Debt Dumpers - 2016

[OhMari]

Got a new credit score that is supposed to be what lenders use. It's about 80 points lower than what my previous score was - I'm told the previous score was for educational purposes. Unfreakingbelievable. Now I'm in the average category. Nothing has changed in the past month except the model they are using apparently. And the weird thing is that they have me rated excellent or good in all of the categories (on time payments, credit available, credit length/number of years, etc.)

Credit scores are such b.s. Sure maybe it got us a loan a little quicker for our house, but we didn't get any lower interest rates, than what was out there. We are going to go refinance my Volkswagon. We purchased it last year, and went with the cheapest payment, the finance guy came up with. We are sitting at 5%. My dd just bought a Volkswagon and her interest is 2.2%.

I think it is just a tool to punish people when they have lower credit scores. Having decent scores really do not get you anything better, just an average interest rate. Sorry, JMO.

 

[stayhomemom77]

Guys...

I GOT THE JOB!!! I just got the call, the five people who interviewed me unanimously voted for me!! I am so, so thrilled! This is especially exciting for me because it's my first permanent job as my current job and my previous job were both one year term positions. Thank you to all of you who have listened to me complain about my current job and listened when I struggled! It has finally paid off, and I am so happy!

 

[Gr8t Fan]

Guys...

I GOT THE JOB!!! I just got the call, the five people who interviewed me unanimously voted for me!! I am so, so thrilled! This is especially exciting for me because it's my first permanent job as my current job and my previous job were both one year term positions. Thank you to all of you who have listened to me complain about my current job and listened when I struggled! It has finally paid off, and I am so happy!

Congratulations!!!!!

 

[Ngwira]

Guys...

I GOT THE JOB!!! I just got the call, the five people who interviewed me unanimously voted for me!! I am so, so thrilled! This is especially exciting for me because it's my first permanent job as my current job and my previous job were both one year term positions. Thank you to all of you who have listened to me complain about my current job and listened when I struggled! It has finally paid off, and I am so happy!

Way to go!!!!!!!

 

[Dentam]

Congratulations, @DisneyMandC!!!! Woohoo - that is fantastic news!!!

 

[DisneyMandC]

Thank you all!! I am so excited! This position will also be better for my debt dumping as I will now continue on the public service student loan forgiveness path!

 

[bcwife76]

@DisneyMandC yahoo, congrats!!

 

[Ngwira]

Thank you all!! I am so excited! This position will also be better for my debt dumping as I will now continue on the public service student loan forgiveness path!

Does it lower your payment?

 

[mom2t]

So excited, after yesterday my cc is 1/2 what it was last November. I am down to 9000. I will be retiring in a month and will get paid for my vacation days I have not taken. Another large payment will be applied. The end is in sight!

 

[Shmily1]

Guys...

I GOT THE JOB!!! I just got the call, the five people who interviewed me unanimously voted for me!! I am so, so thrilled! This is especially exciting for me because it's my first permanent job as my current job and my previous job were both one year term positions. Thank you to all of you who have listened to me complain about my current job and listened when I struggled! It has finally paid off, and I am so happy!

Congratulations!! That is great news!!

 

[DisneyMandC]

Does it lower your payment?

Yes! I am actually taking a pay cut with this job (you can tell how much I hate my current job considering I'm thrilled to take a significant pay cut), so I will submit new income certification forms for my new job and the payment will drop. I have one other lower interest student loan with about $6900 left on it, so I'm hoping to use the money saved from these loan payments each month to finish that off, since that loan is not eligible for forgiveness.

 

[Ngwira]

Yes! I am actually taking a pay cut with this job (you can tell how much I hate my current job considering I'm thrilled to take a significant pay cut), so I will submit new income certification forms for my new job and the payment will drop. I have one other lower interest student loan with about $6900 left on it, so I'm hoping to use the money saved from these loan payments each month to finish that off, since that loan is not eligible for forgiveness.

That's amazing!!! I'm thrilled for you. I remember when you wanted to quit your current job. Aren't you glad you were patient?

 

[DisneyMandC]

That's amazing!!! I'm thrilled for you. I remember when you wanted to quit your current job. Aren't you glad you were patient?

:grumble grumble: yes...

