Sooooo bad week but I know it will get better. Next month I start tackling my student loans. Im actually excited this is coming because I'm one step closer to being debt free!!! Just gotta make it through march.

 

[ruadisneyfan2]

How is everyone doing?

I'm not doing too well this week. Hoping for some good news soon, still no refund. Finally got through to the IRS and found out someone didn't do something right so now I'm waiting on paperwork from the courts so the government will release my refund. Soooo frustrated! Also, forgot about a check so I bounced one. Whoops! That's $100 I'll never see again. Grrrr!! So mad at myself but also mad because I thought it had been cashed but I forgot I wrote 2 checks (not 1) for the same amount around the same time so it was my mistake. Sooooo bad week but I know it will get better. Next month I start tackling my student loans. Im actually excited this is coming because I'm one step closer to being debt free!!! Just gotta make it through march.

That is so frustrating. As for bouncing checks from bad recordkeeping, we've all been there I think. We once bounced checks when dh accidentally deposited money with a savings deposit slip instead of checking. We couldnt figure it out and went to the bank to argue and walked out feeling like idiots. Sigh...
Stuff happens. You can't change the past; just focus on the future and do the best you can.

 

[GAGirlInVA]

Checking in. Congrats to everyone knocking out debts!

Just keep swimming to everyone that feels annoyed with their progress.

I can't sleep so I'm looking at our budget spreadsheet.

Our mortgage company just notified us that our escrow was short. Not sure what I want to do about that. The one time payment or the increased payment for 12 months. I'm rather annoyed that they didn't get it right.

 

[ceemys]

How is everyone doing?

I'm not doing too well this week. Hoping for some good news soon, still no refund. Finally got through to the IRS and found out someone didn't do something right so now I'm waiting on paperwork from the courts so the government will release my refund. Soooo frustrated! Also, forgot about a check so I bounced one. Whoops! That's $100 I'll never see again. Grrrr!! So mad at myself but also mad because I thought it had been cashed but I forgot I wrote 2 checks (not 1) for the same amount around the same time so it was my mistake. Sooooo bad week but I know it will get better. Next month I start tackling my student loans. Im actually excited this is coming because I'm one step closer to being debt free!!! Just gotta make it through march.

Big Hugs. I've made that mistake also and it does make you upset. I hope they can get your refund back very soon.

Checking in. Congrats to everyone knocking out debts!

Just keep swimming to everyone that feels annoyed with their progress.

I can't sleep so I'm looking at our budget spreadsheet.

Our mortgage company just notified us that our escrow was short. Not sure what I want to do about that. The one time payment or the increased payment for 12 months. I'm rather annoyed that they didn't get it right.

Don't you just hate that? Nothing you can do about it either. Can you handle the one time payment? If you can, I would do that then it isn't over your head for the next 12 months. Personally I would rather do without for one month than have a little each month for a year. But do what looks good for your budget.

 

[zy144622]

Happy Dance!!!

Taxes may have came and went but I am proud to say it was all put to debt. Trying really hard to be done with CC debt before Christmas. My basic plan come out to 15months yet but if I can be more aggressive... I have got to try! I just can wait to start snowballing on our vacation home. I know Murphy's law will hit sometime but I feel so great about this.

Keep pushing forward you can do it!!!

 

[zy144622]

Checking in. Congrats to everyone knocking out debts! Just keep swimming to everyone that feels annoyed with their progress. I can't sleep so I'm looking at our budget spreadsheet. Our mortgage company just notified us that our escrow was short. Not sure what I want to do about that. The one time payment or the increased payment for 12 months. I'm rather annoyed that they didn't get it right.

We have had this twice now. I opted for the 12m plan last time around because it just went up anyway to make for what did increase taxes/insurance. So fingers crossed it may go done this year...well see!

 

[gracie1]

Happy Dance!!!

Taxes may have came and went but I am proud to say it was all put to debt. Trying really hard to be done with CC debt before Christmas. My basic plan come out to 15months yet but if I can be more aggressive... I have got to try! I just can wait to start snowballing on our vacation home. I know Murphy's law will hit sometime but I feel so great about this.

Keep pushing forward you can do it!!!

Way to go!! Sounds like your doing a great job! You sound like me - waiting for Murphy to hit!

Actually - let me edit - I did have Murphy hit - I think I broke a piece of filling so back to the dentist I go! I should've known this would happen! lol

 

[ruadisneyfan2]

Checking in. Congrats to everyone knocking out debts!

Just keep swimming to everyone that feels annoyed with their progress.

I can't sleep so I'm looking at our budget spreadsheet.

Our mortgage company just notified us that our escrow was short. Not sure what I want to do about that. The one time payment or the increased payment for 12 months. I'm rather annoyed that they didn't get it right.

All I can say is I've had a mortgage for 20 yrs. Different homes, different banks & it still happens every year. As property taxes and homeowners insurance goes up, so does the escrow. They can't predict how much it will increase each year because it varies everywhere. Once they get a new tax bill, they see how much to increase but by the time they get it adjusted, it's a new year and taxes go up again. It never ends.

 

[Silvana]

Having been out of work since November the debt has really started to show. I'll start the new job on March 17 but right now I feel like it's insurmountable. We owe 10k on a student loan (which payment is 140 a month), 310 a month on a car (which will be paid off in Sept.), 3845 on one card, 1230 on the other, 8k on a loan and 475 for rent. My husband and I split the bills and each pay their part with their paycheck. Whatever is left is theirs. He takes care of the loan, cc, auto insurance and other bills (like electric, gas, phone). I take care of the rent, car and student loan.

My fast math (based on pay per hour and 20% for taxes) comes up to 760 a payday and I luckily have the car due where both rent and car don't have to be paid out of one check. My idea right now is 1st check 760-475(rent)=285-140(student loan)=145-100(low cc)=45 (for me for going out or fun) 2nd check 760-335(car+ late fee Feb.)=425-335 (car+ late fee March)= 90 (for ?) So I'll have to do this twice to get caught up and the car loan is being cool about the late and not talking about repo.

My questions are 1. I'm planning on putting money toward the low cc to get that paid off faster but should I not do that in favor of putting that money toward the car. 2. Should I leave myself some fun money these first few check or again dump that toward catching up the car? After middle May should I put the money I've been putting toward catching up the car toward the low cc or paying off the car a few months early?

 

[ruadisneyfan2]

Having been out of work since November the debt has really started to show. I'll start the new job on March 17 but right now I feel like it's insurmountable. We owe 10k on a student loan (which payment is 140 a month), 310 a month on a car (which will be paid off in Sept.), 3845 on one card, 1230 on the other, 8k on a loan and 475 for rent. My husband and I split the bills and each pay their part with their paycheck. Whatever is left is theirs. He takes care of the loan, cc, auto insurance and other bills (like electric, gas, phone). I take care of the rent, car and student loan.

My fast math (based on pay per hour and 20% for taxes) comes up to 760 a payday and I luckily have the car due where both rent and car don't have to be paid out of one check. My idea right now is 1st check 760-475(rent)=285-140(student loan)=145-100(low cc)=45 (for me for going out or fun) 2nd check 760-335(car+ late fee Feb.)=425-335 (car+ late fee March)= 90 (for ?) So I'll have to do this twice to get caught up and the car loan is being cool about the late and not talking about repo.

My questions are 1. I'm planning on putting money toward the low cc to get that paid off faster but should I not do that in favor of putting that money toward the car. 2. Should I leave myself some fun money these first few check or again dump that toward catching up the car? After middle May should I put the money I've been putting toward catching up the car toward the low cc or paying off the car a few months early?

Hey, I work with a Silvana. Not you of course but the name caught my eye; it's not very common.
Any hoo, Welcome to the Disboards!!

Personally I would pay minimums on everything until all past due bills are current, even if they are "cool" about it.
Once everything is current I would then build up $1000 emergency fund then work on reducing debt.
I know it's long but have you read the whole thread about snowballing?
Basically put all your debts in order of smallest to largest. Pay minimum payments to all except the smallest. Attack the smallest with any extra money you can. Once it's paid off, apply the minimum payment to the next debt. Gradually your available amount for monthly payments keep growing. Hence the term snowball. This website: www.debtMD.com will map it all out for you.

Personally I wouldn't be doing any "fun" spending until a few debts start getting paid off. Jmho

 

[GAGirlInVA]

Don't you just hate that? Nothing you can do about it either. Can you handle the one time payment? If you can, I would do that then it isn't over your head for the next 12 months. Personally I would rather do without for one month than have a little each month for a year. But do what looks good for your budget.

I'll need to look at the paper again. The one time payment was less than $400 and I think our payment is going up anyway. Gotta think on this a bit.

We have had this twice now. I opted for the 12m plan last time around because it just went up anyway to make for what did increase taxes/insurance. So fingers crossed it may go done this year...well see!

All I can say is I've had a mortgage for 20 yrs. Different homes, different banks & it still happens every year. As property taxes and homeowners insurance goes up, so does the escrow. They can't predict how much it will increase each year because it varies everywhere. Once they get a new tax bill, they see how much to increase but by the time they get it adjusted, it's a new year and taxes go up again. It never ends.

To me it just seems, odd? I mean, I understand why it happens, but isn't there a better system that these banks could use? Wishful thinking I suppose.


Today I knocked out a $667 speech therapy bill. (That was the month of January folks! And only for one child!) The bill isn't late, the billing process takes so long that I JUST got it. It felt good to take care of that while I was waiting for both little guys to come out this morning.

I need to reassess some things and then I think we can knock out a credit card.

Although, I just realized when I was filing that I've not seen a pest control inspection report lately... Sigh... off to dig!