Hahaha. I am glad I stayed in it to get myself this job. But it has really been a toll on my mental sanity staying in it. I've at least had a number of people step forward to tell me they had similar problems at this job when they worked here. So at least I know I'm not alone. I'm trying to decide what I'm going to say in my exit interview. I know I shouldn't burn any bridges, but at the same time I feel like telling them their feedback has been rude and unhelpful, at best.

 

[dayvewc]

Thank you all!! I am so excited! This position will also be better for my debt dumping as I will now continue on the public service student loan forgiveness path!

Ummmm, I was looking at the public service forgiveness, and it didn't seem like a super great plan. Don't get me wrong, it has some potential, but from what I was reading on it, you have to make 120 monthly payments - and most student loans are paid off in 120 payments. So, the amount that is forgiven either doesn't exist cause you've paid it off, or isn't much because you've paid most of it off.

 

[DisneyMandC]

Ummmm, I was looking at the public service forgiveness, and it didn't seem like a super great plan. Don't get me wrong, it has some potential, but from what I was reading on it, you have to make 120 monthly payments - and most student loans are paid off in 120 payments. So, the amount that is forgiven either doesn't exist cause you've paid it off, or isn't much because you've paid most of it off.

LOL I would NEVER have my student loans paid off in 120 payments. I currently pay $922 a month to student loans. $740 of that is interest. If I paid until the time limit of 25 years, I would have a balance of over $100k still to be taxable income for that tax year.

 

[PrincessKymm]

Guys...

I GOT THE JOB!!! I just got the call, the five people who interviewed me unanimously voted for me!! I am so, so thrilled! This is especially exciting for me because it's my first permanent job as my current job and my previous job were both one year term positions. Thank you to all of you who have listened to me complain about my current job and listened when I struggled! It has finally paid off, and I am so happy!

Congrats! I know the feeling. Enjoy it!!!!

 

[dayvewc]

LOL I would NEVER have my student loans paid off in 120 payments. I currently pay $922 a month to student loans. $740 of that is interest. If I paid until the time limit of 25 years, I would have a balance of over $100k still to be taxable income for that tax year.

Wow! Ok. I guess I shouldn't stress as much as I do looking at just $36k by the time I finish my grad program. lol

I was just looking at the program as a maybe option for down the road, and based on the info I found, it wouldn't have been beneficial to me, BUT ... I'm looking at total payments of about $350/month when they start coming due. Or less, if I can pay down some of the principal early.

 

[DisneyMandC]

Wow! Ok. I guess I shouldn't stress as much as I do looking at just $36k by the time I finish my grad program. lol

I had more than that after my first year of grad school haha. Yeah, I just double checked and I'm on the lowest income based payment plan right now. If I did the standard 10 year plan, the monthly payment would be more than my mortgage. With changing jobs, the pay cut I'm taking would change my payment to where I would no longer even have part of my payment going to principal. That's why the loan forgiveness is such a huge factor to me, and to so many of my friends as well. At this point, everyone either has to take jobs in public service, or take the insanely high paying jobs where you work 16 hours a day and get a prescription for anti-anxiety meds.

 

[DisneyMandC]

Wow! Ok. I guess I shouldn't stress as much as I do looking at just $36k by the time I finish my grad program. lol

I was just looking at the program as a maybe option for down the road, and based on the info I found, it wouldn't have been beneficial to me, BUT ... I'm looking at total payments of about $350/month when they start coming due. Or less, if I can pay down some of the principal early.

I certainly did not intend to undermine your student loan concerns with my previous statement though! Student loans are staggering for everyone, simply because the interest rates are so out of control. It's amazing how quickly the amount can balloon with a 7.9% interest rate. If I hadn't known about the option of loan forgiveness going into grad school, I really think I would have looked more closely at borrowing from private lenders. I mean, DH and I have a mortgage at 4.25% and a car loan at 1.9%. We both have excellent credit and have never missed a payment. Yet my lowest interest rate on student loans is 5%, and that's the one without forgiveness. The government also ended subsidized student loans after my first year of grad school as well, so I had approximately $20k in interest compounded into my principal when I graduated.

 

[DisMom829]

I don't post often, but as of today I'm student loan debt free!!! I'm happy enough to cry!!!